to maximize my account saving interest, below do-able?

[RoLanTo]

Hi all. i have a question, not sure do-able.. some context:

bank balance: 70,000
income: 6001
card spend: 2000
bill payment 3 time of 2000..

currently, i clocked all these on BOC to get max interest 3.4% (+0.6% on 10k)

Can i do below?
salary credit to ocbc360 to get the effective 1.8% of 70,000. Then the rest of my spend using BOC to get 2.2% ?

balance will split between 40k (ocbc) n 30k BOC?


my concern, i am not sure for BOC, is salary crediting the pre-requisite before any interests.

Thankyou

 

[TiedInsurer]

Hi all. i have a question, not sure do-able.. some context:

bank balance: 70,000
income: 6001
card spend: 2000
bill payment 3 time of 2000..

currently, i clocked all these on BOC to get max interest 3.4% (+0.6% on 10k)

Can i do below?
salary credit to ocbc360 to get the effective 1.8% of 70,000. Then the rest of my spend using BOC to get 2.2% ?

balance will split between 40k (ocbc) n 30k BOC?


my concern, i am not sure for BOC, is salary crediting the pre-requisite before any interests.

Thankyou

You would want to put $60k in BOC, to get unbeatable 3.4% interest. The remaining $10k, just chuck it into Singsaver?

 

[TiedInsurer]

Can i do below?
salary credit to ocbc360 to get the effective 1.8% of 70,000. Then the rest of my spend using BOC to get 2.2% ?

balance will split between 40k (ocbc) n 30k BOC?

Btw, right now, you are getting 3.4% on the first $60k for BOC. That means annual interest of $2,040. If you split like you proposed above, you will get 1.8% on $40k in OCBC ($720) and 2.2% on $30k in BOC ($660). Total interest earned becomes $1,380 only. You'd end up with less interest than before.

 

[Trazora]

Btw boc is 3.55% for first $60k. The remaining $10k can put in singlife.

 

[TiedInsurer]

Btw boc is 3.55% for first $60k. The remaining $10k can put in singlife.

Even better. I don't have $6k salary to credit. So jelly.

 

[BBCWatcher]

It’s also worth looking at whether $70,000 is too much cash to drag. *If* it is too much, then CPF Special and MediSave Accounts are offering at least 4%/year, and I think a 6%/year average return is a reasonable forecast for a low cost global stock index fund over a long term. As examples.

Also, I suppose it’s possible the Singapore dollar could devalue relative to other major currencies, and in a small open economy heavily reliant on imports that could be a lifestyle-related problem. Hoarding Singapore dollar cash doesn’t work well in that particular scenario.

 

[yiwei]

Hi all. i have a question, not sure do-able.. some context:

bank balance: 70,000
income: 6001
card spend: 2000
bill payment 3 time of 2000..

currently, i clocked all these on BOC to get max interest 3.4% (+0.6% on 10k)

Can i do below?
salary credit to ocbc360 to get the effective 1.8% of 70,000. Then the rest of my spend using BOC to get 2.2% ?

balance will split between 40k (ocbc) n 30k BOC?


my concern, i am not sure for BOC, is salary crediting the pre-requisite before any interests.

Thankyou

Salary credit is not a pre-requisite for additional interest, all requirements are independent.

 

[RoLanTo]

Thanks all.. think base on conclusion.. put in BOC still best.