OCBC Bonus + A/c CNY Promo

[wts2013]

I've called hotline to confirm, then went to the Branch to discuss and confirm before I opened account with Vivocity this afternoon.

1. Open A/c with 10k initial deposit in Jan.
2. Dun withdraw money in Jan and Feb, gets 0.60% pa interest for Jan and Feb
3. Mar 1, Topup as much money as u can, all fresh funds, no limit, dun withdraw money in Mar. All money will earn 2.35% pa interest in Mar
4. April 1, interest credited, withdraw all your money, leave $10, enough for OCBC to deduct $2 per mth in April, May, June - fall below fee. If your 3k can earn more than 0.8% in other banks is enough for pay for this fee.
5. July 1 - close account, unless attractive interest rate promo still on, no guarantee, then repeat step 3 again. If u like u can leave account open but need to pay mthly fee.

There is no guarantee the same interest rate will be paid in the 2nd Qtr. If attractive promo rates still exist, then u can open new account to play the game for 2nd Qtr.

 

[wts2013]

First 800 to open account gets a limited edition Swaroski Crystal Clutch worth more than $100. Dun know still have or not, bank staff told me many people opened account yesterday and today, hahaha

My OCBC 360 only earn 2.05%, so moi gonna dump all into this account in Mar 2015, hahaha, can take a rest for Mar, no need to meet criteria of $400 spend and 3 bill payments, hahaha

 

[tmkedmw]

Thanks for taking the effort to do the legwork and share.
I am just wondering aloud whether Vivocity staff interpretation is correct as there is a possibility that not everybody(branch) is on the same page during early stage of launch.

Also that catch-all clause on
OCBC Bank reserves the right to vary (a) the top-up bonus interest rate, (b) the Minimum Top-up Amount, (c) eligibility criteria to earn Top-Up Bonus Interest or (d) the Promotion Period, in its sole and absolute discretion from time to time without prior notice.

No harm setting up the account now but I won't dump in large sum comes March unless I had a written reply from OCBC in Chulia Street.

 

[arctician]

sounds good..i think ppl sure whack in 3rd month n pump in millions which will result in them revising the terms for the subsequent quarters

but lets see what others say..still find it too good to be true

n i agree..i wil ask for a written black and white via email or smtg before i dump in e funds..e CSOs might have different interpretation of the T&C

but up for e kind sharing

 

[wts2013]

First quarter interest rates are guaranteed, subsequent qtrs they can change.

Of course I will not dump in Mar shld they announce any change for first quarter, but very unlikely they will or their reputation will be at stake.

I know DBS change rules in the midst of the game without prior or after annoucement.

 

[tmkedmw]

sounds good..i think ppl sure whack in 3rd month n pump in millions which will result in them revising the terms for the subsequent quarters

...

Not a lawyer but am just wondering can ocbc invoke their cya clause and revise their bonus terms for the 3rd month on 28 Feb and make it effective even for the 1st cycle

 

[arctician]

Not a lawyer but am just wondering can ocbc invoke their cya clause and revise their bonus terms for the 3rd month on 28 Feb and make it effective even for the 1st cycle

thats why i gona ask for B&W. too risky..if its uob or scb then i have no worries

ocbc is great at coming out with complex t&c to confuse ppl ..dbs falls second

 

[minqiang]

First 800 to open account gets a limited edition Swaroski Crystal Clutch worth more than $100. Dun know still have or not, bank staff told me many people opened account yesterday and today, hahaha

My OCBC 360 only earn 2.05%, so moi gonna dump all into this account in Mar 2015, hahaha, can take a rest for Mar, no need to meet criteria of $400 spend and 3 bill payments, hahaha

You do that's not fresh fund!

 

[wts2013]

You do that's not fresh fund!

Aiyo aunty, do it correctly then become fresh lor, even the bank staff also tell me, FAST to another bank then FAST back lor, hahaha

 

[minqiang]

So troublesome! Just find someway to meet 3.05% lah then move only the excess fund!

 

[wts2013]

So troublesome! Just find someway to meet 3.05% lah then move only the excess fund!

aiyo aunty aunty, u wan to credit your salary to my account in Mar 2015 for free, then moi no need to do lor, hahaha

 

[minqiang]

I've called hotline to confirm, then went to the Branch to discuss and confirm before I opened account with Vivocity this afternoon.

1. Open A/c with 10k initial deposit in Jan.
2. Dun withdraw money in Jan and Feb, gets 0.60% pa interest for Jan and Feb
3. Mar 1, Topup as much money as u can, all fresh funds, no limit, dun withdraw money in Mar. All money will earn 2.35% pa interest in Mar
4. April 1, interest credited, withdraw all your money, leave $10, enough for OCBC to deduct $2 per mth in April, May, June - fall below fee. If your 3k can earn more than 0.8% in other banks is enough for pay for this fee.
5. July 1 - close account, unless attractive interest rate promo still on, no guarantee, then repeat step 3 again. If u like u can leave account open but need to pay mthly fee.

There is no guarantee the same interest rate will be paid in the 2nd Qtr. If attractive promo rates still exist, then u can open new account to play the game for 2nd Qtr.

Thanks for the sharing! I already moved the excess fund from 360 to dash! Wait for 1st March to come!

 

[cybercom8]

shiok...worth the risk for only 10K to open the acct.

my friend asks if pump in more than $1M on mar 2 will immediately upgrade to premier and get 2.5% instead?

 

[wts2013]

Thanks for taking the effort to do the legwork and share.
I am just wondering aloud whether Vivocity staff interpretation is correct as there is a possibility that not everybody(branch) is on the same page during early stage of launch.

Also that catch-all clause on
OCBC Bank reserves the right to vary (a) the top-up bonus interest rate, (b) the Minimum Top-up Amount, (c) eligibility criteria to earn Top-Up Bonus Interest or (d) the Promotion Period, in its sole and absolute discretion from time to time without prior notice.

No harm setting up the account now but I won't dump in large sum comes March unless I had a written reply from OCBC in Chulia Street.

aiyah, easy lah

Paging for OCBC Team, pls come help answer the queries here, thank you

 

[arctician]

shiok...worth the risk for only 10K to open the acct.

my friend asks if pump in more than $1M on mar 2 will immediately upgrade to premier and get 2.5% instead?

E risk comes in e 3rd month where maybe 1.18% may be credited instead of 2.35%..my fren ask if pump in 2m in march can instant upgrade to premier? Lol

 

[minqiang]

aiyo aunty aunty, u wan to credit your salary to my account in Mar 2015 for free, then moi no need to do lor, hahaha

then bobian! haha

 

[edwinttt1978]

How many think it is 2.35% pa?

How many think it is 1.18% pa?

 

[edwinttt1978]

First quarter interest rates are guaranteed, subsequent qtrs they can change.

Of course I will not dump in Mar shld they announce any change for first quarter, but very unlikely they will or their reputation will be at stake.

I know DBS change rules in the midst of the game without prior or after annoucement.

The OCBC staff said so?

Even first quarter rates are not guaranteed and can vary "... from time to time without prior notice..."

Clause 3.3 The latest prevailing base interest rate, bonus interest rates and eligibility criteria for Bonus Interest for the Bonus+ Savings Account can be found at Higher-Interest Deposit Account | Bonus+ Deposit Account | OCBC. For avoidance of doubt, OCBC Bank reserves the right to vary the (a) base interest rate, (b) bonus interest rates or (c) criteria for Bonus interest, in its sole and absolute discretion from time to time without prior notice.

UOB also changed midway. Nothing to stop OCBC.

 

[cybercom8]

E risk comes in e 3rd month where maybe 1.18% may be credited instead of 2.35%..my fren ask if pump in 2m in march can instant upgrade to premier? Lol

lol, your fren is richer than mine...she can only spare 1M+

but i think the first quarter should work lah...i am going to try to open an account in jan and park 10K till mar

 

[arctician]

lol, your fren is richer than mine...she can only spare 1M+

but i think the first quarter should work lah...i am going to try to open an account in jan and park 10K till mar

yea i m gg to open one too..but will get a email commit or similar to make sure its 2.35%..e opportunity costs r too high if ocbc did a U turn