The UOB Stash Savings Account allows you to make up to 1 percent interest on the money you deposit into your savings. The initial savings level below $10k will earn you an average 0.059% per month. But from $10k onwards, you qualify for bonus interest, if you fulfill these conditions:
Maintain a minimum balance above the minimum balance. The minimum is usually the minimum account balance. But, for the purpose of Bonus Interest only, maintain an average balance above the minimum account balance. You will qualify for bonus interest on the interest accumulated above the minimum account balance. There is no limit on the amount of cash bonuses you can accumulate.
Have made at least one deposit of a specified size into your UOB stash savings account within the past twelve months. Your initial deposit will be credited to your account on the day that you make your first deposit. After this, every time you make an additional deposit into your UOB Stash account, your initial deposit will be credited plus the amount of the additional deposit that you make. Thus, if you have made ten deposits in twelve months, then you will be entitled to ten percent (or one percent) bonus interest on the amount of the additional deposited funds. This is referred to as the base interest.
You may also qualify for UOB's NBO (New Old Banks). UOB's NBO status is granted by the Reserve bank of India. The Reserve bank of India (RBI) is the central banking organs of the Government of India. There are a total of 180 million deposits held in a single UOB savings account. The figure is based on calculations done by the Reserve bank of India.
The total number of these banks is actually more than the total number of residents living in the entire nation. If you are interested in accessing one of these savings accounts, then it is important to know how to go about it. In this regard, there are two options available for you – the debit method and the credit method.
With the credit method, you need to open a UOB savings accounts with a participating financial institution (FDI). With the debit card method, all you need to do is make your payments online using your debit card. When you open a UOB, you should have a minimum deposit of five hundred dollars. However, some banks may specify a minimum deposit of even more than five hundred dollars.
You will have to pay a yearly maintenance charges of three percent of the amount of the deposits and one flat annual transaction fee of two percent of the total value of the transactions. Another two percent will be charged as a transaction fee when you withdraw cash from your UOB stash savings account. There are also some additional costs that you should be aware of.
The cost of maintaining your UOB is determined according to the balance of the UOB and the minimum balance that you wish to maintain. For example, if you wish to have no minimum balance, then you will get a zero interest rate. However, if you maintain a balance above zero, then the UOB interest rate will be zero percent. If the minimum balance is more than the total balance, then the bank will charge a transaction fee and an annual maintenance fee. You should know that this is a final determination made by the bank.
One of the popular features offered by UOBs is the bonus savings. You will get the regular savings as well as the bonus savings once you make your first transaction after joining. Once you become a member, you can make unlimited transactions in your UOB savings account. Also, you will be able to make use of the free banking services that are provided to you once you become a member. You can have a weekly bankcard, a daily debit card, and free ATM accesses.
The free debit card offers are very attractive. Free cards can be used to make purchases at all UOBs across Australia. The other features of UOB accounts are also quite useful. The balance of the UOB account is usually lower than that of traditional savings accounts, because there are no minimum balance requirements to be maintained.
The regular interest rates on UOBs are slightly higher than those in a standard savings account. The rate of interest for the second months of the year is also slightly higher than the previous month. However, the second month's interest free period is always offered as well as the balance transfer fees are waived when you open a UOB. You will need to have a specified balance in order to open an UOB. Your specified balance will determine the minimum deposit that you will have to pay when you open a UOB. You can also have access to your fund's progress every month.
Stash Invest for Beginners | stash savings account
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