UOB ONE Account

[saintgtril]

Hey Trazora and iduncheckmail, thanks. Correct me if i am wrong, spend on dividend to earn from the "income" category. Still lose money at the end of the day right?

DBS Multipler is now using "income" cat, which can be either salary or dividends.

Can ah. As mentioned, can use dividend to fulfil income category for dbs multiplier.

 

[Cumzilla]

BOC SmartSaver salary is not mandatory, each requirement is independent.

true and quite similar to Maybank Saveup, not easy to hit card spend for me at $800.

 

[Trazora]

Hey Trazora and iduncheckmail, thanks. Correct me if i am wrong, spend on dividend to earn from the "income" category. Still lose money at the end of the day right?

If dividend is earned from SSB, then confirmed can earn. Only issue is dividend issued only 6 months later. And if want to have constant stream of dividend each month, need to buy SSB for 6 months straight.

 

[luvpraline]

Anyone using Elastiq by Etiqa? Since UOB slashed interest to 1.7xx%, thinking of moving funds to Elastiq. Rate guaranteed at 1.8% for first 3 years, no need to jump through hoops like spending $500 on credit card (also harder during this circuit breaker).

Free to withdraw after 90 days. It seems to work like a pseudo savings account after 90 days. Just like to find out how long the withdrawal takes... is it instant?

 

[iduncheckmail]

Hey Trazora and iduncheckmail, thanks. Correct me if i am wrong, spend on dividend to earn from the "income" category. Still lose money at the end of the day right?

people here used to do the SSB ladder to get "old investment" cat. Now when dividends roll in , can be used to replace salary to satisfy income cat. So these people can use salary on other bank accts.

 

[kram62]

people here used to do the SSB ladder to get "old investment" cat. Now when dividends roll in , can be used to replace salary to satisfy income cat. So these people can use salary on other bank accts.

Well if your salary is a few thousand per month, good luck replacing that eligible transaction amount with just dividends. (dbs has no minimum per category, but tiers still only unlock if sum over all categories high enough (min 2000, better after 5000,...)). If no other big categories available to have high enough total transactions, moving salary to other bank is not so interesting.

(tldr, ssb ladder was good for previous TnC, now is not worth very much anymore unless you already have another category (not income) with high transaction amount)

 

[MoneyHoney]

Anyone else closing ur UOB One account next month?

when is the earliest u can close the account, after the UOB One bonus is in?

 

[iduncheckmail]

Well if your salary is a few thousand per month, good luck replacing that eligible transaction amount with just dividends. (dbs has no minimum per category, but tiers still only unlock if sum over all categories high enough (min 2000, better after 5000,...)). If no other big categories available to have high enough total transactions, moving salary to other bank is not so interesting.

(tldr, ssb ladder was good for previous TnC, now is not worth very much anymore unless you already have another category (not income) with high transaction amount)

equities.
i buy equities on vickers easily >$30k per month.
while not everyone trades as much as me, but for anyone that does , hitting >2k per month is peanuts. Enuff to get into the "decent" int% tier.

P.s. i do not do SSB

 

[seannyboiboi]

Anyone using Elastiq by Etiqa? Since UOB slashed interest to 1.7xx%, thinking of moving funds to Elastiq. Rate guaranteed at 1.8% for first 3 years, no need to jump through hoops like spending $500 on credit card (also harder during this circuit breaker).

Free to withdraw after 90 days. It seems to work like a pseudo savings account after 90 days. Just like to find out how long the withdrawal takes... is it instant?

Please note that, based on the general provisions contract for ELASTIQ, only the initial single premium is guaranteed the crediting rate of 1.8% for 3 years. For subsequent top ups, the crediting rate will be determined by them based on prevailing market conditions. Based on current market conditions, i'm not sure if they can give 1.8% for the subsequent top ups.

Also, ETIQA reserves the right to delay the payment of the surrender value for up to a period of 6 months from the date of your surrender application.

See clauses 3.4 and 3.6 of the general provisions contract here: https://www.tiq.com.sg/wp-content/uploads/2019/08/ELASTIQ-General-Provisions-Contract-7-Nov.pdf

 

[luvpraline]

Please note that, based on the general provisions contract for ELASTIQ, only the initial single premium is guaranteed the crediting rate of 1.8% for 3 years. For subsequent top ups, the crediting rate will be determined by them based on prevailing market conditions. Based on current market conditions, i'm not sure if they can give 1.8% for the subsequent top ups.

Also, ETIQA reserves the right to delay the payment of the surrender value for up to a period of 6 months from the date of your surrender application.

See clauses 3.4 and 3.6 of the general provisions contract here: https://www.tiq.com.sg/wp-content/uploads/2019/08/ELASTIQ-General-Provisions-Contract-7-Nov.pdf

Yes I saw those clauses too. Thanks for highlighting them. I checked with Etiqa and they said that the crediting rate will be shown on their TiqConnect portal before we proceed with top ups. I'm checking with them on the current crediting rate to make a better judgement.

For clause 3.6, that is my concern as well. This clause seems to apply to their other endowment products I bought before. I previously checked with their cso on an endowment, they said the clause is there in case a large number of customers surrender their policies at the same time, but in normal cases, a cheque will be mailed within 7 working days.

 

[saintgtril]

Going by what iduncheckmail is doing, does that means you are spending >30K a month but earning less than >30K? I could be missing something here, but why are you spending more to earn less.

equities.
i buy equities on vickers easily >$30k per month.
while not everyone trades as much as me, but for anyone that does , hitting >2k per month is peanuts. Enuff to get into the "decent" int% tier.

P.s. i do not do SSB

Well if your salary is a few thousand per month, good luck replacing that eligible transaction amount with just dividends. (dbs has no minimum per category, but tiers still only unlock if sum over all categories high enough (min 2000, better after 5000,...)). If no other big categories available to have high enough total transactions, moving salary to other bank is not so interesting.

(tldr, ssb ladder was good for previous TnC, now is not worth very much anymore unless you already have another category (not income) with high transaction amount)

Hey Trazora and iduncheckmail, thanks. Correct me if i am wrong, spend on dividend to earn from the "income" category. Still lose money at the end of the day right?

 

[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 ....

 

[kashanai]

Wah the interest change a lot especially if you don’t have $75k

A gentle reminder ....

 

[Trazora]

A gentle reminder ....

Btw May interest will only be credited in Jun. Apr interest to be credited in May not yet nerfed.

If the reminder is to consider switch bank think it will be more useful to note that the max effective interest dropped from 2.436% to 1.796%.

 

[kashanai]

Difficult time to make a decision where to move to as others may also follow

Btw May interest will only be credited in Jun. Apr interest to be credited in May not yet nerfed.

If the reminder is to consider switch bank think it will be more useful to note that the max effective interest dropped from 2.436% to 1.796%.

 

[kashanai]

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?

 

[Trazora]

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?

Yes ocbc 360 definitely better if can fulfil salary crediting

 

[Boy who Procrastinates]

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?

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

 

[kram62]

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

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.

 

[luvpraline]

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

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?