BOC SmartSaver

[chiokcc]

Lazy to change my salary account. And My house nearby supermarket only got ShengSiong, so I Use BOC ShengSiong card spending each month easily 1K+ in ShengSiong for 6% Sheng Siong rebate. UOB one card max got 3.33% rebate plus a lot of restrictions

The convenience to ownself is an important consideration on which combi of card + bank account (with bonus interest) to use .... should not just chase after the best deal ....

 

[ekardo]

Too bad BOC reacted too late.

 

[Squaredot]

Yesterday I forgot to transfer out $2800 from SuperSaver
Just done it, now left min $200 inside.

 

[Moowoow]

Too bad BOC reacted too late.

Me too already in process of bulk transfer

 

[Moowoow]

And BOC card monthly rebate and so far they waived annual fee.

UOB One card quarterly rebate and difficult to get them to waive. Waste one quarter rebate if they don't.

I got the uob debit no such worry about annual fee charge, just use it 12 times a year can

 

[ekardo]

in fact I am going to cancel the BOC family credit card already...have to clock into OCBC 360 now.

 

[vsvs24]

I got the uob debit no such worry about annual fee charge, just use it 12 times a year can

You never read news about unauthorized transactions charge to debit cards ?

Credit card still can raise a dispute with the bank. Debit card difficult because it is deducted from bank account already.

 

[chopra]

revisit after rhb's Feb promotion...
but my salary already moved to OCBC...

same. put $200 first


Read HWZ Forum Rules!

 

[revhappy]

We have to evaluate which bank will cut their promo at the 1st sign of interest rates going down.

If BOC hiked last but will also cut last, it is something to consider.

 

[revhappy]

If have only salary credit assume 8k and bill payments, but don't want minimum credit card spend then I think only 2 banks DBS multiplier and BOC

 

[greatgreenman]

Waited so long for them to update only for them to give all these annoying requirements. Time to close this bank account and be done with it for good

 

[greatgreenman]

We have to evaluate which bank will cut their promo at the 1st sign of interest rates going down.

If BOC hiked last but will also cut last, it is something to consider.

Can anyone truly know this? OCBC and DBS revised their rates twice in only the span of a few months. This is something that’s very hard to predict

 

[jeremysv]

With effect 1st Jan 2023, here are the adjusted BOC rates for SmartSaver:

Monthly Spend	Bonus Interest Rate (p.a.)
S$500 to S$1,500 (exclusive)	0.50%​
S$1,500 and above	0.80%​
Amount of Salary	Bonus Interest Rate (p.a.)
S$2,000 to S$6,000 (exclusive)	1.90%​
S$6,000 and above	2.50%​

Enjoy 0.90% p.a. Payment bonus interest when you successfully complete 3 bill payments of at least S$30 each via GIRO or Internet Banking/ Mobile Banking Bill Payment function.

Min % for hitting the above 3 categories = 0.5% + 1.9% + 0.9% = 3.3%

Updated Rates link for SmartSaver:
https://www.bankofchina.com/sg/pbservice/pb1/202212/t20221230_22348761.html

 

[revhappy]

Can anyone truly know this? OCBC and DBS revised their rates twice in only the span of a few months. This is something that’s very hard to predict

Yes, indeed. But it is a pain to keep changing our salary credit account. So we kind of need to make an educated guess, which bank changes rates more quickly vs which bank is very slow to change rates.

 

[vsvs24]

Waited so long for them to update only for them to give all these annoying requirements. Time to close this bank account and be done with it for good

Why complain ? It is the same requirements as before, but at higher interest rates.

 

[ice_angel]

With effect 1st Jan 2023, here are the adjusted BOC rates for SmartSaver:

Monthly Spend	Bonus Interest Rate (p.a.)
S$500 to S$1,500 (exclusive)	0.50%​
S$1,500 and above	0.80%​
Amount of Salary	Bonus Interest Rate (p.a.)
S$2,000 to S$6,000 (exclusive)	1.90%​
S$6,000 and above	2.50%​

Enjoy 0.90% p.a. Payment bonus interest when you successfully complete 3 bill payments of at least S$30 each via GIRO or Internet Banking/ Mobile Banking Bill Payment function.

Min % for hitting the above 3 categories = 0.5% + 1.9% + 0.9% = 3.3%

Updated Rates link for SmartSaver:
https://www.bankofchina.com/sg/pbservice/pb1/202212/t20221230_22348761.html

You forgot to add the prevailing interest rate.

Sweet spot is 100K. So let's say deposit 100K, and fulfilling all requirement except insurance, one can get 4.6% interest. Not bad. I will choose this over OCBC 360.

 

[direbmem]

You forgot to add the prevailing interest rate.

Sweet spot is 100K. So let's say deposit 100K, and fulfilling all requirement except insurance, one can get 4.6% interest. Not bad. I will choose this over OCBC 360.

You can hit $1500 spending on your credit card every month?

 

[pcmdan]

Finally boc is back after so long...will be transferring funds to BOC

 

[pcmdan]

You forgot to add the prevailing interest rate.

Sweet spot is 100K. So let's say deposit 100K, and fulfilling all requirement except insurance, one can get 4.6% interest. Not bad. I will choose this over OCBC 360.

Yup agree 4.6% is the best number

 

[pcmdan]

Yes, indeed. But it is a pain to keep changing our salary credit account. So we kind of need to make an educated guess, which bank changes rates more quickly vs which bank is very slow to change rates.

Boc very slow haha...their 3.55% was the last to moot. And their 4.6% was the last to come haha