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.
| SALARY | PAYMENT | SPEND | WEALTH | SAVE |
1.2% per year Credit your salary of at least S$2,000 through GIRO | 0.5% per year Pay any 3 bills online or through GIRO | 0.5% per year Spend at least S$500 on OCBC Credit Cards | 1% per year Insure or invest and get this bonus for 12 months | 1% per year Increase your account balance from the previous month’s balance |
| 1st April 2017 onwards | ||||
1.2% per year Credit your salary of at least S$2,000 through GIRO. | 0.3% per year Pay at least 3 bills online or through GIRO with a total amount of at least S$150. | 0.3% per year Spend at least S$500 on OCBC Credit Cards. | 1.2% per year Insure or invest with OCBC. Earn 0.6% or 1.2% per year for 12 months, depending on the qualifying amount. | 1% per year Earn this extra bonus on the first S$70,000 if your account balance is S$200,000 and above. |
Currently, I am earning
SALARY (1.2%) + PAYMENT (0.5%) + SPEND (0.5%) + SAVE (1%) = 3.2% effective interest rate
After 1st April 2017, I will be earning
SALARY (1.2%) + PAYMENT (0.3%) + SPEND (0.3%) = 1.8% effective interest rate
Are you also impacted by the change?