New OCBC 360 (Effective May 1 2015)

[wts2013]

You earn bonus interest on the first S$60,000 of your account balance when you do any or all of these:

1 Earn 1.2% p.a. for crediting your salary of at least S$2,000 through GIRO and/or

2 Earn 0.5% p.a. for paying any 3 unique bills online or through GIRO and/or

3 Earn 0.5% p.a. for spending at least S$500 across your OCBC Credit Cards and/or

4 Earn 1% p.a. for 12 months when you purchase an eligible insurance or investment product

Earn an extra 1% p.a. on incremental account balances

On the months you do less of the above transactions, you will earn less bonus interest.

You will receive this interest by the 7th business day (exclude Saturday, Sunday and Public Holiday) of the following month

Above hot from oven at OCBC website! http://www.ocbc.com.sg/personal-banking/accounts/360-account-faq.html

Hahaha, plus base interest, total 3.25%. Earn an extra 1% p.a. on incremental account balances is actually nothing lah (but u can make it into something, see other posts for tips), bye bye I am going to Uob One account!

 

[asmira]

What's the catch over the UOB?

 

[kokitty]

Hahaha, plus base interest, total 3.25%. Earn an extra 1% p.a. on incremental account balances is actually nothing lah, bye bye I am going to Uob One account!

Actually my first impression is that there is still "juice" in this account. Just play it like the bonus+ a/c... Technically you can get 2% on alternate months even if you don't do salary credit.

 

[wts2013]

Actually my first impression is that there is still "juice" in this account. Just play it like the bonus+ a/c... Technically you can get 2% on alternate months even if you don't do salary credit.

hahaha, I dun want waste time playing this game just to earn 2.05% when I can easily earn 2.43% with UOB One Account, hahaha, maybe got extra cash can play, hahaha, good idea

 

[kokitty]

hahaha, I dun want waste time playing this game just to earn 2% when I can easily earn 2.43% with UOB One Account, hahaha, maybe got extra cash can play, hahaha

well, for me, since UOB doesn't need salary credit for 2.43%. standchart bonus saver & esaver has just lost my $ on alternate months. Now on alternate months i can get 3.25% from OCBC, better than before

 

[purpletoysmum]

Is 2.25% On 60k max. The extra 1% only on the additional increase balance over previous month balance. Not the full balance.

 

[hwmook]

well, for me, since UOB doesn't need salary credit for 2.43%. standchart bonus saver & esaver has just lost my $ on alternate months. Now on alternate months i can get 3.25% from OCBC, better than before

That's my first impression too, to play around with OCBC 360 on alternate months for 3.25%. Since I can afford to keep both UOB One and OCBC 360 with all conditions met then I can alternate the $50,000 between the 2 account on alternate months, sound good.

 

[wts2013]

well, for me, since UOB doesn't need salary credit for 2.43%. standchart bonus saver & esaver has just lost my $ on alternate months. Now on alternate months i can get 3.25% from OCBC, better than before

Congrats to u, just realised I got 2 accounts, so is every mth for me, thanks

 

[gravityz3r0]

Eh, UOB debit criteria only through GIRO arrangement? Manual bill payment does not counts?

 

[louist]

Even for non-jugglers, it seems the OCBC offers 2.25%p.a. (ignoring insurance/investments/increments) on first $60k while UOB One offers 2.43% for first $50k. Difference is about $90 per year for a sum of $50k.

Since the $500/month spend is tied to UOB One, while the earning tiers for that card are $300 & $800 (so there is 'wasted' spend if you just hit $500), might want to consider your own spend pattern to gauge which is more suitable for you.

(This is, of course, assuming you are receiving the OCBC salary increment - if not, can just drop it.)

p.s. maybe OP can include a link to the website at http://www.ocbc.com.sg/personal-banking/Accounts/360-account.html in the initial post?

 

[chopra]

hahaha, I dun want waste time playing this game just to earn 2.05% when I can easily earn 2.43% with UOB One Account, hahaha, maybe got extra cash can play, hahaha, good idea

Y not both ☺

 

[cReDdY]

so which is better?

UOB 2.43% 50K - spend $500 (potential 3.33% rebate if u spend 800) a month + 3 giro debit - (Potential Interest earn - $1215)
OCBC 2.25% 60K - spend $500 (potential 6% rebate if spend 500) a month + salary + 3 payments (Potential Interest earn - $1350)

OCBC still better for me since i can clock $1000 easily on online stuffs.

 

[beri stupid idiot]

I gg back to dbs multiplier

 

[wts2013]

Y not both ☺

Yes, 3 accounts for me: UOB One, 2x OCBC 360, hahaha

Also got DBS multiplier at 3.96%, huat ah!

 

[icicic]

I gg back to dbs multiplier

Multiplier plus One seems a good combo since One does not simply need a salary credit to earn bonus. (pun/meme intended)

 

[wackykid]

well, for me, since UOB doesn't need salary credit for 2.43%. standchart bonus saver & esaver has just lost my $ on alternate months. Now on alternate months i can get 3.25% from OCBC, better than before

how u get 3.25%..? i tot it's 1.2% + 0.5% + 0.5% + 1%... that's 3.2%... on alternate month...

but on the other months it's 2.2%... in the end the effective % per month is 2.7%...

but then on the plus side... 1% for incremental amountis capped at $1mil it seems (if i understand it correctly)...?? so if u have $1mil of cash around you can keep moving loads of $$$ around and earn...


regards,
wacky

 

[Carnesir]

Should be average daily balance.

I stick to ocbc 360 for now. Now they upped to 60k Liao can put more in.

Too bad it's going down to 2.25%

 

[zoossh]

What's the catch over the UOB?

the way i see it depends mainly on your cc spending habit.

uob one had forced spending. although it offers up to 2.42, whenever u fail to hit 500 cc spending or due to reversal, clawback, miscalculation etc, it drops to 0.05. uob one cc is flexible in terms of type of spending, but restrictive due to tier and quarter spending consistency, and gives much less for online spending.

new ocbc 360 had more factors to fall back on and more reliable, ie not dropping to 0.05. let's assume no insurance is included in all scenario. if had 2 salary-credited accounts, u can get average 3.25% on 1st 60k. for me, i can only get one of two accounts credited with salary, i still get 3.25+2.05 / 2 = 2.65. if i had 2 non-salary credited accounts, i still get 2.05, and if i failed to spend cc on both accounts over two months, i still get 1.55. even if i had only 1 non-salary credited account, it still can be coupled with scb and maybank's rate assuming 2.05+1.4 / 2 = 1.725. well, i cant think of all permutations, but it just dun drop to 0.05 and less risky. the range goes roughly abt 1.5-3.25 compared to uob's all or "nothing". ocbc's most popular cards being frank (though notorious for its unpredictive eligibility) and 365 are targetted at online and dining, and offers more if u r in this two group, so it depends on how u spend.

of cos, if u spend on both cards, u can always put money in both ocbc 360 and uob one since both cards are limited to 1st 50-60k, so it is not mutually exclusive.

i welcome anyone to criticise my train of thoughts if i was wrong and help me sharpen my mind.

 

[zoossh]

how u get 3.25%..? i tot it's 1.2% + 0.5% + 0.5% + 1%... that's 3.2%... on alternate month...

u forgot the base interest of 0.05.

but then on the plus side... 1% for incremental amountis capped at $1mil it seems (if i understand it correctly)...?? so if u have $1mil of cash around you can keep moving loads of $$$ around and earn...

the bonus interest are limited to first 60k. anything beyond that, u should look at other schemes.

 

[winguy]

How on earth you get 2.05 without salary? Isnt it 1.05

And the incremental balance bonus is on the increase only, not full account balance. So how on earth you get 3.25? The only way is from 0 to 50000