Well, this morning I woke up to an OCBC notice about the 360 account.
Talk about meh. Not something I wanna wake up to.
So summarise the changes, they put:
I would be getting 1.2%+0.3%+0.05%, with an optional 0.3% (I am recently spending less than $500 on my credit cards). So that's 1.55%+0.3% for the 360 account.
My first thought was looking at my current profile and matching with the closest competitor, BOC Smartsaver
Credit card spend:
| Monthly Spend* | Bonus Interest Rate (p.a.) |
|---|---|
| S$1,500 and above | 1.60% |
| S$500 - < S$1,500 | 0.80% |
| Amount of Salary | Bonus Interest Rate (p.a.) |
|---|---|
| S$6,000 and above | 1.20% |
| S$2,000 - < S$6,000 | 0.80% |
Enjoy 0.35% p.a. Payment bonus interest when you successfully complete 3 bill payments of at least S$30 each via GIRO or BOC Internet Banking/BOC Mobile Banking Bill Payment function.
This adds up to be, 0.8%+0.35%, with an optional 0.8% for CC spend. So that makes 1.15%+0.8% for BOC SmartSaver.
This makes it usually worse for me than the 360, only if I spend more on my credit cards (which will only make me spend unnecessarily as my current spending habits doesn't meet it). So I'll be sticking to the 360 account for now, despite it being meh.
I must stay I was using bonus interest rates to give me more spending power, so it went from 3.05% to 1.75%+0.5% to 1.55%+0.3%. Guess, the good days are going to be over :(
Hope there's a better bank account soon. =\
These are just bonus interest rates, BoC has much higher base int rate than Ocbc
ReplyDeleteHi Unknown,
DeleteWould you mind telling me? I did a quick look at BOC but I couldn't find it on the page of the revised Smartsaver.