BOC SmartSaver

[ccjb1985]

I noticed that the TOC changed. Current one is effective 01 Aug 2024, cannot find the previous one also. Anyone know what has changed?

 

[chiokcc]

https://www.bank-of-china.com/sg/bocinfo/bi1/202407/t20240722_25117195.html

Dear Valued Customer,

In line with our ongoing commitment to serve you better, we will be revising the bonus interest qualifying base, from Average Effective Base to Average Account Balance with effect from 1 Augest 2024.

You may refer to the updated "Terms and Conditions Governing the BOC SmartSaver", "Terms and Conditions Governing the BOC SuperSaver Campaign" and "Terms and Conditions Governing USD Deposits with BOC SmartSaver" for more information.

If you have any queries, please contact our 24-Hour Customer Service Hotline at 1800 66 95566 (local) or +65 677 95566 (overseas).

Bank of China Limited Singapore Branch
22 July 2024

 

[chiokcc]

BOC SmartSaver (Effective 1 August 2024)​

https://www.bankofchina.com/sg/pbservice/pb1/202212/t20221230_22348761.html

 

[chiokcc]

Previous T&Cs

https://www.bankofchina.com/sg/bocinfo/bi1/202212/t20221229_22333455.html

Dear Valued Customer,

With effect from 1 January 2023, we will be revising the interest rates for BOC SmartSaver. With the new changes, you can earn up to 7.00% p.a. on the first S$100,000 of your BOC Multi-Currency Savings (MCS) account balance through prevailing interest and bonus interests for wealth, card spend, salary crediting and payment. For account balance above S$100,000 to S$1,000,000, you can enjoy the extra savings bonus in addition to prevailing interest to earn up to 1.00% p.a. Please refer to the following for the details:

Bonus Interest Categories	Criteria	Existing Bonus Interest Rate (p.a.)	New Bonus Interest Rate (p.a.)
i. Wealth Bonus Interest	Purchase eligible BOC wealth products to earn this bonus interest for 12 consecutive months*	1.50%	2.40%
ii. Card Spend Bonus Interest	Spend at least S$1,500 posted in a month by using BOC Cards	0.50%	0.80%
Spend at least S$500 posted in a month by using BOC Cards	0.30%	0.50%
iii. Salary Crediting Bonus Interest	Monthly salary crediting of S$6,000 and above	0.50%	2.50%
Monthly salary crediting of S$2,000 to S$6,000 (exclusive)	0.30%	1.90%
iv.Payment Bonus Interest	Perform at least 3 bill payments of at least S$30 each via GIRO or BOC Internet Banking/BOC Mobile Banking Bill Payment function	0.30%	0.90%
v.Extra Savings Bonus Interest	Fulfil at least one of the requirements for either Card Spend, Salary Crediting or Payment bonus interest	0.40%	0.60%

Terms and conditions apply. For the BOC SmartSaver product details and full terms and conditions, please refer to our BOC SmartSaver webpage: BOC Website -> Personal Banking -> Deposits

 

[yslvlys]

I don't see any changes/difference?

 

[chiokcc]

Think the only change is here, the type of product that qualifies :

Bonus Interests

1. Wealth Bonus Interest

You can purchase the following eligible Products to meet the minimum amount to enjoy the wealth bonus interest at 2.40% p.a. for 12 consecutive months. For more information on products, you may talk to our Relationship Managers, who will be able to assist you to complete FNA (Financial Needs Analysis) to ensure that the product you have bought is catered to your financial needs. The details of the eligible wealth products and minimum purchase amount are as follows:

​

Insurance Product Type	Minimum Purchase amount
All Single Premium Insurance Plans (except Singlife Secure Saver, China Taiping i-Save)	S$150,000 equivalent Single Premium
All Regular Premium Insurance Plans with 5-year premium term (annual premium payment mode only)	S$24,000 equivalent annual premiums
All Regular Premium insurance Plans with 10-year premium term (annual premium payment mode only)	S$12,000 equivalent annual premiums

• Wealth bonus is applicable to the first S$100,000 of your MCS account balance only.

 

[yiron]

What's the definition of "Average Account Balance" for BOC? The T&C hasn't been updated, and is still showing definition for "Average Effective Base", which is the sum of daily closing balance / number of calendar days in the month.

 

[iadpotato]

wah i chua sai for a moment thought gg liao... heng no big change, still 4.6% pa for 100k.

 

[Cumzilla]

wah i chua sai for a moment thought gg liao... heng no big change, still 4.6% pa for 100k.

same, I thought no more B.I. for salary credit below 6k and credit card spend of at least $500 from the table above.

 

[pearl_ml]

Can I register BOC SmartSaver account just to place fixed deposit online via the website or mobile app? (Is this the best account for that?)

Do I really need to maintain ADB of SGD 200 to avoid the fall below fee?

 

[bargin]

Name of Product

BOC SmartSaver

Introduction

BOC SmartSaver is a savings plan for BOC Singapore (the "bank") Multi-Currency Savings (MCS) account holders to earn bonus interest. If you are 18 years old and above, you can open an MCS account to participate in this savings plan with deposit of at least S$200.

 

[sarahluved]

Bonus is in!!

 

[1982-1994]

Late payment fee can request for waiver?
Any idea what's the interest in the period thing? Got this almost every month

 

[royalmix]

Late payment fee can request for waiver?

Just try your luck, request.

If you say every mth got this $3 thing, then you are always owing them money? So pay in full next time! So waiver might be tough, but try with good reasons and commit to pay in full!

Any idea what's the interest in the period thing? Got this almost every month

Applied rate - 2.41% per month
Effective interest rate - 28.88% per annum
Minimum charge - ^¥/S$3.00
If payment is not made in full by the Due Date, interest will be calculated on a daily basis on the outstanding balance from the previous Statement Date and on all new transactions from the date they are posted to Card Account. No interest will be levied if payment is received in full by the Due Date and there is no balance carried forward from the previous statement.

 

[1982-1994]

Just try your luck, request.

If you say every mth got this $3 thing, then you are always owing them money? So pay in full next time! So waiver might be tough, but try with good reasons and commit to pay in full!

Applied rate - 2.41% per month
Effective interest rate - 28.88% per annum
Minimum charge - ^¥/S$3.00
If payment is not made in full by the Due Date, interest will be calculated on a daily basis on the outstanding balance from the previous Statement Date and on all new transactions from the date they are posted to Card Account. No interest will be levied if payment is received in full by the Due Date and there is no balance carried forward from the previous statement.

Don't get it ,I always pay in full upon receiving the statement, weird leh

 

[royalmix]

Don't get it ,I always pay in full upon receiving the statement, weird leh

Then call them, ask what and why this $3 thing, dispute on the statement. Only you can help yourself!

 

[iadpotato]

Don't get it ,I always pay in full upon receiving the statement, weird leh

you so chin chye ah.. if is me, i call wack them gao gao liao.

Many years ago i ask for breakdown of cash rebate, i waited 6 months and constant chasing also no give me. end up wrote in to MAS, and within a week they have me the breakdown i wanted. the Head of credit card or what also wrote me a hard copy apology letter.

 

[1982-1994]

you so chin chye ah.. if is me, i call wack them gao gao liao.

Many years ago i ask for breakdown of cash rebate, i waited 6 months and constant chasing also no give me. end up wrote in to MAS, and within a week they have me the breakdown i wanted. the Head of credit card or what also wrote me a hard copy apology letter.

I have just filed a waiver request and they would update me within 2 weeks

If they approved the waiver , I would spend the $100 and cancel the card

No point vexxing myself over such problem

 

[iadpotato]

I have just filed a waiver request and they would update me within 2 weeks

If they approved the waiver , I would spend the $100 and cancel the card

No point vexxing myself over such problem

BOC cards and accounts are bad but in a good way.. hahaha.. easy hoops to jump thru..

 

[Mickey01]

Late payment fee can request for waiver?
Any idea what's the interest in the period thing? Got this almost every month

just curious ..... $46.40 is carried forward from the previous month's bill. Besides the $3.15 cash rebate (credit transaction) , I dont see any other credit transaction (your payment of $46.40). Did you forget to make Bill Payment or your bill payment did not reach BOC by the Due Date?