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OCBC 360 now beats BOC Smartsaver for the average person

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Old 04-12-2019, 02:15 AM   #1
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OCBC 360 now beats BOC Smartsaver for the average person

It seems like BOC Smartsaver has just gotten worse over the past couple of years. You need to spend above $1500 monthly and credit $6k salary to qualify for the max interest of 3.55% (3.2% minus the 3x $30 GIRO bill payment)

If you spend between $500 - $1500, and credit salary between $2 - 6k, you only get 2.2 - 2.55% interest.

2 years ago
crediting at least $2k salary: +1%
spend at least $500 with credit/debit card: +1.55%
= total bonus 2.55%
VS now (0.8+0.8=1.6% for the average person

Smartsaver is now only for bigger spenders (spend above $1.5k monthly and 5 figure salary earners)


Meanwhile, if you have just above $35k in cash, it's much easier to get 3.2% interest from OCBC 360.
All you need to do is:
1. Credit at least $2k salary (+2%)
2. Spend monthly at least $500 across OCBC credit cards (+0.6%)
3. Increase balance by at least $500 every month (+0.6%)

Of course, the main criteria is the min $35k in cash, but once you've got that, it seems OCBC 360 is the clear winner.
Plus, BOC family card also now has the BS min spend of $800 to qualify for their rebates, and it's a pain that they still don't have mobile payment after so long.

PS: If you've got $60k-$75k in cash, then UOB One is the winner at 3.88%

Last edited by greatgreenman; 04-12-2019 at 02:23 AM..
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Old 04-12-2019, 07:32 AM   #2
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Uob one effective rate max at 2.436% for $75k balance

ocbc 360 effective rate for $70k balance for the scenario you give is
1.6%+0.45%+0.45% = 2.5%
Get 1% boost for incremental amount compared to previous month

Last edited by Trazora; 04-12-2019 at 07:46 AM..
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Old 04-12-2019, 08:50 AM   #3
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Seems like I misunderstood the calculations for UOB One as the interest rate varies per incremental $15k.

But for OCBC 360, how did you get those numbers? https://www.ocbc.com/personal-bankin...0-account.html
It is simply the average of first 35k and next 35k...
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Old 04-12-2019, 08:53 AM   #4
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Uob one effective rate max at 2.436% for $75k balance

ocbc 360 effective rate for $70k balance for the scenario you give is
1.6%+0.45%+0.45% = 2.5%
Get 1% boost for incremental amount compared to previous month
Seems like you're right. Interest rate is calculated on each segment of the balance... This makes doing the math a lot more troublesome since it's greatly dependent on the balance..
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Old 04-12-2019, 09:27 AM   #5
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Seems like you're right. Interest rate is calculated on each segment of the balance... This makes doing the math a lot more troublesome since it's greatly dependent on the balance..
Btw for BoC smartsaver
0.8% salary credit $2000-$5999
0.8% card spend $500-$1499
0.35% 3xbill payment min $30 (no need to be giro can pay using boc app/online bill payment)
Base interest 0.25%-0.4% for balance below $60k

Total 2.2%-2.35% not sure how you get 2.2%-2.55%
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Old 04-12-2019, 09:47 AM   #6
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Canít hit the highest tier for me. Ocbc rejected my cc application, any solutions?
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Old 04-12-2019, 10:30 AM   #7
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Canít hit the highest tier for me. Ocbc rejected my cc application, any solutions?
Can consider SCB supersalary if you cannot get any CC from any banks.
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Old 04-12-2019, 11:21 AM   #8
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Can consider SCB supersalary if you cannot get any CC from any banks.
supersalary interest quite low.for cashback no need any balance
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Old 04-12-2019, 04:34 PM   #9
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Am I right to say OCBC 360 only good for S$70K ar?
After $70K really not much of a 'bonus' liao?
Say I got all 3 fulfilled (salary, $500 swiped, incremental $500), your excess money above $70K bestest to move to isavvy 2.1% p.a. (or esavers)?
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Old 04-12-2019, 07:26 PM   #10
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Btw for BoC smartsaver
0.8% salary credit $2000-$5999
0.8% card spend $500-$1499
0.35% 3xbill payment min $30 (no need to be giro can pay using boc app/online bill payment)
Base interest 0.25%-0.4% for balance below $60k

Total 2.2%-2.35% not sure how you get 2.2%-2.55%
Extra bonus interest (0.6%) when you have fulfilled at least one of the requirements for either Card Spend, Salary Crediting or Payment bonus interest.

Where do you see the base interest for balance below $60k?
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Old 04-12-2019, 07:32 PM   #11
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Am I right to say OCBC 360 only good for S$70K ar?
After $70K really not much of a 'bonus' liao?
Say I got all 3 fulfilled (salary, $500 swiped, incremental $500), your excess money above $70K bestest to move to isavvy 2.1% p.a. (or esavers)?
That's correct. Once you hit $70k, you're better off moving the rest to another bank account. The 3.2% interest is only for the second lump of $35000.
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Old 04-12-2019, 07:38 PM   #12
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Canít hit the highest tier for me. Ocbc rejected my cc application, any solutions?
If you don't earn min $30000 in annual salary, then there's CIMB FastSaver. Fuss free 1% for the first $50k
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Old 04-12-2019, 07:57 PM   #13
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very hard to spend $500 a month on credit card
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Old 04-12-2019, 08:42 PM   #14
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very hard to spend $500 a month on credit card
Not really. If u use every single opportunity to spend on that one CC can be done.

For example, i go 7-11 buy $1 drink I also charge credit card. All my bill I change from Giro to CC. You go out one dinner with family easy $50-$80. If say go out with group of friends or corlick offer to pay with CC and everyone pay u back cash can easily hit.
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Old 04-12-2019, 09:46 PM   #15
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Not really. If u use every single opportunity to spend on that one CC can be done.

For example, i go 7-11 buy $1 drink I also charge credit card. All my bill I change from Giro to CC. You go out one dinner with family easy $50-$80. If say go out with group of friends or corlick offer to pay with CC and everyone pay u back cash can easily hit.
I don't have friends or colleagues or eat with family
bus fare, phonebill, seldom eat out or go supermarket, 1 month my current card less than $200
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