OCBC Statement Savings Account

[ericcsn]

I meant did you have a decrease in balance in your other OCBC accounts during the 88 day earmark period? For eg, if your earmark period was Jan to Apr, and the balance in your other OCBC account was $2000 for Jan, then dropped to $1000 for Feb?

Didn’t have a balance decrease in my other ocbc accounts during these periods

 

[digipet]

Yes, has to be $102k. Make sure it comes straight from a non Ocbc account into the statement saving account. Once your $100k fund has been safely earmarked, u can remove the $2k which otherwise is squatting there doing nothing

thanks for the clarification. i called them agn and they said wld get back to me on this then after multiple enquiries internally, seems like no one was able to confirm this. I told them its a simple qn if u address it to right person, no need wait few days to get back to me.

Its was just about whether i need to cover for amount spent in the past 30days since they are comparing total balance snapshots to determine eligiblity amount.

 

[ericcsn]

I meant did you have a decrease in balance in your other OCBC accounts during the 88 day earmark period? For eg, if your earmark period was Jan to Apr, and the balance in your other OCBC account was $2000 for Jan, then dropped to $1000 for Feb?

thanks for the clarification. i called them agn and they said wld get back to me on this then after multiple enquiries internally, seems like no one was able to confirm this. I told them its a simple qn if u address it to right person, no need wait few days to get back to me.

Its was just about whether i need to cover for amount spent in the past 30days since they are comparing total balance snapshots to determine eligiblity amount.

Are you guys new to Stanchart or HSBC banking or have been away for at least 12 months? If so, they have outstanding welcome cash rewards for new to priority or premier banking with them.

 

[luvpraline]

Are you guys new to Stanchart or HSBC banking or have been away for at least 12 months? If so, they have outstanding welcome cash rewards for new to priority or premier banking with them.

Thanks for the heads up. Im using Stanchart eSaver, new to HSBC. But I checked their premier, I don't have Total Relationship Balance (TRB) of SGD200,000 to put with them right now.

I'm now very doubtful OCBC CSO can give me a confirmed answer. Don't know if I want to risk it because I have a 360 joint account that I use for all sorts of adhoc paynow / giro / paying bills etc and the balance might drop below the previous month's during the 88 days

For no salary crediting requirement, next best rate for no frills account is RHB FD 1.45% right?

 

[ericcsn]

Thanks for the heads up. Im using Stanchart eSaver, new to HSBC. But I checked their premier, I don't have Total Relationship Balance (TRB) of SGD200,000 to put with them right now.

I'm now very doubtful OCBC CSO can give me a confirmed answer. Don't know if I want to risk it because I have a 360 joint account that I use for all sorts of adhoc paynow / giro / paying bills etc and the balance might drop below the previous month's during the 88 days

For no salary crediting requirement, next best rate for no frills account is RHB FD 1.45% right?

ok. noted. Nowadays I don't generally have no frill accounts (FD) unless these are adequately bundled with other rewards.

 

[ahchan]

I just called and CSO told me MIGHT affect the bonus interest if balance in my 360 account drops below previous month. But she seemed unsure and told me she can do a check for me but need to wait a few days for a confirmed answer. Meanwhile, the amount I transferred in for the 88 days promo has to sit in there waiting for their answer...

Sorry, I just want to clarify.

Are you saying that using OCBC 360 as the account for the 88 days promotion?
I thought OCBC360 is not eligible for the promotion?
Only certain saving and current accounts are eligible....

 

[waterpighead]

Ya, ocbc360 is not eligible for the ocbc88 casa promo.
In my case, i just open a statements savings acc via ocbc app (which was instant) and then transfer $50k into the newly created account. Thereafter, complete the e-form to register.
i thot the above would suffice?

 

[mojipei]

The tnc mentioned that valid until 31 Jan, can I join exactly on 31 Jan? 31 January is a saturday. If I deposit on a Saturday, will it be counted as a deposit on 2 Feb? That means the promotion is over already, right?

 

[ericcsn]

The tnc mentioned that valid until 31 Jan, can I join exactly on 31 Jan? 31 January is a saturday. If I deposit on a Saturday, will it be counted as a deposit on 2 Feb? That means the promotion is over already, right?

Best not to take it to the wire.

For Ocbc even transactions on Friday performed after 9pm are considered as next day Sat.

It might work, then it might not.

 

[reddevil0728]

The tnc mentioned that valid until 31 Jan, can I join exactly on 31 Jan? 31 January is a saturday. If I deposit on a Saturday, will it be counted as a deposit on 2 Feb? That means the promotion is over already, right?

R u willing to take the risk?

 

[Nanonited]

Best not to take it to the wire.

For Ocbc even transactions on Friday performed after 9pm are considered as next day Sat.

It might work, then it might not.

Is it worth it to do this if i am also trying to qualify for the welcome rewards for premier? I will probably need to top up more than 350k to cover my 360 account balance which has some movement in the last 30 days so i do not fail the incremental issue.

the problem is that after 88 days, i will likely have to leave the funds in for 1-2 more mths to play ‘safe’ so that i meet the welcome reward timeline (dont want to mess up by removing early and totally forfeiting the $800). I understand that the statement savings acct has no interest and if i transfer out and in again for a new promo/dividend premier account i might get flagged for removing my funds within the 3 mths hence failing the welcome reward.

does it then make sense to go for the dividend premier plus account from the beginning then? I lose probably $150 in interest due to the 0.2% less interest.

 

[ericcsn]

Is it worth it to do this if i am also trying to qualify for the welcome rewards for premier? I will probably need to top up more than 350k to cover my 360 account balance which has some movement in the last 30 days so i do not fail the incremental issue.

the problem is that after 88 days, i will likely have to leave the funds in for 1-2 more mths to play ‘safe’ so that i meet the welcome reward timeline (dont want to mess up by removing early and totally forfeiting the $800). I understand that the statement savings acct has no interest and if i transfer out and in again for a new promo/dividend premier account i might get flagged for removing my funds within the 3 mths hence failing the welcome reward.

does it then make sense to go for the dividend premier plus account from the beginning then? I lose probably $150 in interest due to the 0.2% less interest.

Can’t advise u since I haven’t relooked at the new to Ocbc premier rewards. (Although I would say don’t forget about referral rewards as well). But they have been inferior when I last contemplated them 9 months ago.

now if u are going with just $200k, a very good deal is with stanchart priority .

If $300k the best deal should be HSBC premier.

of course u need to be new to bank. Otherwise do a joint , which would qualify as long as the other person is new and is the main account holder in the joint acct.

 

[mojipei]

Can I ask the meaning of the following terms used in the tnc: "earmark start date" and "earmark will be performed by".

For example, if I deposit $50K today, today is the "earmark start date" and after 88 days, the earmark is over and can be withdrawn. Then, earmark will be performed by 16 Feb? What is happening from now until 16 Feb since it is not earmarked yet?

 

[sglandscape]

Can I ask the meaning of the following terms used in the tnc: "earmark start date" and "earmark will be performed by".

For example, if I deposit $50K today, today is the "earmark start date" and after 88 days, the earmark is over and can be withdrawn. Then, earmark will be performed by 16 Feb? What is happening from now until 16 Feb since it is not earmarked yet?

Nothing, but you cannot use those funds if not they may not count it as you having participated, especially since you need incremental balance across ALL your accounts vs a month ago.

 

[Nanonited]

Yes, has to be $102k. Make sure it comes straight from a non Ocbc account into the statement saving account. Once your $100k fund has been safely earmarked, u can remove the $2k which otherwise is squatting there doing nothing

Actually i realised, if we read the tncs clearly.. it says “'The amount of Fresh Funds deposit must also result in a corresponding increase of at least S$50,000 when compared against the total balances of all other OCBC current and/or savings accounts as of 30 days prior to the date of deposit.'

Actually why we all think if we earmark 100k then it must be 100k incremental, the example just says $50,200 qualified (bad e.g because they happen to earmark 50k). I also think the same as you but if we read carefully, as long as 100k deposit is way more than the $50k requirement, technically we qualify ( unless somehow you withdrew more than 50k within the last 30 days).The tncs dont say the earmark amount must be incremental increase from last 30 days balance…

 

[ericcsn]

Actually i realised, if we read the tncs clearly.. it says “'The amount of Fresh Funds deposit must also result in a corresponding increase of at least S$50,000 when compared against the total balances of all other OCBC current and/or savings accounts as of 30 days prior to the date of deposit.'

Actually why we all think if we earmark 100k then it must be 100k incremental, the example just says $50,200 qualified (bad e.g because they happen to earmark 50k). I also think the same as you but if we read carefully, as long as 100k deposit is way more than the $50k requirement, technically we qualify ( unless somehow you withdrew more than 50k within the last 30 days).The tncs dont say the earmark amount must be incremental increase from last 30 days balance…

yes, your interpretation could be right.

Good Luck!

 

[Nanonited]

yes, your interpretation could be right.

Good Luck!

Tyvm.

so confusing the tncs that people even ask can there be balance decrease during the period. I have an ocbc360 which has in and out per mth, will be quite lame if we fail the promotion because there were transactions during the 88 day earmark period. Usually they just recognise that the new funds are fresh funds and thats it..

 

[swathe]

OCBC taking too long to earmark that causes the anxiety. Until today the 1 Jan funds are still not earmarked.

 

[ericcsn]

OCBC taking too long to earmark that causes the anxiety. Until today the 1 Jan funds are still not earmarked.

In the past I dialed in to confirm that the money deposited were in order and qualified, that it was an administrative delay on their part that the funds are still residing in the active and not earmarked part of the account and to confirm effective start dates of the earmarked funds.

I would say 22 days to date is way too long.

 

[Nanonited]

OCBC taking too long to earmark that causes the anxiety. Until today the 1 Jan funds are still not earmarked.

You check the available balance. Did it change or it still shows the full balance as withdrawable?