Investment Moats

  • Home
  • High Yield Dividend Stocks
  • My Current Portfolio
  • About
    • Advertise / Hire Me
  • My Resources
    • Build Wealth Foundation
    • Active Investing
    • REITs Investing
    • Redesigning Your Life
    • Retirement Planning
  • FREE Calculators
    • Dividend Stock Tracker
    • Stock Portfolio Tracker
    • Cost of Car Ownership Online Calculator
    • Wealthy Calculator
    • Property Investment Calculator

UOB One Account Challenges OCBC 360 with 2% and 3.33% interest. How they stack up.

April 28, 2015 by Kyith 38 Comments

ShareTweet

Banks need money and seems the slowest of them all, UOB seems to be finally waking up to try to wrestle some of our deposits over. The unanimous winner have been OCBC with their 360 account, which provides up to 3% interest if you do 3 things with them.

However since Apr 2015 this year, OCBC have make it more difficult to earn this 3% with more clauses.

It is a good opportunity for UOB to prey upon our hurt and hate by offering their new UOB ONE Account.

The UOB One Account looks to offer us up to 2% and 3.33% interest for up to $50,000 in 12 months if we bank with them.

To earn up to 2% interest, you can just spend at least $500 every month on the UOB One card for 12 months. 

to earn up to 3.33% interest, you need to spend on the UOB One Card AND make at least a $2k salary credit or make 3 GIRO debt payments.

Note here: its not all your $50,000 earns 2% or 3.33%. The table shows the breakdown of your contribution. If you have less money in your UOB account, you can only hit less interest earn. This is unlike OCBC 360 which applies across whichever amount you put in up to $50,0000 (same)

If you have less money and able to satisfy the requirements, OCBC 360 looks better

If you have less than $10k or at most $10k, yet able to meet the requirements on both sides, you can at most hit 1% or 1.5% interest on your deposit, however with the OCBC 360 you can hit 2%.

If you have more than $35,000 and able to satisfy all the requirements, UOB One Account looks better

The cut off point when you are able to satisfy all the requirements seem to be at $35,000 where your UOB One Account will earn $716 versus $700 with the OCBC 360 account.

If you have $50,000, better to stick with one house

My initial thoughts are picking and choosing is better, but it seems if you have $50,000 or less, it is better to stick to one bank instead of mixing them up.

However, if you have $100,000 and satisfy all requirements, you can take advantage of both sides.

 OCBC 360UOB ONE AccountPay @ OCBC360, Credit Card and Payment @UOB OnePay and Payment @ OCBC, Credit Card @ UOB One
$50,000$1000$1216  
$100,000 split evenly  $500 + $1216 = $1716$750 + $800 = $1550
$50,000 split evenly  $250+ $450 = $700$375 + $325 = $700

UOB One Account’s Credit Card Deposit Interest Rate looks better

I felt the strength of UOB One is that if you have $50,000, you can earn $800 from the credit card alone versus $250 with the OCBC 360.

Summary

The way I look at it:

  • Unless you felt $216 is very significant, perhaps its better to stick with OCBC 360 and save the hassle
  • If you have $50,000, mixing it up doesn’t seem wise
  • If you have $100,000, you have more ways to store your money and earn interest
  • If you have more spending and GIRO payments, and you have $100,000, you stand to enjoy the greatest benefit as you can satisfy OCBC 360 AND UOB ONE max requirement since for UOB ONE max requirement, salary credit is not mandatory.
  • One factor unevaluated, is credit card rebate. OCBC 360 online 6% seems a big determinant

So will you look to switch, mix and match with this UOB Competitive offering? Do let me know.

If you like this do check out the FREE Stock Portfolio Tracker and FREE Dividend Stock Tracker today
Want to read the best articles on Investment Moats? You can read them here >

Share this:

  • Twitter
  • Facebook
ShareTweet

Filed Under: Stock Market Commentary

About Kyith

Founder & Sole Employee of InvestmentMoats.com . Senior Solutions Specialist at Fee-Only Advisory Firm Providend by day. Blogger by night. Active Stock Investor for 15 years. SG & HK Mkts. Pursues Financial Security & Financial Independence. Reached Financial Independence at 38. Facebook , Twitter. More on Kyith ...

Comments

  1. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  2. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  3. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  4. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  5. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  6. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  7. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  8. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  9. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  10. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  11. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  12. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  13. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  14. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  15. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  16. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  17. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  18. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  19. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  20. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  21. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
  22. Raymond Chiam says

    April 28, 2015 at 10:54 pm

    Hi, can you elaborate your working on “Pay @ OCBC360, Credit Card and Payment @UOB One” and “Pay and Payment @ OCBC, Credit Card @ UOB One”? Thanks.

    Reply
    • Kyith says

      April 28, 2015 at 10:59 pm

      Hi Raymond,

      Pay @ OCBC360, Credit Card and Payment @UOB One means the sum of money is split between $25,000 in OCBC 360 and $25,000 in UOB One, where the former you have salary credited to the account and the latter have a credit card charge to it and 3 payments paid using the account.

      Reply
      • Eric says

        April 29, 2015 at 9:55 am

        Actually, can we just use both ocbc and uob to make payment for the same 3 bills?

        Reply
        • Dave says

          April 29, 2015 at 12:39 pm

          I think UOB requires GIRO debit transaction

          Reply
          • Kyith says

            April 29, 2015 at 8:22 pm

            Ah yes Dave, thanks for clearing it up. That means you cannot use it to pay other credit card bills.

        • Kyith says

          April 29, 2015 at 8:21 pm

          Hi Eric, I think this we have to call in and check. You mean pay half with OCBC half with UOB? hmm….

          Reply
  23. ecnerwal says

    April 29, 2015 at 1:12 am

    Hi Kyith,

    Nice post as usual 😉 I think the OCBC 365 is a lot better than the UOB ONE card but its tempting to switch my credit card spending from OCBC to UOB in view of the extra interest. With 100k, i think its worthwhile considering both accounts as you mentioned.

    Salary and 3 bills with OCBC $750 interest
    Credit card spend and 3 bills with UOB $1216 interest

    Currently, I just spend around $5 on other random credit cards to gain extra GIRO payments so it would not be hard to hit 6 bills (with Tax, phone bills).

    But I think I will still wait for OCBC’s further clauses as well as the Singapore Savings Bond before I make a decision.

    But for those with SCB’s Bonus saver, it might be worth switching to UOB considering higher interest and 50k cap vs 25k cap.

    PS Under the last point in the summary, i believe OCBC 365’s online rebate is only 3%. 6% is for weekend dining. FRANK card has 6% for online spending.

    Reply
    • Kyith says

      April 29, 2015 at 8:21 pm

      hi ecnerwal,

      The Frank card is quite special in its 6% online spending. I am not sure how to clock 6% for the full $500 bucks.

      Reply
  24. James says

    April 30, 2015 at 2:48 pm

    Kyith, there are new updates to both SCB BonuSaver and OCBC 360 as of today 30 Apr 15. It warrants a update on this post, especially for those who are unable to credit their salary. Earning bonus interest isn’t getting any simpler with more conditions and clauses inserted along the way.

    Reply
    • Kyith says

      April 30, 2015 at 2:51 pm

      Hi James, I saw it today so I will need to relook the numbers. Thanks for informing me

      Reply
  25. WeiHerng Tee says

    June 23, 2015 at 4:47 pm

    Hi Kyith, I was curious about the difference in UOB ONE vs OCBC 360 so I made a graph below, comparing 2.2% of OCBC 360, with minimum spending, Salary crediting and 3 bills payment to tier-ed UOB interest with minimum spending and salary crediting.

    The window where UOB ONE account gives more interest vs OCBC 360 actually starts at 40k, and ends around 56k.

    So, if a person is expecting the bank balance to remain within the window, UOB is better, otherwise, going lower or higher, OCBC is better.

    Reply
    • Kyith says

      July 4, 2015 at 2:51 pm

      Hi WeiHerng,

      Thanks for dissecting. Perhaps the difference is less than significant.

      Reply
  26. hannahsophiaa says

    August 17, 2015 at 6:31 pm

    Basically even if you have $35,000 in UOB ONE account but didn’t manage to meet the most basic criteria – to spend $500 via credit card, you will get 0% interest.

    Unlike OCBC 360, if you meet other criterias – salary input and 3 GIROS, which are also the easiest, you will still get 1.2% + 0.5% = 1.7%.

    Think about it. Will you spend $500 every month where your GIROS payments are already well-taken off? Even if you force wallet to hit that quota, is the rebates worth more than when you spend less? This is something we need to balance out.

    Reply
    • Kyith says

      August 18, 2015 at 2:04 pm

      Hi Hannah,

      The hurdles for the two plans caters for different folks. I can see folks finding it easier to satisfy the credit card hurdle and earning based on that, considering if they have the full sum of $50,000 they earn a good sum.
      Still I subscribe to your methods, and to be fair the banks have to differentiate.

      Uob have a lower hurdle for all three in my opinion

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

MoneyOwl Invest

Best Articles

  • Singapore High Yield Dividend Stocks for Income
  • Free Online Stock Investment Portfolio Spreadsheet
  • 5 Steps to Compound Wealth via Dividend Income
  • My Insurance Philosophy
  • Get Rich – Pay Yourself First
  • Should you buy Blue Chips at ANY price?
  • I built my Wealth by following this Wealthy Formula
  • How much u need to reach Financial Independence?
  • My advice to those 20 year old starting their Financial Independence journey
  • Beginner’s Guide – How to Buy and Sell Stocks, Bonds, REITs and ETFs in Singapore

Money Management

  • Budget Babe of Singapore
  • Bully The Bear
  • DIY Insurance – Insurance your own way
  • Financial Horse
  • Heartland Boy
  • Invest Moolah
  • [email protected] Talk
  • My Housing Loan.SG
  • Providend – Fee-Only Retirement Adviser
  • SG Wealth Planner
  • Singapore High Yield Income Investing
  • Singaporean Stock Investor

Blogroll

  • Eat Dream Love – SG Premier Travel Food Review Blog
  • Giraffe Value
  • My 15 Hour Work Week
  • SG Invest Bloggers
  • The Finance SG

Value Investing

  • Donmihaihai
  • Investing Nook
  • Kelvin Seetoh
  • Margin of safety
  • Musicwhiz Value Investment
  • Re-ThinkWealth
  • SG Dividends
  • SG ThumbTack Investor
  • Small Cap Asia
  • The Asia Report

Copyright © 2019 · Investment Moats ·

Copyright © 2019 · Log in