HendryTan Posted August 22, 2016 Report Share Posted August 22, 2016 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 ? PS: I do NOT work for any bank and do NOT have any vested interest. Link to comment Share on other sites More sharing options...
Icyfrozen78 Posted August 22, 2016 Report Share Posted August 22, 2016 (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 August 22, 2016 by Icyfrozen78 Link to comment Share on other sites More sharing options...
HendryTan Posted August 22, 2016 Author Report Share Posted August 22, 2016 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. Link to comment Share on other sites More sharing options...
Guest OCBC Posted August 22, 2016 Report Share Posted August 22, 2016 It is true. A very good deal. Read the T & C and understand before becoming so suspicious. Disclaimer: I am a shareholder of OCBC. Link to comment Share on other sites More sharing options...
Guest OCBC Posted August 22, 2016 Report Share Posted August 22, 2016 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. Link to comment Share on other sites More sharing options...
EasleyLim Posted August 22, 2016 Report Share Posted August 22, 2016 Can confirm. Am using OCBC 360. Link to comment Share on other sites More sharing options...
Guest Unit Trusts Posted August 22, 2016 Report Share Posted August 22, 2016 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. Link to comment Share on other sites More sharing options...
onlylonely Posted August 22, 2016 Report Share Posted August 22, 2016 Yes its true. Im earning that interest per month too.. Link to comment Share on other sites More sharing options...
Coolbriz Posted August 22, 2016 Report Share Posted August 22, 2016 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... Link to comment Share on other sites More sharing options...
lovehandle Posted August 22, 2016 Report Share Posted August 22, 2016 but I don't think my fav UOB ONE pampered me w such lobangs leh Link to comment Share on other sites More sharing options...
jaylen Posted August 22, 2016 Report Share Posted August 22, 2016 What I've heard is that OCBC is bleeding because of this and things may change soon. Well, perhaps just enjoy while it last? Link to comment Share on other sites More sharing options...
Guest Guest Posted August 22, 2016 Report Share Posted August 22, 2016 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 ? 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. Link to comment Share on other sites More sharing options...
HendryTan Posted August 23, 2016 Author Report Share Posted August 23, 2016 Thanks for the sharing and advice. Good bye DBS/POSB and hello OCBC ! Link to comment Share on other sites More sharing options...
answer Posted August 23, 2016 Report Share Posted August 23, 2016 On 8/22/2016 at 11:37 PM, jaylen said: What I've heard is that OCBC is bleeding because of this and things may change soon. Well, perhaps just enjoy while it last? OCBC bleeding???? Are you sure??? We are talking about local bank.... Link to comment Share on other sites More sharing options...
lonelyglobe Posted August 23, 2016 Report Share Posted August 23, 2016 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. Link to comment Share on other sites More sharing options...
Guest Paulsyd Posted August 23, 2016 Report Share Posted August 23, 2016 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! Link to comment Share on other sites More sharing options...
inamoto Posted August 23, 2016 Report Share Posted August 23, 2016 (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 August 24, 2016 by inamoto Link to comment Share on other sites More sharing options...
Guest guest Posted August 23, 2016 Report Share Posted August 23, 2016 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. Link to comment Share on other sites More sharing options...
Guest Kinlee74 Posted August 24, 2016 Report Share Posted August 24, 2016 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.. Link to comment Share on other sites More sharing options...
Guest Money Posted August 24, 2016 Report Share Posted August 24, 2016 So OCBC 360 vs UOB ONE, which is a better deal? Link to comment Share on other sites More sharing options...
Guest blog Posted August 24, 2016 Report Share Posted August 24, 2016 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? Link to comment Share on other sites More sharing options...
Kinlee74 Posted August 24, 2016 Report Share Posted August 24, 2016 23 minutes ago, Guest blog said: Really? Which forex company is that? PM me for more info. I dun wan admin for banning me. I'm saying is true.. Link to comment Share on other sites More sharing options...
BenTan Posted August 24, 2016 Report Share Posted August 24, 2016 (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 August 24, 2016 by BenTan Link to comment Share on other sites More sharing options...
Kinlee74 Posted August 24, 2016 Report Share Posted August 24, 2016 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 $$$.. no need for me to work so hard, Overtime just to get the cash.. One dun depend on one source of income.., like some people do part times for massage and etc.. Investment is another source of income too.. You heard of Peter Lim? He also starts from scratch and not born in silver spoon.. Link to comment Share on other sites More sharing options...
Guest Safe Posted August 24, 2016 Report Share Posted August 24, 2016 I only invest in bank products. Returns are moderates but safer than fly-by-night investment companies. Link to comment Share on other sites More sharing options...
curious_boi Posted August 24, 2016 Report Share Posted August 24, 2016 10 hours ago, Kinlee74 said: This is call Passive income.. I'm not "Indirectly Pushing" I'm just sharing. If you wanna join.. Just join.. if not.. then nvm.. there is always RISK involve.. you tell me.. buying 4d or toto is not a risk of losing? BTW I've already gain++ and have extra income $$$.. 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. Link to comment Share on other sites More sharing options...
kys0n Posted August 24, 2016 Report Share Posted August 24, 2016 (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 August 24, 2016 by kys0n Link to comment Share on other sites More sharing options...
HendryTan Posted August 29, 2016 Author Report Share Posted August 29, 2016 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 Link to comment Share on other sites More sharing options...
Guest net Posted August 29, 2016 Report Share Posted August 29, 2016 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? Link to comment Share on other sites More sharing options...
Recommended Posts