OCBC 360 Account Makes Earning Additional Interest More and So Complicated

Today, I received an sms from OCBC regarding its changes to the OCBC 360 account. The website says “upgrading the way you grow your wealth” but I think its downgrading the way I grow my wealth because I shall be earning less interests due to the changes.

OCBC are making five changes to the OCBC 360 Account with effect from 1st April 2017. With this update, you will earn up to 3.05% per year on the first S$70,000 of your account balance, instead of up to 3.25% per year on the first S$60,000.

I have tabulated the current and changes side by side for better comparison. Read More

OCBC Bank Makes It Easier to Buy Singapore Savings Bonds

The effective interest rate for March 2017 Singapore Savings Bonds is 2.38%.

It seems that it is now easier to buy Singapore Savings Bonds. When I logged in to OCBC Personal Internet Banking, I noticed a new menu option called Singapore Government Securities in the menu.

Upon launching the page, I realized that it is now easier to buy government securities such as Singapore Savings Bonds, Singapore Government Securities (SGS) Bonds and Treasury Bills. Read More

Structured Deposit vs Fixed Deposit

Structured Deposit

While searching for Chinese New Year fixed deposit promotions, I came across the above promotion advertised. The bank is offering structured deposit that offers up to 12.1% returns over 6 years. It sounds very attractive to me given the high interest rate.

As I am not familiar with structured deposit, I decided to do some further research on it.

What is a structured deposit?

A structured deposit is actually a deposit that is combined with an investment product. The returns on the structured deposit will depend on the performance of the underlying financial asset, product or benchmark. Read More