ocbc 360 account

[vgirlhwz]

You're a little too demanding aren't you. You should really see this as a privilege instead of an entitlement.
The bank is not a not-for-profit organisation and I think whatever promotions they stipulate is entirely up to their discretion. Plus, its not like they don't offer other accounts where the interest is above the measly 0.05%.

An entitlement? I would think that "entitlement" criteria would be the following:-
1. unable to deliver, yet demand stratospheric salaries.
2. purport to be 'talented' and on the same level as CEOs from top-class corporations, but when fail to deliver, don't step down like CEOs from to-class corporations. Instead, urge that all 'move on' and learn from the experience.

That's real entitlement attitude.

What I am just asking is why this criteria, which would bar a whole category of people. People like what I have outlined above. Here I cut and paste for you again (in blue, my previous post above):-


Has it ever occurred to people that there are semi-retired people, or even part-timers who have the maximum savings in 360 (now $60,000) eligible for the bonus interest and fulfill every requirement, except that because they are partimers or semi-retired, the salary portion is not fulfilled?

And what about people who have $60,000+ simply because they have worked for some years and are good savers and not extravagant-for-the-sake-of-face, but just don't fulfill the salary criteria?

By stipulating $2,000, OCBC is telling all these people to, 'you die is your business' -- thinking that it is necessarily that way. But really don't realise there are many varied profiles of people.

On the other hand perhaps OCBC may actually know and have stats to these other profiles, and it may just be a simple reason of being stingy, PRECISELY BECAUSE there ARE many profiles of people (unlike what so many here are typically responding using the 'you don't deserve it becasue of your low salary' stereotypical reasoning, in essence the "you die, is your own business" gang) - because if, for example, OCBC were to include the CPF criteria of netting in coffers payers - anyone earning $500/month and above will have to pay cpf (resulting in those who earn $500 getting $100 docked from their pay) - if ocbc were to include that, then many more will get at least a bit more interest, right?

But of course, perhaps MAS wouldn't like that. I'm just asking because I find it funny that with similar offerings (of bonus interest accounts) by other banks, it is this criteria too, that only a $2,000 salary and above will be counted as fulfilling a criteria for bonus interest. So that's why I'm just asking OCBC if this is a MAS stipulation. Simple as that.

btw, these are some categories of people who may not currently qualify for the $2,000, but may have the maximum to earn the bonus interest (at $60,000 for now), with of course anything beyond that, at the base rate:-
1. semi-retired who are carrying on working part-time
2. partimers, who may be taking a break because of kids, or after working for many years, or those laid off, and doing contract work / permanent-part time work / freelance work in which some months don't amount to $2,000
3. same as above who earn less than $2,000
4. young adults who have just started working, but who may have (through savings, prevous part-time work while in school, parent's contributions etc) the maximum $60,000.
5. those still in uni and poly with a substantial savings, but doing part-time and therefore either don't earn $2,000 or it fluctuates, depending on hours work.
-- All these categories of people are losing out on the 1.2%. Surely, if the govt can take 20% for cpf, starting at a low $500/month, OCBC, the other banks and MAS should peg the salary criteria at $500, isn't it?

See - think out of the box a bit, and you'd see that the "they are targetting the $2,000 high end people" scholar thinking goes out the window. The world consists of more nuanced diversity of people in the economy than what our scholars are bred to typically think.

Think out of the box.

 

[zoossh]

...

I'm certain you surely will not die just because you fail to fulfil the salary criteria.

You can take your rant further to edmw or current affairs.

 

[hyperbole]

Maybe these people should think out of the box on how to increase their salaries instead of being combative in forums and accomplishing nothing. Heh.

 

[vgirlhwz]

I'm certain you surely will not die just because you fail to fulfil the salary criteria.

You can take your rant further to edmw or current affairs.

Pointing out several new categories of people (that others can't see) is a rant? And surely, people 'wouldn't die' either, if they just leave their $$ in one such (bonus interest) accounts instead of doing the 'alternate months' shift here and there just to get more interest. You mean people have time to do that?

 

[vgirlhwz]

Maybe these people should think out of the box on how to increase their salaries instead of being combative in forums and accomplishing nothing. Heh.

Yes, I would surely agree with you, that the categories of people that I have pointed out (I cut and paste again, below in blue) these days, really are thinking out of the box to increase their salaries - surely, they deserve to be rewarded too.

Rather than the scholars in possibly MAS who have only one view of the magical $2,000 mark. Because I'm very sure the banks are aware of the very, very varied profile of people who don't earn $2,000 on all months, but have to pay cpf from $500/month onwards.

Here is that category of varied people- I cut and paste from above again:-
btw, these are some categories of people who may not currently qualify for the $2,000, but may have the maximum to earn the bonus interest (at $60,000 for now), with of course anything beyond that, at the base rate:-
1. semi-retired who are carrying on working part-time
2. partimers, who may be taking a break because of kids, or after working for many years, or those laid off, and doing contract work / permanent-part time work / freelance work in which some months don't amount to $2,000
3. same as above who earn less than $2,000
4. young adults who have just started working, but who may have (through savings, prevous part-time work while in school, parent's contributions etc) the maximum $60,000.
5. those still in uni and poly with a substantial savings, but doing part-time and therefore either don't earn $2,000 or it fluctuates, depending on hours work.
-- All these categories of people are losing out on the 1.2%. Surely, if the govt can take 20% for cpf, starting at a low $500/month, OCBC, the other banks and MAS should peg the salary criteria at $500, isn't it?

See - think out of the box a bit, and you'd see that the "they are targetting the $2,000 high end people" scholar thinking goes out the window. The world consists of more nuanced diversity of people in the economy than what our scholars are bred to typically think.

Think out of the box.

 

[mikezuper]

Yes, I would surely agree with you, that the categories of people that I have pointed out (I cut and paste again, below in blue) these days, really are thinking out of the box to increase their salaries - surely, they deserve to be rewarded too.

Rather than the scholars in possibly MAS who have only one view of the magical $2,000 mark. Because I'm very sure the banks are aware of the very, very varied profile of people who don't earn $2,000 on all months, but have to pay cpf from $500/month onwards.

Here is that category of varied people- I cut and paste from above again:-
btw, these are some categories of people who may not currently qualify for the $2,000, but may have the maximum to earn the bonus interest (at $60,000 for now), with of course anything beyond that, at the base rate:-
1. semi-retired who are carrying on working part-time
2. partimers, who may be taking a break because of kids, or after working for many years, or those laid off, and doing contract work / permanent-part time work / freelance work in which some months don't amount to $2,000
3. same as above who earn less than $2,000
4. young adults who have just started working, but who may have (through savings, prevous part-time work while in school, parent's contributions etc) the maximum $60,000.
5. those still in uni and poly with a substantial savings, but doing part-time and therefore either don't earn $2,000 or it fluctuates, depending on hours work.
-- All these categories of people are losing out on the 1.2%. Surely, if the govt can take 20% for cpf, starting at a low $500/month, OCBC, the other banks and MAS should peg the salary criteria at $500, isn't it?

See - think out of the box a bit, and you'd see that the "they are targetting the $2,000 high end people" scholar thinking goes out the window. The world consists of more nuanced diversity of people in the economy than what our scholars are bred to typically think.

Think out of the box.

Why always pointing to one item 'salary' where clear requirement stipulated there?

They can still get 1% from paying bills and spend credit card (you can get credit card if salary below 30k by putting deposit).

And buy insurance or investment to increase it further by 1%.

360 account is there not to please and meet all scenario of life.

I myself has been changing banks a countless times as they change their conditions (i.e. stanchart xtrasaver remove 0.5% rebate from nets transactions).

Did I rant about it for the bank to change it back? No. Move on and find new one.

You are fighting a losing battle here and keep on repeating the same post not gonna have it any better. Well, maybe, if ocbc see it and decided to change their tnc. Good luck.

 

[dork32]

if you tok like that, then banks should open their priority banking to all the people listed below.

 

[mikezuper]

if you tok like that, then banks should open their priority banking to all the people listed below.

Woohoo... I can be a priority banking customer now!

Life is not fair, get used to it.

 

[vgirlhwz]

Why always pointing to one item 'salary' where clear requirement stipulated there?

They can still get 1% from paying bills and spend credit card (you can get credit card if salary below 30k by putting deposit).

And buy insurance or investment to increase it further by 1%.

360 account is there not to please and meet all scenario of life.

I myself has been changing banks a countless times as they change their conditions (i.e. stanchart xtrasaver remove 0.5% rebate from nets transactions).

Did I rant about it for the bank to change it back? No. Move on and find new one.

You are fighting a losing battle here and keep on repeating the same post not gonna have it any better. Well, maybe, if ocbc see it and decided to change their tnc. Good luck.

Of course all other criteria people will be able to fulfill (except 1% for structured deposit). I am just saying the 1.2% is much for than the rest, and moreover, ocbc also reduced 2 of the criteria from 1% to 0.5%. I am just questioning about the weird salary limit, when in essence, $500/mth would have you paying for cpf, so why can't they use that criteria?

 

[vgirlhwz]

if you tok like that, then banks should open their priority banking to all the people listed below.

Opps, strawman argument detected.

 

[naro]

Yes, I would surely agree with you, that the categories of people that I have pointed out (I cut and paste again, below in blue) these days, really are thinking out of the box to increase their salaries - surely, they deserve to be rewarded too.

Rather than the scholars in possibly MAS who have only one view of the magical $2,000 mark. Because I'm very sure the banks are aware of the very, very varied profile of people who don't earn $2,000 on all months, but have to pay cpf from $500/month onwards.

Here is that category of varied people- I cut and paste from above again:-
btw, these are some categories of people who may not currently qualify for the $2,000, but may have the maximum to earn the bonus interest (at $60,000 for now), with of course anything beyond that, at the base rate:-
1. semi-retired who are carrying on working part-time
2. partimers, who may be taking a break because of kids, or after working for many years, or those laid off, and doing contract work / permanent-part time work / freelance work in which some months don't amount to $2,000
3. same as above who earn less than $2,000
4. young adults who have just started working, but who may have (through savings, prevous part-time work while in school, parent's contributions etc) the maximum $60,000.
5. those still in uni and poly with a substantial savings, but doing part-time and therefore either don't earn $2,000 or it fluctuates, depending on hours work.
-- All these categories of people are losing out on the 1.2%. Surely, if the govt can take 20% for cpf, starting at a low $500/month, OCBC, the other banks and MAS should peg the salary criteria at $500, isn't it?

See - think out of the box a bit, and you'd see that the "they are targetting the $2,000 high end people" scholar thinking goes out the window. The world consists of more nuanced diversity of people in the economy than what our scholars are bred to typically think.

Think out of the box.

How did you link OCBC360 bonus interests criteria with MAS and scholars?

your statement thus far has not illustrated that.

 

[vgirlhwz]

How did you link OCBC360 bonus interests criteria with MAS and scholars?

your statement thus far has not illustrated that.

I had asked how come for similar products from other banks - ie, bonus interest accounts that give extra interest above the base of 0.05%, all had salary credit of $2,000 - which makes people think that it must be a stipulation from somewhere, and the likely place is MAS.

A simple question to ocbc.

And then others started mentioning $2,000 being linked to credit card eligibility, which I said I wasn't asking about that, and there were other remarks about banks and low income customers. I then pointed out that there are many categories and profiles of customers, and really they should increase the criteria to $500/month since that seems to be the point where people need to pay 20% cpf, so why not use that as the criteria for salary credit. Of course credit cards, will have to leave at $2,000 otherwise, it would be a casino situation, and more ah longs will be burning people's homes (like they did last week in one case) with impunity since no one wants to catch them.

This whole "$2,000-then-can-qualify for salary credit bonus" I am just speculating that it must come from scholars. Just wanted to confirm. Not so much from who, but if MAS did tell banks not to waiver from this.

After all, must keep 'em hungry, and drive those spurs into 'em, right. No one should be so lucky as to have been handed one's life on a silver platter, from birth, to brilliant army career, several star general at a young age, shooting to the stratosphere. Cannot have that for others. Must have spurs in their hides. To spur them to work hard!

 

[naro]

I had asked how come for similar products from other banks - ie, bonus interest accounts that give extra interest above the base of 0.05%, all had salary credit of $2,000 - which makes people think that it must be a stipulation from somewhere, and the likely place is MAS.

A simple question to ocbc.

And then others started mentioning $2,000 being linked to credit card eligibility, which I said I wasn't asking about that, and there were other remarks about banks and low income customers. I then pointed out that there are many categories and profiles of customers, and really they should increase the criteria to $500/month since that seems to be the point where people need to pay 20% cpf, so why not use that as the criteria for salary credit. Of course credit cards, will have to leave at $2,000 otherwise, it would be a casino situation, and more ah longs will be burning people's homes (like they did last week in one case) with impunity since no one wants to catch them.

This whole "$2,000-then-can-qualify for salary credit bonus" I am just speculating that it must come from scholars. Just wanted to confirm. Not so much from who, but if MAS did tell banks not to waiver from this.

After all, must keep 'em hungry, and drive those spurs into 'em, right. No one should be so lucky as to have been handed one's life on a silver platter, from birth, to brilliant army career, several star general at a young age, shooting to the stratosphere. Cannot have that for others. Must have spurs in their hides. To spur them to work hard!

You have rich imagination.

Firstly, if the salary credit of $2,000 was a "stipulation" by MAS, wouldn't it be applied to UOB as well? By the way, do you know the difference between MAS and OCBC?

 

[zoossh]

Pointing out several new categories of people (that others can't see) is a rant? And surely, people 'wouldn't die' either, if they just leave their $$ in one such (bonus interest) accounts instead of doing the 'alternate months' shift here and there just to get more interest. You mean people have time to do that?

The purpose of this subforum is to facilitate understanding of how best to deposit, invest or spend. There are a lot to clarify as some of the rules are complicated. You can help this forum by not posting redundant rants, and allowing pertinent information from others to be streamlined and concise.

As for why cant banks make things easier for us and is the rates given by banks fair or not fair in proportion to their earnings, I urge you to move your philosophical discussion to either current affairs or edmw, as they will disturb the usual workflow here. Over here we just want to get and clarify information.

 

[vgirlhwz]

You have rich imagination.

Firstly, if the salary credit of $2,000 was a "stipulation" by MAS, wouldn't it be applied to UOB as well? By the way, do you know the difference between MAS and OCBC?

I thought uob had the same stipulation?

 

[dork32]

Opps, strawman argument detected.

ocbc360 is not for you,

just like priority banking is not for me.

 

[dork32]

why 2000 salary then qualify, not 500.
why pay 3 bills, 2 bills cannot meh
when must spend 500, i spend 350, i also want
why must buy your insurance 2000 a month, i buy SAF insurance, why i cannot get
why must top up then can get extra interest, i no money to top up, how

 

[wts2013]

hahaha, all the rich and smart uncles and aunties dump ocbc360 liao lor, join uob1+1 liao lor, customer is king leh, we dump ocbc360, why ask ocbc why they dump u leh, we dump them leh, hahaha

uob1+1, fair and square, got 2k salary or not, all earn equal bonus interest up to 2.43% wor, hahaha

 

[arctician]

From a nation and social point of view, there need to be a peasant bank to take care of low income earners. I am not expecting private banks to fulfill that role, but the state has to have one. Unfortunately there goes our posb and our government has the least concern for that. I will rather that my taxpayer's money goes to that rather than supporting table tennis and other money-wasting projects.

yea agree totally, but what to do. Initially i thought i m the only one who find youth olympics and SEA games stupid ..totally bochup

Of course all other criteria people will be able to fulfill (except 1% for structured deposit). I am just saying the 1.2% is much for than the rest, and moreover, ocbc also reduced 2 of the criteria from 1% to 0.5%. I am just questioning about the weird salary limit, when in essence, $500/mth would have you paying for cpf, so why can't they use that criteria?

even if you revise the salary bonus interest to those who earn $500 -$2k e.g. retirees, students with 60k etc, this group of ppl will not be able to get credit card approval since income falls below $25k annual limit, so they wont be able to get the additional 0.5%/0.5% from 3 cc bill payment & $500 cc spend. In this case they might as well go for standchart esavers which offers 1.45% right? To me they are not losing out

Somemore from ocbc perspective, why will they want to spend resources attracting this gp of ppl who cant bring in recurring new deposits, pay 3 CC bills, or chalk up large CC spend, esp. when they can be adequately served by a competitor bank?

wealth banking is the crown jewel driving growth for all e banks now, ocbc is just trying to target the millennials and grow with them in the long term, nothing wrong with the approach

those gps u mention with 60k and low income can easily switch to scb esavers

 

[edwinttt1978]

For those who have just joined in, welcome.

The allegation is "By imposing a minimum $2k/month salary, OCBC appears to have discriminated against a group of people who fail to meet this mark, thereby depriving these people the benefit of a Bonus Interest under the OCBC 360 Account".

So, should OCBC lower the threshold? Will $1900/month do? Will it appease those earning $1800/month? Will there be another displeasure from those earning $800/month? Does OCBC owe a duty to delight each and everyone?