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Thursday, April 09, 2015

3 Savings Account Alternatives to OCBC 360

Come 1st May, there will be a deluge of changes to the OCBC 360 account that would affect your interest returns. Simply put, it will be harder to hit the criteria for the bonus interest rates. Also, several interest rate categories have been revised downwards, potentially reducing the final rate to about 2.05%. 

Unfortunately, there isn't much we can do about this change (Afterall, the bank has the full rights to adjust or amend its promotion). However, there are some really decent alternatives to the OCBC 360, check out our listing of some of the Savings account promotions from various banks that give pretty decent rates.

OCBC 360 (1st MAY)
Probably not 3.05% Come 1st May

Standard Chartered


Standard Chartered eSaver


Min sum: Nil
Min rate: 1.25% pa
Max rate: 1.40% pa (> 200K Deposit)
Promotion Period: On-going till 31-MAY-15
Caveats: Fresh funds are needed to qualify. Transfers between SCB account are not considered fresh funds.

*Fees & Charges*

No minimum balance or fall below fee.


Maybank


Maybank iSavvy

Min sum: 20K

Min rate: 1.20% pa
Max rate: 1.40% pa (> 200K Deposit)
Promotion Period: On-going till 30-JUN-15
Caveats: Fresh funds are needed to qualify. Transfers between Maybank accounts are not considered fresh funds.

*Fees & Charges*

S$2 monthly service fee; waived with a minimum average daily balance of S$500
S$30 early account closure fee, if the account is closed within 6 months of opening


UOB


UOB Uniplus Account

Min sum: 15K

Min rate: 0.95% pa
Max rate: 1.35% pa (> 100K Deposit)
Promotion Period: On-going till 30-APR-15
Caveats: Fresh funds are needed to qualify. Transfers between UOB accounts are not considered fresh funds.

*Fees & Charges*

S$2 minimum balance fee will be charged if your average daily balance for the month falls below S$500


Changes to criteria
The changes

Our thoughts...


Despite the impending downward revision of interest rates, the OCBC 360 account is still a relatively competitive savings account - especially when compared to its peers (DBS Multiplier). Having said that we never know when there will be further adjustments or caveats to the interest rates. It is always good to have a list of other savings accounts for comparisons, to make better informed decisions!

Find out how you can supercharge your savings here !