Lastest S$ Deposit updates - Part 3

[tiertime]

1. i take mrt go kallang wave
2. i go mum mum lunch at the gourmet pizza
3. i go ntuc shopping and buy grocery
4. i pay with citi mrt card
5. i go customer service
6. i tell aunty i want to buy voucher.
7. aunty give me voucher
8. i give aunty citi mrt card
9. aunty charge voucher purchase to my citi mrt card
10. Citi give my 7.3% rebate in smrt$
11. i use smrt$ to redeem credit for my mrt card so i can take mrt to go kallang wave again

whoa so complicatded... i also got Citi SMRT card, but i didnt know can do this... to get 7.3%, lwill study in detail, thanks

 

[vsvs24]

For the iSavvy promo - when will the 1.75% interest be banked in assuming i deposit 20K on 1 Nov 2018?

Base interest on 30 Nov. Bonus interest by first week in Dec.

 

[OCBC Bank]

Hi all,

Thank you for your interest in our Passbook Savings Account promo.

From 10 October 2018 till 31 December 2018, customers will receive a limited edition passbook for depositing $10,000 fresh funds in their passbook savings account. In addition, customers will receive $100 NTUC Fairprice Gift vouchers for every $10,000 deposited in fresh funds. Funds will be earmarked for 6 months.

To participate in this promotion, customers will need to visit an OCBC branch to deposit fresh funds and agree to our terms and conditions. Other eligible methods of depositing fresh funds include transfers via internet banking or issuing a cheque, either must be from a non-OCBC account.

^DG

 

[vsvs24]

I drop by ocbc branch just now. Say no other conditions. Fresh funds. Earmarked for 6 mths. After 6 mths can withdraw. Keep $1000 to avoid fall below fee.

Forgot to ask if can close account after 6 mth without penalty.

 

[Squaredot]

For the iSavvy promo - when will the 1.75% interest be banked in assuming i deposit 20K on 1 Nov 2018?

Base interest credited end of Nov.
Bonus interest usually on 5th of following month ie 5 Dec 2018

 

[jeremysv]

this is one way to do a fast estimate.

but if you got ocd, you will want to use my method.

**Updated - found your method:
the 100 ntuc voucher you get immediately. so it is like taking the interest at the start, or putting down lower principal.

PV = 10000-100*0.927 (7.3% discount on vouchers)
Nper =1
pmt = 0
FV = -10000*1.0025
rate = 1.19% for 6months or 2.38% for 1 year.

 

[OCBC Bank]

I drop by ocbc branch just now. Say no other conditions. Fresh funds. Earmarked for 6 mths. After 6 mths can withdraw. Keep $1000 to avoid fall below fee.

Forgot to ask if can close account after 6 mth without penalty.

Hi there,

If the account has been open for more than 6 months, there will not be an early account closure fee.

Do drop us a private message if you have more questions on this.

^DG

 

[vsvs24]

Hi there,

If the account has been open for more than 6 months, there will not be an early account closure fee.

Do drop us a private message if you have more questions on this.

^DG

Thank You, OCBC.

 

[LexusIS]

1. Yes earmarked for 6mths
2. if u have passbook account, can just deposit. Nowadays who still use passbook account? deposit 10k get gold passbook haha
3. Newspaper state deposit at branch cos they need to earmark then arrange to send u the $100 vouchers within 1 mth.

Date u deposit = date earmark = start of 6mths period.

U can always call hotline to clarify. OCBC rep never come here to clarify?

Penalty = if u withdraw within 6mths period, pay back ntuc voucher value, $100 for passbook, plus whatever misc cost

Ya Lor who use passbook. And the use of Ntuc vouchers, probably attracting the cash rich Aunties and Uncles.

 

[dork32]

No need to blow things out, your $100 ntuc voucher will not grow in value

I have an account earning 2.35%, u mean this is better at 2.38%? No, it is only 2.05%! My account earning 2.35% pa credited mthly will compound and earn more. This $100 ntuc voucher cannot compound

If u fail your maths, u will make a wrong decision

you are not supposed to keep ntuc vouchers. You are supposed to spend it as quickly as possible.

many of us actually spend a few hundred on ntuc items every month. use the voucher instead of paying by cash or credit card.

there is nothing wrong with my calculations

my calculation is 2.38% compounded semi-annually
your account is 2.35% compounded monthly

no, it is not 2.05%. guess who is the one that cannot pass maths

 

[dork32]

whoa so complicatded... i also got Citi SMRT card, but i didnt know can do this... to get 7.3%, lwill study in detail, thanks

actually just use your citi mrt card and go buy voucher at the customer service counter at kallang wave.

i tried to be funny

 

[dork32]

I discount the $100 voucher, it is only worth $90 to me! All my funds earning at least 2.05% pa mthly, I already decided no.

it does not matter what you have decided. what you should not do is to come here and distort facts.

yeah, even temasek bongs are earning 2.75%. much higher than the 2.3%

there may be people who are interested.

and just for your info. if your 100 ntuc vouchers is worth 90 and if you spend it immediately, the return is 2.36%.

Your maths is stuck at pri school level. you have not proceeded on to higher level maths. the way you calculate shows that you do not know financial mathematics. you will never understand pv, pmt, fv....

 

[dork32]

and if you do not know, please go and google a bit like what jersy did.

pls dont come here and sia suay

 

[JustDoLor]

Need some help to understand Maybank iSavvy.

If current promotion period end on 31-Dec, does it mean that in Jan-2019, the “old” fund will only earn base rates?

Maybe next year the new promotion period will start in Jan or Feb. In that case the referenced month will be either Dec-18 or Jan-19. However, the “old” fund will still only earn base rates even if you top-up new fund, correct?

 

[vsvs24]

Need some help to understand Maybank iSavvy.

If current promotion period end on 31-Dec, does it mean that in Jan-2019, the “old” fund will only earn base rates?

Maybe next year the new promotion period will start in Jan or Feb. In that case the referenced month will be either Dec-18 or Jan-19. However, the “old” fund will still only earn base rates even if you top-up new fund, correct?

All depends on which mth is the reference mth for Jan promo. If it is Dec (most likely), then yes all bal in Dec earn base only.

 

[JustDoLor]

Thanks, more clarification:
If referenced mth is Dec, that mean if I got better rates somewhere else I better moved my fund. And will only participate in the following promotion period after the next.

If new promotion period only starts in Feb or Mar, I still move my fund out in Jan to make sure my referenced mth balance is $0. And thus can rejoin in 1~2 mth later to earn bonus rates?

All depends on which mth is the reference mth for Jan promo. If it is Dec (most likely), then yes all bal in Dec earn base only.

 

[vsvs24]

Thanks, more clarification:
If referenced mth is Dec, that mean if I got better rates somewhere else I better moved my fund. And will only participate in the following promotion period after the next.


If new promotion period only starts in Feb or Mar, I still move my fund out in Jan to make sure my referenced mth balance is $0. And thus can rejoin in 1~2 mth later to earn bonus rates?

Yes. Can move out. Leave $500 to avoid fall below fee.

Wait till Jan promo is out then decide on next move.

 

[JustDoLor]

Ok. Thanks.

Yes. Can move out. Leave $500 to avoid fall below fee.

Wait till Jan promo is out then decide on next move.

 

[lzydata]

For the iSavvy promo - when will the 1.75% interest be banked in assuming i deposit 20K on 1 Nov 2018?

"For placements via Online Banking, an upfront interest of 0.25% p.a. will be credited into customer's savings or current account, opened and/or maintained with Maybank, on the next business day following the successful placement of the iSAVvy Time Deposit. The remaining interest will be paid upon maturity."

http://info.maybank2u.com.sg/promotion/deposits-banking/isavvy-td.aspx

 

[Panerex]

So technically speaking, the latest OCBC NTUC promo is even better than the iSavvy promo, just that the returns are denominated in Vouchers instead of $$, and there is a 6 months lock in period?