BOC SmartSaver

[gnooliew]

finally switched to OCBC.

Revised interest rate for salary credit and bill payment is pathetic... especially for a poor person like me with <$6k salary.

With salary + bill payment + base interest, I am only getting 1.4+% for the first $60k.

I guess it's a blessing in disguise, OCBC interface is so much better (plus I can pay Citibank CC, and separate my savings into diff buckets).

I guess for people who earn more + use BOC Family card, it's still worth it?

Yup OCBC interface is quite good. How do you separate savings into diff buckets? Its still within the same 360 account for purpose of the interest crediting?

 

[naro]

Yup OCBC interface is quite good. How do you separate savings into diff buckets? Its still within the same 360 account for purpose of the interest crediting?

U can create saving goals.

Money in the Saving goals created for ocbc 360 account will count towards the interest.

 

[htc_user]

Just want to check technically I can leave 0 balance in the account say example from 1st to 10th I put 200K then 11th to 31st is 0, the monthly average is still in excess of 60K, so I will still get the bonus interest if I met the other criteria like card spent, salary credit and bill payment ? Thanks.

 

[AH CHIA]

Just want to check technically I can leave 0 balance in the account say example from 1st to 10th I put 200K then 11th to 31st is 0, the monthly average is still in excess of 60K, so I will still get the bonus interest if I met the other criteria like card spent, salary credit and bill payment ? Thanks.

Edited: wrong information provided. Pls ignore.

 

[htc_user]

Straight answer is NO. BOC is based on AVD (average daily balance), so ur suggestion will not work.

Thanks for your reply. Thought should be based on average monthly balance ? I just double check the website, it says:

Bonus interest will be calculated based on the account monthly average effective balance for the actual number of days you hold the MCS account. Effective balance refers to the Singapore Dollar (SGD) day-end available balance in your account. Earmarked balance, overdraft and cheque float amount are not considered as effective balance. Monthly average effective balance is calculated on a monthly basis as the summation of each day-end effective balance in a month divided by the calendar days in that month.

 

[Trazora]

Just want to check technically I can leave 0 balance in the account say example from 1st to 10th I put 200K then 11th to 31st, the monthly average is still in excess of 60K, so I will still get the bonus interest if I met the other criteria like card spent, salary credit and bill payment ? Thanks.

Yes, should get the bonus interests for card spent, salary credit and bill payment which are based on the average daily balance for the month, capped at $60k. For your example the average daily balance is 21×$200k/31 which is much higher than $60k. The excess over $60k average daily balance will get 0.6% bonus interest instead of the bonus interest for card spent, salary credit and bill payment. The base interest 0.35% to 0.4% is calculated daily based on the closing balance of the day.

 

[htc_user]

Yes, should get the bonus interests for card spent, salary credit and bill payment which are based on the average daily balance for the month, capped at $60k. For your example the average daily balance is 21×$200k/31 which is much higher than $60k. The excess over $60k average daily balance will get 0.6% bonus interest instead of the bonus interest for card spent, salary credit and bill payment. The base interest 0.35% to 0.4% is calculated daily based on the closing balance of the day.

Thanks. Coz I read somewhere about having minimum $1500 which I would had met using the scenario above. So there is no need to maintain minimum $1500 in the account every day. The $1500 is also required for account opening hence I got a bit confused.

 

[AH CHIA]

Thanks for your reply. Thought should be based on average monthly balance ? I just double check the website, it says:

Bonus interest will be calculated based on the account monthly average effective balance for the actual number of days you hold the MCS account. Effective balance refers to the Singapore Dollar (SGD) day-end available balance in your account. Earmarked balance, overdraft and cheque float amount are not considered as effective balance. Monthly average effective balance is calculated on a monthly basis as the summation of each day-end effective balance in a month divided by the calendar days in that month.

Sorry my bad, I misinformed your question with OCBC's requirement. Your understanding is correct. My apologies.

 

[htc_user]

Sorry my bad, I misinformed your question with OCBC's requirement. Your understanding is correct. My apologies.

No worries. Thanks for your reply.

 

[SCG8866T]

Interest jib lai liao

 

[Allen_C_Sharp]

Just received SMS bonus interest in:
61.15+17.84+81.53=160.52, excluding family rebate, just noticed much higher return than 360 and one account.

 

[Allen_C_Sharp]

I just called them. The CSO told me the 5% cash rebate would be given before the statement of next billing cycle.

Yes, if transaction made in unbilled statement cycle, you will usually see it 1 day after your statement generated around 24th in your case.

 

[Trazora]

Yes, if transaction made in unbilled statement cycle, you will usually see it 1 day after your statement generated around 24th in your case.

Think he referring to the 4.5% for online which comes later.

 

[xXxJavierxXx]

Just received SMS bonus interest in:
61.15+17.84+81.53=160.52, excluding family rebate, just noticed much higher return than 360 and one account.

Thank you BOC for the fat interest!

 

[868888]

For the majority of people who are not spending on family or 1500 card spend each mth, it'll be 40 less, around 118.

Is this still a better account or card to use?

 

[naro]

For the majority of people who are not spending on family or 1500 card spend each mth, it'll be 40 less, around 118.

Is this still a better account or card to use?

U conpare the effective interest that u will get with other bank accounts.

The other similar accounts that i know are dbs multiplier, maybank saveup, ocbc 360 and uob one.

 

[spearhawk]

Just received SMS bonus interest in:
61.15+17.84+81.53=160.52, excluding family rebate, just noticed much higher return than 360 and one account.

Every month wait for this only

 

[Yachtmaster]

For the majority of people who are not spending on family or 1500 card spend each mth, it'll be 40 less, around 118.

Is this still a better account or card to use?

spend 1500 = 3.55%
spend 500 = 2.75%

still very competitive in comparison to other banks

 

[vince123123]

Got the same as well, thanks for confirming!

Just received SMS bonus interest in:
61.15+17.84+81.53=160.52, excluding family rebate, just noticed much higher return than 360 and one account.

 

[Verbatin]

is the 81.53 relating to $1,500 card spend?

Got the same as well, thanks for confirming!