Well, jinx. I just mentioned that OCBC 360 remains the same for now, and OCBC has now announced revisions to their 360 Account.
|Current||From 2nd May|
|Salary||1.2% / 2%||1.2% / 2.4% (increase!)|
|Spend||0.3% / 0.6%||0.2% / 0.4%|
|Step-up||0.3% / 0.6%||0.2% / 0.4%|
Interestingly, Salary category has actually increased quite a nice bit. A $70,000 balance now gets 1.8%. This means that just crediting salary gets you 1.8%, which is UOB One’s maximum interest rate on $75,000 which requires $500 spend and a salary/GIRO arrangement.
Most of the other categories have seen a drop in rates across the board. Spend and Step-up used to give a blended 0.45% pa each on a $70,000 balance. They have both fallen to 0.3% pa each.
Wealth and Grow categories aren’t really relevant for most people, and they have remain largely unchanged.
Currently, the interest on the first $35,000 is 1.85% pa for Salary, Spend, and Step-up categories. It’ll now fall to 1.65% pa.
The maximum interest for the same categories is 2.55% pa on $70,000. The new maximum will be 2.45% pa.
Thankfully, that’s not too much of a difference.
Get $30 and a free Apple stock (worth ~$160) when you sign up for moomoo trading account!
Simply deposit $2,700 to qualify.
Game over for Boost
Boost was a really… interesting category. I’m sure it was always meant for OCBC to attract fresh funds, but people ended up gaming it by alternating their funds with other accounts. Well, game’s over.
This is perhaps the biggest change, since alternating accounts boosts the interest to about 3.55% on alternate months, resulting in an average 3% pa. People who have been doing this will find the biggest drop in their monthly returns, but it has always been a loophole of sorts.
Keep up to date on the best cashback/mile cards, savings accounts, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.
Subscribe to the channel, then join the group chat. You would often benefit from the tips exclusively shared in the group chat!
Notable promos at the moment: