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chiokcc

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chiokcc said:
Till end-Jul 2020:
Credit card spend $500 -> 0.80%pa of $60k = $40
3 bill payment -> 0.35%pa of $60k = $17.5

From Aug 2020:
Credit card spend $500 -> 0.30%pa of $80k = $20
3 bill payment -> 0.30%pa of $80k = $20
Click to expand...

If acct has $80k, and only do $500 credit card spend + 3 bill payment

(Existing) Till end-Jul 2020:
$(80k - 60k) -> 0.60%pa of $20k = $10

So for the presented case of $80k:

Total bonus interest (existing) = $40 + $17.5 + $10 = $67.50

Total bonus interest (from Aug 2020) = $20 + $20 = $40.00
 
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Trazora

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chiokcc said:
From what I read in this thread, the inferred base interest is computed to be 0.2% pa
Click to expand...

The base interest to be revised to 0.15% for $50k to $100k balance
https://www.bankofchina.com/sg/bocinfo/bi1/202007/t20200702_18087122.html
 
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maumu

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Trazora said:
The base interest to be revised to 0.15% for $50k to $100k balance
https://www.bankofchina.com/sg/bocinfo/bi1/202007/t20200702_18087122.html
Click to expand...

they really know how to play with words "up to 3.00%"...

so for $80k it's:
- 1.45% for $1,500 card spend + 3 bill payment + $6,000 salary
- 1.25% for $1,500 card spend + 3 bill payment + $2,000 salary
- 0.95% for $1,500 card spend + 3 bill payment
- 0.95% for $6,000 salary + 3 bill payment
- 0.75% for $500 card spend + 3 bill payment
- 0.75% for $2,000 salary + 3 bill payment
- 0.45% for 3 bill payment
 
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Trazora

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maumu said:
they really know how to play with words "up to 3.00%"...

so for $80k it's:
- 1.45% for $1,500 card spend + 3 bill payment + $6,000 salary
- 1.25% for $1,500 card spend + 3 bill payment + $2,000 salary
- 0.95% for $1,500 card spend + 3 bill payment
- 0.95% for $6,000 salary + 3 bill payment
- 0.75% for $500 card spend + 3 bill payment
- 0.75% for $2,000 salary + 3 bill payment
- 0.45% for 3 bill payment
Click to expand...

More like false marketing. There is no way to get 3%, at most 2.95%.
 
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maumu

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really shocked by how much they cut (more than half). now pondering how to consolidate with the other bank accounts...

any penalty if we close BOC within 6 months or something? given the lower and lower yield, really don't see the point of spreading funds across multiple banks. may as well do RSP/DCA or go into longer-term FDs.

add: ok, answered my own question... it's $30 for closure within 6 months -.-
 
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flyboy

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maumu said:
they really know how to play with words "up to 3.00%"...

so for $80k it's:
- 1.45% for $1,500 card spend + 3 bill payment + $6,000 salary
- 1.25% for $1,500 card spend + 3 bill payment + $2,000 salary
- 0.95% for $1,500 card spend + 3 bill payment
- 0.95% for $6,000 salary + 3 bill payment
- 0.75% for $500 card spend + 3 bill payment
- 0.75% for $2,000 salary + 3 bill payment
- 0.45% for 3 bill payment
Click to expand...
At 1.45%, still higher than UOB One's 1.2%.
 
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dchia78

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Guys, ask something... if use internet banking to pay BOC credit card bill, is it considered as bill payment (under the 3 bill payments)?
 
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Mickey01

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maumu said:
they really know how to play with words "up to 3.00%"...

so for $80k it's:
- 1.45% for $1,500 card spend + 3 bill payment + $6,000 salary
- 1.25% for $1,500 card spend + 3 bill payment + $2,000 salary
- 0.95% for $1,500 card spend + 3 bill payment
- 0.95% for $6,000 salary + 3 bill payment
- 0.75% for $500 card spend + 3 bill payment
- 0.75% for $2,000 salary + 3 bill payment
- 0.45% for 3 bill payment
Click to expand...

Actually if you already have an existing CIMB FastSaver and have $80k of funds, CIMB FastSaver will give a slightly higher rate and there is no need to do the 3 payment thing at BOC :) All the banks are adjusting rates to the new normal. Need to review and consolidate accounts liao.
 
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maumu

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Jazzbie said:
At 100K, first 80K will get 3%. Not a good way but that is a way.
Click to expand...

nope pal, the 0.2% base interest is only for balance above $100k.

so first $80k only gets 0.15% which means max is 2.95%...
 
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Squaredot

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maumu said:
really shocked by how much they cut (more than half). now pondering how to consolidate with the other bank accounts...

any penalty if we close BOC within 6 months or something? given the lower and lower yield, really don't see the point of spreading funds across multiple banks. may as well do RSP/DCA or go into longer-term FDs.

add: ok, answered my own question... it's $30 for closure within 6 months -.-
Click to expand...

BOC min balance quite high at $1500, else $5 fall below fee, I think.
 
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