It seems that nobody is writing about this National Day Savings Promotion and I thought of sharing this with you. OCBC Bank is having a savings promotion whereby for every S$5,000 of fresh funds deposited into your OCBC Passbook and Statement Savings Account, you get S$54 in cash credit. However, here is the catch:
- Minimum is S$5,000
- Must be fresh funds
- The funds deposited must be maintained in your OCBC account for 7 months
It looks like a fixed time deposit promotion to me. If you are wondering how much interest rate per annum the above promotion is worth, I did some backward calculations and the interest rate turns out to be around 1.86% per annum. The interest rate still beats the September issue of the Singapore Savings Bonds whereby the interest rate is only 1.65% for the first year.
The added deal if that if you deposit a minimum of S$30,000 of fresh funds in your OCBC passbook savings account, you get to take home limited edition passbook as shown in the above picture. The deposit must be made at OCBC branches. At this point of writing, I am not sure if the limited edition passbook is still available as there are only 5,400 pieces available.
Sometimes I wonder if this deals are put together by the kids of the CEO.
Who is going to be motivated to deposit 30k in order to obtain a worthless passbook?
“Oh look!!! I have an OCBC limited edition passbook”
“Wow, that’s awesome. Can I have a look inside and is it for sale?”
“No”
And what is this weird “fresh funds” concept?
At what point does a 100% fungible asset become “fresh”?
I did ask OCBC once.
“If I take out the money from my account and redeposit it immediately, is it fresh?”
“Errr, no, we would think those are the same funds”.
“OK, how about I being them by tomorrow?”
“Err, not sure”
“Well, say three days?”
“Oh yes, that would be fine”
Utter bullshit.
And I positively hate the preference rates given to “Fresh funds”.
“Hey, I have had an account for the last 20 years, all my business transactions run over it. Why am I being given a lower interest rate to some newbie with “Fresh Funds”?”.
IMO it is all childish.
Well said. Well said. Money in my account that i can withdraw is “fresh fund” as far as I’m concerned. OCBC and their silly ‘fresh fund’ terms.