It's a discounts account offered by United Overseas Bank (UOB) that encourages individuals to save more by providing bigger fascination charges depending on the account harmony. Let us break down The crucial element attributes and Positive aspects to help you comprehend it far better.
Essential Options
Tiered Desire Charges: The desire fee will increase as your account harmony grows, fulfilling you for saving far more.
No Lock-in Time period: Unlike fixed deposits, you are able to withdraw your money anytime without penalty.
Monthly Desire Credit history: Fascination is credited regular monthly, letting your discounts to increase steadily.
How It Works
Opening an Account:
You have to be a minimum of eighteen several years previous.
Each residents and non-inhabitants can open an account with essential identification files.
Depositing Income:
You may deposit cash into your UOB Stash Account via various procedures for example on-line transfers, ATM deposits, or more than-the-counter at a branch.
Earning Desire:
The interest charge may differ dependant upon the amount of money in the account. One example is:
Balances nearly $10,000 could possibly get paid a base level.
Larger balances could get paid progressively larger fees In accordance with predefined tiers established by UOB.
Withdrawing Money:
Withdrawals might be built anytime by way of ATMs, on line banking, or at branches with no influencing the accrued desire for that month.
Rewards
Adaptability: Obtain your funds Every time essential without the need of losing out on accumulated curiosity.
Increased Discounts Advancement Potential: Make a lot more when compared to frequent savings accounts because of tiered check here interest prices.
Ease: Control your account simply by means of UOB’s digital platforms or physical branches.
Simple Instance
Visualize you've got just opened a UOB Stash Account and deposited $five,000 initially:
In the primary thirty day period:
Your harmony earns an Original foundation interest amount (say 0.five%).
As time passes while you increase far more resources:
In case your stability reaches $20,000 in 6 months due to steady deposits,
Your new tier could give the next curiosity charge (e.g., 1%).
This fashion, not simply does the principal sum expand with Every deposit but will also the earned fascination compounds quicker due to rising rates tied instantly with much larger balances.
By knowing these essential facets of how a UOB Stash Account works and its Positive aspects, You will be far better Geared up to produce educated decisions about controlling and escalating your cost savings competently!