UOB ONE Account

[pohw0008]

I use the ocbc calculator to check.. seem like it is 3.25% with the boost 1%.. unless their calculator is wrong..

Should get around $193 interest this month by depositing $67000 into the account..

Max 3.2% of which 0.9% is from wealth bonus which I dun think is worth getting. So practically looking at 2.3%

 

[Trazora]

I use the ocbc calculator to check.. seem like it is 3.25% with the boost 1%.. unless their calculator is wrong..

Should get around $193 interest this month by depositing $67000 into the account..

Can get 3.3% on $70k if include boost bonus

 

[Sinkie]

I use the ocbc calculator to check.. seem like it is 3.25% with the boost 1%.. unless their calculator is wrong..

Should get around $193 interest this month by depositing $67000 into the account..

What is this boast 1%??

 

[OCBC Bank]

What is this boast 1%??

Hey there Sinkie

The Boost bonus is given if your account's average daily balance increases from the previous month's.

If it does, we will give you 1.0%pa on the incremental balance

^Sh

 

[Ahboy069]

Somebody from Uob say this uob one account has some promotion.
Every month deduct $500 for way higher interest ... anybody got the call ?

 

[oceanicmanta]

Somebody from Uob say this uob one account has some promotion.
Every month deduct $500 for way higher interest ... anybody got the call ?

whoever called is not telling the whole picture ...

only if u have $75k in your UOB One account, you will earn 2.44% pa ... anything lower or more will earn lower interest

i believe they are also eyeing to sell you insurance savings plan, that can be charged to your CC, thereby earning higher interest ... kill 2 birds with 1 stone yada yada yada

don't fall for it ...

 

[maumu]

whoever called is not telling the whole picture ...

only if u have $75k in your UOB One account, you will earn 2.44% pa ... anything lower or more will earn lower interest

i believe they are also eyeing to sell you insurance savings plan, that can be charged to your CC, thereby earning higher interest ... kill 2 birds with 1 stone yada yada yada

don't fall for it ...

actually, it depends. if you already have the habit of savings, this signing up for their savings endowment is not a bad idea that really kill 2 birds (the monthly premium counts towards your cc monthly spend AND rebates). and these are short term (paying) endowment, something like pay 5 years, mature in 15 years?

 

[oceanicmanta]

actually, it depends. if you already have the habit of savings, this signing up for their savings endowment is not a bad idea that really kill 2 birds (the monthly premium counts towards your cc monthly spend AND rebates). and these are short term (paying) endowment, something like pay 5 years, mature in 15 years?

Last year, my relative was sold such a plan when she went to update her passbook.

I think the product was called PruCash Max Saver or something ,,, it is really bad !

How can the bank sell it as a savings plan when the Guaranteed Maturity Value is less than the amount put in ? IIRC, the best case projected EIR (NON Guaranteed) was 1.3% pa over 10 years ! (before 3.3% credit card rebate)

Now with the change in UOB One interest tiers, she is getting less interest than before as she does not have 75k to get 2.44%.

If in next 4 years, UOB revises the min spend criteria upwards ... what happens ? top up the savings plan ? forgo rebate ? or spend more ?

The staff just highlighted the things the unsuspected wants to hear ... ie it is savings, u can get $X after 10 years, u get up to 3.33% in your account, u get rebate etc

IMO, such sales tactic is unethical.

 

[Ahboy069]

Last year, my relative was sold such a plan when she went to update her passbook.

I think the product was called PruCash Max Saver or something ,,, it is really bad !

How can the bank sell it as a savings plan when the Guaranteed Maturity Value is less than the amount put in ? IIRC, the best case projected EIR (NON Guaranteed) was 1.3% pa over 10 years ! (before 3.3% credit card rebate)

Now with the change in UOB One interest tiers, she is getting less interest than before as she does not have 75k to get 2.44%.

If in next 4 years, UOB revises the min spend criteria upwards ... what happens ? top up the savings plan ? forgo rebate ? or spend more ?

The staff just highlighted the things the unsuspected wants to hear ... ie it is savings, u can get $X after 10 years, u get up to 3.33% in your account, u get rebate etc

IMO, such sales tactic is unethical.

All right I shall not go for the meet up thx everyone

 

[maumu]

Last year, my relative was sold such a plan when she went to update her passbook.

I think the product was called PruCash Max Saver or something ,,, it is really bad !

How can the bank sell it as a savings plan when the Guaranteed Maturity Value is less than the amount put in ? IIRC, the best case projected EIR (NON Guaranteed) was 1.3% pa over 10 years ! (before 3.3% credit card rebate)

Now with the change in UOB One interest tiers, she is getting less interest than before as she does not have 75k to get 2.44%.

If in next 4 years, UOB revises the min spend criteria upwards ... what happens ? top up the savings plan ? forgo rebate ? or spend more ?

The staff just highlighted the things the unsuspected wants to hear ... ie it is savings, u can get $X after 10 years, u get up to 3.33% in your account, u get rebate etc

IMO, such sales tactic is unethical.

chill bro. let's not get carried away.

the bank is not selling it as a pure savings plan. formally it's an endowment plan. you do get other benefits such as insurance coverage from it. so it is not a savings account, or a fixed deposit, per se. they will promote it both as a savings-and-insurance mixed product. so, obviously it is not going to be as fantastic as a pure high interest savings account. it serves different needs and for different people.

as we don't know the future climate of the economy / world, it's hard to predict whether banks will change their tnc's. we're always at their mercy... and I don't think there is a product out there that can guarantee high returns for x number of years where x > 10. the closest so far is SSB for pure savings, but that is capped at $100k.

do u think banks can sustain 2.44%, 3.33%, etc. forever? not likely. interest rates will go up and down, so just ride the wave and catch the opportunities that come with it. right now with interest rates trending up, it's a savers' world!

 

[nicholeswong97]

chill bro. let's not get carried away.

the bank is not selling it as a pure savings plan. formally it's an endowment plan. you do get other benefits such as insurance coverage from it. so it is not a savings account, or a fixed deposit, per se. they will promote it both as a savings-and-insurance mixed product. so, obviously it is not going to be as fantastic as a pure high interest savings account. it serves different needs and for different people.

as we don't know the future climate of the economy / world, it's hard to predict whether banks will change their tnc's. we're always at their mercy... and I don't think there is a product out there that can guarantee high returns for x number of years where x > 10. the closest so far is SSB for pure savings, but that is capped at $100k.

do u think banks can sustain 2.44%, 3.33%, etc. forever? not likely. interest rates will go up and down, so just ride the wave and catch the opportunities that come with it. right now with interest rates trending up, it's a savers' world!

Bro u just said interest rates trending up. Thats why they are trying to sell endowment so they can lock in your money at lower interest rate right now. If you feel that interest rates will be going up, getting your money locked up is the most stupid thing you can do. Savings account, fixed deposit, SSBs or other products will increase interest while your money is stuck inside with lesser interest. If that is how you define savers world, pls keep it to yourself instead. Interest rate have been very low after the financial crisis and it is obviously not good for savers. Now interest rate showing sign of going up, you tell people to lock their money at interest rate that have not been good for savers.

 

[maumu]

Bro u just said interest rates trending up. Thats why they are trying to sell endowment so they can lock in your money at lower interest rate right now. If you feel that interest rates will be going up, getting your money locked up is the most stupid thing you can do. Savings account, fixed deposit, SSBs or other products will increase interest while your money is stuck inside with lesser interest. If that is how you define savers world, pls keep it to yourself instead. Interest rate have been very low after the financial crisis and it is obviously not good for savers. Now interest rate showing sign of going up, you tell people to lock their money at interest rate that have not been good for savers.

just want to clarify that i'm not telling anyone to sign up. just trying to explain the difference between pure savings and endowment... because many people mistake it as a savings plan, when it is not. do read about the purpose of endowment plans more.

one thing I probably didn't highlight is the 'locking' of the money. yes that's something which many people are not comfortable (in case they need emergency cash). so, it is suitable for only certain groups of people, not everyone.

if you don't find the plan suits you, don't bother going to meet the agent or bank... nobody forces you to sign on the dotted line...

 

[oceanicmanta]

if you don't find the plan suits you, don't bother going to meet the agent or bank... nobody forces you to sign on the dotted line...

no one forced my relative to sign and there is no recourse for her

the sales tactic to entice prospects without giving the full picture is unethical

they r preying on the un-suspecting

 

[maumu]

no one forced my relative to sign and there is no recourse for her

the sales tactic to entice prospects without giving the full picture is unethical

they r preying on the un-suspecting

I have to agree somewhat that some agents don't have the moral ethics to give the negative aspects of the product. Just like any salesman, who will outright tell you the faults of the item they are promoting/selling?

They will only share the good stuff to attract buyers. And maybe play down the negative aspects of it.

Nothing in this world is perfect. So, just be careful.

 

[Ahboy069]

I have to agree somewhat that some agents don't have the moral ethics to give the negative aspects of the product. Just like any salesman, who will outright tell you the faults of the item they are promoting/selling?

They will only share the good stuff to attract buyers. And maybe play down the negative aspects of it.

Nothing in this world is perfect. So, just be careful.

The banker keep calling me n I block him on WhatsApp liao

 

[oceanicmanta]

The banker keep calling me n I block him on WhatsApp liao

if free free, go listen to their sales pitch lor ...

then ask them the following questions, see how they answer :

- why guaranteed value less than total money put in at maturity
- what are the risks
- what happens if Credit Card terms change
- what is the Effective Interest Rate
- why they recommend this product as a Savings plan when SSB or SG Govt Securities gives HIGHER GUARANTEED RETURNS over same period
- ask him if he knows how to apply for SSB or SGS

 

[ksw101]

Oct's one account interest come?

Oct's one account interest come? Nothing in my one account yet... how about others?

 

[swordsly]

Oct's one account interest come? Nothing in my one account yet... how about others?

Should already be in. The base interest is on the 1st day and bonus interest on the 2nd day.

 

[lyedwin]

Can I check, if I am intending to study and the school allows installment plans payment with 0% interest rate. Will it be considered in the quarterly bonus payout?

 

[JuniorLion]

Oct's one account interest come? Nothing in my one account yet... how about others?

Shoudl be in by 2nd or 3rd of each month. If you didn't get it, means you didn't hit the criteria required.