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Once upon a time, OCBC 360 together with the OCBC Frank credit card, was my favourite combination to get higher interest income on my savings.
I just had to spend $400 with my Frank card and pay 3 bills online and I would get a 2% interest rate on my savings. With no monthly salary to credit into the account, that was the best I could do.
Then, the benefits were revised and suddenly my interest income, everything else remaining the same, halved!
So, I junked the combo and cancelled the Frank card.
Now, this doesn't mean that the OCBC 360 is not good for others, especially those who have a monthly salary to credit into the account.
However, with the latest revisions, it is probably not as good as before.
The impression I get is that OCBC wants us to save more but is paying us less to do so.
Forget about the "Wealth" and "Save" boxes. "Salary", "Payment" and "Spend" are what most people hit.
So, after the revision, we would receive 1.8% in bonus interest whereas we were receiving 2.2% before.
Of course, the original OCBC 360 would have paid 3.0% for the same 3 conditions!
3.0% to 2.2% to 1.8%.
Alamak and I thought interest rates are rising. I must be growing old and senile.
Of course, for people without a monthly salary to credit, it would have reduced from 2% to 1% to 0.6%. This is after meeting two conditions too. Duh!
Most of my savings is with CIMB Star Saver now because they pay 0.8% up to the first $750K.
I don't have to use their cards or pay bills online to be paid 0.8%.
If OCBC wants me to save more with them, they should make it easier and more rewarding for me to do so.
Related posts:
1. UOB ONE or OCBC 360 (plus BOC)?
2. My savings accounts and money flow...
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