BOC SmartSaver

[Shawny88]

Do you all put more than $60k in the account to get the 1% interest?

 

[vddgnd]

Hi. Is it me or usually using BOC ibanking to pay its own BOC family card is describe as transfer-cc ? Afraid no longer generate the payment interest requirement.

Sent from broken down mrt using GAGT

Can pay BOC cc and as 1 of the 3 payments.

 

[vddgnd]

Do you all put more than $60k in the account to get the 1% interest?

Yes, during the period when high interest from other acc is not available.

 

[vsvs24]

Do you all put more than $60k in the account to get the 1% interest?

I don't. I put it elsewhere that gives more than 1%.

 

[foozgarden]

I don't. I put it elsewhere that gives more than 1%.

i thgt > 60k is only 0.6%?
how come got 1%?

 

[RoLanTo]

Can pay BOC cc and as 1 of the 3 payments.

i usually splt my cc payment into 3 to fulfill the requirement.
think previously it showed as AXS payment even though i did it on ibanking..

now it shows transfer-cc, therefore not sure if it still count as payment interest requirement anot

 

[Trazora]

i thgt > 60k is only 0.6%?
how come got 1%?

0.4% base interest + 0.6% bonus interest= 1%

 

[Trazora]

i usually splt my cc payment into 3 to fulfill the requirement.
think previously it showed as AXS payment even though i did it on ibanking..

now it shows transfer-cc, therefore not sure if it still count as payment interest requirement anot

thought multiple payment to same card count as one unique payment? Don't think it matters what the description shows, so long follow the TnC ie 3 unique bill payment of $30 each on ibanking/app should count.

 

[OngHuatHuat]

0.4% base interest + 0.6% bonus interest= 1%

hi trazora is it true that any amount in addition will get 1 %?

 

[foozgarden]

thought multiple payment to same card count as one unique payment? Don't think it matters what the description shows, so long follow the TnC ie 3 unique bill payment of $30 each on ibanking/app should count.

the TnC doesnt specify "unique".
it only says 3 x 30min right?

 

[kashanai]

Yes, can confirm

hi trazora is it true that any amount in addition will get 1 %?

 

[OngHuatHuat]

Yes, can confirm

Thanks!
Seems pretty good.

 

[Trazora]

the TnC doesnt specify "unique".
it only says 3 x 30min right?

oic. I stand corrected. Good to know no need to be unique.

 

[vsvs24]

oic. I stand corrected. Good to know no need to be unique.

I also assume must be unique all these years.

 

[Saymilo]

I also assume must be unique all these years.

This is very liberating

 

[vegavega25]

whats the optimum sum to be in BOC SS?
ie DBS multiplier = 50k.

$50k to $60k

The bonus interest is for the first $60k, right?

yes of course

This is quite useful, thanks. But I haven't understood what the "extra savings interest" means.

Only the portion above S$60K up to S$1 mn receives 0.6% if one of the requirements - card spend, salary credit, or 3 GIRO billpays - is fulfilled?

 

[shpesft]

This is quite useful, thanks. But I haven't understood what the "extra savings interest" means.

Only the portion above S$60K up to S$1 mn receives 0.6% if one of the requirements - card spend, salary credit, or 3 GIRO billpays - is fulfilled?

Yes, that is correct: 0.6% bonus interest from S$60k to S$1 mil as long as you meet one for the requirements.

 

[Trazora]

This is quite useful, thanks. But I haven't understood what the "extra savings interest" means.

Only the portion above S$60K up to S$1 mn receives 0.6% if one of the requirements - card spend, salary credit, or 3 GIRO billpays - is fulfilled?

Eg you have $70k, and met one of requirements (card spent/salary credit/3 bill payment), then $70k-$60k=$10k gets 0.6% bonus interest+0.4% base interest = 1%

 

[vegavega25]

Eg you have $70k, and met one of requirements (card spent/salary credit/3 bill payment), then $70k-$60k=$10k gets 0.6% bonus interest+0.4% base interest = 1%

Got it. Thanks a ton.

In that case, when you say the optimum balance is S$50K-60K, do you actually mean maximum S$60K but any amount below, subject to meeting salary credit, bill pay, and credit card spend?

Apologies, but I guess I am unable to understand why S$50K and above. Your other response that S$50K is the optimum amount in DBS Multiplier makes sense to me because that is the maximum amount on which the bonus interest is paid.

Corollary to my question would be: if I had S$110K to keep in a bank account (some day!), you would recommend S$50K in DBS Multiplier, and S$60K in BOC SmartSaver. And the rest, i.e. what about amounts above S$110K?

 

[shpesft]

Got it. Thanks a ton.

In that case, when you say the optimum balance is S$50K-60K, do you actually mean maximum S$60K but any amount below, subject to meeting salary credit, bill pay, and credit card spend?

Apologies, but I guess I am unable to understand why S$50K and above. Your other response that S$50K is the optimum amount in DBS Multiplier makes sense to me because that is the maximum amount on which the bonus interest is paid.

Corollary to my question would be: if I had S$110K to keep in a bank account (some day!), you would recommend S$50K in DBS Multiplier, and S$60K in BOC SmartSaver. And the rest, i.e. what about amounts above S$110K?

Depends on if you can meet the requirements of other high interest accounts such as UOB One, Maybank Saveup etc

Alternatively, you can consider Citibank Maxigain (needs time to build up the interest) or CIMB FastSaver (straight forward 1% interest).