OCBC Premier - what about it ?

[oceanicmanta]

Hope everyone can share experience and knowledge here for everyone's benefit.

Collated some info below :

1) Premier Private
https://www.ocbc.com/personal-banking/premier-banking/premier-private-client/index.page

- Fresh Fund $1m
- Welcome Reward $4000
- Dividend+ interest 0.60%pa wef 1 Oct 2020 (current 0.8%pa)
- Referral Reward $1000

Welcome Reward T&C (til 30 Sep)
https://www.ocbc.com/personal-banking/premier-private-client/welcome-reward-programme-tncs.page

2) Premier
https://www.ocbc.com/personal-banking/premier-banking/index.page

- Fresh Fund $200k / $350k
- Welcome Reward $400 / $1000
- - Dividend+ interest 0.55%pa wef 1 Oct 2020 (current 0.8%pa)
- Referral Reward $250 (for 350k tier only)

Welcome Reward T&C (til 30 Sep)
https://www.ocbc.com/personal-banki...r-banking-customers-terms-and-conditions.page

3) Premier Dividend+ Savings
https://www.ocbc.com/personal-banking/premier-banking/solutions/premier_dividend_solutions

note: bonus interest will be revised wef 1 Oct 2020 :
https://www.ocbc.com/personal-banking/notices

4) Premier Banking General T&C
https://www.ocbc.com/assets/pdf/premier-terms-and-conditions-1aug.pdf

this is really a wall of text

5) Fees & Charges
https://www.ocbc.com/iwov-resources/sg/ocbc/premier/pdf/premier-banking-fees-and-charges.pdf

- $50 per month service fee
- early closure $30 within 6 mths

 

[Squaredot]

Well done bro! Thank you!

 

[Mickey01]

Hope everyone can share experience and knowledge here for everyone's benefit.

Collated some info below :

1) Premier Private
https://www.ocbc.com/personal-banking/premier-banking/premier-private-client/index.page

- Fresh Fund $1m
- Welcome Reward $4000
- Dividend+ interest 0.55%pa wef 1 Oct 2020 (current 0.8%pa)
- Referral Reward $1000

Welcome Reward T&C (til 30 Sep)
https://www.ocbc.com/personal-banking/premier-private-client/welcome-reward-programme-tncs.page

2) Premier
https://www.ocbc.com/personal-banking/premier-banking/index.page

- Fresh Fund $200k / $350k
- Welcome Reward $400 / $1000
- - Dividend+ interest 0.55%pa wef 1 Oct 2020 (current 0.8%pa)
- Referral Reward $250 (for 350k tier only)

Welcome Reward T&C (til 30 Sep)
https://www.ocbc.com/personal-banki...r-banking-customers-terms-and-conditions.page

3) Premier Dividend+ Savings
https://www.ocbc.com/personal-banking/premier-banking/solutions/premier_dividend_solutions

note: bonus interest will be revised wef 1 Oct 2020 :
https://www.ocbc.com/personal-banking/notices

4) Premier Banking General T&C
https://www.ocbc.com/assets/pdf/premier-terms-and-conditions-1aug.pdf

this is really a wall of text

5) Fees & Charges
https://www.ocbc.com/iwov-resources/sg/ocbc/premier/pdf/premier-banking-fees-and-charges.pdf

- $50 per month service fee
- early closure $30 within 6 mths

oceanicmanta
for Dividend+ Account the current int is 0.8% (0.4% + 0.35% + base of 0.05%). For apple to apple comparison, the new rate effective 1 Oct will be 0.6% (0.3% +0.25% + base of 0.05%).

 

[oceanicmanta]

corrected the rate wef 1 Oct in original post .. thanks

 

[maumu]

initial gut feel is it's like HSBC premier/EGA without the need to spend or convert fx. and net interest is like below 1%? and going to be just 0.6% from October? so why bother...

even with the extras like welcome bonus and referral bonus, i don't see it attractive. better off going for vanilla accounts like CIMB fastsaver (0.825% for 100k) or transfer into Singlife/Elastiq/etc. no lock-in period and stuff. or refund back to CPF for housing haha.

 

[cnotsniw]

welcome rewards credited into Voyage card. Can we call in to transfer into bank account or must be SPENT!?!

 

[oceanicmanta]

welcome rewards credited into Voyage card. Can we call in to transfer into bank account or must be SPENT!?!

it seems only the Private welcome is credited into CC

for Premier, it's cash credit

 

[NTTDoCoMo]

it seems only the Private welcome is credited into CC

for Premier, it's cash credit

https://www.ocbc.com/personal-banking/premier-banking/client-referral-programme-terms-and-conditions.page

Think both the same, can refer point 4, 12 and 13.

 

[peppermint7]

..........

 

[beautyseek]

welcome rewards credited into Voyage card. Can we call in to transfer into bank account or must be SPENT!?!

Moi reporting in... so all of u come here liao. Unlike the HSBC thread, i feel somewhat uncomfortable as there is surveillance of OCBC chaps here. So i can imagine it will be hard to share all the stuff to navigate through the tncs

Yes. OCBC person told me can appeal for cash out from the card and they will allow.

 

[arctician]

initial gut feel is it's like HSBC premier/EGA without the need to spend or convert fx. and net interest is like below 1%? and going to be just 0.6% from October? so why bother...

even with the extras like welcome bonus and referral bonus, i don't see it attractive. better off going for vanilla accounts like CIMB fastsaver (0.825% for 100k) or transfer into Singlife/Elastiq/etc. no lock-in period and stuff. or refund back to CPF for housing haha.

mate not sure if you really did the calculations, its above 2% for premier private..even their welcome reward is at 1.6% already.

having said so i probably will stick to the hsbc thread for ocbc stuff, because there are dedicated ocbc ppl here in hwz and i dont want to amplify all the possibilities, they survey all the threads here

 

[cnotsniw]

To earn the max of 0.60% interest, need to save the $2k/mth with no withdrawal for 12 months?

 

[arctician]

To earn the max of 0.60% interest, need to save the $2k/mth with no withdrawal for 12 months?

credit on monthly basis i think based on tnc

 

[cnotsniw]

credit on monthly basis i think based on tnc

ok, to phrase my question more clearly,

to earn tier 1+2, must save $2k & no withdrawal
to earn tier 2, must have no withdrawal

if no save $2k and no withdrawal, only earn tier 2.

if no save $2k and have withdrawal, only earn base interest.


btw, the additional $8k should be based on the 0.8% interest.

 

[beautyseek]

Echo artician - never ever say outright tricks of our "trade". These peeps will tighten and close.

Pple alrdy with ocbc premier and interested in referral - pls PM me. Thanks.

 

[oceanicmanta]

Echo artician - never ever say outright tricks of our "trade". These peeps will tighten and close.

Pple alrdy with ocbc premier and interested in referral - pls PM me. Thanks.

Wah so fast u onboarded ?

 

[arctician]

ok, to phrase my question more clearly,

to earn tier 1+2, must save $2k & no withdrawal
to earn tier 2, must have no withdrawal

if no save $2k and no withdrawal, only earn tier 2.

if no save $2k and have withdrawal, only earn base interest.


btw, the additional $8k should be based on the 0.8% interest.

no need worry too much, the only good thing is the 4k not the 8k because you can get 1.3% from HSBC, so no point locking in the funds for 12 mths.

As long as u dont withdraw and topup 2k u get 0.55% from oct.

Just use posb or your cimb as main spending acct.

 

[maumu]

mate not sure if you really did the calculations, its above 2% for premier private..even their welcome reward is at 1.6% already.

having said so i probably will stick to the hsbc thread for ocbc stuff, because there are dedicated ocbc ppl here in hwz and i dont want to amplify all the possibilities, they survey all the threads here

i don't have $1mil... lol can show me how it is worth signing up and get >1% interest? i'm not sure how the dividend+ savings work together with signing up as a premier customer. if the returns are decent i'll consider joining

 

[anthony.phua]

During onboarding you can request for cash credit into the account. They will seek approval for this. Not everyone will want to get or eligible for their Voyage card.

it seems only the Private welcome is credited into CC

for Premier, it's cash credit

 

[arctician]

i don't have $1mil... lol can show me how it is worth signing up and get >1% interest? i'm not sure how the dividend+ savings work together with signing up as a premier customer. if the returns are decent i'll consider joining

for premier welcome reward is $1000, then park in premier dividend is 0.55%, so simple calculation says its already 1.65%+, normal $350K will do. You can also find someone (example me) to refer and share the referral reward

Definitely beats the cimb fastsaver.

During onboarding you can request for cash credit into the account. They will seek approval for this. Not everyone will want to get or eligible for their Voyage card.

they told me the card cost $150 to make and is metal? Anyway 1.6mpd is not that attractive but since no annual fee will just use the card for few months, think got unlimited limo (1 way to airport), ritz carlton birthday cake and access to plaza premium lounge with voyage. The credit is a small issue spoke to a few officer and RM can transfer one.


Signing up by this week.