ocbc 360 account

[more3cm]

I have no idea why people are wrecking their minds out trying to earn this 1% on the incremental balance SAVE bonus..

Because this 1% stacks with the other bonus interests...

 

[madtari]

Dug out this old post to highlight something... As mentioned by fellow forumers, you stand to get the max interest by having $60K inside your account. Like this you will be able to get 1.7% p.a. interest (salary + 3 payments) easily.

By putting only $3K and transferring in $57K bi-monthly (1 mth in, 1 mth out), you are effectively only getting 0.5% p.a. on that $57K per mth. You are losing 1.2% p.a. interest every mth as compared to putting the whole $60K inside every mth.

This method of transferring money in & out will only work for amount above the $60K. I have been doing this to get the 1% interest every month by parking excess money (over the $60K) into my 360 account every odd month and my wife's 360 account every even month.

Although one can easily get a higher interest rate from opening a FD, but I enjoy the liquidity and possibility of using the money anytime i want for other purpose w/o any penalty.

Edit: Now that I saw someone mentioning CIMB FastSaver, I will be opening 1 to get 1% p.a. directly. Even for amount exceeding $50K, it will still be earning 0.6%, which is higher than the effective 0.5% given by 360. haha. Tks.

I just realised something and made a quick calculation. Need to make sure I am not calculating wrongly.

I have been keeping 3k min in this account and transferring an extra 57k every alternate month to get the 1% save interest. However, I just realised that the average interest for one month is actually only about 0.76%.

Eg: First month only 3k earning 0.05% base and 0.5% payment interest = $1.375.
Second month put in extra 57K: earn 0.05% base and 0.5% payment interest on the first 60K, and 1% save interest on the incremental 57k = $75.
The average for 2 months is $38.18 per month, which translate to 0.76% yield.

Thus, I should just keep the whole 57k in CIMB every month and earn 1% on first 50K and 0.8% on the 7k? No need to continue this musical chair every month?

 

[deathman91]

Rotate this with other account with similar incremental bonus like the SCB e$saver

 

[dork32]

Dug out this old post to highlight something... As mentioned by fellow forumers, you stand to get the max interest by having $60K inside your account. Like this you will be able to get 1.7% p.a. interest (salary + 3 payments) easily.

By putting only $3K and transferring in $57K bi-monthly (1 mth in, 1 mth out), you are effectively only getting 0.5% p.a. on that $57K per mth. You are losing 1.2% p.a. interest every mth as compared to putting the whole $60K inside every mth.

This method of transferring money in & out will only work for amount above the $60K. I have been doing this to get the 1% interest every month by parking excess money (over the $60K) into my 360 account every odd month and my wife's 360 account every even month.

Although one can easily get a higher interest rate from opening a FD, but I enjoy the liquidity and possibility of using the money anytime i want for other purpose w/o any penalty.

Edit: Now that I saw someone mentioning CIMB FastSaver, I will be opening 1 to get 1% p.a. directly. Even for amount exceeding $50K, it will still be earning 0.6%, which is higher than the effective 0.5% given by 360. haha. Tks.

jackie's maths is all wrong. i am sure people have rebutted his calculations.

i dont understand your maths. you must explain how much money you have. if you have 60k vs 120k, your strategy could be very different.

if your money is earning 0.5 or 0.6 % effective, there something really wrong with your strategy.

 

[Trazora]

Dug out this old post to highlight something... As mentioned by fellow forumers, you stand to get the max interest by having $60K inside your account. Like this you will be able to get 1.7% p.a. interest (salary + 3 payments) easily.

By putting only $3K and transferring in $57K bi-monthly (1 mth in, 1 mth out), you are effectively only getting 0.5% p.a. on that $57K per mth. You are losing 1.2% p.a. interest every mth as compared to putting the whole $60K inside every mth.

This method of transferring money in & out will only work for amount above the $60K. I have been doing this to get the 1% interest every month by parking excess money (over the $60K) into my 360 account every odd month and my wife's 360 account every even month.

Although one can easily get a higher interest rate from opening a FD, but I enjoy the liquidity and possibility of using the money anytime i want for other purpose w/o any penalty.

Edit: Now that I saw someone mentioning CIMB FastSaver, I will be opening 1 to get 1% p.a. directly. Even for amount exceeding $50K, it will still be earning 0.6%, which is higher than the effective 0.5% given by 360. haha. Tks.

Account1 base+salary+payment+spend = 2.25%
Account2 base+salary+payment+spend+ incremental = 3.25%

Average 2.75%

If no card spend still average 2.25%.

No point using ocbc 360 if you are only getting 0.5%.

 

[mdax23]

Jackie nvr mentioned whether he have salary credit/giro/cc spending so its just the 1% save bonus.

 

[dork32]

Account1 base+salary+payment+spend = 2.25%
Account2 base+salary+payment+spend+ incremental = 3.25%

Average 2.75%

If no card spend still average 2.25%.

No point using ocbc 360 if you are only getting 0.5%.

if i have just 60k or less, the 60k will be flying between the two 360 accounts. i will be averaging 3.25%

if i have 90k, 30k will stay fixed in the two accounts each. 30k will be flying between the two accounts. i will be averaging (2.25 + 2.25 +3.25)/3 = 2.58%

if i have 120k, i will have the full 60k in the two accounts. i will be earning 2.25%. even if i fly my 120k between the 360 and esaver, it is marginally higher at 2.4%

whatever the scenario, i will be earning more than 4 times the 0.5% quoted.

 

[Trazora]

if i have just 60k or less, the 60k will be flying between the two 360 accounts. i will be averaging 3.25%

if i have 90k, 30k will stay fixed in the two accounts each. 30k will be flying between the two accounts. i will be averaging (2.25 + 2.25 +3.25)/3 = 2.58%

if i have 120k, i will have the full 60k in the two accounts. i will be earning 2.25%. even if i fly my 120k between the 360 and esaver, it is marginally higher at 2.4%

whatever the scenario, i will be earning more than 4 times the 0.5% quoted.

Mostly true but you have 3 salary crediting to 3 accounts?

 

[Whisper]

Hi Whisper,

Could you drop us a PM with your contact details? We will arrange for our service executive to call and advise.

Thank you.

^DG

So troublesome. I deposited with Maybank already.

 

[dork32]

Mostly true but you have 3 salary crediting to 3 accounts?

this is on the assumption that i have two salary crediting account and one scb esaver. you have to eat the spend and pay bills bonus to benefit this way.

 

[dork32]

So troublesome. I deposited with Maybank already.

maybank saveup is 3%. also not bad

 

[madtari]

Hi,

Just to clarify, I have $60K at all times in both mine and my wife's 360 account. The excess cash on top of this 120K, is being swing around every mth between these 2 accounts.

What I mean by 0.5% is only for this excess cash. Why only 0.5% effectively? Because I will only earn 1% over 2 mths (eg. every odd month while my wife earn 1% every even month).

Hope this helps to clarify.

if i have just 60k or less, the 60k will be flying between the two 360 accounts. i will be averaging 3.25%

if i have 90k, 30k will stay fixed in the two accounts each. 30k will be flying between the two accounts. i will be averaging (2.25 + 2.25 +3.25)/3 = 2.58%

if i have 120k, i will have the full 60k in the two accounts. i will be earning 2.25%. even if i fly my 120k between the 360 and esaver, it is marginally higher at 2.4%

whatever the scenario, i will be earning more than 4 times the 0.5% quoted.

 

[Trazora]

Hi,

Just to clarify, I have $60K at all times in both mine and my wife's 360 account. The excess cash on top of this 120K, is being swing around every mth between these 2 accounts.

What I mean by 0.5% is only for this excess cash. Why only 0.5% effectively? Because I will only earn 1% over 2 mths (eg. every odd month while my wife earn 1% every even month).

Hope this helps to clarify.

Lol so why not park the excess cash in a third account which can easily yield more than 0.5% without having to do transfer?

 

[madtari]

Lol so why not park the excess cash in a third account which can easily yield more than 0.5% without having to do transfer?

yeah, that's why I said in my 1st post that I will be opening CIMB account... but that 1% will only apply to 50K. So again, my excess cash will still be swing around the two 360 accounts cos it will still earn 1% as oppose to 0.6% for CIMB.

 

[zoossh]

yeah, that's why I said in my 1st post that I will be opening CIMB account... but that 1% will only apply to 50K. So again, my excess cash will still be swing around the two 360 accounts cos it will still earn 1% as oppose to 0.6% for CIMB.

Maybank isavvy, scb esaver and uob hya had rates of 1.4-1.7. U can consider that.

 

[dork32]

Hi,

Just to clarify, I have $60K at all times in both mine and my wife's 360 account. The excess cash on top of this 120K, is being swing around every mth between these 2 accounts.

What I mean by 0.5% is only for this excess cash. Why only 0.5% effectively? Because I will only earn 1% over 2 mths (eg. every odd month while my wife earn 1% every even month).

Hope this helps to clarify.

0.5% is wrong.

i assume you have 240k

your first 120k is earning 2.25%

your swinging 120 k is earning 1% every month and not 0.5%.
Jan
your account 180k. you earn 2.25% on the first 60k and 1% on the next 120k
your wife account 60k. your wife earn 2.25% on 60k

feb
your account 60k. you earn 2.25% on 60k
your wife account 180k. your wife earn 2.25% on first 60k and 1% on next 120k.

How you come up with 0.5%?? dont see 0.5% any where.

But people like zoosh and trazora is right. to me 1% save bonus is waste time. there are many better options as mentioned by them.

 

[madtari]

I believe I did mention 0.5% p.a. somewhere above... You only get 1% (prorated per mth) for 6 months per account per year. You annualized and it becomes 0.5% p.a. lor.

Unless you are damm rich every mth keep adding 60K into the account and don't take it out then you will truly earn 1% p.a. based on Save Bonus (plus the 0.05% base interest).

0.5% is wrong.

i assume you have 240k

your first 120k is earning 2.25%

your swinging 120 k is earning 1% every month and not 0.5%.
Jan
your account 180k. you earn 2.25% on the first 60k and 1% on the next 120k
your wife account 60k. your wife earn 2.25% on 60k

feb
your account 60k. you earn 2.25% on 60k
your wife account 180k. your wife earn 2.25% on first 60k and 1% on next 120k.

How you come up with 0.5%?? dont see 0.5% any where.

But people like zoosh and trazora is right. to me 1% save bonus is waste time. there are many better options as mentioned by them.

 

[madtari]

Maybank isavvy, scb esaver and uob hya had rates of 1.4-1.7. U can consider that.

Hi Zoosh, thanks for the recommendation. In fact I started with eSaver donkey years ago when their interest rate was good. Then I shifted over to iSavvy, and finally to 360.

If you read their T&C carefully, for iSavvy, you get max of 0.5% only. The 1.x% interest rates all require incremental funds... For UOB bonus rate, the promotional period is from May till June 2016 only... so meaning the interest rate will be prorated. You definitely won't get such high interest rates. Do correct me if I'm wrong.

If anyone finds a better rate (non-FD) that does not need incremental funds, CC spending or salary, please feel free to share!

 

[dork32]

I believe I did mention 0.5% p.a. somewhere above... You only get 1% (prorated per mth) for 6 months per account per year. You annualized and it becomes 0.5% p.a. lor.

hai... another person cannot do maths.

you get 1% for 6 months in your account. you get 1% for 6 months in your wife's account. you annualized it, it is still 1%.

interest is calculated based on your principal, not based on the number of accounts that you have.

 

[dork32]

Hi Zoosh, thanks for the recommendation. In fact I started with eSaver donkey years ago when their interest rate was good. Then I shifted over to iSavvy, and finally to 360.

If you read their T&C carefully, for iSavvy, you get max of 0.5% only. The 1.x% interest rates all require incremental funds... For UOB bonus rate, the promotional period is from May till June 2016 only... so meaning the interest rate will be prorated. You definitely won't get such high interest rates. Do correct me if I'm wrong.

If anyone finds a better rate (non-FD) that does not need incremental funds, CC spending or salary, please feel free to share!

1% save bonus in ocbc 360 is also based on incremental funds.