BOC SmartSaver

[jeremysv.]

bro, check your accounts again. All interest are credited this afternoon.

yes it's in thanks

for those opening new SS account, do call in to check your actual Account Open Date to work out how much to fund to get 80k AEB for max EIR

... unknowingly, my Account Opening date was set earlier (2 days after online application submitted),

not the date when CS called me to inform me my account is ready a few days later, resulted in a lower month AEB, thus lower EIR n lower bonus interest

it happened to me years ago with my BonusSaver account ... now I know what is the cause

Hi @oceanicmanta and hardwarezone bros,

Just to understand this part better - It means due to the daily rate computed, to maximize AEB, from account creation 1st day there should be 80K inside the Supersaver account to get 0.875%?

Wanted to consult on the savings "buckets":
1) 1st 80K in SmartSaver for 0.9% upwards pa
2) Next 80K in SuperSaver for 0.875% pa
3) Any other spare cash to keep inside SuperSaver for 0.6% pa


Cheers,

Jeremy

 

[oceanicmanta]

Hi @oceanicmanta and hardwarezone bros,

Just to understand this part better - It means due to the daily rate computed, to maximize AEB, from account creation 1st day there should be 80K inside the Supersaver account to get 0.875%?

I was referring to NEW ACCOUNTS, shld call in to ask the ACTUAL DATE of Account Creation (and not assume date is the same as BOC SMS, email or phone call notifying Account Number etc)

once actual account creation date is confirmed, put in whatever amount so that the AEB for that month (from Account Creation Date to month end) is 80k

eg) your Account may be created on 16 Jun, but BOC only informs Account Number on 19th Jun. On 19th, if just put 80k, then AEB will fall short bcos 16 to 18 not funded.

the Bonus interest is NOT computed daily, but based on the Average Effective Balance over the month

 

[saintgtril]

Hi @oceanicmanta and hardwarezone bros,

Just to understand this part better - It means due to the daily rate computed, to maximize AEB, from account creation 1st day there should be 80K inside the Supersaver account to get 0.875%?

Wanted to consult on the savings "buckets":
1) 1st 80K in SmartSaver for 0.9% upwards pa
2) Next 80K in SuperSaver for 0.875% pa
3) Any other spare cash to keep inside SuperSaver for 0.6% pa


Cheers,

Jeremy

Hi jeremy and all, correct me if i am wrong, i thought supersaver interest is higher than smartsaver? Thanks!

 

[Trazora]

Ic thx for the info. The online banking login need to wait for their letter? I just applied for the account.

need to go bank branch to set up

 

[Trazora]

Hi jeremy and all, correct me if i am wrong, i thought supersaver interest is higher than smartsaver? Thanks!

smartsaver is definitely higher if can meet the requirements

 

[jeremysv]

Hi jeremy and all, correct me if i am wrong, i thought supersaver interest is higher than smartsaver? Thanks!

Hi @saintgtril ,

Need to compare if can hit the criterias to get above 0.875% for smartsaver else putting into supersaver will be better.

Appreciate if the peeps here share how they put into the different savings "buckets" to maximise.

Cheers,

Jeremy

 

[Coldhead]

Didn't linked my hp and lost 1st month interest. damm, didn't read the details

 

[Rayleigh1]

Anyone has experience qualifying for the Smartsaver credit card spend category although credit card was charged for non retail purchase (credit card T&C excluded items)?

 

[jeremysv]

Didn't linked my hp and lost 1st month interest. damm, didn't read the details

For me, I had an issue with the BOC mobile app and went to the BOC branch to get it fixed to open the SuperSaver account thru the BOC app. They mentioned needing to link Paynow to the SuperSaver account if not I won't realize it too.

 

[Trazora]

Anyone has experience qualifying for the Smartsaver credit card spend category although credit card was charged for non retail purchase (credit card T&C excluded items)?

yah, the exclusions for smartsaver interest is different, almost anything except AXS are eligible.

 

[Coldhead]

For me, I had an issue with the BOC mobile app and went to the BOC branch to get it fixed to open the SuperSaver account thru the BOC app. They mentioned needing to link Paynow to the SuperSaver account if not I won't realize it too.

The app is diff login from Web right? Can't register for app as it needs credit card or atm card number which I didn't apply.


Read HWZ Forum Rules!

 

[jeremysv]

The app is diff login from Web right? Can't register for app as it needs credit card or atm card number which I didn't apply.


Read HWZ Forum Rules!

Yes, you will need the Debit card if you want to login using mobile app while doing the setup but the debit card application is also one of the steps during the account opening process for SuperSaver. Meaning using BOC app and without logging in, click on the "Apply New Accounts" and one of the steps inside will be apply for the Debit card as well.

For me, i got the debit card when i opened my BOC SmartSaver thus i "unchecked" the option to apply for debit card while submitting for the SuperSaver account application.

 

[Coldhead]

Yes, you will need the Debit card if you want to login using mobile app while doing the setup but the debit card application is also one of the steps during the account opening process for SuperSaver. Meaning using BOC app and without logging in, click on the "Apply New Accounts" and one of the steps inside will be apply for the Debit card as well.
For me, i got the debit card when i opened my BOC SmartSaver thus i "unchecked" the option to apply for debit card while submitting for the SuperSaver account application.

I see, thanks for clarifying. boc is super user unfriendly from the norm banks.


Read HWZ Forum Rules!

 

[jeremysv]

I see, thanks for clarifying. boc is super user unfriendly from the norm banks.


Read HWZ Forum Rules!

Haha, BOC customer experience team might need a few years more before reaching the same stage as Apple customer experience team. For ease and convenience, i still use a DBS account to draw money from ATMs where credit / debit cards are not accepted. But the interest earned from SmartSaver is really not bad once you meet the criterias

 

[imbecilelight]

For the past few years, I have always been trying my best to fulfill the requirements of the different criteria so to earn the additional interest. Sad to say that the T&C kept changing and the interest that I can effectively earn kept falling.

Instead of parking all my savings in BOC SmartSaver, I have withdrawn and deposited most of them in Syfe Cash+ since it was introduced, which is projected to give an annual return of 1.5%. Although the 1.5% is only projected and is not guaranteed, I personally believe that even if it falls short of the projected 1.5%, it will still beat the interest that I can earn from BOC SmartSaver based on my salary and spending. Furthermore, Syfe Cash+ has generated more than the projected return of 1.5% thus far.

Syfe Cash+ is still considered a form of investment, albeit a very low risk one, hence it may not be everyone's cup of tea. If you are keen to find out more, you can PM me.

 

[iduncheckmail]

For the past few years, I have always been trying my best to fulfill the requirements of the different criteria so to earn the additional interest. Sad to say that the T&C kept changing and the interest that I can effectively earn kept falling.

Instead of parking all my savings in BOC SmartSaver, I have withdrawn and deposited most of them in Syfe Cash+ since it was introduced, which is projected to give an annual return of 1.5%. Although the 1.5% is only projected and is not guaranteed, I personally believe that even if it falls short of the projected 1.5%, it will still beat the interest that I can earn from BOC SmartSaver based on my salary and spending. Furthermore, Syfe Cash+ has generated more than the projected return of 1.5% thus far.

Syfe Cash+ is still considered a form of investment, albeit a very low risk one, hence it may not be everyone's cup of tea. If you are keen to find out more, you can PM me.

srsly, type so much basically want to earn referrals only.

 

[demoforce1]

srsly, type so much basically want to earn referrals only.

spot on

 

[imbecilelight]

srsly, type so much basically want to earn referrals only.

spot on

I am not going to deny that I was hoping to get some referrals, but it's wrong to say that I 'type so much basically to earn referrals only'.

Forum is a platform to share knowledge, experiences, views, ideas, etc. Personally, I've learnt new things through the sharing of others.

I believe that there are some individuals who are not aware of this type of cash management portfolio offered by robo-advisors, which is a low risk form of investment but could potentially earn higher interest. And it is entirely up to the individuals to make their own judgements if they want to give it a try or stick with the bank savings account.

Moderators, kindly remove my posts if they are deemed inappropriate. Thanks.

 

[demoforce1]

I am not going to deny that I was hoping to get some referrals, but it's wrong to say that I 'type so much basically to earn referrals only'.

Forum is a platform to share knowledge, experiences, views, ideas, etc. Personally, I've learnt new things through the sharing of others.

I believe that there are some individuals who are not aware of this type of cash management portfolio offered by robo-advisors, which is a low risk form of investment but could potentially earn higher interest. And it is entirely up to the individuals to make their own judgements if they want to give it a try or stick with the bank savings account.

Moderators, kindly remove my posts if they are deemed inappropriate. Thanks.

are you on Syfe Cash+ now? can you share the return over 6 months? how much the minimum deposit?

 

[imbecilelight]

are you on Syfe Cash+ now? can you share the return over 6 months? how much the minimum deposit?

There is no minimum deposit and you can withdraw them anytime. However, since the money is used to buy bonds, if you decide to make withdrawal, it will take 2-3 working days for them to credit into your bank account.

As I have made some deposits as well as withdrawals to DCA to my Syfe Equity 100, so the balance in my Cash+ has fluctuated over these 6 months. Returns are calculated daily and my return works out to be around 0.85% so far, hence a projected annualised return of approximately 1.7%.