Search Results for: ocbc 360

"Financial Stupidity" is enriching DBS

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 more, DBS net interest margin is the highest among them. There must be a lot of “stupid money” lying around for this to happen. For individual savers like us, getting 1+%...

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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 to the OCBC 360 Account and now earns 1.2% pa just from the salary credit. It was easy enough to make 3 monthly bill payments online or through GIRO since she just had...

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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 than the one for expense funds. Ideally, there should be no link to a credit card since it’s only going to encourage you to spend more to meet the requirements to obtain the higher interest. In our case,...

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Which Bank Account – Emergency Funds

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 bank account. In Singapore, there tends to be a link between your bank account and credit card to earn the higher interest. For example, our OCBC 360 bank account third bonus...

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Update on Singapore Savings Bonds March 2016

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 portfolio gives an estimated return of 2.40% per year. The interest rates  of the OCBC 360 account can easily beat the Singapore Savings Bonds. I am glad I have...

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Welcome AMEX true cashback card

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 no point keeping it since I will not be using it any more. Obviously I still have my OCBC 365 card so as to accumulate interests for...

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New BOC 3.55% Smart Saver Account

  A new OCBC 360 spin off has arrived. This time its Bank of China’s Smart Saver Multi currency account. From what I have read so far, its much better than the current OCBC 360 and UOB One account.   For this account, you will receive two types of interest. First, you will get the prevailing interest which is max at 0.4% when you have 50k and above in your account.   Second, you will get to earn bonus interest on your first $60k of your account balance. Very similar to the old OCBC 360. Here you earn 1.55%...

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Switching to UOB One Account

My emergency funds has been deposited in both OCBC 360 and Standard Chartered Bonus$aver account for quite some time now. At the start of the month, I decided to make the effort to open the UOB One account. UOB One account offers up to 3.33% interest annually for up to S$50,000. Really? There are always terms and conditions to the interest rate. The interest rates are tiered for the UOB One account. See below. Source – UOB One Account – How it works? So the effective interest is no where close to 3.33%. In order to get the highest...

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Our Net Worth – 2015 Edition

Last August, after I left my first job, I bared our total net worth on this blog. Since then, many things have happened. The Mrs left her cushy regional marketing role (too stressful and busy) in April earlier this year and I left another job just two months ago. Therefore, it’s not surprising to find some changes to our net worth. Honestly speaking, since our work density (cool term?) was probably around 60% – 70% for the past year and with the markets tanking in the past quarter, I was expecting the net worth to drop, or at most stay constant. But...

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CIMB FastSaver: Account Opened

Wow, I applied for the FastSaver account online on the 24th and it was opened on the 28th! I did everything from the comfort of my computer! I am really loving CIMB! I have 2 accounts with them (FastSaver and my previous StarSaver) and I have never ever been down to any of their branches yet! Now I have the following decent yielding cash accounts: OCBC 360 @ 2.25% (up to $60,000) CIMB FastSaver @ 1.0% (up to $50,000) CIMB StarSaver @ 0.8% (up to $1,000,000? not sure!) Along with these 2 basket case accounts: DBS Remix @ 0.05%...

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Another new candidate account to park your warchest

I was tired and on my company bus home from work. On my facebook feed, I saw this new account from CIMB, called CIMB FastSaver. 1.0% p.a. without any fees nor conditions for the first 50k, sounds like it will replace the CIMB StarSaver Savings account on my watchlist (at least while my balances are still low), no cheque book though. It is an online account similar to my prior StandChart eSavers account. Got some cash credit too though $10 for initial deposits of 1k-9.999k $50 for initial deposits of 10k-24.999k $100 for initial deposits of 25k and above...

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CIMB Fast Saver

CIMB has got a new savings account that is similar to Starsaver, but more attractive for the first 50k. Full details click here. It makes for a great alternative to the old Starsaver account. No fall below maintenance fee, no service fee, no requirements needed(UOB one, OCBC 360) and no gimmicks. Interest rate balance at two levels: 1.00% p.a for first S$50,000 0.6%% p.a above S$50,000 In addition, from 16th Sep 2015 to 31st Oct 2015, new CIMB customer will receive a cash credit with min initial deposit amount: 1) $10 for $1000 2) $50 for $10,000; or 3)...

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What do I do when everyone is talking about the market?

The STI has breeched the 3000 point mark and everyone is dishing out their views and opinions. I too was caught up in the excitement – nibbling at stocks and watching in ‘awe’ as my watch list and portfolio continue to head south. The weekend is a good time for many of us to plan our investment strategy when the market opens on Monday. However, I decided to take a step back and with my “trusty” companion (the beer of course!), I sat down to review my Asset Portfolio instead. Photo Credit and for another Asahi Super Dry Beer...

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Standard Chartered e$aver Account S$5 Fall-Below Fee From 28-Aug-2015

Public Service Announcement – Starting 28th August 2015, Standard Chartered Bank is going to charge a new fall-below fee of S$5 monthly for e$aver Account if the minimum average daily balance is below S$1,000. It isn’t on their official website yet but I’ve just received their letter. Note : there is currently no fees being charged. A perfect example of changing the rules of the game. Does anyone remember OCBC 360? As always, change is the one thing that is constant. Many of us who uses their online trading platform might be affected by it – myself included. No choice but...

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My Monthly Spending and Rebate

My wife decided to resign from her job to take care of our baby for awhile, so its more crucial now to do some serious micro management for my monthly expense. We have also employed a maid to help with the house keeping. I continue the habit of not spending cash but rather on three credit cards that are giro-ed(to prevent any chance of late payment.) My decision on the three credit cards must have some synergy with the bonus accounts out there(UOB one and OCBC 360) in order to optimize my rebate further. I use UOB one card’s...

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