BOC SmartSaver

[sgdividends]

Yes. They are very slow. Even without the smart saver last time I applied took 3 weeks+. I even called them asking if they receive my application.

I am very very impressed by BOC customer service as they called me back today and asked if it was urgent and i said yes and they will send the card within 5working days......very impressed.

 

[Trazora]

I am very very impressed by BOC customer service as they called me back today and asked if it was urgent and i said yes and they will send the card within 5working days......very impressed.

Good for you, they probably speed up the card processing, cos they know people need it for the Smartsaver. Last time, need to wait really long.

 

[Allen_C_Sharp]

Just went to BOC to change my token and was told my Dual Currency Account (which is enjoying the rate 1.8% for SGD and 3.5% for RMB) is the same for this Smart Save account.

Wow, so good, just pump another $60K (as i have $100k locked 6mth under promotion rate and blur blur to spend $500 with its 6% rebate Shop! card and to pay three bills, already enjoy 2.15%?

Too good! Even din bother to ask my HR to change my salary giro a/c to BOC for a 3.15%!

Unbelieveable! Thank you, BOC!!!

Is this just bcos Xi DaDa in town?

I guess ur 60k alrdy enjoy 2.55% without the sal giro.

 

[Allen_C_Sharp]

Guys can someone enlighten me on this? I worked out the math and to me OCBC 360 seems to be still slightly better than BOC

So let say base saving is 10k and monthly additional saving is 1k.
Fulfill all requirement except for the spending of cc card.
hence BOC interest rate is 1.875%
and OCBC will be up to 2.75% (1.2% salary, 0.5% pay bills, 1% incremental saving, 0.05% base int)

BOC
10k * 1.85% * (31/365) = $15.71 interest return
11k * 1.85% * (30/365) = $16.72 interest return

Total interest return = $32.43

OCBC 360
(10k * (1.2% + 0.5% + 0.05%) * (31/365)) + (1k * 1% * (31/365)) = $15.71
(11k * (1.2% + 0.5% + 0.05%) * (30/365)) + (1k * 1% * (30/365)) = $16.64

Total interest return = $32.35

Conclusion, OCBC 360 is still slightly better than BOC ? Is my calculation wrong ?

No right or wrong, but I guess most ppl here will fulfill the cc spend n bill payment criteria for boc, and most ppl alrdy fulfill the sal giro n bill payment for 360 which is not hard also, some will jump ship to boc while some may still use both.

 

[jackieatbtu]

Just a quick question for those that already have the IB. What are the bills that I could pay by GIRO for this smartsaver? Could I pay other bank credit cards with BOC?

I do not need to pay my household bills and paying three credit cards is the way I used for OCBC 360.

 

[zumaba]

I guess ur 60k alrdy enjoy 2.55% without the sal giro.

OG! I forgot the base rate of 0.4%. thanks!!!

 

[more3cm]

What are the bills that I could pay by GIRO for this smartsaver? Could I pay other bank credit cards with BOC?

Just pay a few dollars to your CC?

 

[jackieatbtu]

Just pay a few dollars to your CC?

Yes, I usually prepay one dollar to my Citibank credit cards (Visa, Master) and DBS woman.

So can I make GIRO payment to other bank credit cards? Anybody tried already?

 

[jackieatbtu]

Since I only have one salary, could we say that this combination would give the most interest?

When having 60K in each smartsaver and 360, and salary credited to OCBC, total interest would be 4.8% (smartsaver gives 2.55% and ocbc gives 2.25%) Am I correct?

 

[zumaba]

Since I only have one salary, could we say that this combination would give the most interest?

When having 60K in each smartsaver and 360, and salary credited to OCBC, total interest would be 4.8% (smartsaver gives 2.55% and ocbc gives 2.25%) Am I correct?

two banks, how to get a "total"?

2.55% and 2.25% for each.

 

[Trazora]

Since I only have one salary, could we say that this combination would give the most interest?

When having 60K in each smartsaver and 360, and salary credited to OCBC, total interest would be 4.8% (smartsaver gives 2.55% and ocbc gives 2.25%) Am I correct?

Need to meet credit card spending for credit card bonus interest for both account though

 

[pcmdan]

Yes, I usually prepay one dollar to my Citibank credit cards (Visa, Master) and DBS woman.

So can I make GIRO payment to other bank credit cards? Anybody tried already?

i just pay manually via IB function to my 3 credit cards includ. BOC

 

[pcmdan]

My company HR just said "Unfortunately, our bank and system do not support salary payment to BOC."
Oh no... Why like that? BOC is not a recognize bank? Or sub par...

hahaha maybe like mine? Bank account too long or they have exclusive rights with certain banks

 

[pcmdan]

Since I only have one salary, could we say that this combination would give the most interest?

When having 60K in each smartsaver and 360, and salary credited to OCBC, total interest would be 4.8% (smartsaver gives 2.55% and ocbc gives 2.25%) Am I correct?

eh...
like someone correctly pointed out.. u cant add 2 different % tgt.

u got $10k in bank A (10%)
and $10k in bank b (5%)

one earn $1k interest
one earn $500 interest

total interest earn $1.5k

1.5k/20k how to get 15%? haha

 

[Trazora]

eh...
like someone correctly pointed out.. u cant add 2 different % tgt.

u got $10k in bank A (10%)
and $10k in bank b (5%)

one earn $1k interest
one earn $500 interest

total interest earn $1.5k

1.5k/20k how to get 15%? haha

Lol 1.5k/10k = 15%. Yea agreed the interest in $ can be added but not so right to add %

 

[cReDdY]

i just pay manually via IB function to my 3 credit cards includ. BOC

Can do the Ocbc way? Just pay a few dollars to cc..

Giro abit mafan

 

[pcmdan]

Can do the Ocbc way? Just pay a few dollars to cc..

Giro abit mafan

ya i paid $10 to all...not sure it works or nt...wait till interest day to find out haha

 

[pcmdan]

Lol 1.5k/10k = 15%. Yea agreed the interest in $ can be added but not so right to add %

but but but but..u need to deposit 10k in bank A and 10k in bank B concurrently to earn the interests on both side wor..

otherwise with 10k how to deposit both bank A and bank B at the same time?

haha

 

[Allen_C_Sharp]

Since I only have one salary, could we say that this combination would give the most interest?

When having 60K in each smartsaver and 360, and salary credited to OCBC, total interest would be 4.8% (smartsaver gives 2.55% and ocbc gives 2.25%) Am I correct?

If u have one account, that will be boc 2.55%, Ocbc 3.25+one 2.43 / 2 = about 2.84% but only first 50k for UOB.
If u have another 360, will be boc 2.55%, Ocbc 3.25+2.05(assume no giro)/ 2 = 2.65%.

 

[zumaba]

any one knows if can use FAST to transfer money local banks lile DBS etc?

If yes, how to do? It seems I can't find the option to transfer to local banks.