I have compared the differences between the UOB One Account (which current advertises up to 3.33% p.a. interest rates) and the OCBC 360 Account a couple of years ago. Even with the changes that the OCBC 360 has introduced over the years, it is still one of my preferred savings account in Singapore since I can achieve up to 1.85% p.a. of interest (you can earn up to 3.05% p.a. interest if you insure or invest with OCBC), up to S$70,000 fairly easily. The UOB One Account will be introducing some changes from 01 August 2018 and they are quite lucrative (especially if you already use a UOB One credit card which gives you cash rebates) but it may not necessarily be convincing enough for me to make the switch.Read More
The OCBC 360 Account is one of my preferred saving accounts of choice since it gives up to 3.05% p.a. in bonus interest on up to S$70,000 of your account balance. It also gives an additional 1% p.a. on the first S$70,000 if your account balance is S$200,000 and above (but this is something you should ignore since there are better ways to invest your money). There is currently a promotion (which reminds me a little bit of the previous promotional mechanics) which offers an extra 1% p.a. interest on incremental balance based on the month on month average.Read More
Following the rather controversial launch of the KrisFlyer UOB Savings Account back in April 2017, UOB has announced a brand new UOB Stash Account (essentially a savings account) which offers the opportunity to earn up to 1% p.a. interest. Account holders will essentially earn 0.05% p.a. interest on the whole account balance with the opportunity to earn a bonus interest (of up to 0.95% p.a.) if the Monthly Average Balance (MAB) is equal to or higher than the previous month.Read More
Transferring money between friends and families (or even businesses) has just gotten easier with the introduction of a new PayNow service which is now live across all seven participating banks - Citibank, DBS Bank, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB Bank. All you need is the person's mobile number or NRIC number in order to make the transfer (limited to SGD transactions only).Read More
The OCBC 360 Account was a game changer in Singapore - for most of us average Singaporeans, the account brought the pathetic 0.05% interest rates offered by most banks to something that was decent enough to make us switchover (even from Standard Chartered Bonus$aver). Once this has taken off, UOB quickly followed with the One Account (click HERE to find out whether the OCBC 360 or UOB One is better!) to steal some of the market share. A couple of days ago, Standard Chartered unveiled the brand new Bonus$aver Deposit Account that gives up to 3.88% interest p.a. on your first S$100,000 deposit balance (OCBC and UOB applies the bonus interest on the first S$60,000 and S$50,000 respectively only).Read More
A Priority Banking Account is kind of like achieving elite status in a hotel chain's loyalty program - except instead of room nights, they measure your value to the organisation based on what you have at the bank (also known as Asset Under Management - AUM). Find out and compare the different Priority Banking accounts in Singapore and find one that suits you best!Read More
Unlike most Singaporeans with a POSB/DBS account, I've grown up with an OCBC one. In fact, I do not even think I have a current POSB/DBS account. As a silent warrior of the banking industry, OCBC was never someone's first bank choice (unless of course like me, you enjoy a shorter ATM queue). However, all that is about to change with the new OCBC 360 Account.
For all of you out there, your money generally grows at 0.05% per annum in a savings account (exceptions do apply). For the savvy consumers, many have turned to the Standard Chartered BonusSaver ("Bonus$aver") Account for a bonus rate of 1.88% p.a (up to S$25,000). However, this rate is only offered when you charge a mininum sum of $500 to your BonusSaver World MasterCard Credit or Debit Card.
To put things into perspective, a bank account with S$25,000 will earn an annual interest of $12.50 ($1.04 per month) with an ordinary savings account with most banks. Conversely, the same principal amount of money will earn $470 ($39.17 per month). As you can see, the difference in interest rate payments is substantially different!
With the new OCBC 360 Account however, you will be able to earn a maximum of 3.05% p.a. (up to S$50,000). However, this bonus rate is not without its conditions. What really stands out for me is the progressive bonuses that one can enjoy from fulfilling a set of simple tasks.
To further simplify the above diagram, you will earn the following interest on the OCBC 360 Account.
- Do nothing and get 0.05% p.a.
- Credit your monthly salary (at least S$2,000 after CPF) and get extra 1.00% p.a.
- Pay 3 bills (e.g. Credit Card from other banks) and get extra 1.00% p.a.
- Spend S$400 each month on your OCBC Credit Cards and get extra 1.00% p.a.
Essentially, if you complete only Task 1 to 3, you will get 2.05% p.a. interest on that month. If you complete all four tasks (although the first one doesn't really count), you get 3.05% p.a. interest for that month. Pretty straightforward!
Personally, getting 2.05% p.a. is already sufficient for me to make the switch. I do not own any OCBC Credit Cards since I think they generally do not appeal to me (with the exception of the FRANK! Card) but having 2.05% p.a. interest without doing anything extra is excellent for me.
Using our previous example of having S$25,000, putting your money into the OCBC 360 Account can yield you an annual interest rate of $762.50 ($63.54 a month). If your principal sum is at S$50,000 it will yield you the following annual interest rates under the different deposit or saving accounts:
- Generic Savings Account (at 0.05% p.a.) - $25 (REALLY!)
- Standard Chartered BonusSaver Account (at 1.88% p.a. for first S$25,000 then 0.10% p.a.) - $495
- OCBC 360 Account (at a maximum of 3.05% p.a.) - $1,525
Do yourself a favour and make the switch. More details (including everyone's favourite terms and conditions) can be found via this link.