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Friday, June 12, 2015

OCBC360 - Earn 2.25% Interest on Your Savings

I had previously discussed the changes to the OCBC360 account and did a mini summary on the differences between the new and old criteria. I also mentioned that it would not be difficult to achieve a 2.25% interest rate that you will earn on your first S$60,000 in the 360 account.

Well, here's how my 360 account fared on the first month of the new criteria. 

OCBC360 Interest Postings

As you can see, the interest credit amounts are broken down into the various components of each posting - so that it is clear and transparent.

360 Save Bonus
360 Save Bonus

360 CC Spend Bonus
360 CC Spend Bonus

360 Payment Bonus
360 Payment Bonus

360 Salary Bonus 
360 Salary Bonus

If you haven't already opened an OCBC360 account, i would recommend that you do. In my opinion, it is the best savings account in the market right now for your first S$60,000. 

For those who have difficulties meeting the criterias above, you can look at some of the savings account offerings from Standard Chartered and UOB. These banks do give a relatively decent interest rate of about 0.9-1.5%* on your savings without any caveats.

*(Depending on your deposit amount)

FAQ on the 360 Account:

When will my special interest be credited to my account ?

OCBC credits the special interest amounts on the 7th working day.

Will i still get my special interest if the money is transferred out of the account before the 7th ?

Yes, the interest accrued is based on the previous month's daily balances.

Does payments of 2 different credit cards to the same bank count?

Yes, each credit card payment will count as a unique payment and will contribute to fulfilling the "Payment Bonus" requirements.

Does the "Save Bonus" apply to my total balance or only on the increment?

The 1% Save Bonus will only be applied on the incremental balance, which is the difference between the current month average daily balance and previous month. (up to $1,000,000.)

Why don't i qualify for the "Salary Bonus" ?

Only salary credits with the transaction reference "GIRO-SALARY" and amounts more than S$2000 will qualify.