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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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8 comments:
Lol AK,
Heard about the changes. Ironically, I just opened the acc today LOL
Hi Mike,
I see you are not an early adopter. ;p
Not really happy with this but then again, I dont have much cash in the account.
However won't be cancelling my the OCBC account yet as I still use the FRANK card because it can auto top up and I do quite alot of online purchase for the rebates.
Also many payment arrangement are with OCBC. We'll see how much more worse it can get in future, only then I'll consider switching as I still get the 1.2% salary bonus.
Yes, OCBC 360 is still pretty attractive for people with a monthly salary to credit into the account because they will get 1.2% interest even if they do nothing else. :)
hi AK,
There is also CIMB Fast Saver that pay 1% on the first 50k...
Hi Tran,
That is for the first $50K. Beyond, it gives 0.6%. I just settled for the plain 0.8% because I have more than $100K with CIMB. :)
Hi AK,
I would like to ask you for your opinion on which account to put my money in. I've about 100K in my POSB savings account and currently earning very little interest. Hence I am thinking of putting my cash into the OCBC 360 or UOB One. Which do you think is a better option for me? I do understand there's a cap at 50K for UOB One. Thanks!
Hi Belinda,
You know yourself best and based on what you have and what you do, one product is better than the other. Read this blog and you should have an idea:
UOB ONE or OCBC 360?
OK, I kaypoh a bit. Since you have $100K, you could have both UOB ONE and OCBC 360. Why stop at one (pun unintended)? ;p
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