A new "high interest" savings deposit that shares similar characteristics with OCBC 360 and SCB Bonus Saver.
http://www.uob.com.sg/personal/deposits/chequeing/one_account.html?s_cid=oneaccount_hp_bann
The good side of this account? No pushing of insurance products to enjoy the high interest factor.
Quick comparison
OCBC 360: Effective I/R 3.05%
currently 3.05% dropping to 2.05% in May-15. To enjoy 3.05%, hearsay is buying insurance product and step up deposit
SCB Bonus Saver - earn up to 3.88%
1.88% with $500 spent and 2% coming from the purchase of new insurance with at least 24k premium plan
UOB One Account:up to 3.33% (EIR: 2.43%)
Earn 2% from UOB credit/debit card (min. spend of $500) with salary crediting (min. $2k) OR 3 Giro transactions
Mechanics
Purely meeting $500 CC spending
Effective interest rate you earn per year is 1.6%
Meet both $500 CC spending or either of the criteria above
Effective interest rate you could earn per year is 2.43%
What is the EIR?
Since the deposit works base on tier,
first 10k you earn 1%/1.5%
Next 20k you earn 1.5%/2%
Next 30k you earn 2%/3.33%
If you maintain $50K perpetually, you can earn up to an EIR of 2.43%. The EIR will change drastically if your $50k is not fixed
To add on: the mechanics of UOB One Card
if you spend $300/$800/$1,500 monthly for 3 consecutive months, then you will earn $30/$80/$150.
sadly, if you only spend $500 for 3 consecutive months, you will only earn $30 still.
Conclusion:
If you are able to meet all the requirements in OCBC, stick with OCBC. If you have problems registering your salary with OCBC, or OCBC come out with lame requirement like buying insurance to achieve the additional 1%, UOB will be the next best bet if you have more than ~$31.2k.
If you happen to be looking for an insurance product and want to earn the most, Bonus saver 3.88% will be the best. However, if Bank cant commit to you the promotion will be for the next 20 years, why do they always want to tie us to insurance policy?
http://www.uob.com.sg/personal/deposits/chequeing/one_account.html?s_cid=oneaccount_hp_bann
The good side of this account? No pushing of insurance products to enjoy the high interest factor.
Quick comparison
OCBC 360: Effective I/R 3.05%
currently 3.05% dropping to 2.05% in May-15. To enjoy 3.05%, hearsay is buying insurance product and step up deposit
SCB Bonus Saver - earn up to 3.88%
1.88% with $500 spent and 2% coming from the purchase of new insurance with at least 24k premium plan
UOB One Account:up to 3.33% (EIR: 2.43%)
Earn 2% from UOB credit/debit card (min. spend of $500) with salary crediting (min. $2k) OR 3 Giro transactions
Mechanics
Purely meeting $500 CC spending
Effective interest rate you earn per year is 1.6%
Meet both $500 CC spending or either of the criteria above
Effective interest rate you could earn per year is 2.43%
What is the EIR?
Since the deposit works base on tier,
first 10k you earn 1%/1.5%
Next 20k you earn 1.5%/2%
Next 30k you earn 2%/3.33%
If you maintain $50K perpetually, you can earn up to an EIR of 2.43%. The EIR will change drastically if your $50k is not fixed
To add on: the mechanics of UOB One Card
if you spend $300/$800/$1,500 monthly for 3 consecutive months, then you will earn $30/$80/$150.
sadly, if you only spend $500 for 3 consecutive months, you will only earn $30 still.
Conclusion:
If you are able to meet all the requirements in OCBC, stick with OCBC. If you have problems registering your salary with OCBC, or OCBC come out with lame requirement like buying insurance to achieve the additional 1%, UOB will be the next best bet if you have more than ~$31.2k.
If you happen to be looking for an insurance product and want to earn the most, Bonus saver 3.88% will be the best. However, if Bank cant commit to you the promotion will be for the next 20 years, why do they always want to tie us to insurance policy?
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