ocbc 360 account

[AppleiPhone]

Am I right to say that as long as the rightmost figure is more than $500, I am eligible for the Bonus Interest?

In order to play this game, you must know whether you required to use the fund from this 360 account for the next following month. Best to treat it as FD and every month add extra >$500 will do. Assuming your last balance & ADB $68,766.83 is last day of June, in July, you can't withdraw any single cent but to add $500 extra starting from 1st day of the month and maintain till 31 July if you wish to get next BI.

 

[mojipei]

In order to play this game, you must know whether you required to use the fund from this 360 account for the next following month. Best to treat it as FD and every month add extra >$500 will do. Assuming your last balance & ADB $68,766.83 is last day of June, in July, you can't withdraw any single cent but to add $500 extra starting from 1st day of the month and maintain till 31 July if you wish to get next BI.

That's what i have been doing. I have another account for daily use, debit card, ATM all from this account. My 360 account is not being touched. However, if I ever need to withdraw money from 360 account, I just want to look at the right most figure. If it ever goes negative, I must top up. Is that the right thing to do, just in case.

 

[ekardo]

anyone get charged $2 for fall below fee ? i forgotten about this totally when I withdrew all as this is my reset month..

 

[harky]

Do anyone know how the extra $500 work??
I want to reset this account LOL, as i want play the $500 interest.

Can i tt all money inside and keep 1K?

31 June will had 1K inside,
01 July will transfer $500 in

wait for bonus in?

Before 31 Jul transfer $500 out and keep 1K??

repeat?

 

[70niner]

Do anyone know how the extra $500 work??
I want to reset this account LOL, as i want play the $500 interest.

Can i tt all money inside and keep 1K?

31 June will had 1K inside,
01 July will transfer $500 in

wait for bonus in?

Before 31 Jul transfer $500 out and keep 1K??

repeat?

If u want to play the $500 savings bonus interest game, u cannot let your average daily balance be reduced. Oh by the way min ADB for 360 account is $3k, else will have fee deducted for low balance

As a simplified illustration:
31 Dec - deposit $3k
1 Jan - deposit $500, end of mth $3.5k
1 Feb - deposit $500, end of mth $4k
......and so on, by 31 Dec of the year, you should have $9k and qualified for the savings bonus interest in all 12 mths

That is how the game is played at the basic level, the moment u take out $, u lose the bonus interest for the month

 

[harky]

If u want to play the $500 savings bonus interest game, u cannot let your average daily balance be reduced. Oh by the way min ADB for 360 account is $3k, else will have fee deducted for low balance

As a simplified illustration:
31 Dec - deposit $3k
1 Jan - deposit $500, end of mth $3.5k
1 Feb - deposit $500, end of mth $4k
......and so on, by 31 Dec of the year, you should have $9k and qualified for the savings bonus interest in all 12 mths

That is how the game is played at the basic level, the moment u take out $, u lose the bonus interest for the month

Oh.......... I never maintain so interest up and down de lol.
OK. Understand.

 

[Eternit]

ok.. too bad then. I tot FAST is okay cos I saw their description seems to suggest so:

• Only salary credit through these transaction descriptions and codes in your statements will qualify for this bonus:
  • GIRO / PayNow via GIRO with the transaction description “GIRO-SALARY”
  • FAST / PayNow via FAST with transaction code “SAL” or transaction description “SALARY / SALA / SAL”

I tried FAST (Salary Payment) from DBS to my SC eSaver and it reflects as FAST(SALA) in the description... lydat still cannot ah. sian.

anyone actually tried FAST / Paynow from other banks and confirm it doesnt work? I don't see OCBC explicitly mention that it has to come from a company account for it to count as salary

 

[rerear]

spend interest is based on calendar month or some special cutoff for everyone

 

[Trazora]

spend interest is based on calendar month or some special cutoff for everyone

spending posted in calendar month

 

[rerear]

Thanks! Also can I say Grab auto wallet topups with ocbc credit cards, cannot be counted as part of this spending to clock ocbc 360 spending?

 

[stingray1211]

anyone actually tried FAST / Paynow from other banks and confirm it doesnt work? I don't see OCBC explicitly mention that it has to come from a company account for it to count as salary

it is in the TnCs. read it properly.

they say they have the right to not award the bonus or claw back.


Read HWZ Forum Rules!

 

[sglandscape]

it is in the TnCs. read it properly.

they say they have the right to not award the bonus or claw back.


Read HWZ Forum Rules!

It's actually a legitimate use case to pay salary from personal account for SMEs, in fact if OCBC disallow it, their product managers are likely then clueless of how many SMEs there are in Singpaore and how they operate. Look at the CPF webpage, and there is an entire guide on how to pay your employees CPF using either a personal account or a corpoate account.

As long as its not same name account you should be ok, unless OCBC demands you show them your payslip.

 

[lanzhu60]

if on statement, can see salary bonus, does it mean the mode of salary credited into account count towards the ocbc360 interest calculation ?

 

[HoGnix]

if on statement, can see salary bonus, does it mean the mode of salary credited into account count towards the ocbc360 interest calculation ?

Yes. On Description, it stated what bonus you get:
Salary Bonus.
CC Spending Bonus.
Saving Bonus.
......

 

[70niner]

if on statement, can see salary bonus, does it mean the mode of salary credited into account count towards the ocbc360 interest calculation ?

https://forums.hardwarezone.com.sg/threads/ocbc-360-account.4629515/post-152704797

Refer to the screenshot in an earlier post.

If it is a valid salary credit, the "salary credited" field will reflect that. Btw u can only see this in the browser not the OCBC app.

 

[harky]

If u want to play the $500 savings bonus interest game, u cannot let your average daily balance be reduced. Oh by the way min ADB for 360 account is $3k, else will have fee deducted for low balance

As a simplified illustration:
31 Dec - deposit $3k
1 Jan - deposit $500, end of mth $3.5k
1 Feb - deposit $500, end of mth $4k
......and so on, by 31 Dec of the year, you should have $9k and qualified for the savings bonus interest in all 12 mths

That is how the game is played at the basic level, the moment u take out $, u lose the bonus interest for the month

do you know if there is any cut off time?
like my SAL in on 4pm, i had to transfer out by 8pm

 

[70niner]

I think the cutoff time is 9pm. Any transactions on Sunday or PH is recorded on the next business day.

 

[harky]

I think the cutoff time is 9pm. Any transactions on Sunday or PH is recorded on the next business day.

because my friend say must transfer out the same day when my SAL in..

the bonus is not cap on end mth one ah

 

[Rhapsodyx]

If u want to play the $500 savings bonus interest game, u cannot let your average daily balance be reduced. Oh by the way min ADB for 360 account is $3k, else will have fee deducted for low balance

As a simplified illustration:
31 Dec - deposit $3k
1 Jan - deposit $500, end of mth $3.5k
1 Feb - deposit $500, end of mth $4k
......and so on, by 31 Dec of the year, you should have $9k and qualified for the savings bonus interest in all 12 mths

That is how the game is played at the basic level, the moment u take out $, u lose the bonus interest for the month

Thanks for this post. Wanted to come in and ask for a work around on the ADB interest and saw this.

But can consperm this is tried and tested? I scared later doesn’t work and I just lose my entire interest for the month if I move my money around

 

[V_for_Vanilla]

Thanks for this post. Wanted to come in and ask for a work around on the ADB interest and saw this.

But can consperm this is tried and tested? I scared later doesn’t work and I just lose my entire interest for the month if I move my money around

It says the average daily balance for subsequent months has to increase by minimum $500. In effect you are locked in, no?