OCBC cuts rates for once popular savings account OCBC 360 yet again. This follows drops effected on May 2020, July 2020, and October 2020 (which I had given up writing about 🙃). The changes take place on 1st February 2021.
If you have been reading my site, you would know that I have been enthusiastic about insurance savings accounts. If you haven’t, you can check out a comparison here.
In the near future, I will also be exploring more products to get returns on my savings. Subscribe to my Telegram if you are keen on such topics.
OCBC assures its customers that their product offerings will be adjusted accordingly if the interest rate situation improves:
We wish to inform you that, on 1 February 2021, we will be revising the interest rates for the OCBC 360 Account. If and when the interest rate situation improves, you may be assured that we will adjust our product offerings accordingly.
Personally, I think the time has come and gone for bank accounts like these that make you jump through hoops to get higher rates on your deposits. It’s a chore to qualify for some of the categories, and it sometimes requires a significant financial obligation in form of an investment or insurance policy, and after you thought you’ve finally met their inane requirements, the rates change. Ugh.
This isn’t unique to OCBC, of course, since other banks have similar products and have done such cuts over the past year or so. This is why I shifted all my bank deposits into alternatives some time last year and could not be happier. No more card spend or to meet each month!
Such cuts are also a good reminder that my asset allocation skews too heavily towards cash and its equivalents. I don’t like to set new year resolutions, but I think 2021 is a good time for me to research and review more products and ways to get higher yields, and I hope to share it with you all.
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