Search Results for: ocbc 360

OCBC 360 Account: A Heavy-Hearted Update

I had always seen this coming. For what is effectively a liquid savings deposit, the OCBC 360 Account offered a ridiculously high interest of 3.05% for balances up to $50,000 during its introduction last year. Therefore, during the past year, I had been one of the biggest proponents of the OCBC 360 Account. In fact, in April 2014, I wrote a comprehensive blog post advocating how AMAZING the product was and unexpectedly, the post went a little viral. So much so that someone actually emailed me to check if it was ok for OCBC to feature my site URL on their website as a referral link (although...

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Earn from your spending with OCBC 360, 365 and FRANK

Even with the recent changes to OCBC 360 savings account, the ability to earn up to 2.25% of your money (capped at 60k) still makes it a top choice to put your money into it. While reviewing the policy changes, it was also a good idea to review my expenditures and see how I can better make use of OCBC credit card offerings. Why look at OCBC offerings? The 360 account entitles you to 0.5% bonus if you are able to spend at least $500 onOCBC credit cards. These cards include 365, Titanium, Platinum, FRANK, Robinsons, Plus! and Best Denki. With...

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OCBC 360: Change is the only constant

I did my previous post on how easy it was to earn some free money from OCBC 360 account. I think the folks at OCBC also realised they held a hook over us so they changed their bonus interest starting from 1st May 2015. I know, I know, I feel disgruntled too. But after seeing how Standard Chartered Manhattan Credit card kept changing their cash rebate scheme over the years, I have kind of expected it. In sales, we call them the Discount Pricing Strategy where you hold a great promotion with bargain deals to gain reputation through word-of-mouth....

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UOB One Account and OCBC 360 Account – Which is Better?

With the rise in the SIBOR rates, comes the rise of deposit rates as well, and OCBC is not a stranger to this, with their 360 Account. UOB however, has just launched a competing product, and apparently there is much debate between the two of these accounts online. Let’s take a look at both accounts in detail, given my personal expenditures and spending. UOB One Account This is rather simple to calculate, and given my monthly spending on credit cards to be clocked at slightly above $300, this isn’t a good option for me, unless I can hit $800...

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OCBC 360 account enhances in view of interest income competition from UOB One and SCB Bonus Saver

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...

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New OCBC 360 and UOB One Account

The new “enhancements” to OCBC 360 in my view still makes it worth while to maintain 60k holding, if your salary is credited into it. 1.2%(salary) + 0.5%(pay 3 bills) + 0.5%($500 cc spending). That gives you a max of 2.2% interest p.a for the 60k. If we dont include the incremental bonus thats $1320 a year of risk free cash. Click here for full details on the new OCBC 360. UOB one account is a new addition where you only need to fulfill two criterias($500 spending on Uob one card and salary crediting/make 3 giro payments). It gives you a...

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UOB One Account or the (new) OCBC 360 Account?

People have been talking about the UOB One Account and some readers asked me what I think of it. I said that I would like to see what the revamped OCBC 360 Account is going to look like and make a comparison. Now, first, we look at the UOB One Account. At its simplest: 1. Start an account. 2. Get a UOB ONE VISA card. 3. Charge $500 a month to this card. 4. Maintain $50,000 in the account. 5. Get an effective interest rate of 1.6% per annum. Now, if we were to credit our salary monthly or make 3 GIRO debit transactions...

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UOB One Account Challenges OCBC 360 with 2% and 3.33% interest. How they stack up.

Banks need money and seems the slowest of them all, UOB seems to be finally waking up to try to wrestle some of our deposits over. The unanimous winner have been OCBC with their 360 account, which provides up to 3% interest if you do 3 things with them. However since Apr 2015 this year, OCBC have make it more difficult to earn this 3% with more clauses. It is a good opportunity for UOB to prey upon our hurt and hate by offering their new UOB ONE Account. The UOB One Account looks to offer us up to...

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The 3% OCBC 360 Bonus interest will have more clauses

The OCBC 360 account was a great promotional drive by OCBC to get folks to switch to bank with them by offering 3 optional clauses to get a total of 3.05% interest (read here). My friend prompted me last 2 weeks when he tried to open the account and was told the bonus interest will be reduced. Looks like they decide to provide the announcement on April Fools Day, which, if my friend didn’t tell me previously I would have thought its a joke. Notice here The hurdle rate for credit card qualification have increased, but the bonus for...

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Make way for OCBC 360

It has taken me quite a while to make the switch because of the hassle especially when I have many bank accounts. However as I foresee myself holding on to more cash (sitting on the fence waiting for something to happen), the hassle is worth it. OCBC 360 is not new and many bloggers have already talk about it – do a search in my site. However the 360/365 is often confused (including myself) so just to be clear, OCBC 360 is a deposit account and OCBC 365 is a credit card. As OCBC 360 require you to spend...

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How to beat OCBC 360’s return

To the above blog title, I should add, ‘in a relatively safe manner’. Risk and returns are directly related, so if you want to beat OCBC 360’s 3.05% pa returns, you can always invest in the stock market with the potential risk of having capital losses. Here, I’m going to try beating the 3.05% returns, as well as equal it in terms of the risk of losing your capital. Possible? Read on. We all know what’s so great about OCBC 360 account. If you hit certain milestone conditions, you get stepped up interest ranging from 0.05% to 1.05%, 2.05%...

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OCBC 360 Account Offers Incredible Interest Rates of over 3%

Recently, I posted about opening a DBS multiplier account that offered interest rates of over 2% depending on your cashflow with the bank. It now seems that OCBC has up the competition by offering a similar account that offers interest rates up to 3.05% . OCBC 360 account seems attractive as the bonus interest rates are also much more achievable. To get the bonus interest rates, I will just need to credit my salary, carry out 3 bill payments, and charge $400 to an OCBC credit card. Each of the above gives a bonus interest of 1%. Together with...

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Earn 3% more Bonus Interest with OCBC 360 account

There have been a small battle recently between the banks in Singapore  to wrestle more deposits from risk adverse folks. It started with a few banks like DBS, UOB and Standard Chartered offering more interest on incremental deposits with a higher interest rate. This sounds very “scammy” to my friends because it is on the incremental amounts and not on all your money. What do you think banks are? Charity? The prevailing interest rates is near 0%. They aren’t going to offer you more unless they are in need of your deposits or that they can loan out your...

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OCBC 360 Account: An Amazing Product?!

Once upon a time, there were about 6 or 7 local banks in Singapore. But after the Asian Financial Crisis in 1997 and MAS’s commitment in 1999 to liberalize foreign access to Singapore’s domestic banking market, the local banks started merging with each other to consolidate their balance sheets. Finally, we are now left with the 3 local stalwarts: DBS, OCBC and UOB.  With the influx of foreign banks like Standard Chartered (of the Manhattan Card, X Saver accounts, Bonus Saver accounts fame) and continuing competition from local banks like DBS (with recent products like the POSB Invest Saver and POSB...

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OCBC360 vs UOB One: The Verdict

I hope the web calculator that I put up last week has been useful in helping readers to decide whether the OCBC360 or UOB One account is better for them. I have since enhanced the web calculator to include credit card rebates. However, the focus of today’s blog post is not on the web calculators, but on the guidelines and charts to assist readers to understand better the scenarios in which either of the accounts is better. If you have played with the web calculator, you would realise that while the calculator can tell you precisely which account is...

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