BOC SmartSaver

[demoforce1]

super easy, its practically effortless since i have 2 esaver

i tried to ask for exception but rejected, seem like they only offer it to priority but i just dropped out

i expect HSBC EGA to raise the bar next month, they usually match SCB rates..

HSBC EGA need to wait the bonus interest for 4-5 months and keep monitoring and call CS

 

[Bubble2030]

HSBC EGA need to wait the bonus interest for 4-5 months and keep monitoring and call CS

i have to track using spreadsheet

thats why i like esaver the most monthly crediting

the other banks with do this and that super troublesome also, need to monitor giro, cc spend etc

 

[direbmem]

i have to track using spreadsheet

thats why i like esaver the most monthly crediting

the other banks with do this and that super troublesome also, need to monitor giro, cc spend etc

Don't remind them they will not pay or pay late or pay wrongly? Any past such cases? Like that cannot trust HSBC promo Sia, they try to not fulfill if no reminder or checking..

 

[Bubble2030]

Don't remind them they will not pay or pay late or pay wrongly? Any past such cases? Like that cannot trust HSBC promo Sia, they try to not fulfill if no reminder or checking..

over last 2 years so far still ok, there were multiple instances of late crediting but eventually will get credited.

For me so far they only missed out once, have to call in and get them credit manually

since then i increased my rigors of tracking all hsbc campaigns, thats why migrated to spreadsheets

esaver and uob privilege account quite good, i trust them enough not to track anything.

 

[demoforce1]

over last 2 years so far still ok, there were multiple instances of late crediting but eventually will get credited.

For me so far they only missed out once, have to call in and get them credit manually

since then i increased my rigors of tracking all hsbc campaigns, thats why migrated to spreadsheets

esaver and uob privilege account quite good, i trust them enough not to track anything.

yes, first for me too for Feb 22 bonus interest that just got it yesterday after chase for many times

 

[silverbomb]

think topic is digressing from BOC but just to point that it's been discussed multiple times before in HSBC EGA thread that their interest is manually credited and have instances (incl myself once) that they have missed the interest and had to call in to chase. but overall still the best interest with hoops through the years but with need to monitor closely.

any further pls try to discuss in HSBC thread.

Don't remind them they will not pay or pay late or pay wrongly? Any past such cases? Like that cannot trust HSBC promo Sia, they try to not fulfill if no reminder or checking..

over last 2 years so far still ok, there were multiple instances of late crediting but eventually will get credited.

For me so far they only missed out once, have to call in and get them credit manually

since then i increased my rigors of tracking all hsbc campaigns, thats why migrated to spreadsheets

esaver and uob privilege account quite good, i trust them enough not to track anything.

yes, first for me too for Feb 22 bonus interest that just got it yesterday after chase for many times

 

[ekardo]

Wah. Boc down? Cannot transfer $ to other bank now.

 

[Danger21]

anyone know whether is it able to close boc account online?

 

[vsvs24]

I kept $1500 and move the rest out. In case BOC up the rates soon.

From past experience they take a bit longer than other banks but if they move it won't be too bad. BOC Smartsaver criteria easier to meet than others.

 

[Kayeesha]

Apologies but I couldn’t find a discussion thread on BOC’s SuperSaver promo in relation to their current account. May I know if anyone is thinking of moving the funds out and closing the account as the rate is no longer competitive? Thanks.

 

[ekardo]

where you guys moving to ?

 

[vsvs24]

where you guys moving to ?

SSB, Tbills, SGS bonds, esaver, CIMB Fastsaver.

HSBC EGA is the best for savings account but need to really understand how it works and move funds every month.

 

[vsvs24]

Apologies but I couldn’t find a discussion thread on BOC’s SuperSaver promo in relation to their current account. May I know if anyone is thinking of moving the funds out and closing the account as the rate is no longer competitive? Thanks.

No separate thread for super saver.

Can move out. The equivalent CIMB Fastsaver giving 1.53% for 75k.

 

[sohguanh]

Apologies but I couldn’t find a discussion thread on BOC’s SuperSaver promo in relation to their current account. May I know if anyone is thinking of moving the funds out and closing the account as the rate is no longer competitive? Thanks.

Earlier I was still thinking to open BOC SuperSaver then I saw CIMB fastsaver no frills and even better so I give this BOC SuperSaver a miss. They have criteria to link your Paynow to the account even so not exactly zero no frills.

 

[Kayeesha]

No separate thread for super saver.

Can move out. The equivalent CIMB Fastsaver giving 1.53% for 75k.

Many thanks, vsvs24.

Just to check, I can withdraw all the funds out now, wait for the interest to be credited in which is around 8th of the next month, then proceed to close the account after transferring out the interest? Do we need to appear at the branch in person to close the account?

 

[vsvs24]

Many thanks, vsvs24.

Just to check, I can withdraw all the funds out now, wait for the interest to be credited in which is around 8th of the next month, then proceed to close the account after transferring out the interest? Do we need to appear at the branch in person to close the account?

Don't draw out now. Wait till 1 Sep.

 

[Kayeesha]

Don't draw out now. Wait till 1 Sep.

If I have been maintaining $75k in the account and the minimum monthly average account balance is S$3,000, I should be able to draw out now, I thought? Am I missing something?

 

[vsvs24]

If I have been maintaining $75k in the account and the minimum monthly average account balance is S$3,000, I should be able to draw out now, I thought? Am I missing something?

Firstly CIMB Fastsaver increase in interest rate is wef 1 Sep.

Secondly, BOC Supersaver interest is calculated based on average monthly balance.

Account balance refers to the Average Effective Balance, which is calculated on a monthly basis as the summation of each day-end Effective Balance for a month divided by the number of calendar days in that month.

If you withdraw on 1 Sep, you get the interest calculated on 75k.

If you withdraw example on 29 Aug, your monthly average balance used to compute interest would be 75k x 28 days divide by 31 days = $67,741

https://www.bankofchina.com/sg/pbservice/pb1/202007/t20200731_18246928.html

 

[Kayeesha]

Firstly CIMB Fastsaver increase in interest rate is wef 1 Sep.

Secondly, BOC Supersaver interest is calculated based on average monthly balance.

Account balance refers to the Average Effective Balance, which is calculated on a monthly basis as the summation of each day-end Effective Balance for a month divided by the number of calendar days in that month.

If you withdraw on 1 Sep, you get the interest calculated on 75k.

If you withdraw example on 29 Aug, your monthly average balance used to compute interest would be 75k x 28 days divide by 31 days = $67,741

https://www.bankofchina.com/sg/pbservice/pb1/202007/t20200731_18246928.html

Thanks for the explanation.

I forgot about the interest being calculated based on the average effective balance.

I was planning to use it to bid for the upcoming 6-month T-bills.

 

[vsvs24]

Thanks for the explanation.

I forgot about the interest being calculated based on the average effective balance.

I was planning to use it to bid for the upcoming 6-month T-bills.

Oh. The 6 mths tbill close for application on 31 Aug. Can apply on 30 or 31 Aug. Worth losing a bit of interest since yield is much higher.