Thursday, April 30, 2015

OCBC 360 New Changes

Hi Everyone,

From today onward, there will be a some changes for the requirement for getting the interest.

This is how OCBC 360 works previously

By satisfying these requirement, you are able to obtain 3.05% pa. The capital limit for this is $50,000. Many people had been benefited from this, me too as well, although is just 5 months, but is better than nothing at all. However, in April, OCBC announce the new changes for these requirement which changes the whole game on how we going to play it in order to maximize the benefit from it.

So whats new about OCBC 360? The picture below will show you everything that you will need to know about the new OCBC 360 bonus interest catalog.

There are a few things to note, firstly the capital limit increase to $60,000. Great isn't it! However, the downside is that the interest bonus for bills and credit card spending seems to drop by half. As a person like me who do not get insured or invest with OCBC, I would probably only get 2.25% (0.05% is the based interest). In order to see how much I will earned from this bonus interest, I will do a simple calculation on the calculator that OCBC provides.

Let's say I have the based amount of $30,000 and include salary, bill payment, credit card payment and 1% incremental from previous month.

As you can see, the interest that I will get is $58 per month. Well it may seems small amount but if your balance is lets say $60,000, you will get $116.28 per month, which is still not too bad. So is up to your decision whether to stay with OCBC, For me I would because nothing much changes just that I will get lower interest bonus and also need to spend more for my credit card. Well, lets see how this goes :D


  1. Hi James,

    Sad that good things come to an end. Probably I can get only 1.7% now as I barely meeting the $400 credit card spending previously...


    1. Hi PIF,

      I trying to get 2.25% (if possible), and yes sad thing comes to an end but not to worry, the interest rate is still not too bad. I also hoping to earn more from the incremental portion this only motivates me to save more and spend less :D

  2. The worse lot is those that cannot credit salary as certain companies dictate the bank to credit the payroll. Excluding insurance /investment, the interest earned is not that fantastic. Having say that,I will just remain with 360acc for now until something better comes along.

    1. Hi LC,

      Yea those cannot meet the requirement for the crediting of salary are the one who impact the most because large portion of the interest comes from crediting of salary. me too I will hang on to OCBC 360 for now as well