I have recently opened an account with OCBC bank known as the 360 Account, which offers up to 3.05% pa in interest. This is by far the highest interest rate offered for deposit accounts among the local and offshore banks. While the website offer more than enough information, do let me briefly go through the factors that will enable you to earn the maximum interests from them.
How to earn the extra 3% of bonus interest?
1) Credit your salary through Giro into the 360 Account
– However, you have to be earning a minimum of $2,000 a month for the 1% bonus interest to be effective.
2) Make 3 bills payment a month using Internet Banking
– This includes any Giro deductions or payment of other banks’ credit card bills.
3) Spend a minimum of $400 on your OCBC Credit Card every month
– You need to be the Principal credit card holder to enjoy this.
You will receive the base interest of 0.05% on the last calendar day of the month, and the remaining 3% (provided you fulfill the respective requirements) on the 7th working day of the following month.
Besides the high interest rate, I grew in love with OCBC bank due to their Internet Banking Platform – Money In$ights. I can’t stop raving over it! OCBC had recently launched a Personal Financial Management tool that allows you to track your spending online via their internet banking platform. It helps you categories and consolidate your spendings whenever there is a money outflow, or purchases made using your credit card.
Besides that, you can also set a budget to make sure you don’t overspend on the respective categories. This works extremely well for people who are too lazy or have no interest to budget for themselves. For hardcore folks like me who love to track my expenses, it works as a comparison and its fun to use as well!
Another totally cool feature of the Money In$ights platform is the Goal Setting feature whereby it automatically save a specific money for you every month, or you can choose to transfer a lump sum amount towards your goal. Once you do that, the platform protects you from temptation by disallowing ATM withdrawls, Giro deductions or fund transfer on the preset amount.
It’s so cool isn’t it? This is by far the best internet banking platform that I have used.
There is one more cool feature that I’ll like to cover, but I’ll do it on another blog post! Don’t want to have an information overload here.
Stay tune! 🙂