Friday, May 2

Should I Open An OCBC 360 Account?

The interest rates for the money we put in our banks here have always been low. And they are consistently in the region of 0.01 to 0.05 percent per annum. 

An interest rate war recently started between DBS and OCBC offering higher rates than the rest. 

DBS offered the Multiplier scheme which enable you to earn a maximum of 2.08% more on your savings. However, to fully benefit from this scheme, you would require to credit a salary of SGD15k which is a tall order for many people.

The OCBC 360 account is probably a better option looking at the following criterias;

3 criterias to be met in order to earn that 3.05% interest. 

1) Credit your salary into this account every month. (min SGD 2,000)
2) Spend $400 every month on your OCBC credit card
3) Pay 3 bills from this account every month 

The first and third condition is fairly simple as crediting of salary just requires a one-off arrangement and bill payments, oh i have lots of bills, therefore 3 bills is no problem.  However, to spend $400 using of credit card might require some carefully planning as not every one my purchases are feasible to use credit card. But the best part of this is that by simply fulfilling any of the criteria, i would already earn 1.05% which is higher than most banks and as interest earned are credited every month, i can earn the interest next month if i do not fulfill its criteria this month. 

 OCBC 360 is definitely the way to go!

Update 2016
The interest rates and requirements have changed. Click to their page to find out more. It still offers the highest rates in town. 

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