Today, I received an sms from OCBC regarding its changes to the OCBC 360 account. The website says “upgrading the way you grow your wealth” but I think its downgrading the way I grow my wealth because I shall be earning less interests due to the changes.

OCBC are making five changes to the OCBC 360 Account with effect from 1st April 2017. With this update, you will earn up to 3.05% per year on the first S$70,000 of your account balance, instead of up to 3.25% per year on the first S$60,000.

I have tabulated the current and changes side by side for better comparison.

SALARY PAYMENT SPEND WEALTH SAVE
1.2% per year
Credit your salary of at least S$2,000 through GIRO
0.5% per year
Pay any 3 bills online or through GIRO
0.5% per year
Spend at least S$500 on OCBC Credit Cards