I like to look for savings account that gives higher interest rate than the other banks.
If I find one, I will take the trouble to go and read about the savings account in more detail.
I will also take the trouble to apply for the account and transfer my savings into that savings account.
I like to share with my friends with my findings so that they will benefit from it too. One or two will take the trouble to do the necessary stuff while most wouldn’t do anything.
Recently, OCBC introduced a savings account that it is hard not to take a second look.
OCBC 360 savings account gives you up to 3.05% pa interest on the first $50,000 of your account balance.
This makes it the highest interest rate in the market right now.
3.05% is 61x higher as compare to the 0.05% pa offered by some other banks for putting your hard earned money with them!
The base interest is 0.05%, you need fulfil the followings in order to earn the extra 3%:
- Earn extra 1% – When you Giro your salary into this account every month.
- Earn extra 1% – When you pay any 3 unique bills with this account every month.
- Earn extra 1% – When you spend at least $400 with your OCBC credit cards every month.
Is it troublesome? Yes.
Is it hard to fulfil at least 2 criteria? No.
Earn extra 1% – When you Giro your salary into this account every month
You either get this or you don’t. It depends on how your salary is given to you by your employer.
Earn extra 1% – When you pay any 3 unique bills with this account every month
We have so many bills to pay every month, just pick 3 to be paid by this account through online banking. Simple and sweet.
The 3 bills I pay are POSB credit card bill, UOB credit card bill and OCBC credit card bill.
The easiest 1% interest rate to get of the lot.
Earn extra 1% – When you spend at least $400 with your OCBC credit cards every month
This is a bit tricky, just charge all your spendings to any of your OCBC credit cards.
I applied for the EasiPay Recurring Bill Payment and charge my M1 bills, Town Council bills and EZ-Reload bills to my OCBC credit card.
These can easily cover half of the amount needed.
The rest can be covered by my weekly spendings.
We work hard to make more money, so we cannot afford to let them sit idle in those 0.05%pa savings account.
We can make our savings work 61 times with OCBC 360 savings account.
Do you know that you can get a maximum of $1525 in interest with a balance of $50,000 in the savings account in one year!