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Banking Lobang - Too Good to be True ?

HendryTan

By HendryTan
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HendryTan Experienced

HendryTan

Posted
Posted

1. I was talking with a friend recently. Talking about bad interest rates, she told me otherwise.

 

She told me she "earns" about $100 in her OCBC-360 account MONTHLY. ie $1,200 / year !

And she is NOT a "BIG Fish".

 

2.  I was sceptical but did a Google https://www.ocbc.com/personal-banking/accounts/360-account.html

She told me

+ She maintains $60K in the account to get maximum benefit.

+ Switch her salary to OCBC 

+ Use OCBC Credit card for $500/month.

 

3. Sounds too good, what is the catch ?

Anyone knows of equally good lobang from say DBS / UOB ?

 

 

ocbc360.jpg

 

 

 

PS: I do NOT work for any bank and do NOT have any vested interest.

 

 

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Icyfrozen78 Newbie

Icyfrozen78

Posted
Posted (edited)

It's true. 

Works like this. 

Credit your salary to that account - extra 1.2% pa

spend $500 on any of their credit cards every month - extra 0.5% pa

pay 3 bills (from 3 different companies) by Internet banking or giro every month - extra 0.5% pa

 

interest is credit monthly and ocbc has more conditions you can fulfil to get higher interest. But harder to fulfil cos involves investing. It's capped at $60k for the extra interest. 

 

UOB

One account, spend $500 on One credit card monthly for extra interest. 

Credit salary OR pay any 3 bills by giro to get more interest. 

Capped at $50k

 

Bank of China and Maybank has similar offers too, but I'm afraid you'll have to google as I'm not familiar with those. 

 

Catch i I guess is they can change conditions at any time. And already have. Ocbc used to offer 3+% for interest. It was cut to 2+%. 

And watch out for the credit card annual fees, heard they are very meow about waiving. 

Edited by Icyfrozen78
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HendryTan Experienced

HendryTan

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Posted

1. Thanks Icyfrozen78 for confirming.

In "reality", is it "easy" without much effort to "earn" this $100/month ?

 

2. I am thinking of moving my Account, Salary, CreditCard and GIRO (Telco, IRAS, CreditCard,Insurance - already > 3)  over.

 

3. If after doing all these ONE-OFF work, I can easily enjoy $100 / month (ie extra pocket money for a good massage) 

Then why NOT ?

Just don't want to go through the work and then realise it has many small prints to satisfy.

 

 

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Guest OCBC

Guest OCBC

Posted
Posted

Yes, OCBC consumer banking is way more innovative and attractive than DBS and UOB. DBS only interested in big corporate clientele. Am thinking to switch over too.

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Guest Unit Trusts

Guest Unit Trusts

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If you are able to set aside $60k to buy unit trusts (UT) that pay monthly dividends, it will be about $300 monthly, i.e. about $100 for every $20k. The downside to unit trusts is that you can buy only from or thru' banks/institutions and there's management fees to be bored by you.    

 

 

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Coolbriz Rising Star

Coolbriz

Posted
Posted

Yes, OCBC 360 and UOB One are the two comparable ones giving such benefits. OCBC used to offer better rates that makes them the best back then but they decided to cut down and thus comparable with UOB. DBS Multiplier trying to match but still not there. BOC / May Bank do not offer such program but their interest rate is good if you have lots of money to save with them. For OCBC and UOB, there is capital cap of about $50k-$60k. Thereafter, no insurance coverage and no extra benefit. 

Be cool, like a breeze...

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Guest Guest

Guest Guest

Posted
Posted
7 hours ago, HendryTan said:

1. I was talking with a friend recently. Talking about bad interest rates, she told me otherwise.

 

She told me she "earns" about $100 in her OCBC-360 account MONTHLY. ie $1,200 / year !

And she is NOT a "BIG Fish".

 

2.  I was sceptical but did a Google https://www.ocbc.com/personal-banking/accounts/360-account.html

She told me

+ She maintains $60K in the account to get maximum benefit.

+ Switch her salary to OCBC 

+ Use OCBC Credit card for $500/month.

 

3. Sounds too good, what is the catch ?

Anyone knows of equally good lobang from say DBS / UOB ?

 

 

ocbc360.jpg

 

 

 

PS: I do NOT work for any bank and do NOT have any vested interest.

 

 

 

This has been in the market for very long liao le.

 

I have between 15k to 20k in 360 account and the interest im getting every month is nearly $30, provided i fulfill most of the criterias.

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lonelyglobe Veteran

lonelyglobe

Posted
Posted

bank are not charity organisation and therefore no way would they do "si-pun" business.....if you fulfil all the criteria easily every month, that is fine but don't because you want to qualify and increase unnecessary expenditure to meet the target, furthermore if got 60k put it in CPF special account got 4% interest right, that would be double what the bank give.

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Guest Paulsyd

Guest Paulsyd

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Posted

But the problem is the money u put in yr CPF is just for u to showcase. The money can never be withdrawn even till u r dead! U can't even take it with u into yr coffin. And the money in OCBC u can withdraw any time any amount u want! 

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inamoto Apprentice

inamoto

Posted
Posted (edited)

It is a pretty good bank product for us.

very easy to qualify for some of the attractive interest rates like direct giro of salary and make payments etc..

it works for now till they revise the terms, but this is an account that is quite flexible.definitely a product to consider.

 

Edited by inamoto
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Guest guest

Guest guest

Posted
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if they revise the terms, u can always move the whole thing to another bank. From what i read based on what is presented above, there is no mention of any lock in period. 

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Guest Kinlee74

Guest Kinlee74

Posted
Posted

There're others like forex company giving u as much as 20 percent out of max investment of sgd $1500.00

So like me.. every month I'm getting approx. Sgd $259.00 for the past 10 months already.. 

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Guest blog

Guest blog

Posted
Posted
1 hour ago, Guest Kinlee74 said:

There're others like forex company giving u as much as 20 percent out of max investment of sgd $1500.00

So like me.. every month I'm getting approx. Sgd $259.00 for the past 10 months already.. 

 

 

Really?   Which forex company is that?

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BenTan Newbie

BenTan

Posted
Posted (edited)

Watch out for those INVESTMENT type that some of the people here are indirectly Pushing .

 

Investment carries RISK / Rewards that you as an adult must Understand and Accept.

** GUYS, go in with your eyes Open ** 

 

 

 

Edited by BenTan
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Kinlee74 Collaborator

Kinlee74

Posted
Posted
57 minutes ago, BenTan said:

Watch out for those INVESTMENT type that some of the people here are indirectly Pushing .

 

Investment carries RISK / Rewards that you as an adult must Understand and Accept.

** GUYS, go in with your eyes Open ** 

 

57 minutes ago, BenTan said:

 

This is call Passive income.. 

I'm not "Indirectly Pushing" I'm just sharing.  

If you wanna join.. Just join.. if not.. then nvm.. there is always RISK involve.. you tell me.. buying 4d or toto is not a risk of losing? 

BTW I've already gain++ and have extra income $$$.. no need for me to work so hard,  Overtime just to get the cash.. 

One dun depend on one source of income.., like some people do part times for massage and etc.. 

Investment is another source of income too.. 

You heard of Peter Lim? He also starts from scratch and not born in silver spoon.. 

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curious_boi Enthusiast

curious_boi

Posted
Posted
10 hours ago, Kinlee74 said:

 

This is call Passive income.. 

I'm not "Indirectly Pushing" I'm just sharing.  

If you wanna join.. Just join.. if not.. then nvm.. there is always RISK involve.. you tell me.. buying 4d or toto is not a risk of losing? 

BTW I've already gain++ and have extra income $$$.. no need for me to work so hard,  Overtime just to get the cash.. 

One dun depend on one source of income.., like some people do part times for massage and etc.. 

Investment is another source of income too.. 

You heard of Peter Lim? He also starts from scratch and not born in silver spoon.. 

 

The moment somebody cites 4D or toto as a "risk taking" activity akin to investing, its obvious he doesnt understand the difference between investing and gambling.

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kys0n Rookie

kys0n

Posted
Posted (edited)

If you're looking for interest returns on your saving accounts and don't mind meeting all the monthly critera, then Bank of China SmartSaver is superior to OCBC 360 in every way possible. It's 3.55% p.a. on S$60,000 for doing the same 3 things that OCBC requires (i.e. $500/month credit card spend, monthly salary crediting and paying 3 bills). Moreover, OCBC credit cards aren't even as good as the Bank of China ones! 

 

If you don't want the hassle of meeting monthly requirements, CIMB Bank FastSaver Account for 1% p.a. is pretty solid.

Edited by kys0n
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HendryTan Experienced

HendryTan

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Posted

1. I moved my account to OCBC and switched the credit card I used by default. 

https://www.ocbc.com/personal-banking/accounts/360-account.html

 

2. A friend also told me to also look at UOB One which has similar "Rewards" to OCBC 360.

Existing UOB customer, go take a look at that.

http://www.uob.com.sg/personal/deposits/chequeing/one_account.html

 

3. Approx $100 x12 = $1,2K / Year

ie Approx 2% interest rate for deposit of $60K.

 

 

PS: All Singapore Bank accounts  are "insured" by SDIC for up to $50K. Anything above $50K, there is a "risk" too. So you need to do your own self-risk analysis.

https://www.sdic.org.sg/index.php

 

 

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Guest net

Guest net

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Posted
49 minutes ago, HendryTan said:

1. I moved my account to OCBC and switched the credit card I used by default. 

https://www.ocbc.com/personal-banking/accounts/360-account.html

 

2. A friend also told me to also look at UOB One which has similar "Rewards" to OCBC 360.

Existing UOB customer, go take a look at that.

http://www.uob.com.sg/personal/deposits/chequeing/one_account.html

 

3. Approx $100 x12 = $1,2K / Year

ie Approx 2% interest rate for deposit of $60K.

 

 

PS: All Singapore Bank accounts  are "insured" by SDIC for up to $50K. Anything above $50K, there is a "risk" too. So you need to do your own self-risk analysis.

https://www.sdic.org.sg/index.php

 

 

 

Spent $500 monthly on UOB ONE Card?   NET payment considered or not?

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