ocbc 360 account

[seveneleven]

this guy is a junior member. he just joined this year

Yeah.. sorry i just join now long ago, haven't been following this thread from the beginning..lol

 

[seveneleven]

confirm. Salary crediting, pay bill, card spend and investment/loan bonus interest applies for average daily balance less than $60k (regardless incremental or not). In addition, incremental bonus interest applies to the incremental amount also. Base interest applies to the whole average daily balance amount.

As mentioned by others, fall below fee of S$2 (waived for the first year), will be charged if average daily balance is less than $3000.

Thanks for the guidance , lets huat together..lol

Say if i join OCBC 360 on 26 May 2016 with base deposit of $1000, that means i can start to make huge deposit after 1 June 2016? Cut off date is month end?

For the incremental interest, they are base on how much you increase on the last day of the month or base on average? What i want to know is that by when then i can transfer the lump sum deposit to other bank so that my incremental interest will not be affected, wait till the last day of the month then transfer to other bank?

 

[Trazora]

Thanks for the guidance , lets huat together..lol

Say if i join OCBC 360 on 26 May 2016 with base deposit of $1000, that means i can start to make huge deposit after 1 June 2016? Cut off date is month end?

For the incremental interest, they are base on how much you increase on the last day of the month or base on average? What i want to know is that by when then i can transfer the lump sum deposit to other bank so that my incremental interest will not be affected, wait till the last day of the month then transfer to other bank?

Incremental balance in june is defined as average daily balance (ADB) of jun minus ADB of May. ADB of a month is sum of balance for each day of the month divided by the number of days. If you open the account in 26 May, ADB of May is the average of the balance from 26 may to 31 may. You will like to make the huge deposit on 1 Jun and keep it till end of jun if possible to maximise the ADB for jun and thus the incremental balance. If need to withdraw or make payment, it is ok also, just that the ADB will be reduced accordingly.

 

[heng_ah]

Yeah.. sorry i just join now long ago, haven't been following this thread from the beginning..lol

Haiz... actually no need to join forum for this info.

Rinse and repeat is common strategy. It's applicable for other banking products that demand fresh funds incremental too. Anyway, like you said, let's huat together.

 

[hogrider88]

Haiz... actually no need to join forum for this info.

Rinse and repeat is common strategy. It's applicable for other banking products that demand fresh funds incremental too. Anyway, like you said, let's huat together.

some of us dont hv cut for such things.

this forum hone our money mindset.. i learn a lot here

 

[Squaredot]

Where have you been my friend?
This strategy has been discussed over and over again. And it's workable. This is the only saving grace for ocbc 360.

People are moving away from ocbc 360 to other banks when they reduced the bonus rates, by adding useless bonus from Insurance and Investment.

If they discontinue bonus from Incremental Balance, then that's the end for 360.

Isn't it easier and better to open another saving account that give more than 1% interest?

Trazora pointed out, it will be better to open another savings acct giving more than 1.05%

 

[Trazora]

Trazora pointed out, it will be better to open another savings acct giving more than 1.05%

Incremental bonus may still be part of the strategy to earn interest for alternate month balance less than $60k. Of course it also depends on other factors like whether there is another account that gives better interest than ocbc 360 even with incremental bonus interest included.

 

[lazybee]

normally people use scb esaver for the alternate account. Around 1.3% to 1.6% depending on promotion.

 

[T H I N K]

Thanks for the guidance , lets huat together..lol

Say if i join OCBC 360 on 26 May 2016 with base deposit of $1000, that means i can start to make huge deposit after 1 June 2016? Cut off date is month end?

For the incremental interest, they are base on how much you increase on the last day of the month or base on average? What i want to know is that by when then i can transfer the lump sum deposit to other bank so that my incremental interest will not be affected, wait till the last day of the month then transfer to other bank?

Hold your bullets till Jun 1 !

Open account on Jun 1, deposit your 60K (whatever u have), u will earn from day 1:

1 1.2% with salary credit (if u can get it into account anytime in Jun)
2 0.5% with 3 bill payments in Jun
3 0.05% base interest
4 1% incremental/save bonus!

Total 2.75% for whole mth of Jun on 60k deposited on Jun 1!

Read the following old posts on what u shld do from 1 July 2016:

OCBC 360 is better for u, BOC smartsaver just released this mth, wait for all the "problems" to be resolved/tested or the system stabilised before u join if u want to,

as I mentioned with OCBC360 u can earn 1.75% per mth, with incremental bonus u can earn earn 2.75% per mth, how to earn this 2.75%?

If u keep your money in the account, u earn 1.75% per mth, for 2 mths u will earn 1.75%+1.75% = 3.5%

If u earn 2.75% per mth, then second mth u need to find an account which pays u at least 3.5% - 2.75% = 0.75%

Assuming u used scb esaver:

1. Nov you start ocbc 360 = 2.75%
2. Dec you transfer from ocbc360 to scb esaver = 1.25%
3. Jan you transfer from esaver to ocbc 360 = 2.75%
4. repeat 2, etc

Effective interest u get = 2.75+1.25 = 2% per mth better than 1.75%

But u need to take note of scb esaver promo, current one ends Nov, usually on 2mths basis, min balance 1k, etc

understand?

U can do the above for 1 year from date OCBC360 opened as there is no fall below fee. After that u need to maintain 3k in the OCBC360 while playing the above game, still worth it lor!

u obviously have not read thru this thread where experts share their strategies to maximize interest earned, read thru this thread for my posts!

Which is the best strategy for u also depends on how much interest u are now getting from ocbc360, is it max 2.25%?

I transfer 57k mthly between 2 ocbc360 accounts so 57k earns 2.05% (1% is incremental interest), max 60k. Excess funds are kept in uob1 (2.43%), boc smartsaver (2.55%), scb esaver up to 1.55%, etc. If u are unable to open a second ocbc360 account (joint account with siblings/parents), then transfer your funds mthly between this account and other banks account to max the 1% incremental interest on the full amount (57K to 60k) provided u dun lose interest (read other posts by me to understand this)

There are other tricks on the best time to transfer the funds, read thru the thead!

 

[dork32]

4.1% incremental/save bonus!

amazing interest rates

 

[T H I N K]

amazing interest rates

Thanks for the joke

just like in another post/thread, someone posted ....

term policy - 100% return

So got interpreted as term policy gives 100% return, actually he meant to write "term policy -100% return", because he put a space in between the dash and the 100%, it created a hoo ha

 

[Mecisteus]

Thanks for the joke

just like in another post/thread, someone posted ....

term policy - 100% return

So got interpreted as term policy gives 100% return, actually he meant to write "term policy -100% return", because he put a space in between the dash and the 100%, it created a hoo ha

so you are back with another nick.

your bill payments to telcos are also a 100% loss. because you pay monthly every month but you didn't get back anything in the future.

 

[magnesium1]

Thanks for the joke

just like in another post/thread, someone posted ....

term policy - 100% return

So got interpreted as term policy gives 100% return, actually he meant to write "term policy -100% return", because he put a space in between the dash and the 100%, it created a hoo ha

Whose clone are you?

Sent from the research lab without using GAGT

 

[Vivagirl]

im considering to use either ocbc360 or boc smartsaver. i wont be able to hit the $500 cc spending thus its out. i can only bring over 25k to deposit in oct as currently its locked up in fixed deposit with scb.

im able to pay 3 bills and deposit 2k salary so no issue.

i have roughly gathered that it will be 1.75% for ocbc360 and 1.85 for boc which is not much of a difference but is there anything else that is extra advantageous?

thanks for any input

 

[more3cm]

i wont be able to hit the $500 cc spending thus its out.

The $500 criterion is much easier to achieve in BOC... Tiong bank best!

 

[dork32]

The $500 criterion is much easier to achieve in BOC... Tiong bank best!

actually 500 is the same for both. it is only tiong gives better rebates.

 

[Tectrica]

I have 2 M1 bill under my name, just different Billing account number. Does this consider as 2 bill or still 1 bill payment?

 

[OCBC Bank]

I have 2 M1 bill under my name, just different Billing account number. Does this consider as 2 bill or still 1 bill payment?

Hi Tectrica,

If the billing account number differs, it will be considered as 2 different bill payments.

^DG

 

[ken_nerve]

Just switched jobs 2 months back. Realised that my pay is now shown as IBG GIRO and I dont get the salary bonus.
Questioned HR and was told they cannot change it. Anyone else facing the same issue?

Anyone knows how I can advise my HR to change the description to GIRO - SALARY?

 

[ice_angel]

Just switched jobs 2 months back. Realised that my pay is now shown as IBG GIRO and I dont get the salary bonus.
Questioned HR and was told they cannot change it. Anyone else facing the same issue?

Anyone knows how I can advise my HR to change the description to GIRO - SALARY?

Been there. My company payroll was outsource to another company. That company also dun know how to change the description. I heard from ocbc that it seems need some financial software to do it.. i actually gave up after a few attempts with the outsourced company.
In the end I think many ppl (from other companies which oso hire the outsourced company) complain abt this and the outsourced company contacted ocbc to finally sort this out..

Think you can advise ur HR to contact ocbc on how to achieve this..