Everyone knows about the major loyalty programs and the general saving tips in the market. Miles are amazing since they allow you to experience premium cabin products without having to actually pay for it. With that being said, wouldn't it be better to get both miles and cash back though? Here are 5 lesser known ways that I have discovered over the years to help you save more money and earn more miles in 2017.Read More
A few months ago, I wrote about the opportunity to earn cashbacks when shopping online using ShopBack - this includes hotel bookings made online and these cashbacks are ON TOP OF what you would usually earn on your credit cards. To make your life even easier, ShopBack has only just recently released the ShopBack Cashback Buddy which is available for Google Chrome, Safari, Firefox and Internet Explorer.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.