BOC SmartSaver

[Trazora]

Guys, I just checked the website again and it seems there is a lot of inconsistency there:
- It says up to 3.55% but if you look at this graph, it is actually more (up to 3.75%):

- On the additional balance over S$60k, in the first paragraph it says earned 1% whereas at the bottom paragraph it says earned 0.6%

Confusing... excerpt from here: http://www.bankofchina.com/sg/pbservice/pb1/201611/t20161130_8271280.html

The up to 3.55% on the first $60,000 consist of base interest 0.4% + card spend 1.6%+ salary credit 1.2% + bill payment 0.35%. The balance above $60,000 only get 1% (0.6%+0.4%base), and not the 3.55%. Eg interest on say $70000 is 3.55%×$60000+1%×$10000, the overall % on the $70000 is less than 3.55%

 

[tcwehcs]

Please use your brain to read. Otherwise please head down to the nearest BOC branch and ask any friendly staff.

Guys, I just checked the website again and it seems there is a lot of inconsistency there:
- It says up to 3.55% but if you look at this graph, it is actually more (up to 3.75%):

- On the additional balance over S$60k, in the first paragraph it says earned 1% whereas at the bottom paragraph it says earned 0.6%

Confusing... excerpt from here: http://www.bankofchina.com/sg/pbservice/pb1/201611/t20161130_8271280.html

 

[mikezuper]

Please use your brain to read. Otherwise please head down to the nearest BOC branch and ask any friendly staff.

I am asking genuine question, why do you need to slur insult?

If you dont want to explain, just save your time and dont reply.

No thanks for your reply.

 

[mikezuper]

The up to 3.55% on the first $60,000 consist of base interest 0.4% + card spend 1.6%+ salary credit 1.2% + bill payment 0.35%. The balance above $60,000 only get 1% (0.6%+0.4%base), and not the 3.55%. Eg interest on say $70000 is 3.55%×$60000+1%×$10000, the overall % on the $70000 is less than 3.55%

Thanks bro - I missed on looking at the prevailing interest rate part.

Upon checking the link here http://www.bankofchina.com/sg/bocinfo/bi3/201002/t20100207_961728.html it is actually higher than 3.55% as if you put >100k you get base of 0.475% for prevailing interest rate for savings account.

I understand the excess of first $60k will not get 3.55% but up to 1%.
But with the above link, we are actually get 1.175% which is much better than most other savings or even FD as it comes with full liquidity.

 

[Trazora]

Thanks bro - I missed on looking at the prevailing interest rate part.

Upon checking the link here http://www.bankofchina.com/sg/bocinfo/bi3/201002/t20100207_961728.html it is actually higher than 3.55% as if you put >100k you get base of 0.475% for prevailing interest rate for savings account.

I understand the excess of first $60k will not get 3.55% but up to 1%.
But with the above link, we are actually get 1.175% which is much better than most other savings or even FD as it comes with full liquidity.

But the prevailing interest is at best 0.4% for up to $60000. No part of the savings will get more than 3.55%. I prefer to put my savings above $60000 to other bank savings accounts which gives more than 1.175%.

 

[mikezuper]

But the prevailing interest is at best 0.4% for up to $60000. No part of the savings will get more than 3.55%. I prefer to put my savings above $60000 to other bank savings accounts which gives more than 1.175%.

Any other savings gives more than 1.175% as of now with less or no conditions?

 

[Trazora]

Any other savings gives more than 1.175% as of now with less or no conditions?

Need to fulfil conditions to get higher interest. Eg Scb bonus$aver, maybank saveup, uob one.

 

[mikezuper]

Need to fulfil conditions to get higher interest. Eg Scb bonus$aver, maybank saveup, uob one.

I checked:
- SCB BonusSaver need to spend, salary credit
- Maybank SaveUp hard to hit as well
- UOB One I got already

Think will stick with BOC for now.

OCBC360 gives additional 1% for $70k if your average balance is $200k which is lousier also.

 

[Purplestars]

Any other savings gives more than 1.175% as of now with less or no conditions?

Citibank Maxigain

You have to wait a year for the interest rate to go up to 2% or so though, but it's worth it.

 

[mikezuper]

Citibank Maxigain

You have to wait a year for the interest rate to go up to 2% or so though, but it's worth it.

Ah yes, already there and started since last year

 

[Purplestars]

Ah yes, already there and started since last year

So put it all in there why bother with BOC?

 

[mikezuper]

So put it all in there why bother with BOC?

There is max limit of 150k right?

 

[Purplestars]

So with BOC and Maxigain, you have over $210k of free cash lying around that you need to find a place to park?

At that level of cash you should probably look to other forms of investment already. Seek financial help if you need to. If not just buy government bonds. Why do you need to hold so much cash?

 

[oceanicmanta]

There is max limit of 150k right?

the SIBOR portion is cap at 150k

the Counter portion not capped

 

[mikezuper]

So with BOC and Maxigain, you have over $210k of free cash lying around that you need to find a place to park?

At that level of cash you should probably look to other forms of investment already. Seek financial help if you need to. If not just buy government bonds. Why do you need to hold so much cash?

Thing is need liquidity.

 

[mikezuper]

the SIBOR portion is cap at 150k

the Counter portion not capped

Bad thing about it is.. not liquid, if need to take out counter will drop.

 

[Purplestars]

Bad thing about it is.. not liquid, if need to take out counter will drop.

You are being ridiculous now. Need this need that. Accept that the working capital for your business is a cost, impossible to get high interest rate on money you need to use.

 

[mikezuper]

You are being ridiculous now. Need this need that. Accept that the working capital for your business is a cost, impossible to get high interest rate on money you need to use.

Just trying to find better deal mah.

If dont have I wont complain also.

Not being ridiculous, just that is my requirement for now. Got good deal that fit my situation then take mah. Different people different need mah.

 

[devion]

Do u know for the bill payment bonus. Does bill payment to BOC credit card qualify as well?

 

[Squaredot]

I checked:
- SCB BonusSaver need to spend, salary credit
- Maybank SaveUp hard to hit as well
- UOB One I got already

Think will stick with BOC for now.

OCBC360 gives additional 1% for $70k if your average balance is $200k which is lousier also.

Yup, BOC is better deal for me now