Friday, April 18, 2014

Earn up to 3.05% in interest with OCBC 360

OCBC recently came up with this new savings account : OCBC 360.
For this, you could earn up to 3.05% on our savings account! This is even higher than a typical 12 month fixed deposit nowadays. A maximum of 3.05% is also comparable to some of the bonds listed on SGX.

How to earn the bonus interest
1) Salary credit

  • Credit your salary through GIRO.
  • The minimum salary amount to credit is S$2,000.
  • Only direct salary credits through GIRO with the description “GIRO – SALARY” in your statements will qualify for this bonus.
2) Bill payment
  • Make 3 unique bill payments from this account with OCBC Online Banking using Pay Any Bill and Pay Any Card services or use GIRO.
  • Payment must be made through OCBC Online Banking or GIRO in the calendar month.
  • Payments made via AXS, SAM, ATMs do not qualify for this interest.
3)  Credit Card Spending
  • Spend a minimum of S$400 in total across your OCBC Credit Cards.
  • You would need to be the Primary Account Holder of the 360 Account as well as the Principal Cardmember of the eligible OCBC Credit Card(s).
  • Your spending on these cards do not qualify for this bonus :
    • Debit cards
    • ATM cards
    • Corporate cards
    • Business cards
    • Private label cards
  • These transactions do not qualify for this bonus:
    • Balance transfers
    • Cash advance
    • Cashwise
    • Paylite
    • Smartchange
    • Fund transfers
    • Fees and charges
Other Notes:
The bonus interest is only on the first 50k in the account.

My thoughts on this product:
The interest rate is quite attractive. Most of the criteria are also not too hard to hit. You also do not need to fulfill all the 3 criteria to earn bonus interest. For each criteria fulfilled, you gain a 1% bonus interest.

If you can deposit 50k in the account, you will earn an additional $500 per year for every 1% bonus interest earned. If you can hit the maximum 3% bonus interest, it is an additional $1500 per year!

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