ocbc 360 account

[70niner]

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

Mathematically there is no way to reduce your account balance and still qualify for the savings bonus interest. So as what others say u r locked in.

 

[70niner]

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

the bonus is not cap on end mth one ah

Yes if not your salary is added to the closing daily balance. Unless your intent is to quickly hit 100k to max out the bonus interest amount.

 

[eDisFieD]

So generally, how much do you guys leave in your OCBC 360?

1. 100K, and top up $500 every month, leaving these x-number of $500s idling without earning interest?
2. Below 100K, and top up $500 every month and reset again upon reaching 100K?

 

[ekardo]

So generally, how much do you guys leave in your OCBC 360?

1. 100K, and top up $500 every month, leaving these x-number of $500s idling without earning interest?
2. Below 100K, and top up $500 every month and reset again upon reaching 100K?

option 2 for me..

 

[HoGnix]

option 2 for me..

Haha, suppose, you reset OCBC360 Account On yearly basis, you can mathematically calculate the best amount of Money to put into on the first Month provided the money put to elsewhere can Earn xx% interest.

 

[ekardo]

for me, 6mth basis or if there are other promo which short term high interest..

as advised, should aim at Feb as it's the shortest month with lower interest lost.

 

[HoGnix]

option 2 for me..

If the

for me, 6mth basis or if there are other promo which short term high interest..

as advised, should aim at Feb as it's the shortest month with lower interest lost.

The Average daily earned is the same, regardless which Month you Reset. - correction, Feb reset is the best.
For option 2, only the extra money you put elsewhere can Earn more than 3.5%, then can beat option 1.

 

[ekardo]

If the

The Average daily earned is the same, regardless which Month you Reset.
For option 2, only the extra money you put elsewhere can Earn more than 3.5%, then can beat option 1.

> $100k only 0.05%. Unless you can maintain >$200k, then is 2.4% on the $100k above $100k

isn’t it?

 

[HoGnix]

> $100k only 0.05%. Unless you can maintain >$200k, then is 2.4% on the $100k above $100k

isn’t it?

Yes, you are correct.
But OCBC360 has two tiers, Those above 75k to 100k will Earn 7% interest. If you put less than 100k at first, you will Earn less.
if you do a reset, on that Month, you will loss $125 of increatment interest. So if you do a frequent rest, you will loss more.

 

[70niner]

Actually my thought is no need to do a hard reset whenever the account >$100k, u r still getting >4% interest overall

Maybe when the interest is getting to <4% with say 110-120k, then consider doing a reset

 

[HoGnix]

Actually my thought is no need to do a hard reset whenever the account >$100k, u r still getting >4% interest overall

Maybe when the interest is getting to <4% with say 110-120k, then consider doing a reset

Yes, Say above 100k got no interest, then the point when it reaches 4% is 100000*4.6/4.0 =115000.

 

[ekardo]

I correct myself.

yes, the reset no need to reset to $0.

just reset to 75k for example. cos losing the 2.4% for the 25k category (75k to 100k) for a month, effective still get around 3.8%...if you still can meet the requirement (eg, salary, credit card spending).
I take it as a rest for spending on OCBC card also..so I reset to $0..

 

[xRenol]

I correct myself.

yes, the reset no need to reset to $0.

just reset to 75k for example. cos losing the 2.4% for the 25k category (75k to 100k) for a month, effective still get around 3.8%...if you still can meet the requirement (eg, salary, credit card spending).
I take it as a rest for spending on OCBC card also..so I reset to $0..

How did you derive the interest rate of 3.8%? Unless you included Invest and/or Invest category.

Based on reset from S$100,000 to S$75,000
Salary: 2.00%
Save: 0.00% (previous month’s average daily balance will be S$100,000 assuming there is no withdrawal)
Spend: 0.60%
Base Interest: 0.05%

 

[rerear]

if need to reset, should transfer out today or tomorrow

 

[ekardo]

How did you derive the interest rate of 3.8%? Unless you included Invest and/or Invest category.

Based on reset from S$100,000 to S$75,000
Salary: 2.00%
Save: 0.00% (previous month’s average daily balance will be S$100,000 assuming there is no withdrawal)
Spend: 0.60%
Base Interest: 0.05%

oh ya..I forgot to remove 1 item in my excel

only left around 3% for the following:

Salary (1st 75k)	​	2.00%​
Salary (next 25k)		4.00%​
		​
		​
card spending 500	​	0.60%​

 

[ekardo]

if need to reset, should transfer out today or tomorrow

before 1st 2359

 

[jseyong]

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

Got charged $2 fall below fee.

Account balance was 0 and now it became $-2..

 

[Joseph99]

Got charged $2 fall below fee.

Account balance was 0 and now it became $-2..

For this month jun ?

 

[jseyong]

For this month jun ?

Yup dated 30 June

 

[ekardo]

Yup dated 30 June

mine is $0 since 1June...system happen havent crawl to my account yet...

but $3000 in Mari for 2.88% already each more than $7 per month already.. even if they charged I will give..