Sunday, October 4, 2015

Just created UOB One Account Today!

Hi Everyone!

Today I just create UOB One Account and will be fully utilize it next month because I still need to wait for my UOB one credit card and have to make GIRO arrangement for three phone bills. So I will have to wait till November before I make any move.

The below is the illustration on what I am going to achieve.

I will satisfy the credit card portion and the 3 Giro transaction criteria in order to get the maximum amount of interest that I will get. This will give me 2.432% without including the rebate. It is better than OCBC 360 as OCBC 360 only gives 2.2% (Max) by fulfilling 3 criteria. 

So, am I going to close my OCBC 360 account? 

My answer is NO. The reason I am not closing this account is because I am greedy, I want the best of both world. for OCBC 360, I will try to get more bills to pay as now I have 3 telephone bills, one internet bill and one credit card bill. So I will need just one more, probably OCBC credit card bill in order to fulfill the 3 transactions. Adding to that, I will still be crediting my salary to OCBC 360. 

As I mention in my goal, I aim to have $100K cash, but I won't be focusing so much on stocks because I will need the money in two years time. So most of my cash are in banks which gives me 2% interest per year on average. 

Of course, I have set some cash for stocks because I want to generate more passive income (as much as possible) in order to hit $2400 per year.

Getting around $1.4K from UOB and around $400 from OCBC (basic projection, might be more or might be less, depending how much I invest in stocks). Dividends I hope to get around $600 in order to hit my target.  

1 comment:

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