ocbc 360 account

[ChrisL82]

For me i maintain at around 200k, works out to 3.3% on the 200k as I don't spend on ocbc cards.

How do you do that ?
Will need at least 200K, and yet mab will need to be at least 500 on a mth to mth basis ?
Whatss ur strategy? Thanks

 

[crystalnox]

The Plus savings account $0 fall-below grace period was 2 years hor. I overheard ppl asking at the bank when I went to press money.

Rast time when there was an OCBC cso operating here, he/she used to share this OCBC 360 account won’t attract fall-below fee even if you maintain $0 balance. It’s either you maintain minimum $3K or $0 in this account. Not amounts in between.
And I found that to be true cos I consistently maintained $0 in this account then.
This was b4 covid info hor.

Yup it was 2 years waiver for those force converted from Plus.
But isn't there not much point holding on to the account if you plan on leaving it at $0 forever.

 

[Habrosus]

Yup it was 2 years waiver for those force converted from Plus.
But isn't there not much point holding on to the account if you plan on leaving it at $0 forever.

Got to visit them to close the account, right? Need to cancel that card as well...

 

[gnooliew]

How do you do that ?
Will need at least 200K, and yet mab will need to be at least 500 on a mth to mth basis ?
Whatss ur strategy? Thanks

Same as how u do for around 100k just maintain 200k then up 500 or so per month. The 500 itself not going to make much difference to the criterion for 200k (though it separately counts for the save component). Similarly at some point still need to sacrifice 1 month to reduce the balance.

 

[ChrisL82]

Same as how u do for around 100k just maintain 200k then up 500 or so per month. The 500 itself not going to make much difference to the criterion for 200k (though it separately counts for the save component). Similarly at some point still need to sacrifice 1 month to reduce the balance.

Something like that ?

	Month	MAB	Cash in/ out	Actions	Interest earned
	1	200,000			552.03
	2	200,500	500	salary credited	552.05
	3	201,000	500	salary credited	552.07
	4	201,500	500	salary credited	552.09
	5	202,000	500	salary credited	552.11
Reset	6	0	-202,000	Full Bal amt withdrawn	0
	7	200,000	200,000	200K credited	552.03
	8	200,500	500	salary credited	552.05
	9	201,000	500	salary credited	552.07
	10	201,500	500	salary credited	552.09

 

[gnooliew]

Something like that ?

	Month	MAB	Cash in/ out	Actions	Interest earned
	1	200,000			552.03
	2	200,500	500	salary credited	552.05
	3	201,000	500	salary credited	552.07
	4	201,500	500	salary credited	552.09
	5	202,000	500	salary credited	552.11
Reset	6	0	-202,000	Full Bal amt withdrawn	0
	7	200,000	200,000	200K credited	552.03
	8	200,500	500	salary credited	552.05
	9	201,000	500	salary credited	552.07
	10	201,500	500	salary credited	552.09

U just sacrifice the Save bonus for 1 month to reduce back to 200k, but no need withdraw totally as u will still have the salary and grow bonuses.

 

[sentri]

Your example 1 & 2 only until 12th month when you do the reset, do the maths until 24 months to see the impact that the reset will have on subsequent months. It's actual a simple logic, if you reset once a year, you take out 5.5k which can earn a interest of $180 if rate is 3%. The cost of doing so is around $125 of bonus interest lost so it's definitely worth doing this reset. If you withdraw once every 11 months then 5.5k will earn around $151 interest in 11 month so it's still worth doing. If withdraw every 10 months then 5k will earn $125 in 10 months so this is roughly same as bonus interest lost. So how often to do it depend on what kind of returns you can get elsewhere, if you can get 3% at other place then you should do it once the amount get to 105k.

Ah I see thanks!

 

[x9evolution]

Your example 1 & 2 only until 12th month when you do the reset, do the maths until 24 months to see the impact that the reset will have on subsequent months. It's actual a simple logic, if you reset once a year, you take out 5.5k which can earn an interest of $180 if rate is 3%. The cost of doing so is around $125 of bonus interest lost so it's definitely worth doing this reset. If you withdraw once every 11 months then 5.5k will earn around $151 interest in 11 month so it's still worth doing. If withdraw every 10 months then 5k will earn $125 in 10 months so this is roughly same as bonus interest lost. So how often to do it depend on what kind of returns you can get elsewhere, if you can get 3% at other place then you should do it once the amount get to 105k.

A lot of them still don’t understand that reset once a year only cost them to lost $125 for that month = total earn for that year will be $125 lesser.

‘But with those excess that they reset out can earn so much more by putting in some others high yield account annually.

eg
$5500 @ 3% = $165
$20000 @ 3% = $600
$50000 @ 3% = $1500

 

[hwmook]

A lot of them still don’t understand that reset once a year only cost them to lost $125 for that month = total earn for that year will be $125 lesser.

‘But with those excess that they reset out can earn so much more by putting in some others high yield account annually.

eg
$5500 @ 3% = $165
$20000 @ 3% = $600
$50000 @ 3% = $1500

That's why we need to share and let others know.

 

[xRenol]

A lot of them still don’t understand that reset once a year only cost them to lost $125 for that month = total earn for that year will be $125 lesser.

‘But with those excess that they reset out can earn so much more by putting in some others high yield account annually.

eg
$5500 @ 3% = $165
$20000 @ 3% = $600
$50000 @ 3% = $1500

I think the example of $5,500 at 3% is also incorrect because $500 of this $5,500 will be deposited into OCBC every month. Therefore, the interest should not be calculated based on the whole amount, $5,500.

E.g. Starting from Jan 2025
Month 1: $5,500 x 3% p.a. / 365 days x 31 days = $14.01
Month 2: $5,000 x 3% p.a. / 365 days x 28 days = $11.51
Month 3: $4,500 x 3% p.a. / 365 days x 31 days = $11.47
Month 4: $4,000 x 3% p.a. / 365 days x 30 days = $9.86
Month 5: $3,500 x 3% p.a. / 365 days x 31 days = $8.92
Month 6: $3,000 x 3% p.a. / 365 days x 30 days = $7.40
Month 7: $2,500 x 3% p.a. / 365 days x 31 days = $6.37
Month 8: $2,000 x 3% p.a. / 365 days x 31 days = $5.10
Month 9: $1,500 x 3% p.a. / 365 days x 30 days = $3.7
Month 10: $1,000 x 3% p.a. / 365 days x 31 days = $2.55
Month 11: $500 x 3% p.a. / 365 days x 30 days = $1.23
Month 12: $6,000 x 3% p.a. / 365 days x 31 days = $15.29 - Assuming reset on this month
Total Interest: $97.40
Bonus Interest Lost for Month 12: $127.40

 

[yslvlys]

I think the example of $5,500 at 3% is also incorrect because $500 of this $5,500 will be deposited into OCBC every month. Therefore, the interest should not be calculated based on the whole amount, $5,500.

E.g. Starting from Jan 2025
Month 1: $5,500 x 3% p.a. / 365 days x 31 days = $14.01
Month 2: $5,000 x 3% p.a. / 365 days x 28 days = $11.51
Month 3: $4,500 x 3% p.a. / 365 days x 31 days = $11.47
Month 4: $4,000 x 3% p.a. / 365 days x 30 days = $9.86
Month 5: $3,500 x 3% p.a. / 365 days x 31 days = $8.92
Month 6: $3,000 x 3% p.a. / 365 days x 30 days = $7.40
Month 7: $2,500 x 3% p.a. / 365 days x 31 days = $6.37
Month 8: $2,000 x 3% p.a. / 365 days x 31 days = $5.10
Month 9: $1,500 x 3% p.a. / 365 days x 30 days = $3.7
Month 10: $1,000 x 3% p.a. / 365 days x 31 days = $2.55
Month 11: $500 x 3% p.a. / 365 days x 30 days = $1.23
Month 12: $6,000 x 3% p.a. / 365 days x 31 days = $15.29 - Assuming reset on this month
Total Interest: $97.40 vs $125 lost for that month

Haha seems like u r indeed correct.

 

[hwmook]

I think the example of $5,500 at 3% is also incorrect because $500 of this $5,500 will be deposited into OCBC every month. Therefore, the interest should not be calculated based on the whole amount, $5,500.

E.g. Starting from Jan 2025
Month 1: $5,500 x 3% p.a. / 365 days x 31 days = $14.01
Month 2: $5,000 x 3% p.a. / 365 days x 28 days = $11.51
Month 3: $4,500 x 3% p.a. / 365 days x 31 days = $11.47
Month 4: $4,000 x 3% p.a. / 365 days x 30 days = $9.86
Month 5: $3,500 x 3% p.a. / 365 days x 31 days = $8.92
Month 6: $3,000 x 3% p.a. / 365 days x 30 days = $7.40
Month 7: $2,500 x 3% p.a. / 365 days x 31 days = $6.37
Month 8: $2,000 x 3% p.a. / 365 days x 31 days = $5.10
Month 9: $1,500 x 3% p.a. / 365 days x 30 days = $3.7
Month 10: $1,000 x 3% p.a. / 365 days x 31 days = $2.55
Month 11: $500 x 3% p.a. / 365 days x 30 days = $1.23
Month 12: $6,000 x 3% p.a. / 365 days x 31 days = $15.29 - Assuming reset on this month
Total Interest: $97.40
Bonus Interest Lost for Month 12: $127.40

Wrong, your $500 need to come from somewhere else even if you don't withdraw so this amount you withdraw should purely be earning interest somewhere else. Don't overthink it.

 

[xRenol]

Wrong, your $500 need to come from somewhere else even if you don't withdraw so this amount you withdraw should purely be earning interest somewhere else. Don't overthink it.

You said $500 need to come from somewhere else but I am assuming a capital of $106,000 for the example below.

Capital: $106,000

E.g. Starting from Jan 2025
Month 1: OCBC: $100,500 | Other Bank: $5,500 x 3% p.a. / 365 days x 31 days = $14.01
Month 2: OCBC: $101,000 | Other Bank: $5,000 x 3% p.a. / 365 days x 28 days = $11.51
Month 3: OCBC: $101,500 | Other Bank: $4,500 x 3% p.a. / 365 days x 31 days = $11.47
Month 4: OCBC: $102,000 | Other Bank: $4,000 x 3% p.a. / 365 days x 30 days = $9.86
Month 5: OCBC: $102,500 | Other Bank: $3,500 x 3% p.a. / 365 days x 31 days = $8.92
Month 6: OCBC: $103,000 | Other Bank: $3,000 x 3% p.a. / 365 days x 30 days = $7.40
Month 7: OCBC: $103,500 | Other Bank: $2,500 x 3% p.a. / 365 days x 31 days = $6.37
Month 8: OCBC: $104,000 | Other Bank: $2,000 x 3% p.a. / 365 days x 31 days = $5.10
Month 9: OCBC: $104,500 | Other Bank: $1,500 x 3% p.a. / 365 days x 30 days = $3.7
Month 10: OCBC: $104,500 | Other Bank: $1,000 x 3% p.a. / 365 days x 31 days = $2.55
Month 11: OCBC: $105,500 | Other Bank: $500 x 3% p.a. / 365 days x 30 days = $1.23
Month 12: OCBC: $100,000 | Other Bank: $6,000 x 3% p.a. / 365 days x 31 days = $15.29 - Assuming reset on this month
Total Interest: $97.40
Bonus Interest Lost for Month 12: $127.40

 

[yslvlys]

Both analysis seems valid, just different assumptions of capital available. Both point to resetting once a year being more favourable.

 

[sentri]

You said $500 need to come from somewhere else but I am assuming a capital of $106,000 for the example below.

Capital: $106,000

E.g. Starting from Jan 2025
Month 1: OCBC: $100,500 | Other Bank: $5,500 x 3% p.a. / 365 days x 31 days = $14.01
Month 2: OCBC: $101,000 | Other Bank: $5,000 x 3% p.a. / 365 days x 28 days = $11.51
Month 3: OCBC: $101,500 | Other Bank: $4,500 x 3% p.a. / 365 days x 31 days = $11.47
Month 4: OCBC: $102,000 | Other Bank: $4,000 x 3% p.a. / 365 days x 30 days = $9.86
Month 5: OCBC: $102,500 | Other Bank: $3,500 x 3% p.a. / 365 days x 31 days = $8.92
Month 6: OCBC: $103,000 | Other Bank: $3,000 x 3% p.a. / 365 days x 30 days = $7.40
Month 7: OCBC: $103,500 | Other Bank: $2,500 x 3% p.a. / 365 days x 31 days = $6.37
Month 8: OCBC: $104,000 | Other Bank: $2,000 x 3% p.a. / 365 days x 31 days = $5.10
Month 9: OCBC: $104,500 | Other Bank: $1,500 x 3% p.a. / 365 days x 30 days = $3.7
Month 10: OCBC: $104,500 | Other Bank: $1,000 x 3% p.a. / 365 days x 31 days = $2.55
Month 11: OCBC: $105,500 | Other Bank: $500 x 3% p.a. / 365 days x 30 days = $1.23
Month 12: OCBC: $100,000 | Other Bank: $6,000 x 3% p.a. / 365 days x 31 days = $15.29 - Assuming reset on this month
Total Interest: $97.40
Bonus Interest Lost for Month 12: $127.40

If I understood hwmook correctly, you need to see where the $500 comes for Months 13 to 24 because if you decided not to reset, this would be separate from the existing $6k (which is already in OCBC).

So if at Month 12 you decided to reset, the $6k stays in the other bank while you resume topping up OCBC with $500 from elsewhere:

Month 13 to 23: Other Bank: $6,000 x 3% p.a. / 365 days x 334 days = $164.71
Month 24 (next reset): Other bank: $11,500 x 3% p.a. / 365 days x 31 days = $29.30
Total Interest: $194.01

 

[hwmook]

You said $500 need to come from somewhere else but I am assuming a capital of $106,000 for the example below.

Capital: $106,000

E.g. Starting from Jan 2025
Month 1: OCBC: $100,500 | Other Bank: $5,500 x 3% p.a. / 365 days x 31 days = $14.01
Month 2: OCBC: $101,000 | Other Bank: $5,000 x 3% p.a. / 365 days x 28 days = $11.51
Month 3: OCBC: $101,500 | Other Bank: $4,500 x 3% p.a. / 365 days x 31 days = $11.47
Month 4: OCBC: $102,000 | Other Bank: $4,000 x 3% p.a. / 365 days x 30 days = $9.86
Month 5: OCBC: $102,500 | Other Bank: $3,500 x 3% p.a. / 365 days x 31 days = $8.92
Month 6: OCBC: $103,000 | Other Bank: $3,000 x 3% p.a. / 365 days x 30 days = $7.40
Month 7: OCBC: $103,500 | Other Bank: $2,500 x 3% p.a. / 365 days x 31 days = $6.37
Month 8: OCBC: $104,000 | Other Bank: $2,000 x 3% p.a. / 365 days x 31 days = $5.10
Month 9: OCBC: $104,500 | Other Bank: $1,500 x 3% p.a. / 365 days x 30 days = $3.7
Month 10: OCBC: $104,500 | Other Bank: $1,000 x 3% p.a. / 365 days x 31 days = $2.55
Month 11: OCBC: $105,500 | Other Bank: $500 x 3% p.a. / 365 days x 30 days = $1.23
Month 12: OCBC: $100,000 | Other Bank: $6,000 x 3% p.a. / 365 days x 31 days = $15.29 - Assuming reset on this month
Total Interest: $97.40
Bonus Interest Lost for Month 12: $127.40

Sometime really hard to visualize. You need to compare 2 scenario. Now you assume 106k capital, 100k keep in 360 and 6k kept somewhere else for topping up. If you don't withdraw and keep 106k in 360 then where does the subsequent 500 top up coming from since you die die only have 106k in total.

You need to imagine 100k in 360, 6k kept elsewhere vs 106k kept in 360, every month both have 500 incoming. Now do the maths, both have 112k total capital.

 

[HWZ1973]

Bonus interest still not credited, anyone received already?

 

[70niner]

Bonus interest still not credited, anyone received already?

7th working day of Feb is tomorrow

 

[reddevil0728]

Bonus interest still not credited, anyone received already?

Today only 6th biz day what

 

[EveMuffins]

bonus lai liao