Saw this OCBC promo. Fresh funds of $20k to saving account get $50 reward

[Yueming]

Hi there,

Funds will need to be maintained for 6 months from date of deposit or registration, whichever is later.
T&Cs: https://www.ocbc.com/iwov-resources...the ocbc year-end deposits promotion 2021.pdf

^DG

6 months is CPF SA = $400 liao

 

[Bweebweee]

For eg if I have $20K in another bank eg DBS, why not take out and put in OCBC and get $50?

Yea, but i cant touch the money for 6 months right? And despite the attractive savings plan interests dropping recently, the returns are way better than 50 bucks in 6 months. Opening a new account just for 50 bucks over such a long period just seems dumb.

 

[princessreiko]

Hi there,

Funds will need to be maintained for 6 months from date of deposit or registration, whichever is later.
T&Cs: https://www.ocbc.com/iwov-resources...the ocbc year-end deposits promotion 2021.pdf

^DG

When will the customer be informed if they are successful?

 

[princessreiko]

Yea, but i cant touch the money for 6 months right? And despite the attractive savings plan interests dropping recently, the returns are way better than 50 bucks in 6 months. Opening a new account just for 50 bucks over such a long period just seems dumb.

Don't think need to open new account.
Just deposit it into existing applicable account.

@OCBC Bank , please clarify on this.

 

[OCBC Bank]

When will the customer be informed if they are successful?

Hi there,

We will notify customers of their eligibility within 4 weeks from the date of the Eligible Transaction.

^DG

 

[OCBC Bank]

Yea, but i cant touch the money for 6 months right? And despite the attractive savings plan interests dropping recently, the returns are way better than 50 bucks in 6 months. Opening a new account just for 50 bucks over such a long period just seems dumb.

Don't think need to open new account.
Just deposit it into existing applicable account.

@OCBC Bank , please clarify on this.

Eligible accounts are:

Statement Savings Account
Passbook Savings Account
SmartParent Account
Easisave Account
Premier Statement Savings Account
Premier Easisave Account

If you are holding on to one of the above account, you do not need to open a new one.

^DG

 

[Mystyque]

Kana the infamous "we can no longer support your banking needs" in September.
That is when I realize I wont bank with OCBC anymore.

Because of doing crypto?

 

[zzzzzzz]

Eligible accounts are:

Statement Savings Account
Passbook Savings Account
SmartParent Account
Easisave Account
Premier Statement Savings Account
Premier Easisave Account

If you are holding on to one of the above account, you do not need to open a new one.

^DG

move 20k from Statement Savings Account to Passbook Savings Account qualify or not?

asking for a friend

 

[SageWolf]

Because of doing crypto?

Because it is dormant with 7k ish inside.

 

[Mystyque]

Because it is dormant with 7k ish inside.

Weird, money leave in there OCBC can loan it out no worries, why must close your account?

 

[OCBC Bank]

move 20k from Statement Savings Account to Passbook Savings Account qualify or not?

asking for a friend

Hi, fresh funds are required for the promotion. Funds transferred from existing OCBC account will not be eligible.

“Fresh Funds” refers to (i) funds in the form of non-OCBC cheques/ cashier’s orders/ demand drafts as well as other funds that are not transferred from any existing OCBC Bank accounts, (ii) funds that are not withdrawn and re-deposited with OCBC Bank during the Promotion Period for purposes of qualifying for the Promotion, (iii) funds must be incremental to the Eligible Customer’s overall deposit balances within the last 30 days prior to the date of deposit, and (iv) funds must be incremental to the Eligible Customer’s overall deposit balances for 3 weeks from the date of Eligible Transaction.

^DG

 

[SageWolf]

Weird, money leave in there OCBC can loan it out no worries, why must close your account?

Not sure, ask them.
I called, CSO said management decision.

 

[Dokwon]

Depositin 350k flesh funds nao!!

 

[mosmos]

0.5%pa, tik chiu put singlife sama sama

 

[Mystyque]

Not sure, ask them.
I called, CSO said management decision.

@OCBC Bank Pls clarify, OCBC don't allow us to just park money in the account and not use it? Like that means I need to start moving my cash out to other bank liao is it?

 

[princessreiko]

UOB also has an almost similar one.
0.5% FD rate for 10 months, minimum amount is $20K.

But have to open another account which is a hassle.

https://www.uob.com.sg/wealthbanking/banking/save/sg-dollar-fixed-deposit.page

 

[yobyella]

Eligible accounts are:

Statement Savings Account
Passbook Savings Account
SmartParent Account
Easisave Account
Premier Statement Savings Account
Premier Easisave Account

If you are holding on to one of the above account, you do not need to open a new one.

^DG

If i have 60k in my existing saving acct (passbook), can i utilise the funds for the promo?

 

[Sumimasen]

OCBC cheque not consider as fresh fund.
Meaning if u bank in a 20k ocbc cheque into existing saving account also not eligible?

 

[ahnyaahnya]

6 months is CPF SA = $400 liao

Then put there lor

 

[OCBC Bank]

If i have 60k in my existing saving acct (passbook), can i utilise the funds for the promo?

Hi there,

Fresh funds is required for the promo.
Existing funds in your OCBC account cannot be used for this promo.

“Fresh Funds” refers to (i) funds in the form of non-OCBC cheques/ cashier’s orders/ demand drafts as well as other funds that are not transferred from any existing OCBC Bank accounts, (ii) funds that are not withdrawn and re-deposited with OCBC Bank during the Promotion Period for purposes of qualifying for the Promotion, (iii) funds must be incremental to the Eligible Customer’s overall deposit balances within the last 30 days prior to the date of deposit, and (iv) funds must be incremental to the Eligible Customer’s overall deposit balances for 3 weeks from the date of Eligible Transaction.

^DG