CNA published an article on competition for deposits among banks in Singapore. The bonus interest rate of 3.05% p.a. caught my attention because it is way higher than current interest rates. I did a search on Google and found the following media release from OCBC:
Earn up to 3.05% p.a. with enhanced OCBC 360 Account by crediting salary to the account, paying 3 bills through the account, and by using OCBC Credit Cards.
Here’s how it works: On top of a base interest rate paid on the account balance, there are three separate ways to earn bonus interest – Salary Bonus Interest, Payment Bonus Interest and Credit Card Spend Bonus Interest – that would apply to the first S$50,000 of the account balance.
A young professional should easily qualify for the 1% p.a. Salary Bonus Interest since you need only credit a salary amount of …