ocbc 360 account

[mdax23]

If i make 2 credit card payment belonging to the same bank ie. Same statement but diff card number is consider 1 or 2 online transactions

 

[FlameEvil]

I believe its counted as 2

Sent from the power of my mind using GAGT

 

[RM2SSG]

On second thoughts, opening a UOB one account and transferring money from OCBC 360 over seems a better idea since I will only get 1.05% and 1% on incremental balance, might as well do my credit card spend in UOB one and get 3.33%. Can transfer my GIRO payments over since can pay internet bills on OCBC 360....

The 3.33% number is misleading. If you read the footnote on their website, the detail is:

^ Maximum effective interest rate (EIR) on the One Account is 1.60% p.a. at S$50,000 deposit, provided customers meet the criteria of S$500 Card Spend.

Maximum effective interest rate (EIR) on the One Account is 2.43% p.a. at S$50,000 deposit, provided customers meet both criterias of S$500 Card Spend and S$2,000 Salary credit / 3 GIRO debits per month.

http://www.uob.com.sg/personal/deposits/chequeing/one_account.html?s_cid=oneaccount_hp_bann

 

[johnlzr]

OCBC 360 vs UOB ONE Account

How to earn bonus interest on the OCBC 360 Account

Summary of Changes on OCBC 360 Account

UOB ONE Account:

To help you better understand the changes to the account terms, I have provided a summary table as well as embedded an analysis tool which you can use to determine how much interests you will receive on the OCBC 360 account, pre and post 1st May 2015. You can also use the analysis tool to compare between the returns on the OCBC 360 Account vs the UOB One Account.

Tool available at the following link:

Source: LINK

 

[Gixxerfied]

I ask OCBC riao,

It's based on average monthly balance vs the previous month..

Hopefully the below will help clarify any questions you may have regarding the new bonus interest category.

- Increase your current month average daily balance from previous month
- Incremental balance is the difference between the current month average daily balance and previous month
- The Save bonus interest is paid on the incremental balance (up to $1,000,000.)

Hope this helps

 

[nasfieldjohn]

The 3.33% number is misleading. If you read the footnote on their website, the detail is:

^ Maximum effective interest rate (EIR) on the One Account is 1.60% p.a. at S$50,000 deposit, provided customers meet the criteria of S$500 Card Spend.

Maximum effective interest rate (EIR) on the One Account is 2.43% p.a. at S$50,000 deposit, provided customers meet both criterias of S$500 Card Spend and S$2,000 Salary credit / 3 GIRO debits per month.

http://www.uob.com.sg/personal/deposits/chequeing/one_account.html?s_cid=oneaccount_hp_bann

so its 2.4% cap at 50k for 2 conditions?

 

[DhZ85]

Actually if you have the bonus plus account above 40k, that counts to the structured deposit For the additional 1 percent right?

 

[xRenol]

How to earn bonus interest on the OCBC 360 Account

Summary of Changes on OCBC 360 Account

UOB ONE Account:

To help you better understand the changes to the account terms, I have provided a summary table as well as embedded an analysis tool which you can use to determine how much interests you will receive on the OCBC 360 account, pre and post 1st May 2015. You can also use the analysis tool to compare between the returns on the OCBC 360 Account vs the UOB One Account.

Tool available at the following link:

Source: LINK

I thought the Salary Bonus Interest for OCBC 360 Account is increased to 1.2% instead of no change?

 

[limster]

I thought the Salary Bonus Interest for OCBC 360 Account is increased to 1.2% instead of no change?

To be fair to the blogger he probably wrote the article before the changes were announced.

 

[johnlzr]

I thought the Salary Bonus Interest for OCBC 360 Account is increased to 1.2% instead of no change?

Yes you are right. Increase to 1.2%

 

[moonshotballer]

Hi guys, I think there's alot of confusion about the new OCBC 360 and how UOB is "better" than OCBC.

Okay, I know most of you won't take up the investment products with OCBC. So let's just assume we all get only 2.25% p.a., fair?

For UOB, let's assume you fulfill all conditions okay?

Please see the below scenario:

Scenario 1: You have $50,000

Under OCBC, you earn $1,125 interest a year (assumption: 2.25% interest)
Under UOB, you earn $150+$400+$666 = $1,216 (assumption: 2.43% effective interest)

In the above case, clearly UOB wins.

Scenario 2: You have $54,100

Under OCBC, you earn $1,217.25. ($54,100 * 2.25%)
Under UOB, you earn $1,215 ($50,000 * 2.43%) + $2.05 ($4,100 * 0.05%)

This scenario is the breakeven where both savings account is on par.

Scenario 3: You have $60,000

Under OCBC, you earn $1,350 ($60,000 * 2.25%)
Under UOB, you earn $1,220 ($50,000*2.43% + $10,000*0.05%)

This means OCBC is the better choice.

Hope this helps. Let me know if you have further queries.

 

[pdpdpdp]

Any comment on the following ?

if you have 50k.
Jan put in OCBC
Feb put in UOB
Mar put in OCBC to earn that extra 1% on increment.
Continue all the way alternating between month.

 

[Jazzbie]

Any comment on the following ?

if you have 50k.
Jan put in OCBC
Feb put in UOB
Mar put in OCBC to earn that extra 1% on increment.
Continue all the way alternating between month.

Looks viable. Just have to FAST from UOB to OCBC over 5 days if want to do everything online.

 

[Acetone]

I thought the Salary Bonus Interest for OCBC 360 Account is increased to 1.2% instead of no change?

Yup, increased to 1.2% on the OCBC360 come 1st May.

 

[Acetone]

To be fair to the blogger he probably wrote the article before the changes were announced.

Probably a mistake, as he wrote the article after the changes (see the savings/wealth components).

 

[winedz]

Just share my new logic, valid for people 50k++ savings and around 500 CC monthly spending (bigger spenders might have better lobangs )

May
Put first 50k in UOB One account - 2.43%
Put next 60k in OCBC 360 - 1.75%
The rest in eSaver (my March balance is $1 ) - 1.25% to 1.4%

June onwards:
Put first 50k in UOB One account - 2.43%
Put next 60k in OCBC 360 - 1.75%
The rest in StarSaver - 0.8 or 0.9%

How to achieve 2.43% in UOB and 1.75% in OCBC 360:
1. Spend $500 in UOB one credit card
2. Setup 3 Giro with UOB
3. Credit Salary with OCBC 360
4. Pay 3 online bills with OCBC 360

Some other considerations:
- Maybank iSAVvy Savings Plus Account
It's good if we can combo this with the new 360 top up bonus, but to be eligible for iSaVvy bonus interest, daily balance need to increase in consecutive 6 months. So, I think cannot use this

- eSaver after 31 May
SCB always come up with promo bonus interest rate on incremental daily balance, let's wait and see the next promo.

If anyone got better combination, do share with me

 

[moonshotballer]

Any comment on the following ?

if you have 50k.
Jan put in OCBC
Feb put in UOB
Mar put in OCBC to earn that extra 1% on increment.
Continue all the way alternating between month.

i think prima facie, it's plausible

maybe can ask the OCBC staff it that works?

 

[hyperbole]

Transferred out all my money today. Will probably still use this account on alternate months since there's an incremental bonus.

 

[moonshotballer]

Transferred out all my money today. Will probably still use this account on alternate months since there's an incremental bonus.

i think that is actually ok. but the problem i have with the UOB is that the 3 giro payment.

currently, im giro-ing my parent's handphone bills and electricity bills to OCBC to meet the $600 target a month.

if i giro my bills to UOB, then its quite hard for me to meet the $600 spending a month.

 

[hyperbole]

Why is there a 600 target on giro bills?