ocbc 360 account

yuppieboy

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lol.

marketing gimmick.

u guys dont see it, do u?

Yup, OCBC may be using this 360 promo to gather more deposits as well as increase customer credit card spending. Call it marketing gimmick for all I care, as long as I received $127 monthly interests (or yearly interests of $1525), I will be happy to put my money there. Where else can you get effective 3.05%pa interests for a normal saving account and current FD rates not even exceeding 1.5%pa.
 

acetylcholine

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Yup, OCBC may be using this 360 promo to gather more deposits as well as increase customer credit card spending. Call it marketing gimmick for all I care, as long as I received $127 monthly interests (or yearly interests of $1525), I will be happy to put my money there. Where else can you get effective 3.05%pa interests for a normal saving account and current FD rates not even exceeding 1.5%pa.

I think the real question is how long will the promotion last? They clearly have the right to revise the promotional interest rate at any time...so just enjoy it now while it lasts. :D
 

Keverus

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Yup, OCBC may be using this 360 promo to gather more deposits as well as increase customer credit card spending. Call it marketing gimmick for all I care, as long as I received $127 monthly interests (or yearly interests of $1525), I will be happy to put my money there. Where else can you get effective 3.05%pa interests for a normal saving account and current FD rates not even exceeding 1.5%pa.

I think the real question is how long will the promotion last? They clearly have the right to revise the promotional interest rate at any time...so just enjoy it now while it lasts. :D

exactly.

have you considered the probability of a normal account, one which u can suka suka take money in and out, have a higher interest rate than fd? A fd would also require a minimum of $20k to be entitled to the promo rates (~1%).

think think think.

what is the true objective of ocbc here?
 

coranyge

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Hi MrCoconut, beri stupid idiot, EEXOOO

This is not an issue, because all the banks have different transaction descriptions for salaries received via Giro.

For DBS, its SAL
For POSB, its PAY
For OCBC, its Giro - Salary


^Greg
For OCBC Bank

What about UOB? is this considered as GIRO?

INWARD CR - IBG
 

Ronaldo88

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I m in dilemma on which to choose...bonus saver or ocbc 360..ocbc 360 is a bit hassle than bonus saver...need to change bank salary credited,pay 3 bills n use credit card $400 for retail transaction whereas bonus saver oni need to spend 500 using their cards..
 

sandwicher

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I m in dilemma on which to choose...bonus saver or ocbc 360..ocbc 360 is a bit hassle than bonus saver...need to change bank salary credited,pay 3 bills n use credit card $400 for retail transaction whereas bonus saver oni need to spend 500 using their cards..

OCBC
Change salary credit account - 1 time hassle
pay 3 bills - no hassle, you pay those bills anyway
spend 400 - that's $100 less than SCB 1.88%. And you get to earn your existing points/rebates from that $400 spent.

SCB Bonus Saver
Spend $500 - no rebates/points for those $500 spent

Just doing item 1-2 from OCBC yields 2.05% compared to 1.88% at SCB.

Gimmick or not, who cares? Underlying motive, who cares? There's no lock in period. As long as the promo ends, we are free to move our funds again.

Enjoy it while it last. While you continue doubting this and that, we would continue earning our interests?
 

arctician

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think again and u will realize ocbc's underlying motive. :)

As long as there is no lock in clause we are free to move e funds and change our spending patterns anytime in light of any interest revisions..u sound like sour grapes who can't fulfill e 3% mark..n I already have my 50k up n ready
 

iMac

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For my 3x GIRO Bill Payment (e.g. M1 Bill, S'pore Power Bill, Veh. Installment Giro) already exceed S$400 per month....

do I still need to spend another $400 using the credit card to earn the 3.05%?:s11:
 

naro

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For my 3x GIRO Bill Payment (e.g. M1 Bill, S'pore Power Bill, Veh. Installment Giro) already exceed S$400 per month....

do I still need to spend another $400 using the credit card to earn the 3.05%?:s11:


your 3 GIRO is payment direct from credit card or bank account?
 
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naro

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As long as there is no lock in clause we are free to move e funds and change our spending patterns anytime in light of any interest revisions..u sound like sour grapes who can't fulfill e 3% mark..n I already have my 50k up n ready
cant agree more. :)
 

iMac

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your 3 GIRO is payment direct from credit card or bank account?

For the veh instalment, I have to go to the Finance Company to pay using the OCBC credit card...I also have Great Eastern Life Insurance which I can pay with credit card...:s12::s12::s12:
 

anfielder

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think again and u will realize ocbc's underlying motive. :)

Seriously, you're sounding like a broken record already. Why don't you just state your reasoning?

Don't tell me you're working for a rival bank and just want to sow doubt :s22:

To me it's quite clear that if OCBC pulls a stunt here by changing the TnC within the next few months they will lose a lot of customers and damage their brand.
 

yuppieboy

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exactly.


think think think.

what is the true objective of ocbc here?

Frankly, what is the worse that could happen to OCBC - the world's best bank? Either they run away with our deposits or they declare bankrupt?
Then again, isn't all our deposits insured up to $50K? It's practically a no-brainer risk free investment, in my opinion.
 

dork32

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exactly.

have you considered the probability of a normal account, one which u can suka suka take money in and out, have a higher interest rate than fd? A fd would also require a minimum of $20k to be entitled to the promo rates (~1%).

think think think.

what is the true objective of ocbc here?

as long as ocbc does not collapse, as long as ocbc protect the capital, as long as ocbc pay the interest as promised, why should i bother why the rate is so high?
 

jamescy

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I don't understand what the fuss is about.

Who cares about the bank's motives. In Singapore, our funds are insured up to 50k. So this is a risk-free 3% gain for just a little hassle.

So what if our funds are used for the bank to get their cash flow, we are using ocbc for the 3% interest while not losing our own liquidity as well. Essentially, both parties are just looking for their best interests.

There's no point in understanding ocbc's motives because at the end of the day, how many of us can make a higher ROI than ocbc. Why compare when it's almost a sure lose situation? :s13::s13::s13:
 
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