BOC SmartSaver

[lewissac]

I meant,
1) ocbc 360 (salary-1.2%, 3 bills-0.5%) & using certain CC with e-axs (6% of $600)

2) boc smartsaver (salary+base-1.2%, 3 bills-0.35%, CC spend 0.8% without e-axs = $40 per mth for $500 spend)

3) ocbc 360 (salary-1.2%, 3 bills-0.5%, 0.5% with ocbc CC card = 0.5%x60k/12 = $25 per mth for $500 spend)

Option (1) give me more return than (3), and option 2 do not allow e-axs unless use fever(which have 1% admin). Ocbc have atm access also, rather than boc.

Yes, you get 0.5% for ocbc 360 CC spend bonus, even though you get no reward on the credit card itself.

Interesting analysis.

 

[ah_cheng1882]

Any penalties if I close off the BOC Smartsaver account just a few days after opening it?

 

[fortunecat]

Any penalties if I close off the BOC Smartsaver account just a few days after opening it?

$30 I think

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[fortunecat]

Think I will stick with BOC for now. If credit card spending can include all the insurance premium, telcos bills, likely I can hit the $500 spending.

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[edens_guards]

Any penalties if I close off the BOC Smartsaver account just a few days after opening it?

Maybe within 7 days still can waive off penalty.

 

[stamploversg]

Extra saving bonus 0.6%

Hello, does anyone know more about the extra saving bonus 0.6%

"Enjoy extra savings bonus interest on the portion of your account balance above S$60,000 up to S$1,000,000 when you meet at least one of the first three bonus interest requirements (Card Spend, SalaryCrediting or Payment)."

Does it mean that all bonus interests will be up to S$1,000,000 and 0.6% is only for the balance above 60k? (The existing bonus interests are only for up to 60k). It would make the comparison to OCBC etc harder...

 

[fortunecat]

Hello, does anyone know more about the extra saving bonus 0.6%

"Enjoy extra savings bonus interest on the portion of your account balance above S$60,000 up to S$1,000,000 when you meet at least one of the first three bonus interest requirements (Card Spend, SalaryCrediting or Payment)."

Does it mean that all bonus interests will be up to S$1,000,000 and 0.6% is only for the balance above 60k? (The existing bonus interests are only for up to 60k). It would make the comparison to OCBC etc harder...

Bonus interest + 0.4% for the first 60k. Any amount above 60k will be 0.6%?

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[solitudinal]

Does it mean that all bonus interests will be up to S$1,000,000 and 0.6% is only for the balance above 60k? (The existing bonus interests are only for up to 60k). It would make the comparison to OCBC etc harder...

Bonus interest + 0.4% for the first 60k. Any amount above 60k will be 0.6%?

C'mon guys, it was answered just a few posts ago:

I checked with their counter staff, base interest is applicable to all account balance. So can earn 1.0% for the 10K above 60K.

 

[stamploversg]

C'mon guys, it was answered just a few posts ago:

Ok. Apology. Then BOC is still competitive even with the change....

 

[jackieatbtu]

For me I will not be moving back to ocbc. But planning to go to esaver and posb bonus cash back combo.
With a salary of 4500 and invest saver ($500), which I am already doing now, I will get $28.50 per month. Plus a token $1 spend on a dbs cc. By putting my 60k in esaver with 1.6%, I will get an effective 2.17% pa.
Ocbc will only give me 1.75%, which is still better than boc.
I don't have much cc spend on these banks as I usually use fever.
So until the day sc change their rules for esaver that's the best I can Do. Cimb fast saver 50k and starsaver 0.8% will give 1.54% if esaver not available.

So do I miss anything? What other alternatives if esaver promo not continued? My Citibank maxi gain at counter 6 currently.

 

[lewissac]

For me I will not be moving back to ocbc. But planning to go to esaver and posb bonus cash back combo.
With a salary of 4500 and invest saver ($500), which I am already doing now, I will get $28.50 per month. Plus a token $1 spend on a dbs cc. By putting my 60k in esaver with 1.6%, I will get an effective 2.17% pa.
Ocbc will only give me 1.75%, which is still better than boc.
I don't have much cc spend on these banks as I usually use fever.
So until the day sc change their rules for esaver that's the best I can Do. Cimb fast saver 50k and starsaver 0.8% will give 1.54% if esaver not available.

So do I miss anything? What other alternatives if esaver promo not continued? My Citibank maxi gain at counter 6 currently.

Although I opened OCBC 360 ytd, I realised, I can do better with POSB Cashback (about $17.40) with SC e$aver, without the need to tie myself onto card spend criteria heavily. That way I could spend on different cc each month.

 

[fortunecat]

For me I will not be moving back to ocbc. But planning to go to esaver and posb bonus cash back combo.
With a salary of 4500 and invest saver ($500), which I am already doing now, I will get $28.50 per month. Plus a token $1 spend on a dbs cc. By putting my 60k in esaver with 1.6%, I will get an effective 2.17% pa.
Ocbc will only give me 1.75%, which is still better than boc.
I don't have much cc spend on these banks as I usually use fever.
So until the day sc change their rules for esaver that's the best I can Do. Cimb fast saver 50k and starsaver 0.8% will give 1.54% if esaver not available.

So do I miss anything? What other alternatives if esaver promo not continued? My Citibank maxi gain at counter 6 currently.

Dun understand, thought eSavers promotion is only until end Nov, after that still got so high Interest?

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[jackieatbtu]

Has been continuous for a few cycles already

 

[Frostmourne1987]

Ok. Apology. Then BOC is still competitive even with the change....

Agree.. i see it as a move to destroy CIMB.. in the past ppl park 60k in BOC or OCBC and the rest park in CIMB for that 1%.. now BOC also 1% for >60k to 1mill.. CIMB fastsaver mati liao

 

[more3cm]

Dec got 13th month coming in so 6k salary is still achievable for many I guess? After Dec then shift funds...

 

[solitudinal]

Dec got 13th month coming in so 6k salary is still achievable for many I guess? After Dec then shift funds...

Yeah, AWS in December and Bonus in January

 

[saintgtril]

I checked with their counter staff, base interest is applicable to all account balance. So can earn 1.0% for the 10K above 60K.

Yup u are right. For me ill move the excess 10k over to enjoy higher rates.

If one has more than 60K, then put the excess in eSaver, and not BOC.

Putting the excess in BOC only earns you 1% (0.6% + 0.4%), while eSaver earns you more than 1%.

 

[hyperbole]

I think esaver is too much hassle. Need to keep transferring and there is a fall below fee. I don't mind keeping it in BOC if it's really 1%

 

[lewissac]

If one has more than 60K, then put the excess in eSaver, and not BOC.

Putting the excess in BOC only earns you 1% (0.6% + 0.4%), while eSaver earns you more than 1%.

But put in e$aver can last for 2mths only work assuming you put in there during the promotion starts. After 2 mths, need to shift out again. And shift back into another e$avers assume u got another account.

 

[lewissac]

I think esaver is too much hassle. Need to keep transferring and there is a fall below fee. I don't mind keeping it in BOC if it's really 1%

Or CIMB Fast saver. 1% for doing nth.