ocbc 360 account

[70niner]

can I confirm if my understanding is correct? for salary+save $500+maintain $200k, the EIR is 3.2%?

the ocbc 360 calculator cannot tick the maintain $200k box to see EIR.

Salary + Spend + Save EIR = 4.65% for 100k

So around 2.32% for 200k

Grow bonus for maintaining 200k = 2.4% for 100k or 1.2% for 200k

Hence EIR for 200k = 2.32% + 1.2% = 3.52%

By the way you can tick the 200k box; just have to enter $200000 in the left column.

 

[reflecx]

You can easily get above 2.4% at other banks, so I really don't see why someone would want to put $200k in OCBC 360 to earn the 2.4%.

 

[x9evolution]

You can easily get above 2.4% at other banks, so I really don't see why someone would want to put $200k in OCBC 360 to earn the 2.4%.

EIR for $200K is 3.61% if you meet all the 4 criteria , salary + save + spend + $200K

 

[yslvlys]

EIR for $200K is 3.61% if you meet all the 4 criteria , salary + save + spend + $200K

It's 3.52% as calculated by @70niner above? But I think @reflecx point is that one can earn 3.52% for 200k at OCBC or (4.65% for 100k at ocbc + 100k at 2.5-3% at other banks) = more than 3.52% for 200k. So no point topping up to 200k at O360 account.

 

[x9evolution]

It's 3.52% as calculated by @70niner above? But I think @reflecx point is that one can earn 3.52% for 200k at OCBC or (4.65% for 100k at ocbc + 100k at 2.5-3% at other banks) = more than 3.52% for 200k. So no point topping up to 200k at O360 account.

Interest is $602.98 per month
$7235.76 per year
So EIR is 3.61-3.62
I used OCBC 360 web calculator

Yes , no point putting $200K in 360 , $100k to max out the 4.65% in 360 , then the rest in other high yield accounts

 

[yslvlys]

Interest is $602.98 per month
$7235.76 per year
So EIR is 3.61-3.62
I used OCBC 360 web calculator

Yes , no point putting $200K in 360 , $100k to max out the 4.65% in 360 , then the rest in other high yield accounts

Oh that is strange, wonder where the discrepancy is hmm.. The APY is indeed 7.05% for 1st 100k + 0.05% for 2nd 100k ie. EIR 3.5x%, not 3.6x%

 

[EveMuffins]

Salary + Spend + Save EIR = 4.65% for 100k
So around 2.32% for 200k
Grow bonus for maintaining 200k = 2.4% for 100k or 1.2% for 200k
Hence EIR for 200k = 2.32% + 1.2% = 3.52%
By the way you can tick the 200k box; just have to enter $200000 in the left column.

You can easily get above 2.4% at other banks, so I really don't see why someone would want to put $200k in OCBC 360 to earn the 2.4%.

tks for the advice. was considering $200k in OCBC because EIR 3.22% (salary+save $500+maintain $200k) is still slightly higher than cimb and not sure if maybank will continue its current rates. I don't have OCBC credit card and I also don't want to force myself to spend $500 every month.

will camp in Money Mind for more updates tomorrow to see which bank to transfer funds to.

 

[x9evolution]

tks for the advice. was considering $200k in OCBC because EIR 3.22% (salary+save $500+maintain $200k) is still slightly higher than cimb and not sure if maybank will continue its current rates. I don't have OCBC credit card and I also don't want to force myself to spend $500 every month.

will camp in Money Mind for more updates tomorrow to see which bank to transfer funds to.

it better to just put$100k in 360 for EIR of 4.05% , then the other $100K in other high yield account of let say a 3% , so on average your EIR of $200K is 3.5% in 2 different banks

 

[yslvlys]

tks for the advice. was considering $200k in OCBC because EIR 3.22% (salary+save $500+maintain $200k) is still slightly higher than cimb and not sure if maybank will continue its current rates. I don't have OCBC credit card and I also don't want to force myself to spend $500 every month.

will camp in Money Mind for more updates tomorrow to see which bank to transfer funds to.

Your situation like mine. My spend already with UOB so won't spend with OCBC. It's better to split the 200k between OCBC and other bank

 

[EveMuffins]

Your situation like mine. My spend already with UOB so won't spend with OCBC. It's better to split the 200k between OCBC and other bank

it better to just put$100k in 360 for EIR of 4.05% , then the other $100K in other high yield account of let say a 3% , so on average your EIR of $200K is 3.5% in 2 different banks

tks for pointing out..I overlooked the fact that I can get more if I put the other $100k in another bank..I'll just maintain $100k in ocbc then.

 

[silentears]

Salary can fast transfer by own with SAL?

 

[HoGnix]

If add Structured Deposit (20K for 1.5 Year @ 2.0% or 5.5% interest), you can get another 1.5% more interest for the current highest 4.6%.--> 6.1% for 12 Months.
Although Structed Deposit is not SDIC guaranteed, but the risk is very low.

Example:
https://singpromos.com/banks-credit...-deposit-tranche-apply-by-31-jan-2024-274506/

 

[sglandscape]

If add Structured Deposit (20K for 1.5 Year @ 2.0% or 5.5% interest), you can get another 1.5% more interest for the current highest 4.6%.--> 6.1% for 12 Months.
Although Structed Deposit is not SDIC guaranteed, but the risk is very low.

Example:
https://singpromos.com/banks-credit...-deposit-tranche-apply-by-31-jan-2024-274506/

Not worth the risk of uncertain returns when can get guaranteed 3% now. Even the recent FWD would have been better.

 

[pantss]

Salary can fast transfer by own with SAL?

No, only UOB can

 

[hwmook]

If add Structured Deposit (20K for 1.5 Year @ 2.0% or 5.5% interest), you can get another 1.5% more interest for the current highest 4.6%.--> 6.1% for 12 Months.
Although Structed Deposit is not SDIC guaranteed, but the risk is very low.

Example:
https://singpromos.com/banks-credit...-deposit-tranche-apply-by-31-jan-2024-274506/

Why the hack do you want to invest in such structured deposit? It's a lousy deal.

 

[HoGnix]

Why the hack do you want to invest in such structured deposit? It's a lousy deal.

It is how you value it. With this 20K structed deposit, you either get 2% or 5.5% interest based on the conditions . Plus you can get extra total $1500 interest in 12 Month on your 360 account.

 

[yslvlys]

Transferred out 100k to eSaver for Feb to enjoy 2.9%p.a. (otherwise will only get 2.55% for Feb as my spend is with UOB). Will transfer out the remaining 1k+ tomorrow to leave 3k exactly in OCBC 360 acct. Will be back to top up to 100k in March

 

[hwmook]

It is how you value it. With this 20K structed deposit, you either get 2% or 5.5% interest baded on the conditions . Plus you can get extra total $1500 interest in 12 Month on your 360 account.

You can use that 20k to buy unit trust, just keep it for 14 days then sell. The cost of that is much lower than keeping 20k in structured deposit that have odds stacked against you.

 

[crystalnox]

Just got hit with a $2 service fee on this account for falling below $3k MAB. Was previously on the Plus! Savings Account that got force converted to 360. Any one else in the same boat?

 

[DaBaiCai]

Same , resetting to 100k on Sat

Gonna reset when ocbc 360 cut rates? I forsee it's sooner rather than later..