ocbc 360 account

[Alwaysb]

Hi do you mean after buying the UT

SD is for 3 years, early termination fees will apply. Otherwise no fees.

UT - upfront sales charge ( if on line is 0.88%). Mgmt and others fees: u have to look up the prospectus of the UT u wish to purchase for the specific %. You don’t need to hold the UT for one year. 15 days is sufficient to allow u to earn the BI invest.

Hi do you mean after buying the UT for 15 days will qualify for a year?

 

[ericcsn]

Hi do you mean after buying the UT

Hi do you mean after buying the UT for 15 days will qualify for a year?

Yes

 

[tehhalia]

hmmmm still no news from ocbc regarding rate change... usually will follow suit...

 

[Cumzilla]

hmmmm still no news from ocbc regarding rate change... usually will follow suit...

If minus off the save bonus (which not many like doing), ocbc360 is just 1.9% which is similar to UOB One..

 

[pohw0008]

If minus off the save bonus (which not many like doing), ocbc360 is just 1.9% which is similar to UOB One..

Thought save is the one that's easy.. just add $500 at the start of the month..

 

[tehhalia]

Thought save is the one that's easy.. just add $500 at the start of the month..

Very troublesome one.

 

[Alwaysb]

Yes

After which I can sell away the UT just like scb bonus saver?

 

[ericcsn]

After which I can sell away the UT just like scb bonus saver?

Yes.

 

[Alwaysb]

Yes.

Thank you so much. Is there an indicator to know when the 1 year mark is due for repurchasing.?

 

[ericcsn]

Thank you so much. Is there an indicator to know when the 1 year mark is due for repurchasing.?

Doesn’t seem to have any indicator for invest.
BTW, there is a tnc change for SCB invest from 1st Jan 26:
a. Amount increases to $30k.
b. Investment has to be maintained throughout its 6 months holding period.
c. Spend and sala each reduce by 0.5%.
Good luck.

 

[tehhalia]

If minus off the save bonus (which not many like doing), ocbc360 is just 1.9% which is similar to UOB One..

Well, still got salary bonus 1.5%

 

[tehhalia]

Doesn’t seem to have any indicator for invest.

Since no indicator, means you have been keeping track manually to invest again to ensure no overlap and no gap between the last and the next invest BI?

Speaking of which, is the understanding correct that 1 should invest (assuming in UT) ideally at the start of a month, so that there is sufficient time for the trade to settle plus the 14-day free look period to set in within the same month, in order for the investment to be recognised within the same month, in order for the bonus interest to be paid in the next month’s 7th business day?

 

[ericcsn]

Since no indicator, means you have been keeping track manually to invest again to ensure no overlap and no gap between the last and the next invest BI?

Speaking of which, is the understanding correct that 1 should invest (assuming in UT) ideally at the start of a month, so that there is sufficient time for the trade to settle plus the 14-day free look period to set in within the same month, in order for the investment to be recognised within the same month, in order for the bonus interest to be paid in the next month’s 7th business day?

Yes. I use a spreadsheet to track (and I have to track 54 items on my banking and card list on a monthly basis).
To be safe invest early to avoid the overlap issue u described.

 

[ahchan]

May I know has anyone encounter situation where the OCBC 360 tracker indicate that $x amount of Salary credited but did not get the Salary Bonus?

 

[reddevil0728]

May I know has anyone encounter situation where the OCBC 360 tracker indicate that $x amount of Salary received but did not get the Salary Bonus?

If that happened to you just contact OCBC and ask why?

 

[royalmix]

May I know has anyone encounter situation where the OCBC 360 tracker indicate that $x amount of Salary credited but did not get the Salary Bonus?

Ask yourself is it real salary credited by your employer and do you have proof/documentation? If you passed all the tnc, write in to appeal!

• Credit your salary of at least S$1,800 into the 360 Account.
• Only salary credit through these transaction descriptions and codes in your statements will qualify for this bonus:
  • GIRO / PayNow via GIRO with the transaction description “GIRO-SALARY”
  • FAST / PayNow via FAST with transaction code “SAL” or transaction description “SALARY / SALA / SAL”
• We reserve the right to request for any document or information to verify that the amount credited is your salary. Salary credit in other forms will not be eligible.

 

[sglandscape]

OCBC the tracker do not seem linked to the actual system that computes the interest, so it's a but of ymmv if you ownself credit ownself. Better off doing DBS Multiplier, or the UOB One.

 

[JivBunny]

BI invest needs a min of $20k.

You could buy a 3 year structured deposit for $20k with a fixed return of 1.36 - 1.38% (principal of the $20k is protected). There is no fee with SD. https://www.ocbc.com/personal-banki...MI--zr36HukAMVb6pmAh3WcQUAEAAYAiAAEgKFLfD_BwE

In my case, I bought a UT - LionGlobal Short Duration Bond Fund Class A (SGD) which is very low risk. There is an upfront 0.88% fee (ie $176 that will be directly taken out of the $20k invested).

Thanks for the info.

Can I just check.

For the option that you carried out is to buy a UT for $20k for a period of 1 month and You can sell off. But it still qualifies you to the BI for 1 year. Only thing is that you will need to pay the 0.88% fees and also the gain/loss of the UT in that period?

For the other option that to purchase the SD, assuming I buy $20k of SD for a period of 3 years. Do I need to buy $20k every year as well? I understand that early withdrawal will result in some penalty so that’s why you bought UT?

 

[ericcsn]

Thanks for the info.

Can I just check.

For the option that you carried out is to buy a UT for $20k for a period of 1 month and You can sell off. But it still qualifies you to the BI for 1 year. Only thing is that you will need to pay the 0.88% fees and also the gain/loss of the UT in that period?

For the other option that to purchase the SD, assuming I buy $20k of SD for a period of 3 years. Do I need to buy $20k every year as well? I understand that early withdrawal will result in some penalty so that’s why you bought UT?

No need one month:

see https://www.ocbc.com/personal-banking/help-and-support/accounts/360account-investbonus
When will I receive the Invest Bonus?

"You will receive the Invest Bonus for 12 consecutive months after the effective date of purchase post free-look period or 14 days, whichever is later."


Read down further to: Do I continue to get this bonus interest if I sell my investments or when they mature?

"Yes. You will continue to get this bonus interest."

SD wasnt available as an option then. But generally SD behaves like FD, need to hold to maturity or you will get fee penalties

 

[JivBunny]

No need one month:

see https://www.ocbc.com/personal-banking/help-and-support/accounts/360account-investbonus
When will I receive the Invest Bonus?

"You will receive the Invest Bonus for 12 consecutive months after the effective date of purchase post free-look period or 14 days, whichever is later."


Read down further to: Do I continue to get this bonus interest if I sell my investments or when they mature?

"Yes. You will continue to get this bonus interest."

SD wasnt available as an option then. But generally SD behaves like FD, need to hold to maturity or you will get fee penalties

Thanks. Very helpful and I think to buy sell UT is a better option.

Just another question on the daily $500 average balance.

Let’s say I have $100k for the month of December. Means I have to put in $500 on 1st Jan and have it at $100500 all the way till the end of the month.

Assuming if my salary of $5000 comes in on the 15th of Jan, I will have $105500 that day and I need to move the $5000 somewhere asap else it will affect my overall daily average and will affect the amount I need to keep inside in Feb?