UOB Malaysia launches UOB Stash Account to help customers gain greater value from their savings
Kuala Lumpur, Malaysia, 30 May 2019 – United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has launched the UOB Stash Account, a savings account that offers customers competitive interest earnings on their savings1. Designed to help customers extract greater value from their savings and grow their nest egg, the UOB Stash Account affirms the Bank’s commitment to create financial solutions that enable customers to achieve their financial goals and aspirations.
According to a survey conducted by Malaysia’s Credit Counselling and Debt Management Agency (AKPK) in 20182, about one in five Malaysian working adults struggles to save a portion of their current income for future use. Only 13 per cent of respondents said they save more than 20 per cent of their income. The survey indicated high costs of living, overspending and lack of financial planning as the main reasons for Malaysian working adults not saving enough.
To encourage more Malaysians to save, UOB Malaysia is helping its customers gain more out of their savings. The UOB Stash Account offers interest earnings of up to 3.25 per cent per annum on a minimum savings balance of RM50,0003.
Mr Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia, said the UOB Stash Account is designed for customers who prefer to build and to grow their savings through a hassle-free account.
“In the current volatile market environment, we want to help customers save wisely through simple and effortless financial solutions. We want to help them make savings a habit, so that they can have greater financial security especially in times of need. This is why we have made the UOB Stash Account convenient for customers to pool their savings into one dedicated account to earn higher interest income.”
Customers can open a UOB Stash Account with a minimum initial deposit of RM500 with no lock-in period. Account holders have the flexibility to withdraw their cash anytime from a network of more than 10,000 ATMs across the country4.
To learn more about the UOB Stash Account, customers can visit UOB Malaysia bank branches nationwide or log onto www.uob.com.my.
1 The UOB Stash Account combines a base interest rate with a bonus interest rate to achieve a higher Effective Interest Rate (EIR) which can range from 0.75 per cent per annum to 3.25 per cent per annum. Customer’s monthly average balance (MAB) for the current month must be equal to or more than the previous month’s MAB in order to be entitled to the maximum EIR. Other Terms and conditions apply. Please visit www.uob.com.my.
2 Source : AKPK 2018 Report on Financial Behaviour And State Of Financial Well-Being Of Malaysian Working Adults
3 Subject to terms and conditions, please visit www.uob.com.my.
4 Prevailing charges apply for non-UOB Malaysia ATMs