ocbc 360 account

[edwinttt1978]

wow, i FAST transfer into OCBC360 & it took 2 days to be credited by OCBC. it was done over weekday.
only realise when I receive less interest than expected for Apr
anyone kena before ?

Most probably that was a non-FAST transfer.

 

[zoossh]

wow, i FAST transfer into OCBC360 & it took 2 days to be credited by OCBC. it was done over weekday.
only realise when I receive less interest than expected for Apr
anyone kena before ?

i know two situations that may account for that, one is over public holiday, another is if the receiving bank is doing website maintenance. could that be the case?

but given my recent fast done on 1st may due to the major transitions, and it falls on labor day, i do know that PH is not counted neither for transaction or value date for ocbc. ie "received" on 2nd may.

 

[mdax23]

wow, i FAST transfer into OCBC360 & it took 2 days to be credited by OCBC. it was done over weekday.
only realise when I receive less interest than expected for Apr
anyone kena before ?

Tio chek. Lol

 

[K|muRa^84]

max interest is $41.09 x 3, correct ?

 

[edwinttt1978]

max interest is $41.09 x 3, correct ?

Absolutely correct.

 

[teckgamer]

max interest is $41.09 x 3, correct ?

Absolutely correct.

Last $41.09 * 3 on 12 May 2015
Bidding farewell to the old OCBC 360. I will always cherish $123.27 that have always been deposited to my account
:'(

 

[qweiop]

i went for army reservist for 2 weeks, therefore my salary credited is less than 2k. Is there anyway i am still able to get the salary bonus? SAF pays me via another bank account.

 

[Trazora]

i went for army reservist for 2 weeks, therefore my salary credited is less than 2k. Is there anyway i am still able to get the salary bonus? SAF pays me via another bank account.

Any means for SAF to pay to the OCBC 360 account? If not, I don't think you can get the salary bonus interest

 

[VacheronLim]

i think MINDEF makeup pay is coded "IBG" if i'm not wrong

 

[zoossh]

i think MINDEF makeup pay is coded "IBG" if i'm not wrong

mine had giro-ibg. not given any interest.

 

[Darkzi0n]

Does anyone know how long does it takes to do the following:

- terminate my existing ocbc passbook saving account
- open an ocbc360 account
- link it to iocbc (and cdp?)
- apply debit card

Can all the above be done within a single visit? Or do i have to wait for a few working days?
Also, will i get to use back my existing bank account number?

 

[Perisher]

Does anyone know how long does it takes to do the following:

- terminate my existing ocbc passbook saving account
- open an ocbc360 account
- link it to iocbc (and cdp?)
- apply debit card

Can all the above be done within a single visit? Or do i have to wait for a few working days?
Also, will i get to use back my existing bank account number?

I don't have all the answer and think maybe OCBC can reply you here.
Here's what I do know.

I have a OCBC current account which is NTUC linked, then I have a iOCBC account which is not linked but can be accessed through OCBC's log in page and choosing iOCBC. Then I added an OCBC 360 account which is automatically added to my original NTUC linked account.

So when I log in, I can access OCBC-NTUC current account, OCBC 360 account and if I want, iOCBC. CDP is linked to whichever bank account you originally used and I think you need to change the link by CDP, not by OCBC.
As for getting back existing bank account number, I doubt so.

Those are to the best of my knowledge.

 

[anfielder]

Does anyone know how long does it takes to do the following:

- terminate my existing ocbc passbook saving account
- open an ocbc360 account
- link it to iocbc (and cdp?)
- apply debit card

Can all the above be done within a single visit? Or do i have to wait for a few working days?
Also, will i get to use back my existing bank account number?

I think you can do everything except linking to iocbc in one visit. I presume you're talking about giro linkage, which I believe requires a form to be mailed to OCBC securities.

 

[FreshFunds]

Hi all,

Scenario: 10k savings and only able to achieve the bonus interests of 0.5% for the 3 bill payments plus the 1% on incremental balance (total 1.55% including base interest)

If throughout the year, I shift the money in and out on alternate months I would get the following:

3 bills: 4.24*12 months = 50.88
Increment of 10k per alternate month for 6 months: 8.49*6 = 50.94
Base: 0.42/month for 6 alternate months: 2.52
Total: 104.34/year

EIR: 1.043%

Is this correct?
And any advice on where to put my savings for the other 6 alternate months?

Thanks in advance!

 

[moonshotballer]

Hi all,

Scenario: 10k savings and only able to achieve the bonus interests of 0.5% for the 3 bill payments plus the 1% on incremental balance (total 1.55% including base interest)

If throughout the year, I shift the money in and out on alternate months I would get the following:

3 bills: 4.24*12 months = 50.88
Increment of 10k per alternate month for 6 months: 8.49*6 = 50.94
Base: 0.42/month for 6 alternate months: 2.52
Total: 104.34/year

EIR: 1.043%

Is this correct?
And any advice on where to put my savings for the other 6 alternate months?

Thanks in advance!

uob one card

 

[eat.buttercake]

Hello,

Can someone help me understand the account better?
Paiseh, my comprehension a bit cui.

1. The 1.2% for salary credited is only for the money banked through GIRO, so other amount inside not applicable for this interest?

2. GIRO payment interest is applicable for the whole sum of money in the account or only for the increment from past month's balance?

I think I will only meet the salary and GIRO payment. If so, will my savings (~5k) be better off at other saving accounts like CIMB?

Thank you!

 

[FreshFunds]

uob one card

yup considering that. however I'm a very frugal person and it's tough to achieve the minimum $500 spending/month.

are there any other accounts which suits my saving needs?

does the CIMB starsaver 0.8% pa apply if i were to deposit 10k per alternate month throughout the year?

 

[ston12345]

Hello,

Can someone help me understand the account better?
Paiseh, my comprehension a bit cui.

1. The 1.2% for salary credited is only for the money banked through GIRO, so other amount inside not applicable for this interest?

2. GIRO payment interest is applicable for the whole sum of money in the account or only for the increment from past month's balance?

I think I will only meet the salary and GIRO payment. If so, will my savings (~5k) be better off at other saving accounts like CIMB?

Thank you!

Think you got it pretty mixed up!

the first 4 tiers: salary crediting 1.2%, spending .5%, giro .5% and investments 1% applies to the entire balance in the account up to a max of 60k. So fulfilling any one of those conditions allows you to increase the interest rate for your entire balance.

as for the incremental balance part of 1%, you're looking at the average monthly balances between two months. so if your monthly average balance is higher than previous month, you earn an additional 1% on the EXCESS compared to the previous months. (ie 25k in May and 30k in June, you'll earn 1% pa on the 5k)

 

[zoossh]

Hello,

Can someone help me understand the account better?
Paiseh, my comprehension a bit cui.

1. The 1.2% for salary credited is only for the money banked through GIRO, so other amount inside not applicable for this interest?

2. GIRO payment interest is applicable for the whole sum of money in the account or only for the increment from past month's balance?

I think I will only meet the salary and GIRO payment. If so, will my savings (~5k) be better off at other saving accounts like CIMB?

Thank you!

I assume that you had already read the TNC but did not understand certain points. In that case, here's the help.

1. 1.2% pa (per annum, if per day divide 1.2 by 365) applies for the 1st 60k, and so it will cover all of your 5k. You need a salary of at least 2k every month via giro-salary by your company. It will give you interest for the 5k x 30-31 days, and 2k x no of days since giro date till end of month.

2. 0.5% pa will also apply for the 5k. The increment thing is another 1% which is a separate idea.

At cimb, you get 0.80%, whereas if you hold only one account in ocbc, you get 1.75% (1.2 sal + 0.5 giro + 0.05 base). I think ocbc is more suitable.

If you dun mind a slightly more complicated sum, can have 6 giro, and can have a joint/second account with someone you can trust under his/her name, you can push the 1.75 to 2.15%. You need to FAST transfer all the money out of the account to another account every first of the month, so that all deposits are always incremental compared to earlier months.

account A: 0.5 giro + 0.05 base + 1.0 increment + 1.2 sal
account B: 0.5 giro + 0.05 base + 1.0 increment

For every 2 months,
you lose 1.2 for lack of salary to acc B
but gain 2x1.0 for increment.

Ideas for giro
income tax
property tax
town council
insurance
pub
telco
cc bills

 

[zoossh]

yup considering that. however I'm a very frugal person and it's tough to achieve the minimum $500 spending/month.

are there any other accounts which suits my saving needs?

In that case, then use maybank isavings. they offer better rates than cimb and rolls for 3 months. you need to alternate between two accounts.

if 500/mth too hard, can you hit 300/mth? if can, consider uob one card (not one account). if u can preplan your spending and know you can hit 500 that month, shift your savings to uob one account on the 1st of that month.

does the CIMB starsaver 0.8% pa apply if i were to deposit 10k per alternate month throughout the year?

yes. when you deposit 10k, that will cover a very long period.