ocbc 360 account

[moonshotballer]

Same cap as ocbc

 

[seveneleven]

hello everyone. please close your ocbc account and open a savings account with Bank of China under their Smartsaver program.

They offer a total of 3.55% interest rate. Way beyond what OCBC can offer.

And the conditions are the same, i.e. salary crediting, 3 bills payment and $500 spending on credit card.

The credit card to get is the Family Rebate Card

say if BOC collapse , singapore MAS will pay back our bank saving up to $50,000 right? Meaning our 1st $50,000 are insured ?

 

[moonshotballer]

say if BOC collapse , singapore MAS will pay back our bank saving up to $50,000 right? Meaning our 1st $50,000 are insured ?

correct. but that is unlikely. bank of china is big 4 in China. this is not a small bank

 

[seveneleven]

hello everyone. please close your ocbc account and open a savings account with Bank of China under their Smartsaver program.

They offer a total of 3.55% interest rate. Way beyond what OCBC can offer.

And the conditions are the same, i.e. salary crediting, 3 bills payment and $500 spending on credit card.

The credit card to get is the Family Rebate Card

no doubt BOC is higher, but the allocation for the bonus interest is different.

Its only worth if you can fulfill all requirement, e.g. min $500 spend monthly, for BOC is 1.55%, OCBC is 0.5% , thus those who have problem making min spending of $500 every moth will be better off going for the OCBC 360 instead.

 

[Trazora]

no doubt BOC is higher, but the allocation for the bonus interest is different.

Its only worth if you can fulfill all requirement, e.g. min $500 spend monthly, for BOC is 1.55%, OCBC is 0.5% , thus those who have problem making min spending of $500 every moth will be better off going for the OCBC 360 instead.

comparing both without card spend bonus. BOC is up to 2%, OCBC is 1.75%, BOC still wins. And to meet BOC card spend is much much easier, debit card included. OCBC cards pales in comparison.

 

[seveneleven]

comparing both without card spend bonus. BOC is up to 2%, OCBC is 1.75%, BOC still wins. And to meet BOC card spend is much much easier, debit card included. OCBC cards pales in comparison.

Card spend interest ($500) : 1.55%-BOC 0.50%-OCBC
Salary credit bonus: 1%-BOC 1.20%-OCBC
Payment bonus: 0.60%-BOC 0.50%-OCBC
Incremental account balance nil-BOC 1%-OCBC
Prevailing saving interest 0.25 - 0.40%-BOC 0.05%-OCBC



So if i exclude the credit card spending (as i seldom exceed $500) , with OCBC , i can get 1.7% + 1% of incremental bal + 0.05% base interest.

So is OCBC better for those who can't fulfill the min $500 spending? And the $500 spending must be the appointed store by the bank right?

 

[spiritGate]

For me i too lazy to switch liao... Maybe 2 years later if boc still got this lobang then i join. Hahaha

Sent from sent from gagt using GAGT

 

[spiritGate]

noted, then your roadshow is for credit card i assume? Whats the free gift?

Yea i also want to know whats the free gift for signing up

Sent from sent from gagt using GAGT

 

[Trazora]

Card spend interest ($500) : 1.55%-BOC 0.50%-OCBC
Salary credit bonus: 1%-BOC 1.20%-OCBC
Payment bonus: 0.60%-BOC 0.50%-OCBC
Incremental account balance nil-BOC 1%-OCBC
Prevailing saving interest 0.25 - 0.40%-BOC 0.05%-OCBC



So if i exclude the credit card spending (as i seldom exceed $500) , with OCBC , i can get 1.7% + 1% of incremental bal + 0.05% base interest.

So is OCBC better for those who can't fulfill the min $500 spending? And the $500 spending must be the appointed store by the bank right?

Where u park the money on alternate months to get the incremental 1%? What appointed store?

 

[seveneleven]

Where u park the money on alternate months to get the incremental 1%? What appointed store?

why need to park the money? just ensure your current month saving is higher than your previous month and you will get that 1%, no? E.g. salary bank into OCBC, don't spend all and save 10%, then you will entitle to that 1% bonus...

 

[Mecisteus]

Will OCBC consider increasing their interest rate?

 

[Trazora]

why need to park the money? just ensure your current month saving is higher than your previous month and you will get that 1%, no? E.g. salary bank into OCBC, don't spend all and save 10%, then you will entitle to that 1% bonus...

Only the incremental amount will get the extra 1%.

 

[mdax23]

I feel that this ocbc360 is only attractive for ppl with salary crediting.

 

[wts2013]

I feel that this ocbc360 is only attractive for ppl with salary crediting.

It is attractive for people who have excess funds, even without salary crediting, and know how to use it to earn 2.05%pa every mth

 

[zoossh]

correct. but that is unlikely. bank of china is big 4 in China. this is not a small bank

not sure abt financial laws.

can a bank shut down its overseas subsidiary and keep the banks in china? technically can they do so? cos china often dun abide international law, so i wonder if that is possible even if on paper they cant.

 

[zoossh]

It is attractive for people who have excess funds, even without salary crediting, and know how to use it to earn 2.05%pa every mth

not for people who prefer to spend their 500 more wisely on other cards. without that at 1.55, it is not so attractive.

 

[mdax23]

It is attractive for people who have excess funds, even without salary crediting, and know how to use it to earn 2.05%pa every mth

To get 2.05% without salary crediting, u need to invest or buy insurance right.

 

[koja6049]

To get 2.05% without salary crediting, u need to invest or buy insurance right.

pay 3 bills, 0.5%, spend 500, 0.5%, fresh funds, 1%, assuming you take out all your cash every month cycle

 

[seveneleven]

pay 3 bills, 0.5%, spend 500, 0.5%, fresh funds, 1%, assuming you take out all your cash every month cycle

just curious, the pay 3 bill, say if my 3 nos. of insurance is deducted directly thru my bank account, does it consider paying 3 bill?

 

[saintgtril]

It is attractive for people who have excess funds, even without salary crediting, and know how to use it to earn 2.05%pa every mth

Hi wts2013, how can i do that? I have both BOC and OCBC accounts. I told my HR to credit my salary into BOC account (1 month back it was OCBC). Please share. Thanks!

FYI I cannot hit the $500 credit card spending for both the accounts.