Search Results for: ocbc 360

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

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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 … [Read more...]

Why Heartland Boy Switched To UOB One Account

The OCBC 360 Account has always held a special place inside Heartland Boy’s heart. Convincing Heartland Girl to switch to OCBC 360 Account was the first finance related advice that Heartland Boy ever recommended to her. Heartland Girl beamed with joy whenever she saw the huge monthly interest rolled in. This recommendation cemented Heartland Boy’s position as a dependable personal finance … [Read more...]

April 2017 Singapore Savings Bonds is 2.27%

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The effective interest rate for April 2017 Singapore Savings Bonds is 2.27%. Seems that interest rate is declining but it still beats the traditional fixed deposits. Banks are also slashing its interest rates. A good example will be OCBC 360. (Read more here: OCBC 360 Account Makes Earning Additional Interest More and So Complicated) While browsing the Singapore Savings Bond website, I came … [Read more...]

Another downward revision of interest – Goodbye OCBC 360!

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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 … [Read more...]

OCBC 360 Account Makes Earning Additional Interest More and So Complicated

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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 … [Read more...]

Why I Am Staying With OCBC 360… For Now

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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 … [Read more...]

Investment transactions for Feb 2017

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 … [Read more...]

OCBC 360 interests changes again (Apr 2016)

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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 … [Read more...]

Revised OCBC 360

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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 … [Read more...]

OCBC 360 MEH update!

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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 … [Read more...]

THE NEW OCBC 360 SUCKS BALLS

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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 … [Read more...]

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 … [Read more...]

Interest income for Feb 2017

Passive income post time! First one of the month is usually for the interest income received from our various bank accounts in Singapore and Australia. For certain months, we also receive interest income from the corporate bonds that we hold. And Feb 2017 is one of them. Which is why this post is being written towards the end of the month since I was waiting for all of the interest to be credited … [Read more...]

How to Milk your Cash? Best Places to Park your Cash!

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This post by Kyith has inspired me to write my own off-shoot version of where to stash your cash. If you are collecting 0.05% interest on your bank account, you better pay attention! I believe that there is a systematic approach to this. You just fill up the account that gives you the highest rate until the cap, and then you flow into the next account and the next account. These are the 3 … [Read more...]

Hits and Misses Of 2016

2016 is my first full year of investing and it has taught me a lot of lessons. I believed the same applies to many others who tried to beat the market. Nevertheless, it was a decent year for me. Before I share my 2016 track record, here are my hits and misses. Hindsight/Highlights of 2016: • Finally graduated from university and found a better paying job with greater prospects. Degree may not … [Read more...]

Why I Close My Citibank Step Up Interest Account

Today, I went to Citibank branch at Church Street to close my Citibank step up interest account and withdraw the balance. First, I filled up the account closure form at the customer service counter. Apparently or coincidentally, there was a queue of people closing their step up interest account as well. Second, take a queue number. When it is your turn, the bank teller will tell you she … [Read more...]

Buying on Value

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The past 5 days, we saw the banking stocks worldwide making strong movements with huge expectations of a interest rate hike. While most of the other stocks recovered some losses, they were pretty weak to cover back (such as SGX and SingTel). Weakness is opportunity. Thus, I have uploaded some City Development at $8.40, finding its current valuation cheap and with the potential in growth. Despite … [Read more...]

Updated BOC Smart saver vs other banks

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From my last post, it seemed like BOC Smart saver is a good account. Alas, all good things must come to an end. It is not going to be so enticing anymore. Similar to OCBC 360, they changed their terms after the initial hype. Let's take a look at the revised interest rates. Comparing the new changes to the rest of the banks: With that, the interest rate for the majority of us would be … [Read more...]

POSB Cashback Bonus vs Standard Chartered Bonus Saver and others

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Every bank now wants a piece of the action. Thanks to the success of OCBC 360, DBS and Standard Chartered bank are coming up with the bonus interest plans now. However, timing is everything. It will take much more to get consumers to switch away. Anyway, let's evaluate: POSB Cashback Bonus POSB Cashback account is a very different account compared to the rest. Instead of computing the … [Read more...]