ocbc 360 account

[iMac]

I think should be able to maintain.

look at standardcharted. their 1.88% bonus saver already there for so long already.

This should last at the minimum 2 years.

What is the requirment to get this 1.88% bonus?

 

[ark123]

I think should be able to maintain.

look at standardcharted. their 1.88% bonus saver already there for so long already.

This should last at the minimum 2 years.

However Bonussaver returns are much lower:

For 50K balance in Bonussaver (on annual basis):
Base interest @0.10% on balances above 25K = $25
Bonus interest @1.88% on first 25K = 470
Credit card spend of Min 500 spend rewards: 0
Total payout for 50K = $495 or 0.99%

For 50K balance in OCBC 360 (on annual basis):
Base Interest @ 0.05% = $25
Bonus interest @3% = $1500
Max CC rebate (Frank card online txn 500 pm @ 6%) = $360
Total payout: $1885 or 3.77% pa

Also, in case you don't want to spend anything on CC, SCB Bonussaver will earn you just 0.10 % while OCBC 360 can still earn 2.05%!

 

[OCBC Bank]

"To qualify for credit card spend bonus interest, need a minimium spend S$400 in retail txns across your OCBC credit cards."

Does it mean spending S$200 each on my 2 OCBC credit cards qualify?

Hi Squaredot, yes, that would qualify. As long as there is a minimum spend of $400 across your OCBC credit cards, you’ll be eligible for the credit card spend bonus interest.

^Caron
For OCBC Bank

 

[taylorlautner]

My company do not GIRO salary, I received a cheque each month. How ah?

then this OCBC 360 account no use. Some more you have to apply OCBC credit card and spent minimum $400.

If you do not intend to withdraw any money and solely using the account for saving purpose, I recommend you open another OCBC saving account(see link below), it has a minimum initial deposit of $10,000 but there is no minimum monthly balance and if you do not withdraw any money throughout the year, you get 1.18%. No minimum spending or need for giro salary deposit.

Higher-Interest Deposit Account | Bonus+ Deposit Account | OCBC

 

[wts2013]

then this OCBC 360 account no use. Some more you have to apply OCBC credit card and spent minimum $400.

If you do not intend to withdraw any money and solely using the account for saving purpose, I recommend you open another OCBC saving account(see link below), it has a minimum initial deposit of $10,000 but there is no minimum monthly balance and if you do not withdraw any money throughout the year, you get 1.18%. No minimum spending or need for giro salary deposit.

Higher-Interest Deposit Account | Bonus+ Deposit Account | OCBC

U dun understand how this account work lor, effective int only 0.69%, not 1.18% hor! It is better for u to put your money with cimb to earn 0.8% per annum lor.

 

[planetshaker]

then this OCBC 360 account no use. Some more you have to apply OCBC credit card and spent minimum $400.

If you do not intend to withdraw any money and solely using the account for saving purpose, I recommend you open another OCBC saving account(see link below), it has a minimum initial deposit of $10,000 but there is no minimum monthly balance and if you do not withdraw any money throughout the year, you get 1.18%. No minimum spending or need for giro salary deposit.

Higher-Interest Deposit Account | Bonus+ Deposit Account | OCBC

Even without salary credit, u fulfill the other 2, it's still 2.05%. Any other better alternatives?

 

[dork32]

then this OCBC 360 account no use. Some more you have to apply OCBC credit card and spent minimum $400.

If you do not intend to withdraw any money and solely using the account for saving purpose, I recommend you open another OCBC saving account(see link below), it has a minimum initial deposit of $10,000 but there is no minimum monthly balance and if you do not withdraw any money throughout the year, you get 1.18%. No minimum spending or need for giro salary deposit.

Higher-Interest Deposit Account | Bonus+ Deposit Account | OCBC

maybe you should do a bit of research before posting. it looks quite silly. the people around this forum are very knowlegable. no one has mentioned the bonus plus account as attractive.

 

[Zapper]

How is this compared to the DBS Multiplier Programme?

 

[naro]

How is this compared to the DBS Multiplier Programme?

Forget abt dbs multiplier programme. Even if ur mthly salary + mthly CDP dividends + mthly dbs/posb housing loan + mthly dbs/posb credit card spending is more than $20k a mth, ocbc360 is still better

 

[Zapper]

That's true.

 

[Toons]

I think should be able to maintain.

look at standardcharted. their 1.88% bonus saver already there for so long already.

This should last at the minimum 2 years.

I agree. My understanding is that this move is in response to MAS's requiring local banks to have higher capital reserves.

Thats why the banks are offering higher interest to attract more deposits to shore up their reserves to meet this requirement in time for Jan 2015. No point for OCBC to drop the interest after a few months, then lose all the deposits ... n end back at square one.

 

[Toons]

Forget abt dbs multiplier programme. Even if ur mthly salary + mthly CDP dividends + mthly dbs/posb housing loan + mthly dbs/posb credit card spending is more than $20k a mth, ocbc360 is still better

Yea, the multiplier scheme is based on monthly monetary flows, meaning the $ moving in and out of the account, eg, salary in, payment of bills. So even if you keep $100k in that account without touching the $, you will not qualify for the higher interest rate.

 

[dentisttalk]

Wont last

i doubt the 3.05% will last 12 months.. lol

I double agree. Used to have their frank account which was giving way better interest rates and they just quietly dropped the interest rates after some time.

 

[more3cm]

Anyone paid $0.01 each for 3 bills and still entitled to the bonus interest?

I asked about paying $1 and here is the official reply from the bank
"There is no minimum payment amount for each bill payment transaction
thus, a $1 payment does qualify as one of the three payments required
for the bonus interest."

Since there is no min payment amt, $0.01 also qualifies.

 

[fl1234]

Hi MoDie

if you pay for 3 individual credit cards (doesn't matter if its OCBC cards or non-OCBC cards) through our Pay Any Card service in Online Banking, this will fulfill the criteria for the 3 unique bill payments.

But let's say a bill for 1 single biller or card number is split into multiple payments, then this will still only count as 1 unique bill / card payment.

Hope this clarifies.

^Greg
For OCBC Bank

Hi,
Did anyone verify this criteria for the 3 unique bill payments and got their additional 1% interest rate? I asked to an officer at OCBC and also called OCBC hotline number.. they said the additional 1% interest rate is obtained if the payment are paid to 3 different merchants. So paying 3 unique bill online but to 1 bank (merchant) doesn't qualify.
Can anyone comment on this please. Thanks

 

[anfielder]

Hi,
Did anyone verify this criteria for the 3 unique bill payments and got their additional 1% interest rate? I asked to an officer at OCBC and also called OCBC hotline number.. they said the additional 1% interest rate is obtained if the payment are paid to 3 different merchants. So paying 3 unique bill online but to 1 bank (merchant) doesn't qualify.
Can anyone comment on this please. Thanks

If you pay 3 unique bills they will all have unique bill reference numbers... So should b fine

 

[saint84]

Can someone advise me. .
If I maintained 50k inside for the whole month, what would the interest credited in on the 1st of next month? ? Eg.. The 0.05%?
Is it the same amount regardless of 30 days in a month or 31 days in a month? ?
Best if someone from ocbc can reply me. .
Thanks.

 

[MoDiE]

Can someone advise me. .
If I maintained 50k inside for the whole month, what would the interest credited in on the 1st of next month? ? Eg.. The 0.05%?
Is it the same amount regardless of 30 days in a month or 31 days in a month? ?
Best if someone from ocbc can reply me. .
Thanks.

its just simple mathematics you duno how to calculate meh??

[(50000*0.05%p.a.)/365 days]*no. days in that particular month = interest for that particular month.

 

[saint84]

its just simple mathematics you duno how to calculate meh??

[(50000*0.05%p.a.)/365 days]*no. days in that particular month = interest for that particular month.

Since I dunno how to calculate, why don't you calculate n gimme an answer instead of giving me a formula??

 

[beri stupid idiot]

I asked about paying $1 and here is the official reply from the bank
"There is no minimum payment amount for each bill payment transaction
thus, a $1 payment does qualify as one of the three payments required
for the bonus interest."

Since there is no min payment amt, $0.01 also qualifies.

quote for posterity