UOB Stash Account is a type of saving account in UOB Bank. Having this specific account gives you a chance to obtain rewards in the form of bonus interest that the amount depends on how much funds are saved in the account. The service is available for any individuals with minimum age of 15 years old.
The highest rate of total interest per year is 1%. In order to gain this amount of interest, you have to keep at least S$100,000 within the stash account. The balance must be maintained or increased from the prior month’s average balance.
Now, you may have a UOB Stash Account, but you are thinking of closing it. Closing your banking account is not exactly a common occurrence as you may find your banking needs change overtime. Regardless of the reason of why you want to deactivate the account, you can make an official request to the bank about it.
There are several possible ways on how to close UOB Stash Account. You may visit nearest UOB Bank’s branch office in person, contacting the bank’s customer service number, or submit form to request for account closing.
How to Close UOB Stash Account via Online
- Visit the official website of UOB Bank Singapore and download the form of Refund / Close Account Instruction.
- Fill in the form by providing all the information required within, in order to be submitted to the bank.
- The required information is including your full name, your UOB Stash Account number, your NRIC or passport ID number, and contact details.
- Check all of the applicable boxes in the purpose related to your account closing.
- Sign and date the form prior to submit it to the nearest branch office of UOB Bank.
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Stash account is a saving account that lets you put your funds aside and gain interest rate wile at it. It has advantage such as not needing to perform any action regarding the account, except probably to maintain or increase your monthly balance. This account is best to use if you treat it exclusively as stash account instead of using it as typical saving account where you draw your money frequently, in order to let the account grows.
That being said, UOB Stash Account has several disadvantages as well. It requires you to keep minimum balance of S$1,000, or else you will be charged with fee in the amount of S$2. While this amount seems to be not much, it can repeal the earned interest quickly if you have smaller balances.
Another drawback is that you only have a chance to earn 0.05% interest rate per year if you have balances under S$10,000. In conclusion, UOB Stash Account is more likely to benefit you if you decide to keep larger balances and less likely to be beneficial otherwise.
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The process of closing UOB Stash Account is not complicated, as you can see on the guide above. Still, it is important to make sure you have performed each step correctly to ensure smooth account closure process.