OCBC 360 Just Got Better??? (Revised interest rates)

As stated previously, OCBC is going to revise the 360 account interest rates, from 1st May 2015.

Looks like they gave us an early release here: http://www.ocbc.com/personal-banking/accounts/360-account.html?utm_source=eDM&utm_medium=email&utm_content=Find_out_more&utm_campaign=OCBC360_generic_apr2015

(Source: OCBC)

We can see some obvious differences, namely:

• Cap is now at 60k instead of 50k
• Salary crediting is 1.2% instead 1%
• Both 3 bills/GIRO and CC spend ($500, not $400 anymore) is now reduced to 0.5%
• 1% extra for investing in OCBC's Unit Trusts and insuring in OCBC's insurance
• 1% for incremental balance from last month

Well, meh for me. I was enjoying the 2.05% for salary and payment bonus, occasionally CC spend.

Now I'll probably get 1.75%, the premium required for the new 1% is too pricey and inefficient for me, the incremental balance bonus interest, doesn't really help much I guess.

So UOB One Account vs OCBC 360 Account, which is better?

Excluding card benefits, it depends on how you spend and how much money do you have.

If you have 50k in savings and have no issue spending 500 on your CC a month, UOB provides a better deal, getting about 2.43% p.a. or 1.60% p.a. for CC spend only.

If you have 60k in savings, can meet the first 3 criterias of the new 360 account bonuses easily, you'll get 2.25%, you'll still get more interest nett in cash because of a principal (60k).

However, if you have less than 50k and don't always spend with CC, I would suggest the OCBC 360 as generally the best option. You'll get 1.75% vs 0.05% (in that case, CIMB comes to mind).

Have a look and do the math before switching.

EDIT (25 Sep 2016):

I just found out that there is an incremental balance cap. 

But I doubt most can reach that cap anyway. Here's the illustration.

The rest of the FAQ is here.