ocbc 360 account

[anfielder]

Hi, how does interest gets accrued? By which day of the month must I spend the 400 dollars, pay the 3 utilities bills and credit my salary?

within a calendar month.

 

[anfielder]

This ocbc 360 account is very impressive. For years, i have not kept much funds with ocbc or held any ocbc credit cards. 360 changes all that.

Opened an account, informed HR about it, paid 3 bills, and now awaiting the approval of a new ocbc card. Ever since ocbc wanted to charge me $30 for a visa Robinson card, i cancelled it, stopped patronising Robinsons, and held no ocbc credit cards.

Marketing gimmick or not, 2.05 % pa for 50k now ( salary and 3 bills) beats anything flat. Next month, when my new credit card is ready, it will be 3.05%!

Point is to keep just $50k in 360 to earn $127 interest per month. Other funds to be deposited elsewhere, such as CIMB 0.8%pa, or standard charted Dash 1% pa till 31 Aug.

I should add that for the past few months, DBS capitacard was my fav. Its free parking entices me. Now, it is time to retire Capitacard.

Whoever designed or reinvented 360 is certainly doing a great done. I tried to look around for a similar account like 360. The closest is dbs multiplier acc with 4 conditions. Even fufilling 4 conditions only earn 2.08%.

They say Banks are fair-weather friends; i say i am a fair-weather client.

that's being a smart client. go where the best benefits are

 

[Soul77]

Yes. I have to agree that OCBC 360 is a very good product.
It is even better than the old Maybank iSavy during the high interest rate (it was offering around 2.x% only at that time).

 

[edwinttt1978]

that's being a smart client. go where the best benefits are

They're all worth it.

For me to move my funds, the benefits must be "significant & substantial".
At 3.05% pa for $50k, even if the promo ends after 1 month, a normal client would have earned $127 interest. Comparatively, to earn the same amount of interest, the client
(i) would have to put the $50k @ 0.05% pa for 61 months! That's more than 5 years! Or
(ii) be super rich with $ 3048000 ($3.048 million) @ 0.05 % pa, for simplicity.

$127/month is certainly a significant & substantial amount for an account containing $50k but pales in comparision to an account containing $3.048m.

If one has $3m, then all the 3 conditions to earn $127 are certainly troublesome.

They say that stupidity is forever but ignorance can be cured; i say ignorance of safe and sound investment is a misfortune.

 

[edwinttt1978]

Yes. I have to agree that OCBC 360 is a very good product.
It is even better than the old Maybank iSavy during the high interest rate (it was offering around 2.x% only at that time).

Isavy account is still good, esp when they have the bonus rate on increment balance.

 

[edwinttt1978]

Actually, i know quite a bit on this 360. Maybe OCBC can pay me part-time to entertain some of the queries here, considering that most people are too lazy to read the TnC and instead prefer to be spoon-fed?

Many of the answers can be found in OCBC 360 easy to read and understand TnCs, which shall prevail in terms of conflict. Conflicts/disputes arise, for example, when a client alleges that a customer officer at a branch says so and so...

 

[ark123]

Actually, i know quite a bit on this 360. Maybe OCBC can pay me part-time to entertain some of the queries here, considering that most people are too lazy to read the TnC and instead prefer to be spoon-fed?

Many of the answers can be found in OCBC 360 easy to read and understand TnCs, which shall prevail in terms of conflict. Conflicts/disputes arise, for example, when a client alleges that a customer officer at a branch says so and so...

Actually, you are almost 3.5 months late, either in opening the account, or discovering this thread or both.

I will agree that many members on this thread are quite knowledgeable and they answer even the very basic+repeated questions patiently.

If you think your are much more smarter than this audience and by that virtue you should be paid, please check again.

BTW, humility never hurts!!!

 

[OCBC Bank]

Will enets (payment to moe) is counted in 3 unique payment category?

Hi digitalguy,

The bill payments will have to be done online after logging in to your OCBC internet banking. Or, they can be GIRO arrangements deducted from your 360 account.

Hope this helps.

^Shereen
For OCBC Bank

 

[OCBC Bank]

Hi, how does interest gets accrued? By which day of the month must I spend the 400 dollars, pay the 3 utilities bills and credit my salary?

Hi there,

In order to earn the bonus interests for the month, all 3 criterias have to be met within the calendar month.

So your salary will have to be credited by July, your 3 bill payments deducted by end July, and your $400 card spending has to be posted by the merchant within July. The bonus interest will then be credited to your account on the 7th business day of the following month.

In this case, it will be credited by the end day of 11 August '14. And any interest earned, is calculated based on the daily balance in your account.

^Shereen
For OCBC Bank

 

[OCBC Bank]

thank you.

suggestion: add in the function to allow users to view the list of giro linked via internet banking? since we can add giro online, don't see why we can't view the list of giro linked.

Hi there,

Thanks for the suggestion! We'll certainly share this with our team.

^Shereen
For OCBC Bank

 

[HWZ1973]

I really don't understand why we Singapore saving rates are so low...
In Malaysia for normal saving it's already 3% dun have to charge this bill that, etc...

Why the banks can't make it simpler for us??

 

[edwinttt1978]

Actually, you are almost 3.5 months late, either in opening the account, or discovering this thread or both.

I will agree that many members on this thread are quite knowledgeable and they answer even the very basic+repeated questions patiently.

If you think your are much more smarter than this audience and by that virtue you should be paid, please check again.

BTW, humility never hurts!!!

Yes, i was late in both.

Always looked down on ocbc since they started to charge me for Robinsons card. i also thought the local banks cannot make it (in terms of savings interest rates). So, i nvr bothered with its advertising at all, until a friend told me about 360 a week ago and that got more interested than its status as World's Strongest Bank.

Chanced upon this forum today when I googled "reviews on ocbc 360 account".

The audience here is simply lazy since being spoonfed is so pleasurable and so addictive.

A sidenote. ocbc is superb inother ways.
Its internet bankin is easy to view. All accounts, including SRS and CPFIS are present.
Its atm usually has a shorter queue than DBS and its machine still dispenses $10 notes.
Strangely, ocbc salary crediting is faster than dbs by up to 24hrs.
Nevermind its Premiere Banking is not as poshed as UOB Wealth Banking.

So, can Ocbc pay me for answering 360 acc? For every qn I reply, i am contented with an extra 0.1% pa on my 360 account.

 

[dork32]

I really don't understand why we Singapore saving rates are so low...
In Malaysia for normal saving it's already 3% dun have to charge this bill that, etc...

Why the banks can't make it simpler for us??

malaysia currency is weak. it has dropped quite a lot vs s$. countries with weak currency usually have high interest rates.

my indonesia maid once told me fd in her country was 12%. so change you s$ and put inside indonesia bank lah. but becoz rupiah even more cui than ringgit at that time. 12% interest also lose money.

 

[joanie_dan]

Hi there,

I'm afraid we can't comment on other Bank's practices of their GIRO payroll systems.

^Shereen
For OCBC Bank

If OCBC makes it so difficult on the payroll additional 1%, u guys are just promoting a marketing gimmick to make the bank stand out over others.

No doubt 2.05% is not bad, however pls do not set criterias which the consumers cannot control. Payroll paid via payroll system still fails your criteria is simply asking for too much.

Why not you guys provide us the swift message for the salary credit?that will give us some proof that maybe the crediting bank is not doing something correctly. Rather than keep asking us to check with our bank.

 

[HWZ1973]

malaysia currency is weak. it has dropped quite a lot vs s$. countries with weak currency usually have high interest rates.

my indonesia maid once told me fd in her country was 12%. so change you s$ and put inside indonesia bank lah. but becoz rupiah even more cui than ringgit at that time. 12% interest also lose money.

I tend to disagree on the strong or weak currency line of thoughts...

If you are local and using the local currency in country what's there to lose?
Of cos foreign goods will be expensive but this is a choice not basic needs...

 

[dork32]

I tend to disagree on the strong or weak currency line of thoughts...

If you are local and using the local currency in country what's there to lose?
Of cos foreign goods will be expensive but this is a choice not basic needs...

you dont have to agree or disagree. this is taught in economics and finance subjects. it is called interest rate parity
otherwise, why dont you change all your money to ringgit and earn the high interest rates there? coz the ringgit cannot make it. you may end up losing money.
and if RM is as strong as S$ and their interest rate is much higher, everyone would be rushing to change their s$ to rm. people like you and me will not have a chance.

 

[anoynomous1875]

I am wondering so far how is everybody's experience with the 360 account? the interest rate is very good and I have been watching for quite some time, I am likely to meet only 2 out of 3 criteria; so I may not get the full interest but it is still a lot better than elsewhere. but if the interest rate is maybe revised in the future, would it be possible to transfer my money to another OCBC account? Most of my accounts are already with OCBC.

 

[jesseint]

Hello,

May I ask whether paying insurance through monthly giro also considered as pay bill?

From what I read from the FAQ yea.. but is it correct (I am afraid it is just for certain code, etc etc)?

the code is "GIRO-IBG"

Thank you in advance.

 

[anfielder]

I am wondering so far how is everybody's experience with the 360 account? the interest rate is very good and I have been watching for quite some time, I am likely to meet only 2 out of 3 criteria; so I may not get the full interest but it is still a lot better than elsewhere. but if the interest rate is maybe revised in the future, would it be possible to transfer my money to another OCBC account? Most of my accounts are already with OCBC.

why not? there's no lock-in period for the funds and you're free to move it anywhere you want.

 

[luvalist]

Hi there, just to confirm that if I opened under joint-name account and credit $3K salary for either one account holder's name (with the correct bank code GIRO-SALARY), I will be eligible for the extra interest?

Thanks!

Hi there,

The 360 account can definitely be opened under a single or joint-name account. And the $2,000 minimum salary requirement can be a combination from both account holders.

In addition, any spending by the supplementary will be eligible as well & will go towards the principal card holder's $400 spend requirement.

Hope this clarifies!

^Shereen
For OCBC Bank