Search Results for: ocbc 360

POSB CashBack Bonus: Not Falling For It

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Ever since OCBC first introduced the OCBC 360 Account, where one is required to jump through several hoops to qualify for a higher interest rate on his/her saving account, every bank has since been offering one. I guess all the banks are hoping a consumer would do all his transactions within the same bank, and hopefully at their bank. I like higher interest rates and have benefited from them … [Read more...]

How many bank accounts should you have?

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Local banks in Singapore have been doing a lot in recent years to attract customers by increasing their interest rates, giving freebies and many after sales services in an attempt to 'psycho' to open a savings account with them. We are in actual fact spoilt for choice, there is the OCBC 360 savings account, UOB One savings account, DBS Multiplier, Standard Chartered Bonus $aver account and … [Read more...]

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 … [Read more...]

Invest SRS In ETF

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Readers of heartlandboy.com would have been aware that both Heartland Boy and Heartland Girl had opened SRS Accounts in 2015. Heartland Boy and Heartland Girl’s SRS Accounts are with DBS and OCBC respectively.  While SRS is a great way to reduce income tax, Heartland Boy also views it as a complementary pillar to his retirement funds. Indeed, he has invested SRS in ETF in order to grow his … [Read more...]

Hello BOC Smartsaver

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A little too late, or it's never too late? BOC Smartsaver has been around for some time now. I've heard of it when their promo came out, but kept to my OCBC 360 account. I did my sums previously and concluded that it was best for me to keep my money at OCBC. But I redid my sums recently after my brother reminded me about this account, and, DANG, the minimum interest rate I could get was at … [Read more...]

Personal Passive Income and Expenses Monthly Report – July 2016

Hi Everyone, Finally, it is the end of July 2016 (in fact today is the first day of August), as this is a monthly personal financial report, I will be doing a summary of my passive income, expenses and savings in this blog post. With this blog post, I will be able to note down my progress every month. Investment and Passive Income - July 2016 My investment still remains the same as … [Read more...]

My tips on how I accumulated $100k before 28

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In my previous post, I talked about how I've hit my goal of saving $100k cash before 28. Here are some of my personal saving tips: Park your money in a high interest savings account I started off with POSB Kids Savings then switched to FRANK account in Uni and then to OCBC 360 after I started work. The interests offered by OCBC 360 is so far one of the best. 1.2% on salary crediting and 0.5% … [Read more...]

Personal Passive Income and Expenses Monthly Report – June 2016

Hi Everyone, Finally, it is the end of June 2016, as mention in the previous monthly report post, I will be doing a summary of my passive income, expenses and savings in this blog post. With this blog post, I will be able to note down my progress every month. So below is my report for June 2016: Investment and Passive Income - June 2016 My investment still remains the same as compared … [Read more...]

Changes in SCB Bonus$aver Account

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Today I came back from work and saw a letter addressed to me on my table. First impression was that it was from Standard Chartered because of the envelop it was sent in. I read the content and had to re-read the content a second time just to ensure my eyes were not playing a trick on me. The content of the letter is as below: After such a “flexible” change in rates, you can expect me to … [Read more...]

Building My Spouse Stock Portfolio May 2016

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For many years, my wife has been lamenting about working her heads off and never earning enough. She doesn’t do any form of investment and not even the simplest form of fixed deposits. Most of her money sits in the savings account earning a petite interest rate of 0.05%. Early this year, I managed to convince her to change her savings account to OCBC 360, thus earning a higher interest every … [Read more...]

"Financial Stupidity" is enriching DBS

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The latest financial results for our local banks are out! And a comparison among their deposit interest rates reveals something interesting. Comparing the 3 figures, DBS is paying its customers an average deposit rate of 0.56%, while OCBC is paying a weighted average of 1.14% and UOB 1.15%. DBS is paying only half the rate of OCBC and UOB and has the most deposits among the local banks! What's … [Read more...]

Looking back at the mistakes we made

I just realised I have written 3 consecutive posts on bank accounts for expense, emergency and investment funds. Goes to show how much I value taking the time to sort out your bank accounts. I actually went through this exercise with my sister. Her monthly salary was being credited into a POSB eSavings Account that was earning 0.05% pa. My sister submitted a form to HR to change the bank account … [Read more...]

Which Bank Account – Investment Funds

This should be my last post on the bank account series for now. Previously, I had blogged about accounts for expense funds and emergency funds. This post will be about investment funds i.e. cash holdings held for the purpose of investing in ETFs, shares and bonds. The account housing these investment funds should have more banking activity than the one for emergency funds but less banking activity … [Read more...]

Which Bank Account – Emergency Funds

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This post is a continuation of my previous post on which bank account to use for expense funds. As I have mentioned previously, a good starting point for your personal finances is to sort out your bank accounts to maximise the interest earned. It's a one-time exercise to work this out and you get rewarded with subsequent higher monthly interest earned as long as you meet the requirements of the … [Read more...]

Update on Singapore Savings Bonds March 2016

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I have been monitoring the Singapore Savings Bonds for the past few months, hoping for interest rates rise. I was hoping for safe heaven to park my excess cash. However, the results have been disappointing. The effective return per year for Singapore Savings Bonds seems to be trending down and even fell to a low of 2.19% for the month of April 2016. The lowest yielding stock in my current … [Read more...]

Welcome AMEX true cashback card

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Last year, I also did cleaned up my finances for the New Year. This year is no exception either and it's a good habit to get rid of unwanted things every year. Due to recent changes to the FRANK card where they require minimum spending of $400 for offline transaction, I cancelled it this year. I only started using it in 2014 so I am sad that I have to cut away the nice jelly bean card. There is … [Read more...]

Portfolio Update – Jan 2016

January has come and go. Some believed that the worst is over and started picking up stocks aggressively while others feel that it is still over-valued and stayed at the side lines. I believe that the worst is not over yet but it is also an opportunity to pick up some stocks. Hence I continued my plan of nibbling STI ETF, added a bank stock and sold off another stock for capital gains. 1. … [Read more...]

BOC Smartsaver vs OCBC 360

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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 … [Read more...]