BOC SmartSaver

[VacheronLim]

Hi, for 3 bills payments Can i put boc credit card bill as one of the payment ? Is it counted as one bill payment ? Thanks

yes counted, remember bill payment should be at least $30 each

 

[Joseph99]

ok . thanks !

 

[timothybo]

Hi can anyone advise how to set sms notification when interest is in? I have tried to figure out but couldnt find the option in IB. Thank you.

 

[compro_1975]

When will the interst be in and do they spilt the different bonus like ocbc?

 

[timothybo]

When will the interst be in and do they spilt the different bonus like ocbc?

yes it's split into category very clearly. The interest sometimes take longer than the business days stated in tnc.

 

[johanyu]

yes it's split into category very clearly. The interest sometimes take longer than the business days stated in tnc.

What will be the description for quarterly additional sup card 2%?

 

[timothybo]

What will be the description for quarterly additional sup card 2%?

I was replying to his question on the interest shown in smartsaver. For family card sup card 2% it will be shown on your credit card statement, about the description, I have never checked mine. Maybe someone else can help. Or in the Credit card section there is a thread for this card

 

[Jupiter2017]

Here are the monthly interest for exactly $60k monthly average effective balance deposit in BOC SmartSaver a/c:

Prevailing Interest (0.4%) - $60,000 * (0.004/365*no. of days)
refer BOC website for tiered prevailing interest rate:
http://www.bankofchina.com/sg/bocinfo/bi3/201002/t20100207_961728.html
Calendar month with 30 days=$19.73
Calendar month with 31 days=$20.38
[note: there is no cap on the daily balance which gets Prevailing interest. Prevailing interest is accrued daily & credited at the end of each month. The calculation is simple if you have $60k daily balance throughout the entire month, but it gets a little more complicated if the daily balances fluctuate throughout the month]

3 Bill Payment Bonus Interest (0.35%) - $60,000 * (0.0035/365*no. of days)
Calendar month with 30 days=$17.26
Calendar month with 31 days=$17.84

Salary $2k Bonus Interest (0.8%) - $60,000 * (0.008/365*no. of days)
Calendar month with 30 days=$39.45
Calendar month with 31 days=$40.77

Salary $6k Bonus Interest (1.2%) - $60,000 * (0.012/365*no. of days)
Calendar month with 30 days=$59.18
Calendar month with 31 days=$61.15

Credit/Debit Card spent $500 Bonus Interest (0.8%) - $60,000 * (0.008/365*no. of days)
Calendar month with 30 days=$39.45
Calendar month with 31 days=$40.77

Credit/Debit Card spent $1,500 Bonus Interest (1.6%) - $60,000 * (0.016/365*no. of days)
Calendar month with 30 days=$78.90
Calendar month with 31 days=$81.53

Extra Savings Interest - Enjoy 0.60% p.a. Extra bonus interest when you have fulfilled at least one of the requirements for either Card Spend, Salary Crediting or Payment bonus interest. Payment bonus is applicable to your account balance above S$60k subject to a maximum of S$1m


Example – Calendar month of 31 days :
Prevailing interest =$20.38

Meet 3 bill payment => $17.84
If have Salary $6k => $61.15
If credit card spent $1,500 => $81.53
Total Bonus interest = $160.52

Total interest = $180.90 (include Prevailing interest)

bump up the previous Oct2017 posting.

 

[Jupiter2017]

interest is in - 10 Jan

 

[Soul77]

Sad.. last month didn't realize only made 2 payments.. $17.xx gone.

 

[weiming41]

It seems like February would have the lowest interest by 3 days compare to 31 days in a month.

bump up the previous Oct2017 posting.

 

[johanyu]

account balance

If I have only $20,000 for the first 15 days, then I add 100K for the second 15 days of the month, will this average of $60K get the max interest of 3.55%?
Or for the second 15 days, I'll just get 60K for 3.55% and 1% for 40K?

 

[pcmdan]

It seems like February would have the lowest interest by 3 days compare to 31 days in a month.

Is true. Since it is based on days

 

[Jupiter2017]

If I have only $20,000 for the first 15 days, then I add 100K for the second 15 days of the month, will this average of $60K get the max interest of 3.55%?
Or for the second 15 days, I'll just get 60K for 3.55% and 1% for 40K?

Since you have a balance $20k for first 15 days and a balance of $120k for the remaining 15 days,
effective average balance for the month = ( $20,000 * 15 + $120,000 * 15 ) / 30 = $70,000

1) Prevailing interest (tiered) – no cap => you get prevailing interest on $20k for the 1st 15 days and prevailing interest on $120k for the remaining 15 days
[note: Prevailing interest is accrued daily & credited at the end of each month, so the computation gets a little more complicated if the daily balances fluctuate within the month and if the different tiers of interest rates have to be applied accordingly]
2) Bonus interests – cap at $60k avg bal => you get 3.15% for $60,000 (** 3.15% is assuming you meet all the criteria)
3) Extra saving interest => you get 0.6% for $10k (i.e. the avg bal above $60k, up to $1m)
Calculation of bonus/extra interest is based on effective average balance for the month, refer to a previous post #3882.

Note: refer to BOC website for the tiered prevailing interest rate:
http://www.bankofchina.com/sg/bocinf...07_961728.html

 

[Trazora]

The interest is calculated on a daily basis. So u won't get the max interest of 3.55%

For the first 15 days u will get 20k x 3.55% / 365 x 15daya

For the next 15 days u will get

60k x 3.55% /365 x 15

Whatever above 60k u will earn the additional interest for 15 days.

not true. base interest is calculated daily but bonus interest is calculated based on average daily balance.

 

[pcmdan]

not true. base interest is calculated daily but bonus interest is calculated based on average daily balance.

What do you mean? May I know what is the diff between your understanding and mine?

He said he got 20k for the first 15 days

so isnt it supposed to be 20k x 15 days x 3.55% / 365 days = $29.17?

The next 15 days he would have $120k

capped at $60k, so it would be 60k x 15 days x 3.55% / 365 days = $87.53?

The other 60k would earn 1%, which is

60k x 15 days x 1% /365 days = $24.66

In total the interest earn for the month with 30 days would be $29.17+$87.53+$24.66 = $141.36

No?

or do you mean that Bonus interest is based on Average monthly balance? Really? So good ah...wah!!! sianz!! i din know that... Crap!

 

[pcmdan]

Since you have a balance $20k for first 15 days and a balance of $120k for the remaining 15 days,
effective average balance for the month = ( $20,000 * 15 + $120,000 * 15 ) / 30 = $70,000

1) Prevailing interest – no cap => you get prevailing interest (0.4%) for $70,000
2) Bonus interests – cap at $60k => you get 3.15% for $60,000 (** 3.15% is assuming you meet all the criteria)
3) Extra saving interest => you get 0.6% for $10k (i.e. the balance above $60k, up to $1m)
Calculation of interest is based on effective average balance for the month, refer to a previous post #3882.

Note: refer to BOC website for the tiered prevailing interest rate:
http://www.bankofchina.com/sg/bocinf...07_961728.html

Apologies for my ignorant. I only know that bonus interest is based on Avg monthly balance like now...

PS for the wrong info provided just now

 

[OngHuatHuat]

I think you mix up this account with dbs multiplier.
Your calculation is correct for dbs multiplier but not for boc smartsaver.

What do you mean? May I know what is the diff between your understanding and mine?

He said he got 20k for the first 15 days

so isnt it supposed to be 20k x 15 days x 3.55% / 365 days = $29.17?

The next 15 days he would have $120k

capped at $60k, so it would be 60k x 15 days x 3.55% / 365 days = $87.53?

The other 60k would earn 1%, which is

60k x 15 days x 1% /365 days = $24.66

In total the interest earn for the month with 30 days would be $29.17+$87.53+$24.66 = $141.36

No?

or do you mean that Bonus interest is based on Average monthly balance? Really? So good ah...wah!!! sianz!! i din know that... Crap!

 

[sm4ever]

Just thought i should try asking here.

I have some USD deposited into this BOC smart saver multi currency account.

Based on what i was told, the BOC credit card is tagged to only SGD. So even if i buy oversea item in USD, it will still convert and charged SGD to my BOC account. And if i want to withdraw the money, BOC will charge 1% fee.

How else can I make use of these USD effectively?
Is it better to do currency exchange of these USD to SGD within the bank itself?

Thanks.

@Silverate: did you managed to find out the answer? how about using the BOC Debit card overseas? is it tagged to USD/other currencies?

Because I know for the DBS Multicurrency Account, using the DBS Visa Debit for USD will directly debit from your USD funds. Not sure if the same applies for BOC Debit.

 

[xXxJavierxXx]

Anyone uses BOC account to pay CITIBANK credit card? can't seems to be the citibank credit card code in the bill payment payee.