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The 3% OCBC 360 Bonus interest will have more clauses

The OCBC 360 account was a great promotional drive by OCBC to get folks to switch to bank with them by offering 3 optional clauses to get a total of 3.05% interest (read here). My friend prompted me last 2 weeks when he tried to open the account and was told the bonus interest will be reduced. Looks like they decide to provide the announcement on April Fools Day, which, if my friend didn’t tell me previously I would have thought its a joke.

Notice here

The hurdle rate for credit card qualification have increased, but the bonus for payment bonus and credit card have been reduced.

OCBC will introduce 2 more clauses so that we can eventually hit 3% again.

But after this move I think much folks are still sore over it. The reason of the soreness is that in their minds, they expect these kind of great deals to go on forever. And many have shifted a large part of their money over.

Still, it still looks good in my opinion and I think the costs of the pay out for these loans from depositors are getting a bit expensive for them.

My advice is that, if your world only revolves around fixed deposits and savings account as such, you will tend to find all these deals to be fleeting. Build up the wealth building knowledge to understand that your money have different time horizons and part of the money can be channel to higher yielding, but higher volatile instruments.

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Tuesday 7th of April 2015

Where did you see the 2 additional clause to get back 3%? All i saw was 2% now

Mickey J

Monday 6th of April 2015

Personally, I feel that OCBC is trying to test and see how many hoops customers are willing to jump through and what is the optimum interest rate. Rumors have it that the new bonuses include an additional spend on a debit card.

That's too much for me because it forces me to spend unnecessarily in order to get the extra interest.

I'm going to have to move to the Standard Chartered Bonus Saver account soon.

Jeff Tan

Tuesday 7th of April 2015

Only spend your necessary expenses like groceries, transport, phone bill...etc using credit card. For me, i linked up Flashpay & Ezlink auto reload I only do my groceries in NTUC/Giant with credit card I pay my phone bill using credit card too $400 is not too difficult to hit actually. Flash & EZlink = 100 Groceries = 100 Phone bill = 150 Dining = 50 Total up easily over 400


Monday 6th of April 2015

Hi mickey ,

The bonus saver requires you to spend as well. In fact all of them asks you to spend ! That's why I didn't take up that interest component. If I have a million bucks and the 0.5% is applicable on it, I will try though!

BfGf Money Blog

Sunday 5th of April 2015

Banks.... take your money then change terms.....pffttt...

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