BOC SmartSaver

[vegavega25]

Base/prevailing rate of 0.2 is based on inference, not mentioned anywhere yet.

"you can earn up to 3.00% p.a. on the first S$80,000..." but max total from the table including wealth products = 2.8%. Hence inferring that base/prevailing is 0.2.

From 175-180 per month, interest is down to 73-75. Oh well. Glad at least that BOC did this in one swoop rather than two.

 

[maumu]

Oh. I did not notice base interest drop. Is it in the same document ?

ya.cannot find what base interest is about..

and what is the rate for 80k and above? the 0.4% sounds misleading again..

it's not explicitly mentioned (yet) but we can deduce from the same notice:

"...you can earn up to 3.00% p.a. on the first S$80,000 of... "

since wealth bonus = 1.5%
card spend = 0.5%
salary = 0.5%
bill payment = 0.3%
the above adds up to 2.8%

hence the remaining 0.2% must be the base interest.

earlier someone also mentioned he went to the branch and was told the base interest dropped to 0.2% (although other changes in rates were not what he shared).

well. maybe can wait for another notice from BOC.

 

[siyingmichelle]

Sad. It was good while it lasted!

 

[ekardo]

u all so smart!!

 

[vegavega25]

Another thing.

No longer competitive to "manufacture spend" to go above S$500 and hit the S$1.5K card spend category. Difference earlier was 0.8%, now the difference is only 0.2%.

 

[vsvs24]

Another thing.

No longer competitive to "manufacture spend" to go above S$500 and hit the S$1.5K card spend category. Difference earlier was 0.8%, now the difference is only 0.2%.

Yes. I might not even attempt to hit $500 credit card spend.

 

[Trazora]

Another thing.

No longer competitive to "manufacture spend" to go above S$500 and hit the S$1.5K card spend category. Difference earlier was 0.8%, now the difference is only 0.2%.

Yes so effectively looking at 1.3%

 

[SamSze]

Another thing.

No longer competitive to "manufacture spend" to go above S$500 and hit the S$1.5K card spend category. Difference earlier was 0.8%, now the difference is only 0.2%.

Before the revision, the base is 0.4%. It's revised to 0.15%

Currency Deposit Amount Existing Interest Rate (% p.a.) Revised Interest
Rate (% p.a.)
SGD Below $5,000.00 0.2500 0.1000
$5,000.00 to S$20,000.00 (exclusive) 0.2750 0.1000
S$20,000.00 to S$50,000.00 (exclusive) 0.3500 0.1500
S$50,000.00 to S$100,000.00 (exclusive) 0.4000 0.1500
S$100,000.00 and above 0.4750 0.2000

 

[SamSze]

Before the revision, the base is 0.4%. It's revised to 0.15%

Currency Deposit Amount Existing Interest Rate (% p.a.) Revised Interest
Rate (% p.a.)
SGD Below $5,000.00 0.2500 0.1000
$5,000.00 to S$20,000.00 (exclusive) 0.2750 0.1000
S$20,000.00 to S$50,000.00 (exclusive) 0.3500 0.1500
S$50,000.00 to S$100,000.00 (exclusive) 0.4000 0.1500
S$100,000.00 and above 0.4750 0.2000

Here is the link:
https://www.bankofchina.com/sg/bocinfo/bi1/202007/t20200702_18087122.html

 

[vegavega25]

Yes. I might not even attempt to hit $500 credit card spend.

Well I'd say that BOC has certainly made it exceedingly difficult to justify paying any sort of annual fee on a credit card when the time comes.

 

[Trazora]

Here is the link:
https://www.bankofchina.com/sg/bocinfo/bi1/202007/t20200702_18087122.html

Thank you. Guess they false marketing the up to 3%

 

[josc36]

spending $500 is still reasonable for 0.3%
(OCBC used to give 0.3% for CC spend min $500 before completely removing this category)
The only problem is BOC cards not not useful especially after the nerf on BOC elite miles.

qt hard to justify $1500 spend for 0.5% interest

 

[chopra]

1.5% is still e highest for me

 

[Trazora]

1.5% is still e highest for me

Considering the base being 0.15% the interest for salary, card spend, bill payment and base will be up to 1.45%. And considering no really worth to clock $1500 instead of $500 for 0.2% more, we are effectively looking at 1.25%.

 

[kashanai]

Not 1.05%?

Base 0.15% , 0.3% eaCh for bill payment, salary and credit spend at the lowest category

Considering the base being 0.15% the interest for salary, card spend, bill payment and base will be up to 1.45%. And considering no really worth to clock $1500 instead of $500 for 0.2% more, we are effectively looking at 1.25%.

 

[vsvs24]

Not 1.05%?

Base 0.15% , 0.3% eaCh for bill payment, salary and credit spend at the lowest category

If salary is 0.5%, 1.25%.

 

[arctician]

https://www.bankofchina.com/sg/bocinfo/bi1/202007/t20200702_18080947.html

real bad, effectively from highest in market to one of the lowest, will empty on 1st aug.

 

[ekardo]

real bad, effectively from highest in market to one of the lowest, will empty on 1st aug.

empty to where?

 

[arctician]

empty to where?

ocbc360 now from bad become not bad lol. waiting for ideas but ocbc360 for now or hsbc EGA 1.3%

 

[ekardo]

I calculated..with salary and 500 incremental, without insurance, it's only 0.9% interest per year..

u sure 360 is better ?