I’m going to first address the updates to the OCBC 360 bank account from 1 Apr 2017. As bank profits fall, one of the ways they can reduce expenses is by lowering the interest payments on the high interest bank accounts. This can be done easily by adjusting the interest rate tiers downwards that are earned on the various requirements to be met with one month’s notice and especially after they have captured the customer market share. After all, individual customers are less likely to switch bank accounts the longer they hold on to them or have existing relationships with the specific banks.
As a bank employee, I can assure you that protecting bank profits come first and protecting customer interests come second. Which is why it was always a matter of time before the interest rate tiers on high interest bank accounts are reduced or the requirements to earn …Read the full article →