OCBC is going to revise its interests rate for its OCBC 360 Savings Account (yet again).
If you recall, OCBC did a revision in May 2015. The latest revision will take place in April 2017. So yeah, it’s less than 2 years.
Revised OCBC 360 Savings Account
So what’s changed?
Instead of 0.5%, the interests rate for Payment of 3 Online Bills and Credit Cards Spending will be reduced to 0.3%.
Then there is an additional 1% if you have an account balance above S$200,000 for first S$70, 000.
I’m sorry… but a peasant like me has not hit S$200,000 (and will probably never hit) in my account so I’m going to forge this.
It’s Only 0.4%…
Perhaps a concrete value will make it easier for you to view the difference.
Assuming we have S$ 60,000 in our account, here’s what you will be getting in the past and now:
|Salary||S$ 720||S$ 720|
|3 Bills||S$ 180||S$ 300|
|Credit Card Spending||S$ 180||S$ 300|
|Total||S$ 1,110||S$ 1,350|
You lose out S$ 240 every year.
It’s a lot for extra cash that you can receive that might be solely based on your mandatory spending (and salary).
Huh, So How?
Alternatively, you can consider UOB One. It is, however, much more complicated than what OCBC 360 Saving Account has offered.
OCBC is smart. Why?
First, they lure everyone into the game with high interests rate. Then they drop some and introduce new condition that most people will not have. Since they are still one of the better saving accounts, they dropped and introduce new condition again.
Personally, I think that there is no harm sticking to OCBC 360 Saving Account unless you already have more than S$ 70,000 in your account. So I will keep my money with OCBC until something worse comes by.
How about you? What’s your plan?