BOC SmartSaver

[piecewise]

The prevailing interest applies to your whole balance.

So for 60k you'll get 0.4%.
Spend $500: +1.55%
Pay 3 bills: +0.6%

Like OCBC 360 and UOB one has calculator so you know you won't get the wrong figure.. I have no idea how to calculate what's the interest is like for the tiered 'Prevailing Savings Interest Rate'

 

[AMD_FREAK]

The prevailing interest applies to your whole balance.

So for 60k you'll get 0.4%.
Spend $500: +1.55%
Pay 3 bills: +0.6%

Actually only S$50,000 and above has 0.4%. The $$$ below 50k has a lower tier of interest.. That I don't know how to calculate

 

[Soul77]

Actually only S$50,000 and above has 0.4%. The $$$ below 50k has a lower tier of interest.. That I don't know how to calculate

No.. if you have more than 50,000, all the 50,000 earned basic 0.4%.

Last month is quite unique, as there are 29 days in the month.
However, somehow BOC still counting based on 365 days for the year (not 366).

So, if you want to get exact figures, you need to calculate your basic in the following way:

Assuming your end of day balance is 60k from 1st feb till 29 feb:

basic:
1) 60,000 x 0.004 x (29/365) = 19.068 (which will then be rounded up / down... I forgot on this)

card spend:
2) 60,000 x 0.0155 x (29/365) = 73.89

payment bonus:
3) 60,000 x 0.006 x (29/365) = 28.60

salary bonus:
4) 60,000 x 0.01 x (29/365) = 47.67

Most ppl will not have exact $60,000, so the #1 will differ slightly. However the calculation is correct. There is one time I calculated the exact end of day balance for the month, with different basic rate of 0.35% and 0.4%, and I get the same numbers as BOC statement.

 

[AMD_FREAK]

No.. if you have more than 50,000, all the 50,000 earned basic 0.4%.

Last month is quite unique, as there are 29 days in the month.
However, somehow BOC still counting based on 365 days for the year (not 366).

So, if you want to get exact figures, you need to calculate your basic in the following way:

Assuming your end of day balance is 60k from 1st feb till 29 feb:

basic:
1) 60,000 x 0.004 x (29/365) = 19.068 (which will then be rounded up / down... I forgot on this)

card spend:
2) 60,000 x 0.0155 x (29/365) = 73.89

payment bonus:
3) 60,000 x 0.006 x (29/365) = 28.60

salary bonus:
4) 60,000 x 0.01 x (29/365) = 47.67

Most ppl will not have exact $60,000, so the #1 will differ slightly. However the calculation is correct. There is one time I calculated the exact end of day balance for the month, with different basic rate of 0.35% and 0.4%, and I get the same numbers as BOC statement.

Oh i see!! Thank you so much for the breakdown!!

 

[eDisFieD]

I know bonus interests are based on the first 60K.

Does prevailing interests of 0.4% still can be earned if more than 60K?

I read from the site:

Prevailing Savings Interest Rate (SGD)
S$50,000 and above 0.40%

 

[oceanicmanta]

I know bonus interests are based on the first 60K.

Does prevailing interests of 0.4% still can be earned if more than 60K?

I read from the site:

yes .......

 

[ice_angel]

Just want to check, this month payment and basic interest are in, card and salary interest are not in yet right?

 

[AMD_FREAK]

Just signed up.. The iBanking rather difficult to use lol! With some typos some more..

 

[Trazora]

Just want to check, this month payment and basic interest are in, card and salary interest are not in yet right?

All my 3 bonus interest in on 8th Mar.

 

[sellbuyboy]

how to pay BOC CC via their online huh? their online look very him...

 

[rerear]

Can we add the spendings from both shop card, and family card, to clock the 500 SGD spending, to qualify for smart saver credit card spend bonus?

 

[OngHuatHuat]

Yeah you can. It is across all the cRds.

Can we add the spendings from both shop card, and family card, to clock the 500 SGD spending, to qualify for smart saver credit card spend bonus?

 

[OngHuatHuat]

Go to Bill payee management and manually add your card first. Then use bill payment to make payment from your boc smart saver account.

how to pay BOC CC via their online huh? their online look very him...

 

[Trazora]

Can we add the spendings from both shop card, and family card, to clock the 500 SGD spending, to qualify for smart saver credit card spend bonus?

Can. But each card min spend for higher rebate is $500.

 

[cynic_]

Hi all, thinking of opening a SmartSaver account and shifting over from OCBC 360.

Can I check if there's an English BOC app for iOS available? I just did a search and there's only one in Chinese… Wouldn't work for me since I can't read Chinese.

Also, based on your experience, is it easy to get cash from ATMs etc? Any limit to how many withdrawals you can make on the ATM5 network?

Thanks in advance!

 

[Trazora]

Hi all, thinking of opening a SmartSaver account and shifting over from OCBC 360.

Can I check if there's an English BOC app for iOS available? I just did a search and there's only one in Chinese… Wouldn't work for me since I can't read Chinese.

Also, based on your experience, is it easy to get cash from ATMs etc? Any limit to how many withdrawals you can make on the ATM5 network?

Thanks in advance!

only one ibanking website, no mobile app of any kind, only works on laptop or desktop. Can translate to english, so language not an issue

can set the daily withdrawal limit.

 

[hyperbole]

Hi all, thinking of opening a SmartSaver account and shifting over from OCBC 360.

Can I check if there's an English BOC app for iOS available? I just did a search and there's only one in Chinese… Wouldn't work for me since I can't read Chinese.

Also, based on your experience, is it easy to get cash from ATMs etc? Any limit to how many withdrawals you can make on the ATM5 network?

Thanks in advance!

Very easy to get cash from ATM. No limit to the number of withdrawals you can make from other banks' ATM as long as you withdraw from ATM5 network.

I always withdraw from SCB

 

[magnesium1]

Finally onboard SmartSaver today. Opened my account at Bedok Mall. After 2 years, it's time to say good bye OCBC 360.

Sent from the research lab without using GAGT

 

[trancesend]

New BOC Account and cc combos

Hey guys,

Looking to open a new BOC account and ccs to go along with it. I will be crediting salary to the account and should not have issues with card spend either. The problem is, I do not have any singapore ccs yet. Which BOC cc do you guys recommend? Any non-BOC cards you guys recommend for everyday spend? Looking for maybe 2 or 3 cards including the BOC card. Spending is mostly on food/drink.

separate note, i can fulfill the online bill payment by paying the two above ccs and then something else right? is there a minimum online payment amount?

bonus question:
second savings account with decently high interest with easy to attain interest? uob one? ( 500 min spend and credit salary, is this 3.33% on 50k?)


Thanks.

 

[expert128sg]

Hey guys,

Looking to open a new BOC account and ccs to go along with it. I will be crediting salary to the account and should not have issues with card spend either. The problem is, I do not have any singapore ccs yet. Which BOC cc do you guys recommend? Any non-BOC cards you guys recommend for everyday spend? Looking for maybe 2 or 3 cards including the BOC card. Spending is mostly on food/drink.

separate note, i can fulfill the online bill payment by paying the two above ccs and then something else right? is there a minimum online payment amount?

bonus question:
second savings account with decently high interest with easy to attain interest? uob one? ( 500 min spend and credit salary, is this 3.33% on 50k?)


Thanks.

do i get a prize for answering both your question? Shall answer if got prizes to win haha

shall give u a teaser:

u can consider BOC shop card and Family card.

yes it is considered as 2 separate payments for 2 different ccs. Min. to pay is $5. which i am sure u will be able to hit it

2nd qns if got prize i answer (since u said bonus qns)