BOC SmartSaver

[Trazora]

My extra savings interest seem to be off. Supposed to be 0.6% but when I worked it out, seems to be 0.51% only. Not sure why.

How u calculate?

 

[zumaba]

My extra savings interest seem to be off. Supposed to be 0.6% but when I worked it out, seems to be 0.51% only. Not sure why.

my case it is like 0.55% this time.

How u calculate?

just testing which % can match the extra savings interest received.

 

[Trazora]

my case it is like 0.55% this time.



just testing which % can match the extra savings interest received.

How you calculate your average daily balance?

 

[vince123123]

for those with 60k maxed, what's your respective interest credits?

 

[shpesft]

I used the end of day balance of each day to get daily average. Even using the exact end of day balance to calculate the interest, it’s also not 0.6%

 

[zumaba]

How you calculate your average daily balance?

just adde everyday sum then devided by 30?

every month doing the same and every month matches 0.6%, except for Sep.

Your extra saving bonus no less this month?

 

[linuskltan]

I used the end of day balance of each day to get daily average. Even using the exact end of day balance to calculate the interest, it’s also not 0.6%

Did you determine your end-of-day balance based on bookkeeping date and not transaction date?

 

[shpesft]

Did you determine your end-of-day balance based on bookkeeping date and not transaction date?

I just opened this account on 21 Sep so easy to track the bookkeeping balance based on the month’s statement.

 

[xXxJavierxXx]

Thank BOC for the fat fat interest! This month is fast!

 

[CHEETT]

Refer here
http://www.bankofchina.com/sg/pbservice/pb1/201611/t20161130_8271280.html

thanks bro for the refer

 

[htc_user]

for those with 60k maxed, what's your respective interest credits?

59.18+17.26+39.45=115.89

 

[chopra]

59.18+17.26+39.45=115.89

typically 160+ ma

 

[orochris]

for boc credit card, the billing cycle to spend at least $500 for bonus interest is from 17th to 16th of each month or from 1st day to the last day of each month?

 

[flyboy]

for boc credit card, the billing cycle to spend at least $500 for bonus interest is from 17th to 16th of each month or from 1st day to the last day of each month?

Be advised that for the purpose of Bonus interest on your SmartSaver account, it is based on posting date within one Calender month.

However, do take note that for purpose of cash rebates on your Family Rebate Card, it will be based on Statement cycle.

If you are not concerned about credit card rebates, best is to use your Debit MasterCard and track your spending for the Calender Month.

Personally I manage to track and balance the spending to meet the requirements for both the credit card and SmartSaver.

 

[htc_user]

typically 160+ ma

That would probably be card spend > $1500 for 160+. What I have (total 116) is for card spent 500 though salary credit > 6000

 

[tiertime]

Does anyone know for payment by the BOC Debit card Mastercard
$500 worth of SP bills (over the counter) + HDB season parking (HDB website online)

will be able to get the bonus interest for the BOC Smart saver account?

 

[pcmdan]

Does anyone know for payment by the BOC Debit card Mastercard
$500 worth of SP bills (over the counter) + HDB season parking (HDB website online)

will be able to get the bonus interest for the BOC Smart saver account?

Yes

10 char

 

[pcmdan]

typically 160+ ma

Not 170+?

10 char

 

[Jupiter2017]

Here are the monthly interest for exactly $60k monthly average effective balance deposit in BOC SmartSaver a/c:

Prevailing Interest (0.4%) - $60,000 * (0.004/365*no. of days)
refer BOC website for tiered prevailing interest rate:
http://www.bankofchina.com/sg/bocinfo/bi3/201002/t20100207_961728.html
Calendar month with 30 days=$19.73
Calendar month with 31 days=$20.38
[note: there is no cap on the daily balance which gets Prevailing interest. Prevailing interest is accrued daily & credited at the end of each month. The calculation is simple if you have $60k daily balance throughout the entire month, but it gets a little more complicated if the daily balances fluctuate throughout the month]

3 Bill Payment Bonus Interest (0.35%) - $60,000 * (0.0035/365*no. of days)
Calendar month with 30 days=$17.26
Calendar month with 31 days=$17.84

Salary $2k Bonus Interest (0.8%) - $60,000 * (0.008/365*no. of days)
Calendar month with 30 days=$39.45
Calendar month with 31 days=$40.77

Salary $6k Bonus Interest (1.2%) - $60,000 * (0.012/365*no. of days)
Calendar month with 30 days=$59.18
Calendar month with 31 days=$61.15

Credit/Debit Card spent $500 Bonus Interest (0.8%) - $60,000 * (0.008/365*no. of days)
Calendar month with 30 days=$39.45
Calendar month with 31 days=$40.77

Credit/Debit Card spent $1,500 Bonus Interest (1.6%) - $60,000 * (0.016/365*no. of days)
Calendar month with 30 days=$78.90
Calendar month with 31 days=$81.53

Extra Savings Interest - Enjoy 0.60% p.a. Extra bonus interest when you have fulfilled at least one of the requirements for either Card Spend, Salary Crediting or Payment bonus interest. Payment bonus is applicable to your account balance above S$60k subject to a maximum of S$1m


Example – Calendar month of 31 days :
Prevailing interest =$20.38

Meet 3 bill payment => $17.84
If have Salary $6k => $61.15
If credit card spent $1,500 => $81.53
Total Bonus interest = $160.52

Total interest = $180.90 (include Prevailing interest)

 

[vegavega25]

Prevailing Interest (0.4%)

Can you please advise what are the prevailing interest tiers? Is there any prevailing interest below S$60K?