ocbc 360 account

[sharinganez]

if i arrange installment payment for my furniture, does it contribute to min $500 spending bonus?

 

[Squaredot]

Yes it does. I have done before.

 

[jovialger]

Actually there are accounts out there paying 1% interest for savings without having to pay 3 bills and without the need to spend $500 minimum.

 

[magnesium1]

Actually there are accounts out there paying 1% interest for savings without having to pay 3 bills and without the need to spend $500 minimum.

CIMB Fastsaver 1% without requirements.

Sent from the research lab without using GAGT

 

[devion]

I mistakenly closed my account about a week ago...& I realized that I got a lump sum coming & need to re-open the closed acct. Is there any rule or penalty if I would want to re-open the acct?
In this case, if re-open, would be considered a brand new acct or existing one?
See if able to get answers here else to go to a branch to ask.

 

[Squaredot]

I mistakenly closed my account about a week ago...& I realized that I got a lump sum coming & need to re-open the closed acct. Is there any rule or penalty if I would want to re-open the acct?
In this case, if re-open, would be considered a brand new acct or existing one?
See if able to get answers here else to go to a branch to ask.

do u mean re-open closed account for same account number for incoming funds?
Haven't heard of re-opening. Better check with the branch quickly.

 

[OCBC Bank]

I mistakenly closed my account about a week ago...& I realized that I got a lump sum coming & need to re-open the closed acct. Is there any rule or penalty if I would want to re-open the acct?
In this case, if re-open, would be considered a brand new acct or existing one?
See if able to get answers here else to go to a branch to ask.

Hi devion,

We are sorry to hear of this situation.

We are unable to re-open a closed account, and you would need to open up a new account. There are also typically no charges for opening up a new account. Do note that the early closure fee of $30 will be charged for accounts closed within 6 months of opening.

^WX

 

[hyperbole]

Hi devion,

We are sorry to hear of this situation.

We are unable to re-open a closed account, and you would need to open up a new account. There are also typically no charges for opening up a new account. Do note that the early closure fee of $30 will be charged for accounts closed within 6 months of opening.

^WX

Why would he want to set up a new account? That makes no sense at all. He wants his old account back so he can receive his lump sum

 

[devion]

Actually I asked over OCBC counter & the person stated I cannot open new account if it is 360. I need to wait 6 mth minimum to open new 360 acct. Is this correct?

 

[OCBC Bank]

Actually I asked over OCBC counter & the person stated I cannot open new account if it is 360. I need to wait 6 mth minimum to open new 360 acct. Is this correct?

Hi devion,

We are sorry if there was any mis-information.

If you would like further clarifications, could you PM us your contact number and branch you visited for us to arrange for a callback?

^WX

 

[jackieatbtu]

I just realised something and made a quick calculation. Need to make sure I am not calculating wrongly.

I have been keeping 3k min in this account and transferring an extra 57k every alternate month to get the 1% save interest. However, I just realised that the average interest for one month is actually only about 0.76%.

Eg: First month only 3k earning 0.05% base and 0.5% payment interest = $1.375.
Second month put in extra 57K: earn 0.05% base and 0.5% payment interest on the first 60K, and 1% save interest on the incremental 57k = $75.
The average for 2 months is $38.18 per month, which translate to 0.76% yield.

Thus, I should just keep the whole 57k in CIMB every month and earn 1% on first 50K and 0.8% on the 7k? No need to continue this musical chair every month?

 

[oceanicmanta]

The average for 2 months is $38.18 per month, which translate to 0.76% yield.

Thus, I should just keep the whole 57k in CIMB every month and earn 1% on first 50K and 0.8% on the 7k? No need to continue this musical chair every month?

Cannot average the denominator to derive the 0.76% yield over 2 mths.

your first month's principal is just 3k ... the other 57k is somewhere else earning something which u did not include

 

[magnesium1]

Cannot average the denominator to derive the 0.76% yield over 2 mths.

your first month's principal is just 3k ... the other 57k is somewhere else earning something which u did not include

Yup, agree, he/she should include the first mth interest payout from 57k into average.

Sent from the research lab without using GAGT

 

[eDisFieD]

Just a quick curious question...

Did anyone actually purchase a min. 8k insurance product just for that 1% (about $50+ of interest per month)?

 

[AMD_FREAK]

Is there any penalty for closing the 360 account?

 

[Trazora]

Is there any penalty for closing the 360 account?

Early closure fee of $30 if account open for less than 6 months.

 

[luvalist]

Just a quick curious question...

Did anyone actually purchase a min. 8k insurance product just for that 1% (about $50+ of interest per month)?

I am as curious!

 

[expert128sg]

Just a quick curious question...

Did anyone actually purchase a min. 8k insurance product just for that 1% (about $50+ of interest per month)?

i did not haha

$50 majiam must use 140 months to break even lol

 

[SBC]

I did explore last year.

The available options for insurance & investment are limited. Extra gain is too small.

Did not take up in the end.

 

[ysyj48]

Just a quick curious question...

Did anyone actually purchase a min. 8k insurance product just for that 1% (about $50+ of interest per month)?

did not also. the salesgirl tried very hard to sell but i tend to avoid mixing savings and insurance