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newocbc360

Come 1 Apr 2017, OCBC 360 will come up another revision to its rates. Looking through my archives, I first covered this savings account in Apr 2014 (see article here), and they had their first revision in May 2015 (see here). As such, it’s about time they came up with another revision. The changes are highlighted in the table below:

ocbc360table1. Max Balance

Now you can accrue the bonus interests on $70000 of your savings instead of $60000 previously

2. Salary Bonus

This remains status quo at 1.2%, with a minimum of $2000.

3. Bill Payment Bonus

You still need to make 3 bill payments per month, but there is a minimum of $150 for all the bills to qualify. Also, the bonus interest will be cut from 0.5% to 0.3%.

4. Spend Bonus

The credit card spend of $500 is still in place, but the bonus interest will be cut from 0.5% to 0.3%.

5. Wealth Bonus

This is mainly for unit trusts, insurance premiums etc, and instead of 1%, this has been revised to either 0.6% or 1.2%.

6. Save Bonus

Where previously you get 1% on your incremental bonus, now you get 1% on the first $70k, but provided the account balance is $200k.

So it is a better deal or not? Let’s take a look at the table below:

ocbc360For now, the interest is capped at the first $60k, and the takehome interest is 2.25% provided you fulfil the salary, bill payment and spend bonuses. I’ve excluded the wealth bonus as most people wouldn’t have it, and the save bonus may vary from time to time. With the revision, even with a higher cap of $70k, due to the lower bill payment and spend bonuses, the amount of interest earned will fall to 1.85%. And if you do not credit your salary into this OCBC 360 account, then it is too much of a hassle to earn the paltry 0.65% interest. Morever, who would put in $200k just to earn an extra 1% on the first $70k and 0.05% on the $130k?

If you are not aware, CIMB Fastsaver actually provides 1% interest on the first $50k – with no strings attached!

Bottomline

During this revision, I was hoping OCBC would follow DBS’s lead and include some bonus perks for those with mortages from OCBC. Alas, the categories have remained roughly the same, and there are more criteria in place to earn a lower interest. I have since moved my salary credit to DBS Multiplier since the programme is more robust. To look at other similar savings programmes, check out the previous comparison here.

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