you get 1% for 6 months in your account. you get 0% for 6 months in your wife's account. you annualized it, it is 0.5%.
ocbc 360 account
- Thread starter dork32
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you get 1% for 6 months in your account. you get 0% for 6 months in your wife's account. you annualized it, it is 0.5%.
So are you slapping yourself in the face? Initially you said it is not 0.5% and now you are saying it is... Anyway interest earned in my wife's account is hers. So I consider that as 0 interest for 6 mths in a year... so at the end of the year you total everything divide by 12 mths to get the annualized amount of 0.5% P.A.
P.A. refers to Per Annum in case you don't know... Anyway I rest my case here.
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zoossh
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madtari, sorry if i dun have the patience to figure out your calculations as we dun have the full picture. we are here to learn from each other, verify our calculation is correct and proceed with the right informed decision. there is no need to get upset with each other. the below is a wall of text but i hope it gives some clarity. i didnt bother on the tnc on those 0.5-1% accounts as i'm not into it, but i think u can probably do without them unless u really hate even moderate hassle then stick to cimb.
in my and many other people's cases, it is just about maximising each month's maximal interest up to the quota provided by the banks, and these are further limited by number of salary crediting and card spending which varies among all of us. the rest is best done on excel with (interest pa) * (no of days/365) * (amt), so u varies the combination of interest pa and amt of each account and see which fits you the best.
the market best bet is boc, but a lot of us dun use it cos there are enough hassles and we dun wan more. to put things simply, this is my current way and u see if it suits you.
i have 2 salary credited into 2 ocbc 360. i dun spend on ocbc cc anymore. my other cc statements ends mostly on 2nd of each month and i clear all of my cc bill (at least 6) via ocbc online banking to fulfill girobill requirement at the start of each mth so that i wont forget to pay bills.
in even months (30 days), i withdrew all from ocbc except one of the account i kept 3k to avoid fall below fee. all these money goes to uob hya at 1.6-1.7% round to the nearest 10k. the small changes goes to scb esaver at least 1.4% which i use for most active transactions. i have 3 esaver accounts and i ensure that 2 of them have no positive balance in the odd months, so they are always incremental from zero. that gives me about 1.6+ % overall, with ocbc giving minimal interest on that 3k.
in odd months (31 days), i transfer in both ocbc accounts to hit 60k each. that will give me 2.75% on one account (1.2 + 0.5 + 0.05 + 1%) and close to 2.7% (1.75% on 3k and 2.75% on 57k) on the other account that have 3k always. the rest remains in hya/esaver.
aside from this, i had 1 uob one account getting 2.43% on 50k. now i am setting 2nd uob one account with 3 giro. that's another complicated story which u can ignore tentatively.
in short,
1. for that 120k under ocbc 360, i get
even months: 1.6 + % mostly in other accounts
odd months: 2.725% in ocbc
average out is 2.17%, better than 2.08% if i credit my salary to dbs multiplier.
2. for the rest of the money, depending on your eligibility for the various accounts, you can get at least 1.4% every month provided that u make sure at the start of each promotion they start from zero balance the month before.
anyone had better advices on improving my saving strategy, do advice so. there are a lot of intelligent people here who know much more and are far more diligent.
in my and many other people's cases, it is just about maximising each month's maximal interest up to the quota provided by the banks, and these are further limited by number of salary crediting and card spending which varies among all of us. the rest is best done on excel with (interest pa) * (no of days/365) * (amt), so u varies the combination of interest pa and amt of each account and see which fits you the best.
the market best bet is boc, but a lot of us dun use it cos there are enough hassles and we dun wan more. to put things simply, this is my current way and u see if it suits you.
i have 2 salary credited into 2 ocbc 360. i dun spend on ocbc cc anymore. my other cc statements ends mostly on 2nd of each month and i clear all of my cc bill (at least 6) via ocbc online banking to fulfill girobill requirement at the start of each mth so that i wont forget to pay bills.
in even months (30 days), i withdrew all from ocbc except one of the account i kept 3k to avoid fall below fee. all these money goes to uob hya at 1.6-1.7% round to the nearest 10k. the small changes goes to scb esaver at least 1.4% which i use for most active transactions. i have 3 esaver accounts and i ensure that 2 of them have no positive balance in the odd months, so they are always incremental from zero. that gives me about 1.6+ % overall, with ocbc giving minimal interest on that 3k.
in odd months (31 days), i transfer in both ocbc accounts to hit 60k each. that will give me 2.75% on one account (1.2 + 0.5 + 0.05 + 1%) and close to 2.7% (1.75% on 3k and 2.75% on 57k) on the other account that have 3k always. the rest remains in hya/esaver.
aside from this, i had 1 uob one account getting 2.43% on 50k. now i am setting 2nd uob one account with 3 giro. that's another complicated story which u can ignore tentatively.
in short,
1. for that 120k under ocbc 360, i get
even months: 1.6 + % mostly in other accounts
odd months: 2.725% in ocbc
average out is 2.17%, better than 2.08% if i credit my salary to dbs multiplier.
2. for the rest of the money, depending on your eligibility for the various accounts, you can get at least 1.4% every month provided that u make sure at the start of each promotion they start from zero balance the month before.
anyone had better advices on improving my saving strategy, do advice so. there are a lot of intelligent people here who know much more and are far more diligent.
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zoossh
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I'm still on the old hya promo. Hope that jun when esaver releases new interest rate uob can increase again. Also hope dbs gets competitive
Anyway even if at 1.4-1.55 still can combine with 360.
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Just to share what I'm doing currently.
Max out 60k @ OCBC 360
"Overspill" cash now inside dash easy. (Use to rotate in 2 Seaver)
Consider dash easy if you can make 5 dash payments above $5 in a month.
Will give use 2% pa.
But, wonder how long it can last for the dash easy promotion.
Max out 60k @ OCBC 360
"Overspill" cash now inside dash easy. (Use to rotate in 2 Seaver)
Consider dash easy if you can make 5 dash payments above $5 in a month.
Will give use 2% pa.
But, wonder how long it can last for the dash easy promotion.
zoossh
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Just to share what I'm doing currently.
Max out 60k @ OCBC 360
"Overspill" cash now inside dash easy. (Use to rotate in 2 Seaver)
Consider dash easy if you can make 5 dash payments above $5 in a month.
Will give use 2% pa.
But, wonder how long it can last for the dash easy promotion.
got simple summary for dash mah?
http://www.dash.com.sg/promo.html
more3cm
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2% only for new account though"Overspill" cash now inside dash easy. (Use to rotate in 2 Seaver)
Consider dash easy if you can make 5 dash payments above $5 in a month.
Will give use 2% pa.
which idiot puts money in bank that earns 0% for 6 months? can you tell me the bank's name? khong guan?
your wife earn interest is also your family's money.
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i am not slapping my face. you are telling everyone that you cannot do maths.
Hi Zoosh,
Thanks! Really appreciate it. Don't worry, I hold no grudges against anyone here (and that includes dork32). I'm here to learn and make my money work harder for myself as well.
Previously I 'argued' with dork32 just to make my point across but it seems like we have different views on what P.A. means. I also don't see any point in further argument as it serves no purpose.
I just did a search and realise UOB HYA refers to High Yield Account under their privilege banking. This is definitely out of my league as I certainly don't have 350K in spare cash. heh.
I guess I have to settle for CIMB as my best alternative then.
Thanks! Really appreciate it. Don't worry, I hold no grudges against anyone here (and that includes dork32). I'm here to learn and make my money work harder for myself as well.
Previously I 'argued' with dork32 just to make my point across but it seems like we have different views on what P.A. means. I also don't see any point in further argument as it serves no purpose.
I just did a search and realise UOB HYA refers to High Yield Account under their privilege banking. This is definitely out of my league as I certainly don't have 350K in spare cash. heh.
I guess I have to settle for CIMB as my best alternative then.
you put your money inside fast saver for the full 12 months. you do not have to transfer in or out. your 120k will earn you 100 a month. this will amount to 1200 a year. the interest is 1%. it is not 0.5 or 0.6% PA. you dont have to worry your wife eat all the interest away on alternate months and dont leave you anything.
Hi dork32,
You are absolutely correct that the incremental cash is earning 1% no matter which account it is in. I am not saying you are wrong. Just that your 2 previous statement seems to contradict each other. I assume I have misunderstood your statements then.
What I am trying to say is that from my point of view in terms of ROI, I will only get 0.5%. The other 0.5% earned by my wife is totally hers. Although we do have joint accounts, but we keep our personal finance separate too.
Anyway let's not pull maths into the picture (or any name calling/bashing/shaming). I am sure everyone here knows how to do simple calculation. Its just that our POV is different.
Peace.
You are absolutely correct that the incremental cash is earning 1% no matter which account it is in. I am not saying you are wrong. Just that your 2 previous statement seems to contradict each other. I assume I have misunderstood your statements then.
What I am trying to say is that from my point of view in terms of ROI, I will only get 0.5%. The other 0.5% earned by my wife is totally hers. Although we do have joint accounts, but we keep our personal finance separate too.
Anyway let's not pull maths into the picture (or any name calling/bashing/shaming). I am sure everyone here knows how to do simple calculation. Its just that our POV is different.
Peace.
i also dont bear grudge. last time i shoot dr mummy like mad because she tok rubbish. now she put up so many post, i also dont shoot her. if there is nothing wrong and i shoot her, i will look like an idiot.
your calculations are certainly flawed. when there is an error, i can detect it very easily and quickly. yes, i am rude and obnoxious in my reply. but that does not change fact that your calculations are wrong.
Hi, please don't be trigger-happy in shooting me... You should have gotten your facts right first to avoid misguiding other ppl. CIMB fast saver only gives 1% for the 1st 50K. Any amount exceeding that only gives 0.6%.
And to correct your 2nd statement, I have no issue with letting my wife earn interest from my spare cash. All I am aiming is to maximise the amount of interest that I can squeeze out from our hard earned money.
And to correct your 2nd statement, I have no issue with letting my wife earn interest from my spare cash. All I am aiming is to maximise the amount of interest that I can squeeze out from our hard earned money.
By any chance you are referring to BOC SmartSaver?
Why are people still discussing how to maximize return from OCBC 360, when there is superior alternative out there?
The enlightened ones should know what I meant.
Hint : BoC
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