Search Results for: ocbc 360

OCBC 360 vs UOB One, Stan Chart Bonus saver, POSB Cashback, BOC Smart Saver

The longest title of a blog post I have ever had. As per Kevin’s request to do an updated comparison table due to the many changes in the interest rates recently, the most recent one is OCBC 360 and last year it was BOC Smartsaver. The highlighted boxes give you the top interest rates in each categories For most of you, the recent changes in OCBC 360 have made you angry and indignant probably because it’s the second time in 2 years. I think I can safely say that no other banks have changed so frequently. However, don’t be angry with your money....

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Another downward revision of interest – Goodbye OCBC 360!

I am not at all surprised of the changes to the interest rate for OCBC 360 now. From3.05% during their first introduction to 2.25%  (2 years back), this latest change that is going to happen on 1 April 2017 will result in only 1.85% for me. I will explain why it is probably time for me to say goodbye to OCBC. Let’s start with the changes: Bonus 1) The amount of money that can earn interest has increased Old Up to $60,000 New Up to $70,000 Bonus 2) Credit at least $2000 salary to the account Unchanged 1.2% interest Bonus 3) Pay any 3...

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OCBC 360 Account Makes Earning Additional Interest More and So Complicated

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...

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Why I Am Staying With OCBC 360… For Now

I received an SMS from OCBC about the new updates to the OCBC 360 account and after a couple of clicks, I was greeted with this: Basically, OCBC 360 has regressed from an amazing product three years ago to a good product two years ago and is now just an ok product at best. This is reflected by the many (somewhat vitriolic) blog posts about this change during the past 24 hours. Although I am definitely disappointed by the reduction in the interest rates for the payment and spend part, here’s why I am taking quite a different position...

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OCBC 360 interests changes again (Apr 2016)

Previously, I posted about the OCBC360 account and its interest revision in May 2015 http://madstranger.blogspot.sg/search/label/OCBC360 Currently, the account has the following interest components: If we ignore the “invest” component, most account holders can still earn an interest of 2.2% on the first 60k in the OCBC 360 savings account. In addition to this, you also earn an interest of 1% for any incremental balances. Starting from April 2016, there will be some changes to the interest components. The changes are as follows: The most important change is the bonus interest can be earned on the first 70k instead of...

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Revised OCBC 360

Hello! So today marks the first day of March. The moment I woke up and looked at my phone, I saw a message indicating that OCBC is updating its interest rates from 1st Apr 17. So I went to the web immediately to take a look at it and found that it is reducing/increasing interest rates for 4 /5 components. Links to the Current OCBC 360 account and the Updated OCBC 360 can be found here. Below is the summarised version of the reduction. Payment section from 0.5% to 03% with a total of >$150 from >/= 3 bills...

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OCBC 360 MEH update!

Well, this morning I woke up to an OCBC notice about the 360 account. Talk about meh. Not something I wanna wake up to. So summarise the changes, they put: I would be getting 1.2%+0.3%+0.05%, with an optional 0.3% (I am recently spending less than $500 on my credit cards). So that’s 1.55%+0.3% for the 360 account. My first thought was looking at my current profile and matching with the closest competitor, BOC Smartsaver Looking at the criteria, Credit card spend: Monthly Spend* Bonus Interest Rate (p.a.) S$1,500 and above 1.60% S$500 – < S$1,500 0.80%  Salary Crediting: Amount...

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THE NEW OCBC 360 SUCKS BALLS

Oh that’s right, Version 3.0 of the OCBC360 (eff 1 Apr 2017) is finally out, and it sucks! Version 2 OCBC 360 2.25% on up to $60,000 Version 1 OCBC 360 3.05% on up to $50,000 Guess what is the “real” interest of version 3 of the OCBC 360 account? Okay, I’ll tell you. It’s a stinking 1.85% of up to $70,000 1.2% for the salary credit of at least $2,000 0.3% for the GIRO payments of 3 bills of total amount of at least $150 0.3% for credit card spending over $500 a month 0.05% baseline For the...

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OCBC 360 updated (and downgraded) again.

Once upon a time, OCBC 360 together with the OCBC Frank credit card, was my favourite combination to get higher interest income on my savings. I just had to spend $400 with my Frank card and pay 3 bills online and I would get a 2% interest rate on my savings. With no monthly salary to credit into the account, that was the best I could do. Then, the benefits were revised and suddenly my interest income, everything else remaining the same, halved! So, I junked the combo and cancelled the Frank card. Now, this doesn’t mean that the OCBC 360 is...

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BOC SmartSaver is the better version of the new OCBC 360 account

Ever since OCBC changed their payment terms for their 360 account, I’ve been moping about the reduction in interest payments I get from them each month, as the maximum capped interest is now only 3.05% and includes a lot more work to get that level of interest rate. The UOB One was a good welcome, BUT I eventually moved back to OCBC 360 (partly out of habit) as the requirements were a little difficult for me to meet in my current lifestyle. While a $500 spending on my UOB One card, I didn’t set up 3 GIRO payments (no...

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BOC Smartsaver vs OCBC 360

My friend alerted me to this BOC Smartsaver account and said that I am biased not to review on it. I think he just wants me to write it for his own consideration. Anyway, to be partial, I will comment on it and decide which is better for me. Introducing the Bank of China Smartsaver account: All the rules copy are the same as OCBC 360, even the $60k limit. What is different is only the interest percentage. As I mentioned before, these are the only 3 criteria that I can satisfy as mentioned previously: Credit salary: BOC (1%)...

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Bank of China’s SmartSaver Appealing at up to 3.55% Interest Income. We compare against OCBC 360, UOB ONE and iSavvy

As wealth builders, one of the common actions we engage in is to find an idea high yielding account which are low risk to park our money which we needed very soon. In a low interest environment it is difficult to find a good place to park our money with decent interest rates. Thus there is a rise of the hybrid hurdle high yield savings accounts. These are bank accounts that gives you higher interest, provided you do a few hurdles. The more popular accounts currently are: UOB ONE Account, which can reach 2.48% interest on your $50,000 OCBC...

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How to meet 2 requirements with 1 act for OCBC 360?

A conversation with a regular reader of my blog: Hi AK,  How’s it going for you AK? This is in regards to the OCBC 360 account and in particular to the criteria of generating an additional 0.5% interest amid the payment of 3 unique bills in a calendar month.  I am wondering do you know that the topping up of our CPF-SA is considered a bill payment because I was so amazed when i discovered it. My excitement behind this is that most bill payments are expenses and the topping up of our CPF-SA is not an expense at...

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A chat on FDs, SSBs, OCBC 360 and CPF Top Ups.

Solace is a regular guest blogger here at ASSI and he has shared generously, without any agenda, his thoughts on personal finance and investment matters. He is sharing with us a conversation he had with a friend recently: I had a conversation with a friend recently about FD, Singapore Saving Bonds (SSB), OCBC 360 and CPF. Friend: u know hor, now got SSB, very good, very stupid to put money in FD. Me: if u aim 10yrs, then it is better than FD, but if gt saving targets of 1-4 yrs, yearly renewal in FD for 1.X% is higher. Friend: Then like that, isn’t OCBC 360 better than...

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OCBC 360 Top Up Month, UOB Fix Deposit & Allocation

Please read the disclaimer at the bottom of my blog if you wish to continue with the contents below. This month is my OCBC 360 top up month. I will be topping up my 360 account from 3k(min balance) last month to 60k. This will enable me to enjoy 2.05% p.a interest for this month for the 57k increment. Here is the break down: 1% from the new top up this month 0.5% from paying three $1 bills 0.5% for spending $500 using Frank credit card 0.05% default base interest Not bad that’s $97.37 of risk free cash that can be...

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