BOC SmartSaver

[Trazora]

I calculated..with salary and 500 incremental, without insurance, it's only 0.9% interest per year..

u sure 360 is better ?

For $70k savings it is 0.9% for salary and 0.3% for $500 incremental, total 1.2%

 

[chopra]

Considering the base being 0.15% the interest for salary, card spend, bill payment and base will be up to 1.45%. And considering no really worth to clock $1500 instead of $500 for 0.2% more, we are effectively looking at 1.25%.

sure on e 1500 part
1.5% is highest compared to uob one, bs, ocbc.

i dun do multiplier as i use posb cashback

 

[devion]

Recently I came across a news article that compared the various banks revised interest rates & it was recommending UOB to be the best, after BOC revised rates. I was trying to search back that article to post here, but cannot find it.

If anybody is able to search for it, pls post, Thanks!

 

[chopra]

bonussaver: 1.3% up to 80k (salary+ 3bill+2000spend)

uob one: 1.2% up to 75k (salary + cc spend)

boc: 1.45% up to 80k (3bill+ 1500spend+salary)

hsbc ega: 1.3% for 3 months, excluding $800debit spend and $5000forex bonus, optimal point --200k-- optimal point

dbs multiplier: not looking at this

maybank: not looking at this

maxigain: not looking at this

ocbc 360: 1.2% (salary+ save)

cpf refund housing: 2.5%. for those using bank loan, still got outstanding loan. refund end of mth for optimal double dip

 

[chopra]

Recently I came across a news article that compared the various banks revised interest rates & it was recommending UOB to be the best, after BOC revised rates. I was trying to search back that article to post here, but cannot find it.

If anybody is able to search for it, pls post, Thanks!

see mine can liaoz.

 

[Mickey01]

bonussaver: 1.3% up to 80k (salary+ 3bill+2000spend)

uob one: 1.2% up to 75k (salary + cc spend)

boc: 1.5% up to 80k (3bill+ 1500spend+salary)

hsbc ega: 1.3% for 3 months, excluding $800debit spend and $5000forex bonus, optimal point --200k-- optimal point

dbs multiplier: not looking at this

maybank: not looking at this

maxigain: not looking at this

ocbc 360: 1.2% (salary+ save)

cpf refund housing: 2.5%. for those using bank loan, still got outstanding loan. refund end of mth for optimal double dip

BOC 1st Aug $80k
base 0.15%
Salary (max category) 0.5%
Card (max cat) 0.5%
Payment 0.3%
Total 1.45%

 

[chiokcc]

Oh well, it was good while it last ...

No more incentive to spend more than $500 on cards ... the difference in the bonus interest from $500 to $1500 is just so small to be significant ....

 

[josc36]

what BOC cards u guys using to clock $1500 or $500
cant seem to find a card to fit my spending

 

[iduncheckmail]

what BOC cards u guys using to clock $1500 or $500
cant seem to find a card to fit my spending

BOC family cc, 10% rebate on dining n movies .

 

[arctician]

I calculated..with salary and 500 incremental, without insurance, it's only 0.9% interest per year..

u sure 360 is better ?

For $70k savings it is 0.9% for salary and 0.3% for $500 incremental, total 1.2%

agree for boc not worth to spend $1500. Spending $500 is optimal so for all the effort on 3bill, salary and cc boc only 1.2%

OCBC just credit salary and ensure incremental same rate, less work to do

also may not be optimal to spend on that bank's cc just to get rebate, you are incurring opportunity cost as the cc spend can get cash rebates or miles via other banks card

 

[vegavega25]

BOC 1st Aug $80k
base 0.15%
Salary (max category) 0.5%
Card (max cat) 0.5%
Payment 0.3%
Total 1.45%

bonussaver: 1.3% up to 80k (salary+ 3bill+2000spend)

uob one: 1.2% up to 75k (salary + cc spend)

boc: 1.5% up to 80k (3bill+ 1500spend+salary)

hsbc ega: 1.3% for 3 months, excluding $800debit spend and $5000forex bonus, optimal point --200k-- optimal point

dbs multiplier: not looking at this

maybank: not looking at this

maxigain: not looking at this

ocbc 360: 1.2% (salary+ save)

cpf refund housing: 2.5%. for those using bank loan, still got outstanding loan. refund end of mth for optimal double dip

Right, and some of us have argued that given that the additional S$1000 card spend is no longer worth it, one should avoid it. And therefore effectively looking at 1.25%.

what BOC cards u guys using to clock $1500 or $500
cant seem to find a card to fit my spending

Debit card works, and is probably better given absence of any bank account-specific logic to pay the annual fee that BOC seems very reluctant to waive (albeit before this drop in the account rates).

If you have a credit card that works for you, go for it by all means.

 

[chopra]

BOC 1st Aug $80k
base 0.15%
Salary (max category) 0.5%
Card (max cat) 0.5%
Payment 0.3%
Total 1.45%

ok updated. tks for doing e maths

 

[pcmdan]

ok updated. tks for doing e maths

Anyone got source?

 

[Squaredot]

agree for boc not worth to spend $1500. Spending $500 is optimal so for all the effort on 3bill, salary and cc boc only 1.2%

OCBC just credit salary and ensure incremental same rate, less work to do

also may not be optimal to spend on that bank's cc just to get rebate, you are incurring opportunity cost as the cc spend can get cash rebates or miles via other banks card

and with base int, it's 1.25% for OCBC 360.

 

[Squaredot]

Anyone got source?

source for t&c change?
a few pages back. No eye see

 

[pcmdan]

bonussaver: 1.3% up to 80k (salary+ 3bill+2000spend)

uob one: 1.2% up to 75k (salary + cc spend)

boc: 1.45% up to 80k (3bill+ 1500spend+salary)

hsbc ega: 1.3% for 3 months, excluding $800debit spend and $5000forex bonus, optimal point --200k-- optimal point

dbs multiplier: not looking at this

maybank: not looking at this

maxigain: not looking at this

ocbc 360: 1.2% (salary+ save)

cpf refund housing: 2.5%. for those using bank loan, still got outstanding loan. refund end of mth for optimal double dip

To add on CIMB
$100k (1.325%) - do nothing

 

[chiokcc]

Revision to BOC Smart Saver Interest Rates with effect from 1 August 2020

https://www.bankofchina.com/sg/bocinfo/bi1/202007/t20200702_18080947.html

 

[pcmdan]

Revision to BOC Smart Saver Interest Rates with effect from 1 August 2020

https://www.bankofchina.com/sg/bocinfo/bi1/202007/t20200702_18080947.html

Thanks

Did the base change too?

0.5+0.5+0.3 = 1.3%

 

[chiokcc]

Till end-Jul 2020:
Credit card spend $500 -> 0.80%pa of $60k = $40
3 bill payment -> 0.35%pa of $60k = $17.5

From Aug 2020:
Credit card spend $500 -> 0.30%pa of $80k = $20
3 bill payment -> 0.30%pa of $80k = $20

 

[chiokcc]

Thanks

Did the base change too?

0.5+0.5+0.3 = 1.3%

From what I read in this thread, the inferred base interest is computed to be 0.2% pa