UOB ONE Account

[iduncheckmail]

Good comparison Surprised that OCBC 360 is still able to offer 2.4 - 2.5%.. does this mean there's still hope for better rates in the coming months from other banks?

if you havent realized all banks have already/are reducing their rates down, once OC realises that they do not need much to attract customers, their rates will adjust down again. basic efficient market logic.

Wider than that, the global economy is gona tank, once earning reports are announced. You still think banks gona raise deposit rates ??

 

[badsector]

Yes. After the revision, OCBC 360 will offer higher interest rate than UOB One Account, provided that you are able to fulfill the required conditions.

I have done some calculations and do some comparison across the 3 accounts. If you include the Step-up Bonus, the interest will be higher than $127.81.

https://theboywhoprocrastinates.blogspot.com/2020/04/revision-of-interest-rates-for-dbs.html

what if you add the quarterly cash rebate for UOB One?

 

[kram62]

what if you add the quarterly cash rebate for UOB One?

You mean the one card. But then this isn't an apple to apple comparison, one would need to also compare the cashback from other credit cards of the other banks to be fair. Makes the comparison complex and not focused on the account interest rates anymore.

 

[chiokcc]

Yes ocbc 360 definitely better if can fulfil salary crediting

I had never bank with OCBC before.

So probably need to re-look at OCBC ...

 

[chiokcc]

For DBS multiplier, the pre-requisite for bonus interest is meeting "Income" (aka salary+dividend) category....

For UOB one, the pre-requisite for bonus interest is meeting $500 min cc spend....

For OCBC 360, no pre-requisite? Of course to enjoy the bonus, it made sense to have at least salary crediting....

Am I correct??

 

[badsector]

You mean the one card. But then this isn't an apple to apple comparison, one would need to also compare the cashback from other credit cards of the other banks to be fair. Makes the comparison complex and not focused on the account interest rates anymore.

yeah.. too complex to compare.
i've stay with uob

requesting ocbc card wavier seems too challenging as well

 

[dynlim]

OCBC Credit Card annual fee hard to get waive right?

 

[Trazora]

yeah.. too complex to compare.
i've stay with uob

requesting ocbc card wavier seems too challenging as well

Can ignore ocbc 360 card spent bonus interest, only max 0.3% interest anyway

 

[Tp101s]

I think the rest of the card issuers are going to be just as hard given the current outlook. In all likelihood, Banks will attempt to squeeze every ounce of income they can from their lines of business. Even the Laksa stall in Chinatown is thinking of Creative ways to charge more from their usual $6.50.

OCBC Credit Card annual fee hard to get waive right?

 

[stars8]

I’m calculating if you put $70,000 into OCBC and just giro salary + spend $500

31 days interest will gain $127.81. Seems better to hop back over?

For me, i still prefer UOB due to quarterly rebate from UOB One Card.

 

[TerryPower]

OCBC Credit Card annual fee hard to get waive right?

i'm using their cc now

planning to cancel it after 1 year 10 month, then get another cc from ocbc

like that, no need to pay fees

good idea?

 

[Trazora]

For me, i still prefer UOB due to quarterly rebate from UOB One Card.

But if use ocbc credit card also can get rebate ah.

Also can dun use ocbc card and use any other bank card with higher rebate. The salary component bonus interest of ocbc 360 alone is as good as the max interest of uob one account.

 

[Trazora]

i'm using their cc now

planning to cancel it after 1 year 10 month, then get another cc from ocbc

like that, no need to pay fees

good idea?

You can do that or just ignore the ocbc 360 card spend bonus interest and just other cards with better rebate instead.

 

[Boy who Procrastinates]

Nice article! Very useful to plot the effective interest rates of all 3 banks as a function of the account balance. Most people discuss and argue based on maxing out the balance that can earn bonus, but not every one has that much cash sitting in bank account.

In my case I stay with dbs multiplier and 2 categories because its the best and easiest with my usual cash balance.

Good comparison Surprised that OCBC 360 is still able to offer 2.4 - 2.5%.. does this mean there's still hope for better rates in the coming months from other banks?

Thanks! Glad that it is useful

what if you add the quarterly cash rebate for UOB One?

Yes, the gentleman is right. I wanted to keep it solely as bank account comparison and so have avoided adding credit card into the the mix as there are going to be many different combination of credit card to compare.

For a rough idea of the interest rate that you are getting with UOB with the cash rebate from UOB One card, I have left some working including the cash rebate below

Balance| Account Interest| $50CR Interest |$50CR
$5,000 $62.50 $262.50 5.250%
$10,000 $125.00 $325.00 3.250%
$15,000 $187.50 $387.50 2.583%
$20,000 $252.50 $452.50 2.263%
$25,000 $317.50 $517.50 2.070%
$30,000 $382.50 $582.50 1.942%
$35,000 $450.00 $650.00 1.857%
$40,000 $517.50 $717.50 1.794%
$45,000 $585.00 $785.00 1.744%
$50,000 $655.00 $855.00 1.710%
$55,000 $725.00 $925.00 1.682%
$60,000 $795.00 $995.00 1.658%
$65,000 $979.00 $1,179.00 1.814%
$70,000 $1,163.00 $1,363.00 1.947%
$75,000 $1,347.00 $1,547.00 2.063%


Balance | $100CR Interest| $100CR| $300CR Interest | $300CR
$5,000 $462.50 9.250% $1,262.50 25.25%
$10,000 $525.00 5.250% $1,325.00 13.25%
$15,000 $587.50 3.917% $1,387.50 9.25%
$20,000 $652.50 3.263% $1,452.50 7.26%
$25,000 $717.50 2.870% $1,517.50 6.07%
$30,000 $782.50 2.608% $1,582.50 5.28%
$35,000 $850.00 2.429% $1,650.00 4.71%
$40,000 $917.50 2.294% $1,717.50 4.29%
$45,000 $985.00 2.189% $1,785.00 3.97%
$50,000 $1,055.00 2.110% $1,855.00 3.71%
$55,000 $1,125.00 2.045% $1,925.00 3.50%
$60,000 $1,195.00 1.992% $1,995.00 3.33%
$65,000 $1,379.00 2.122% $2,179.00 3.35%
$70,000 $1,563.00 2.233% $2,363.00 3.38%
$75,000 $1,747.00 2.329% $2,547.00 3.40%

 

[whoami.7]

If u can hit 10k per year, it will be automatically waived.

 

[Cumzilla]

***deleted***

 

[oceanicmanta]

bye bye UOB ...

 

[chiokcc]

Bonus interest from 01 May 2020 if you satisfy the required conditions and have ADB of $75k in the account :
($3.58767)×(no of days in the month)

28 days in the month = $100.45
29 days in the month = $104.04
30 days in the month = $107.63
31 days in the month = $111.22

Any comments and corrections?

A gentle reminder .... This month of April will be the final month for the previous bonus interest....

 

[vsvs24]

bye bye UOB ...

I will stay put for another month before deciding because my UOB One credit card quarter is Mar to May.

Also Maybank isavvy May to Jun dropped to 1.3%

 

[ABuNeNe]

bye bye UOB ...

same, moving my funds out too