actually right, I would say OCBC is just dumbing down to match the other banks.
salary credit + step up will still give you 1.2% on 70k, same rate as BOC but BOC requires > $6k salary and only up to 60k.
don't need to talk about SC Bonus$aver - it has dropped to 0.4%, although it gives interest up to 80k.
dbs multipler on the other hand offers a high 1.8% for >$5k salary but only for first 25k if add card spend or 2.2% first 50k if add card spend + insurance/investment/loan. only if you can get 3 categories (card spend, insurance and investment) then u can get 2.3% (effective) on 100k. but insurance and investment... makes u spend more than you actually save. so... hmm.
so for the average joe who's thinking about where to park his salary credit I would say OCBC's rates aren't that bad (for now).
DBS multiplier will be better if and only if one don't mind spending more to save more (oxymoronic).
Although it is 1.25% PA for 70K (0.9% Salary, 0.3% Step Up, 0.05% base)
Step up component is tricky.
If u have 'step up' for the past year, that's $6000 ($500x12 months) more in the account that u cannot move and not earning interest. (since step up interest is only on the 70K.)
So technically the EIR is lower than 1.25% for the amount of money in the account.
For BOC, even if salary <$6000, u can still get 0.8% for salary + 0.4% base + 0.35% for bill payment (relatively easy to achieve) = 1.55%. but yes, the limit is only $60K.
From 60K-100K, u can still get 0.4% base + 0.6% Bonus if you have fulfilled either Salary/ credit card/ bill payment bonus = 1% for 60K - 100K.
There are ppl willing to stay with CIMB fast saver 0.825%PA for 100K, BOC seems like a better option with one or 2 low hoops to jump over.
I agree that DBS multiplier is not for everyone.
If u have a housing loan with DBS then there is added incentive.
You don't have to credit your salary there if you have monthly dividends credited.
While I don't buy their insurance, I can imagine someone who is currently under-insured can take this opportunity to get proper protection while taking advantage of the multiplier interest. Insurance suppose to help you "save and protect your money" during tough times no?
If you do your homework, Investments can help you with your portfolio too.
In this climate of lower interest, these are worth exploring if you want better interest for your deposits. But of course, don't spend money on things that you dont need just to go after better interest.