New OCBC 360 (Effective May 1 2015)

arctician

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i think its v hard to combo

imagine if u draw out n park in esaver..next month route back in for 50k..total 1.4+3.2..average 2.3%

this is just slightly higher than 2.2% given every month

so i prob just park it inside perpetually..unless i can combo with uob one at 2.4% then make sense
 

Sunnydae

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Did some sums based on different starting amounts to explore scenarios.

If you have only 30K, OCBC 360 actually still earns more than UOB One due to the tiered interest (if you met all conditions for both accounts and excluding CC rebates).
So its still useful for people just starting out.

Also, cos of the tiers, if you have >50K, you should top up the UOB One first before topping up OCBC 360 instead of spreading the money equally between both accounts.

The 1.2% for salary is the clincher. If you don't have that, then its UOB One all the way. Even if you have 60K in UOB One, the overall interest beats that if you had 60K in the OCBC 360 account.

But if you have the max 2.25% bonus for OCBC 360, the interest on 60K is better than that of a maxed out UOB one + 10K in CIMB/SC/Maybank etc.

Overall, looks like I'm sticking with OCBC 360 lol (there are other reasons too, CC rebates, other acts etc).
 
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oceanicmanta

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Yes, this is correct. The question then is what to do in Jun, whether to transfer out some money to lower Jun ADB to get incremental ADB in Jul. If so where to transfer the money to

1 option for Jun is to move funds to OCBC Bonus Plus which earns 2.35% pa up to 1m

Then in July, top up 60K into OCBC360 to earn 3.25% ??!! wow.

anyways, Jun is a month away so worry about it when time comes
 

Trazora

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1 option for Jun is to move funds to OCBC Bonus Plus which earns 2.35% pa up to 1m

Then in July, top up 60K into OCBC360 to earn 3.25% ??!! wow.

anyways, Jun is a month away so worry about it when time comes

OCBC Bonus Plus

"Earn higher interest if you do not make any withdrawals monthly and quarterly. Plus, enjoy an even sweeter interest rate when you top up fresh funds of S$10,000 and make no withdrawals within that quarter. Also, with no lock-in period, you can enjoy the flexibility to deposit and withdraw anytime. If you withdraw within the month, you only receive 0.05% p.a. monthly base rate"

Seems not an account that you should use if you intent to withdraw money from it
 

oceanicmanta

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OCBC Bonus Plus

"Earn higher interest if you do not make any withdrawals monthly and quarterly. Plus, enjoy an even sweeter interest rate when you top up fresh funds of S$10,000 and make no withdrawals within that quarter. Also, with no lock-in period, you can enjoy the flexibility to deposit and withdraw anytime. If you withdraw within the month, you only receive 0.05% p.a. monthly base rate"

Seems not an account that you should use if you intent to withdraw money from it

That's correct - cannot withdraw in a quarter & first 10k tied up for 2 mths at paltry rate.
As with any promos, there are creative ideas to maximise the promotion as discussed in the OCBC BP thread.
 

wackykid

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The only and most critical flaw is that you can easily get more than 1% interest elsewhere. Not sure why anyone would want to do all that work.

The "trick" method is to transfer all the $60k in between 2 salary credited 360 account to get 3.25% on $60k every month.

well that's just an illusion...

if you only consider the $$$ to be yours... yes looks like 3.25% every month... but half of that "comes from" your wife's account... hence deducting that... your wife will be getting 2.25% every month...

in the end... it's still work out to 2.75% per month average for each of the account...


regards,
wacky
 

dante-z

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because i no have 50k , and i not doing investment, ocbc is still the best for me.
 

zoossh

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well that's just an illusion...

if you only consider the $$$ to be yours... yes looks like 3.25% every month... but half of that "comes from" your wife's account... hence deducting that... your wife will be getting 2.25% every month...

in the end... it's still work out to 2.75% per month average for each of the account...


regards,
wacky

true, from 50k x 2 account becomes 60k between 2 account.
 

K|muRa^84

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That's correct - cannot withdraw in a quarter & first 10k tied up for 2 mths at paltry rate.
As with any promos, there are creative ideas to maximise the promotion as discussed in the OCBC BP thread.

ocbc bonus+ can combo with 360 ?

found this on the bonus+ webpage



*Fresh funds refer to funds not transferred or withdrawn from existing OCBC Bank deposit accounts and re-deposited or funds in the form of OCBC Bank cheque/cashier's order/demand drafts.
 

oceanicmanta

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ocbc bonus+ can combo with 360 ?

found this on the bonus+ webpage

can do ocbc360 to "any other bank with 50k daily fast limit" to ocbc bonus+ ... or the other way around

interestingly the bonus interest for incremental balance for ocbc360 did not specify need fresh fund if i am not wrong ... but I wld not test it as there are simple ways around it
 

Whisper

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I transferred money from posb to ocbc today at 11am then ocbc sent me SMS saying the money has been deposited into my account on 2 May. Why not 1 May? I used FAST. is it because today public holiday?
 

oceanicmanta

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I transferred money from posb to ocbc today at 11am then ocbc sent me SMS saying the money has been deposited into my account on 2 May. Why not 1 May? I used FAST. is it because today public holiday?

It could be & I suspect its only OCBC & they recently has this.
Also happened to me that I FAST into OCBC account at around 9pm, it does not get captured until the next day. No such issue paying into other banks at that time of night !
 

tiertime

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I transferred money from posb to ocbc today at 11am then ocbc sent me SMS saying the money has been deposited into my account on 2 May. Why not 1 May? I used FAST. is it because today public holiday?

i just did from dbs to ocbc 360 as well... nothing like this happened to me. it got transferred instantly.

Maybe u can call the bank?
 

Whisper

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i just did from dbs to ocbc 360 as well... nothing like this happened to me. it got transferred instantly.

Maybe u can call the bank?

The money is in already.. Just don't understand why the sms says tomorrow.
 

wts2013

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Scb IB provides info on funds transfer, ie if u transfer after a certain time on weekdays or on Sunday/Public Holiday, it is treated as next business day transaction. But none of the 3 local banks provide such info, ie I cannot find.

Today I tested with $1, transfer from ocbc360 to another ocbc360. As suspected, transaction date is today but value date is tomorrow.

Oops, I just found the info for UOB, my new account, hahaha. Wah I'm in trouble, it says I dun have a valid a/c to make transfers to other bank, hahaha, something is very wrong leh..
 
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K|muRa^84

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I transferred money from posb to ocbc today at 11am then ocbc sent me SMS saying the money has been deposited into my account on 2 May. Why not 1 May? I used FAST. is it because today public holiday?

i kena the same thing as well

xferred from uob at 930am this morning
 

wts2013

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hmmm.. so here is one reason why OCBC is offering the highest interest rate on OCBC 360, from BT:

"OCBC, which had the smallest Sing-dollar deposit base among the three domestic banks at the end of last year, began offering the 3 per cent bonus interest from April 2014. Within nine months, OCBC signed up 34,000 new customers, it said."

Oops, not the highest as SCB got 3.88%, hahaha
 

frustrateddude

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Scb IB provides info on funds transfer, ie if u transfer after a certain time on weekdays or on Sunday/Public Holiday, it is treated as next business day transaction. But none of the 3 local banks provide such info, ie I cannot find.

Today I tested with $1, transfer from ocbc360 to another ocbc360. As suspected, transaction date is today but value date is tomorrow.

Oops, I just found the info for UOB, my new account, hahaha. Wah I'm in trouble, it says I dun have a valid a/c to make transfers to other bank, hahaha, something is very wrong leh..

u need to hv the UOB token?
 
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