Shortly after I wrote about the new UOB One account, OCBC decide to FINALLY come out with their new clauses for their popular 360 account.
Recall the history of this in chronological order:
- 2014 Apr: OCBC announced the 360 account that provides 3.05%
- 2015 Apr: OCBC reduces the interest rate to 2.05% and depositors await more clauses
- 2015 Apr 28: UOB announced UOB One Account with less and more flexible requirements but tiered interest rates
What OCBC announced this week is likely to make their product more competitive in view of UOB’s announcement.
The changes since update (2) above are:
- The bonus interest will be on first $60,000 instead of $50,000
- If you credit your salary, you earn 1.2% annualized interest instead of 1%
- Additional clause: On-going purchase of regular premium insurance endowments (at least $8k annual premium), regular premium life insurance ($2k annual premium), single premium ...
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