ocbc 360 account

[Trazora]

just curious, the pay 3 bill, say if my 3 nos. of insurance is deducted directly thru my bank account, does it consider paying 3 bill?

Using GIRO for payment to 3 insurance account right? Yes should count

 

[mdax23]

pay 3 bills, 0.5%, spend 500, 0.5%, fresh funds, 1%, assuming you take out all your cash every month cycle

But that is not 2.05% every month, its 2.05% every 2 months.

 

[koja6049]

But that is not 2.05% every month, its 2.05% every 2 months.

I'm just saying based on what I know of how wts makes his 2.05%

 

[lazybee]

But that is not 2.05% every month, its 2.05% every 2 months.

You can have 2 accounts with your wife. Then can transfer to another account start of every mth.

 

[Trazora]

You can have 2 accounts with your wife. Then can transfer to another account start of every mth.

then need salary crediting to both accounts or switch salary credit every month to get the 2.05% every month.

 

[Squaredot]

then need salary crediting to both accounts or switch salary credit every month to get the 2.05% every month.

no need salary credit to get 2.05%

 

[Trazora]

no need salary credit to get 2.05%

oic, yes true.

 

[OCBC Bank]

just curious, the pay 3 bill, say if my 3 nos. of insurance is deducted directly thru my bank account, does it consider paying 3 bill?

Hi seveneleven,

Only unique bill reference/account number will be recognised. This means if you make multiple payments to one particular bill reference number, it will only be captured as 1 payment.

Hope this clarifies.

^DG

 

[spiritGate]

Do note that the 1% increment is per year basis. So is not exactly 2.05% without salary. Is like around 1.06% only

Sent from sent from gagt using GAGT

 

[Trazora]

Do note that the 1% increment is per year basis. So is not exactly 2.05% without salary. Is like around 1.06% only

Sent from sent from gagt using GAGT

All components of the interest (base, salary, pay bill, incremental etc) are per year basis.

 

[lazybee]

Do note that the 1% increment is per year basis. So is not exactly 2.05% without salary. Is like around 1.06% only

How come explain still not get it?

odd number month with your account:
Spend 500 (0.5%) with your CC + pay 3 bills(0.5%) + incremental balance of 60k (1%) = 2%.

Start of new mth: Transfer all 60k to your wife account and keep your account 0.

even number month with wife account:
Spend 500 (0.5%) with HER CC + pay 3 bills(0.5%) + incremental balance of 60k (1%) = 2%.

Loop repeatedly but keep another account 0.

Overall, it is still 2% with the base interest, without salary. The alternative (if single account) are scb esaver promotion, cimb fastsaver, etc.

 

[Trazora]

How come explain still not get it?

odd number month with your account:
Spend 500 (0.5%) with your CC + pay 3 bills(0.5%) + incremental balance of 60k (1%) = 2%.

Start of new mth: Transfer all 60k to your wife account and keep your account 0.

even number month with wife account:
Spend 500 (0.5%) with HER CC + pay 3 bills(0.5%) + incremental balance of 60k (1%) = 2%.

Loop repeatedly but keep another account 0.

Overall, it is still 2% with the base interest, without salary. The alternative (if single account) are scb esaver promotion, cimb fastsaver, etc.

Btw there is fall below fee to transfer out everything.

 

[lazybee]

Btw there is fall below fee to transfer out everything.

Opps. Forget about that. Just keep 3K per month. LOL

Or just pay the fall-below fee of $2 per month. You get back $100+ per month anyway. The overall interest is still 1.9+%.

 

[saintgtril]

Thanks lazybee. I think this is the answer to my queries on how to use it to earn 2.05% pa on OCBC 360 account every mth even without salary crediting.

FYI I cannot hit the $500 credit card spending for both the accounts.

How come explain still not get it?

odd number month with your account:
Spend 500 (0.5%) with your CC + pay 3 bills(0.5%) + incremental balance of 60k (1%) = 2%.

Start of new mth: Transfer all 60k to your wife account and keep your account 0.

even number month with wife account:
Spend 500 (0.5%) with HER CC + pay 3 bills(0.5%) + incremental balance of 60k (1%) = 2%.

Loop repeatedly but keep another account 0.

Overall, it is still 2% with the base interest, without salary. The alternative (if single account) are scb esaver promotion, cimb fastsaver, etc.

Opps. Forget about that. Just keep 3K per month. LOL

Or just pay the fall-below fee of $2 per month. You get back $100+ per month anyway. The overall interest is still 1.9+%.

 

[spiritGate]

How come explain still not get it?

odd number month with your account:
Spend 500 (0.5%) with your CC + pay 3 bills(0.5%) + incremental balance of 60k (1%) = 2%.

Start of new mth: Transfer all 60k to your wife account and keep your account 0.

even number month with wife account:
Spend 500 (0.5%) with HER CC + pay 3 bills(0.5%) + incremental balance of 60k (1%) = 2%.

Loop repeatedly but keep another account 0.

Overall, it is still 2% with the base interest, without salary. The alternative (if single account) are scb esaver promotion, cimb fastsaver, etc.

If odd number of months then is not 1% anymore... How come u still dont get it...

Sent from sent from gagt using GAGT

 

[moonshotballer]

Thanks lazybee. I think this is the answer to my queries on how to use it to earn 2.05% pa on OCBC 360 account every mth even without salary crediting.

FYI I cannot hit the $500 credit card spending for both the accounts.

i believe that alot of you here will have problems hitting the $500 minimum spending on OCBC cards. do you know that you can actually pay your utilities and handphone bills using the credit cards?

you can ask your parents what kind of bills they are paying and maybe direct it to your credit card?

 

[Trazora]

If odd number of months then is not 1% anymore... How come u still dont get it...

Sent from sent from gagt using GAGT

Why not if alternate between accounts?

 

[seveneleven]

Hi seveneleven,

Only unique bill reference/account number will be recognised. This means if you make multiple payments to one particular bill reference number, it will only be captured as 1 payment.

Hope this clarifies.

^DG

Its different policy and i am paying for my mum's too.. so i assume its all under difference bill /invoice number?

 

[lazybee]

If odd number of months then is not 1% anymore... How come u still dont get it...

Sent from sent from gagt using GAGT

You are alternating accounts with the same 60K but getting 100+ per month(2% in annual rate) through different accounts. It is not as if you put 60K each in both accounts.

You still earn 100+ per mth for alternate accounts, for the same 60K put in and transferred. So 100X12/60K = 2% no ?

You don't divide interest by 2, since another account is $0 and not 60K. The another account of $0 don't earn any interest, but the sum put in is $0.

It is you that do not get it, unless the 2% interest in another account is not your money. Ask your wife to fork in 30K and you fork in 30K then.

Even if you are single with no double accounts and use Fastsaver of 1% instead on alternate mths, you get back (2% +1%)/2 = 1.5%.

With double OCBC360 accounts, it is (2% for 1st mth +2% for 2nd mth)/2 mth period= 2%, no?

 

[aKaGiz]

If u do the alternate account strategy for ocbc 360, then which savings account do u credit your salary in to maximise the interest?