ocbc 360 account

[lazybee]

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

The 2% do not need to credit salary.

I have boc smartsaver with 3.55% interest also.

3 bill payments is easy to hit, just pay $1 to the same set of 3 credit cards.

boc > ocbc360 > UOB one, depending how much you spend.

If cannot meet 500 spending, Boc smartsaver is not really good.

 

[zoossh]

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?

Can u pay your utilities without travelling to pwc building? For some time is money and driving or take a cab will cost money. Not worth it.

For those not spending on cc, 360 is gd

 

[magnesium1]

This can be backup account on alternate month when you cannot get more than 1.55% from eSaver or iSavvy

Sent from the research lab without using GAGT

 

[dork32]

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?

but some people until die also cannot accept it. they insists so much, let them be loh

 

[dork32]

This can be backup account on alternate month when you cannot get more than 1.55% from eSaver or iSavvy

Sent from the research lab without using GAGT

esaver and isavy should be the backup. this account gives higher interest

 

[dork32]

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?

there is one guy some time back say on even months, interest go to the wife. he will not get the interest. the interest on those months is 0. so overall interest must divide by 2. so his interest is only 1.025%

there are also a lot of people here with crazy methods of calculating interest.

 

[magnesium1]

esaver and isavy should be the backup. this account gives higher interest

It really depends. Currently I also managed to get 1.55% from eSaver. Their interest rates fluctuate each time they have promo

Sent from the research lab without using GAGT

 

[SBC]

Want to setup another giro for my ocbc 360.

How to setup giro for UOB credit card?

 

[dork32]

It really depends. Currently I also managed to get 1.55% from eSaver. Their interest rates fluctuate each time they have promo

Sent from the research lab without using GAGT

if you 200k there are better accounts out there, especially with the priority banking.

 

[dork32]

Want to setup another giro for my ocbc 360.

How to setup giro for UOB credit card?

go uob site and download the giro form

 

[dork32]

It really depends. Currently I also managed to get 1.55% from eSaver. Their interest rates fluctuate each time they have promo

Sent from the research lab without using GAGT

lazybee already did some calculation. 2.05% is greater than 1.55%

 

[chopra]

Paging for perisher. Can moderate the posts 爱死没死在这论坛很活跃

 

[seveneleven]

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.

hmm... say if single, rather than incremental of $1000 every month (only manage to save $1000 after all expenditure), is it better to transfer $50,000 to OCBC 360 to earn then incremental %, then next mth transfer all $50,000 to other bank, then next next mth transfer back $50,000 to OCBC 360 again (so that incremental will be based on $50,000 again), will it works?

 

[Trazora]

hmm... say if single, rather than incremental of $1000 every month (only manage to save $1000 after all expenditure), is it better to transfer $50,000 to OCBC 360 to earn then incremental %, then next mth transfer all $50,000 to other bank, then next next mth transfer back $50,000 to OCBC 360 again (so that incremental will be based on $50,000 again), will it works?

Yes it can work. Need to decide which is the other account such that the average interest is high enough to justify the hassle.

 

[Le_coq]

if you 200k there are better accounts out there, especially with the priority banking.

hi, don't mind can share lobang?

 

[dork32]

they are talking about hsbc in the other thread.

i dont have 200k lying around. i do not qualify

 

[seveneleven]

Yes it can work. Need to decide which is the other account such that the average interest is high enough to justify the hassle.

i have try using the OCBC calculator,

if i place $1000 initial deposit, then the next mth i deposit $40,000, no doubt the incremental increase i get $33.97, but i lose out in other interest, so total interest i only get $35.44

But if i begining that time deposit $41,000, for that month i can earn ard $61.


Thus i don't think this method is worth it, cos you lose out in other interest. lol

 

[Trazora]

i have try using the OCBC calculator,

if i place $1000 initial deposit, then the next mth i deposit $40,000, no doubt the incremental increase i get $33.97, but i lose out in other interest, so total interest i only get $35.44

But if i begining that time deposit $41,000, for that month i can earn ard $61.


Thus i don't think this method is worth it, cos you lose out in other interest. lol

The incremental amount should also be included as part of the account balance, so you are not losing on other interest. Account balance should be $41000 in your example.

 

[dork32]

i have try using the OCBC calculator,

if i place $1000 initial deposit, then the next mth i deposit $40,000, no doubt the incremental increase i get $33.97, but i lose out in other interest, so total interest i only get $35.44

But if i begining that time deposit $41,000, for that month i can earn ard $61.


Thus i don't think this method is worth it, cos you lose out in other interest. lol

like i said, some people will never get it. some people just cant calculate.

i dont think you even know what trazora means.

 

[dork32]

The incremental amount should also be included as part of the account balance, so you are not losing on other interest. Account balance should be $41000 in your example.

you are such a kind and patient person. that is why so many people like you.

i just go around whacking people that cannot make it.