ocbc 360 account

[hwmook]

uob suppose to launch their new one account today to compete with 360.. but havent see any info on it yet.. heard it is up to 3.33%pa

http://www.uob.com.sg/personal/deposits/chequeing/one_account.html?s_cid=sem

UOB One account is out, a copy cat account with minor changes to rival OCBC.

 

[KTVFanatic]

http://www.uob.com.sg/personal/deposits/chequeing/one_account.html?s_cid=sem

UOB One account is out, a copy cat account with minor changes to rival OCBC.

yea really is copy cat.

Just wondering if never hit min. $500/mth spending but meet credit salary/3 giro, is earn the difference in interest rates or the base interest of 0.05%?

 

[zoossh]

yea really is copy cat.

Just wondering if never hit min. $500/mth spending but meet credit salary/3 giro, is earn the difference in interest rates or the base interest of 0.05%?

only had a brief look, but it seems that die die had to spend 500

somemore the interest is staggered, assuming 50k insai, and spend 500
1. no salary/giro = 1.60%
2. salary/giro = 2.42%

main problem with this account is forced spending if u cannot hit 500 with essential and offline spending. i feel tempted to move my multiplier over liao, but had this concern.

 

[ken_nerve]

Meh... Small spenders like me cannot hit $500/mth, have to stick with OCBC 360.

 

[zoossh]

Meh... Small spenders like me cannot hit $500/mth, have to stick with OCBC 360.

the main thing is consistency. i cant keep changing my salary crediting, but yet anytime i fail to hit 500 at end of month, my interest drop from 2.42 to 0.05%. maybe i should keep to multiplier which i dun have to do anything.

 

[Ronaldo88]

Meh... Small spenders like me cannot hit $500/mth, have to stick with OCBC 360.

Yah...i barely over 400..nxt mth got to find ways to get over 500..

 

[acetylcholine]

UOB's offer seems quite enticing. Who cares whether they copied OCBC's formula if consumers end up having more options. For one, I am thinking of switching over to UOB's offer because I am tired of how OCBC has been playing around with the terms and conditions for the FRANK card. Only problem is the mismatch between the minimum spending of $500 for the account and the spending tiers for UOB One. Will wait for more input before deciding.

 

[VacheronLim]

UOB's offer seems quite enticing. Who cares whether they copied OCBC's formula if consumers end up having more options. For one, I am thinking of switching over to UOB's offer because I am tired of how OCBC has been playing around with the terms and conditions for the FRANK card. Only problem is the mismatch between the minimum spending of $500 for the account and the spending tiers for UOB One. Will wait for more input before deciding.

trying to figure out the key differences of both myself

UOB offer the flexible of just needing 2 criteria (as compared to 3 for OCBC)...especially for those who either cannot get either 3 giro, or the salary crediting one, it's significantly easier for this group now

downside for UOB, is the rebate for cc spendings (it's fixed at $30, $80, $150) so for a consumer who cannot consistently accumulate qualified spendings, he/she will lose out here...OCBC has a cap of $80 for the cc rebate too

let the comparison begin

 

[acetylcholine]

trying to figure out the key differences of both myself

UOB offer the flexible of just needing 2 criteria (as compared to 3 for OCBC)...especially for those who either cannot get either 3 giro, or the salary crediting one, it's significantly easier for this group now

downside for UOB, is the rebate for cc spendings (it's fixed at $30, $80, $150) so for a consumer who cannot consistently accumulate qualified spendings, he/she will lose out here...OCBC has a cap of $80 for the cc rebate too

let the comparison begin

If UOB doesn't change the spending tiers for the One card, assuming that $500 is charged every month, the effective rebate drops to 2%. Next tier is $800, which is quite a big jump for current UOB One card holders who are used to spending only $300 to reach the first tier. Another potential problem is the mismatch between billing month and calendar month. It will be good if UOB resets the billing cycle to coincide with the calender month so as to avoid confusion.

 

[bohrium107th]

Do I click saving account or current account for salary credit?

 

[hwmook]

If UOB doesn't change the spending tiers for the One card, assuming that $500 is charged every month, the effective rebate drops to 2%. Next tier is $800, which is quite a big jump for current UOB One card holders who are used to spending only $300 to reach the first tier. Another potential problem is the mismatch between billing month and calendar month. It will be good if UOB resets the billing cycle to coincide with the calender month so as to avoid confusion.

Since i already got >$500 spending a month now, getting this account is straightforward for me. 1.6% for $50,000. Set a few giro setting and get 2.43%.

 

[Tornesoul]

tia gong from ocbc branch today 2 new categories

1. Insurance Premiums certain amount / unit trust certain amount
2. Stepup balance in ocbc360 every month (like cimb starsaver)

Might be wrong though. wait 1st may to confirm

 

[shadow84]

tia gong from ocbc branch today 2 new categories

1. Insurance Premiums certain amount / unit trust certain amount
2. Stepup balance in ocbc360 every month (like cimb starsaver)

Might be wrong though. wait 1st may to confirm

What is stepup balance?

 

[VictorvonDoom]

What is stepup balance?

Monthly balance must be higher than the previous's

 

[sandwicher]

Sounds like a losing battle. Off to UOB ONE

 

[standing]

Monthly balance must be higher than the previous's

Hmm.. Seems not that difficult hor?
Since all your salary will in this account..

 

[ken_nerve]

Hmm.. Seems not that difficult hor?
Since all your salary will in this account..

But what if you already have $50k in the account? The excess only earns 0.05%. I normally transfer my salary out to CIMB after paying my bills.

 

[K|muRa^84]

Since i already got >$500 spending a month now, getting this account is straightforward for me. 1.6% for $50,000. Set a few giro setting and get 2.43%.

if i cant meet any of the 2 new reqts to be announced by ocbc, jumping ship to uob is gonna be a no-brainer

 

[hwmook]

Hmm.. Seems not that difficult hor?
Since all your salary will in this account..

Why would anybody want to keep more than $50,000 in OCBC 360? My account value only keep at constant $50,000. New rules doesn't make sense, need to make me work harder to get the same amount. Buying insurance or investing is definitely a big No No so Max 2.55%, time to start moving.

 

[mikezuper]

Hmm.. Seems not that difficult hor?
Since all your salary will in this account..

Not good since the max entitled only 50K