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> OCBC 360 Savings Account - Up to 4.1% Interest !, Get higher interest on your savings acct

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TSronnie
post Apr 12 2016, 11:44 PM, updated 3y ago

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OCBC 360 Savings Account

OCBC came out with a pretty innovative Savings Account which lets you earn an interest rate up to 4.10% per year. That’s very high interest rate for a Savings Account, right ?

user posted image

Here’s how you can earn up to 4.10% interest

0.5% - Base Interest (based on current Board Rate for Savings)
1.20% - Deposit minimum RM500 per month
1.20% - Pay minimum 3 bills via OCBC 360 Account using OCBC Online Banking portal (includes Standing Instructions for Loan repayment and OCBC Credit Card payment)
1.20% - Spend minimum RM500 on your OCBC Credit Card

The calculation of the Interest receive is based on “Average Daily Account Balance”.
“Average Daily Account Balance” = Sum of Daily balance for the calendar month then divided by number of days in that calendar month.

The Maximum “Average Daily Account Balance” that qualify for bonus interests is RM100,000.00. Any additional balance will continue to earn the base rate.

Eg.
01 November 2015 : RM200.00 (starting balance)
10 November 2015 : RM500.00 (deposit)
30 November 2015 : RM5000.00 (deposit)

“Average Daily Account Balance” calculation = RM716.67
Formula:- [RM200 x 9 days] + [RM700 x 20 days] + [RM5700 x 1 day] divide by 30 Days in November

The Bonus interest will be calculated based on the RM716.67 amount (not RM5,700 total balance in OCBC 360 Account).

Let’s do another scenario to better understand the Bonus Interest portion.

Scenario A
01 November 2015 : RM200.00 (starting balance)
10 November 2015 : RM500.00 (deposit)
25 November 2015 : -RM500.00 (3 bill payments via OCBC 360 using OCBC Online Banking Portal)
28 November 2015 : Swipe retail purchases totaling RM1000.00 using your OCBC Credit Card
30 November 2015 : RM5000.00 (deposit)

“Average Daily Account Balance” calculation = RM610.00
Formula:- [RM200 x 9 days] + [RM700 x 15 days] + [RM200 x 5 days] + [RM5000 x 1 day] divide by 30 Days in November

Scenario B
01 November 2015 : RM200.00 (starting balance)
10 November 2015 : RM5000.00 (deposit)
25 November 2015 : -RM500.00 (3 bill payments via OCBC 360 using OCBC Online Banking Portal)
28 November 2015 : Swipe retail purchases totaling RM800.00 using your OCBC Credit Card
30 November 2015 : RM600.00 (deposit)

“Average Daily Account Balance” calculation = RM3620.00
Formula:- [RM200 x 9 days] + [RM5200 x 15 days] + [RM4700 x 5 days] + [RM5300 x 1 day] divide by 30 Days in November

For both Scenarios, in November 2015, you will be entitled to Bonus Interest of 3.60%. With a base rate of 0.5% total interest earned is 4.10%. Do note that the base rate, unlike the Bonus Interest, is calculated daily.

So learn how the system works in order to find the best way to maximise the OCBC 360 Account.

There is a OCBC 360 Interest Calculator Available at:
http://www.ocbc.com.my/personal-banking/Ac.../360/index.html

Product Disclosure sheet (.pdf) : http://www.ocbc.com.my/assets/pdf/Accounts..._ACC360_PIS.pdf

Terms And Conditions (.pdf) :
Updated as of 11 May 2017


This post has been edited by ronnie: May 23 2017, 02:41 PM
Ramjade
post Apr 13 2016, 04:12 AM

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ronnie
First, max you can get from this account is 2.9%
0.5% - Base Interest (based on current Board Rate for Savings)
1.20% - Deposit minimum RM500 per month
1.20% - Pay minimum 3 bills via OCBC 360 Account using OCBC Online Banking portal (includes Standing Instructions for Loan repayment and OCBC Credit Card payment) - I think paying RM1 for bill is also eligible -Don't pay more than RM1. Not sure if it works. Why RM1? I will get to that later
1.20% - Spend minimum RM500 on your OCBC Credit Card - NOT RECOMMENDED

So why spend RM1 on bills and not more on OCBC?
1. Paying via OCBC will not give you cashback (for those who holds CB cards)
2. By using UOB VOX (5% CB for transaction above RM50) via UOBPAYONLINE and HLB WISE (10% CB if meet the T&C) via merchants which allow paying of bills, one can easily get >1.2%. rclxm9.gif
3. RM1 is usually the min transaction a banks allow.

Why spending min RM500 on your OCBC Credit Card is NOT RECOMMENDED?
1. According to Gen-X, OCBC CC are useless. CB is pathetic.
2. Why settle for pathetic CB when other cards give min 5% CB which I am sure is more than the 1.2%p.a interest.

That sums it all up to show that to get max cashback (more money), you can only get max 2.9% from OCBC 360 SA.

This post has been edited by Ramjade: Apr 13 2016, 04:14 AM
cybpsych
post Apr 13 2016, 06:57 AM

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QUOTE(Ramjade @ Apr 13 2016, 04:12 AM)
ronnie
First, max you can get from this account is 2.9%
0.5% - Base Interest (based on current Board Rate for Savings)
1.20% - Deposit minimum RM500 per month
1.20% - Pay minimum 3 bills via OCBC 360 Account using OCBC Online Banking portal (includes Standing Instructions for Loan repayment and OCBC Credit Card payment) - I think paying RM1 for bill is also eligible -Don't pay more than RM1. Not sure if it works. Why RM1? I will get to that later
1.20% - Spend minimum RM500 on your OCBC Credit Card - NOT RECOMMENDED

So why spend RM1 on bills and not more on OCBC?
1. Paying via OCBC will not give you cashback (for those who holds CB cards)
2. By using UOB VOX (5% CB for transaction above RM50) via UOBPAYONLINE and HLB WISE (10% CB if meet the T&C) via merchants which allow paying of bills, one can easily get >1.2%. rclxm9.gif
3. RM1 is usually the min transaction a banks allow.

Why spending min RM500 on your OCBC Credit Card is NOT RECOMMENDED?
1. According to Gen-X, OCBC CC are useless. CB is pathetic.
2. Why settle for pathetic CB when other cards give min 5% CB which I am sure is more than the 1.2%p.a interest.

That sums it all up to show that to get max cashback (more money), you can only get max 2.9% from OCBC 360 SA.
*
first of all, ronnie's topic is for the product itself. it's AS ADVERTISED by OCBC.

second, you're listing out disadvantages of the product and immediately mark it as bad product.

Not everyone behaves like you. some ppl will use online banking to pay bills. some ppl will spend RM500 using OCBC CC.

you dont like this product doesnt mean others wont like it.
TSronnie
post Apr 13 2016, 07:30 AM

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This is an open forum where everyone can share their thoughts. Maybe OCBC should visit this thread and "make" OCBC360 benefits better.. All for the benefit of customers.
Ramjade
post Apr 13 2016, 07:31 AM

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QUOTE(cybpsych @ Apr 13 2016, 06:57 AM)
first of all, ronnie's topic is for the product itself. it's AS ADVERTISED by OCBC.

second, you're listing out disadvantages of the product and immediately mark it as bad product.

Not everyone behaves like you. some ppl will use online banking to pay bills. some ppl will spend RM500 using OCBC CC.

you dont like this product doesnt mean others wont like it.
*
I am just listing the disadvantage of this product. Is that wrong? Besides he put there "That’s very high interest rate for a Savings Account, right ?"

I am just correcting the statement. Is up to people whether they want to sign up for this account. People should be presented with facts before signing up and not blindly signing up.
TSronnie
post Apr 13 2016, 07:35 AM

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QUOTE(Ramjade @ Apr 13 2016, 07:31 AM)
I am just listing the disadvantage of this product. Is that wrong? Besides he put there "That’s very high interest rate for a Savings Account, right ?"

I am just correcting the statement. Is up to people whether they want to sign up for this account. People should be presented with facts before signing up and not blindly signing up.
*
The statement is correct as long as we follow the steps required by OCBC.
Your point-of-view is also correct. Thanks for the "disadvantages".

This makes readers able to "think" for themselves and make the right choices in choosing their financial products. Always read the fine lines.
adele123
post Apr 13 2016, 08:35 AM

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I tried reading the t&c. Didn't find their appendix. It doesn't seem to restrict that the 3bills paid via ocbc online banking cannot be 'shared' with the rm500 spent on the ocbc card. May not be too difficult for some.
lepakboy
post Apr 13 2016, 10:51 AM

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I have actually opened this account. Personally I use it as sort of an FD as the rates are decent and I like the ability to withdraw my money when I want to. The card spend isn't actually that bad especially if you are a Great Eastern customer. (their Great Eastern Plat Card splits your premium over 12 months)

I did compare it to Maybank's and Hong Leong's offerings but

Maybank Premier Plus - requires RM500,000 balance to earn 2%? bangwall.gif Might as well dump it all in an FD.

Hong Leong Pay & Save - Paying 15 Bills to get 1.9%? I mean how many bills do you have unless you're running a business blink.gif


Only thing I can complain about is probably the lack of ATM's. But then again, i guess it forces me to spend less and save. Which is the reason for opening the account in the first case! rclxm9.gif
Ramjade
post Apr 13 2016, 11:20 AM

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QUOTE(lepakboy @ Apr 13 2016, 10:51 AM)
I have actually opened this account. Personally I use it as sort of an FD as the rates are decent and I like the ability to withdraw my money when I want to. The card spend isn't actually that bad especially if you are a Great Eastern customer. (their Great Eastern Plat Card splits your premium over 12 months)

I did compare it to Maybank's and Hong Leong's offerings but

Maybank Premier Plus - requires RM500,000 balance to earn 2%?  bangwall.gif Might as well dump it all in an FD.

Hong Leong Pay & Save - Paying 15 Bills to get 1.9%? I mean how many bills do you have unless you're running a business  blink.gif

Only thing I can complain about is probably the lack of ATM's. But then again, i guess it forces me to spend less and save. Which is the reason for opening the account in the first case!  rclxm9.gif
*
That's their catch to make sure the general public don't get the 1.9%. But actually you can split your bill say RM200, into 10 x RM20. rclxm9.gif

M2savers give 2.25% for min Rm2k. No need any premier account.

Check out the last few pages of truesavers thread. I listed out some high interest SA. smile.gif
lepakboy
post Apr 13 2016, 01:19 PM

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QUOTE(Ramjade @ Apr 13 2016, 11:20 AM)
That's their catch to make sure the general public don't get the 1.9%. But actually you can split your bill say RM200, into 10 x RM20. rclxm9.gif

M2savers give 2.25% for min Rm2k. No need any premier account. 

Check out the last few pages of truesavers thread. I listed out some high interest SA. smile.gif
*
So Ramjade, assuming I have a credit card from each of these respective banks. Which one offers me the highest interest rate for the least amount of work?

As mentioned, I'm currently using the 360 account so this is what happens.

Salary goes into 360 - Fulfill RM500 deposit pillar 1.2%
Pay 3 Bills - TNB, Syabas, & Paying Great Eastern CC for insurance premium - another 1.2%
Spending RM500 on cc - My premiums is already 50% of this. The remaining can be done with one meal out with family (Heck even T.G.I.F can hit RM300 for a party of 6!) - Another 1.2%

Whilst some other accounts may give marginally more, will they ever be as simple as what i'm currently using?




HarpArtist
post Apr 13 2016, 01:38 PM

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i use this ac to the max possible. treat it as a 4.1% monthly credited fd that can be withdrawn with the flexi of cheques anytime (i pair it with a current ac). rm500 to ocbc CC is very good enough for misc purchases that do not earn cashback anywhere else or when other CB is maxed out as ocbc ge gets 1%, wmc gets 1.2% on anything.
HarpArtist
post Apr 13 2016, 01:40 PM

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QUOTE(adele123 @ Apr 13 2016, 08:35 AM)
I tried reading the t&c. Didn't find their appendix. It doesn't seem to restrict that the 3bills paid via ocbc online banking cannot be 'shared' with the rm500 spent on the ocbc card. May not be too difficult for some.
*
yes i split my cc payment into 3 and it works.

Ramjade
post Apr 13 2016, 03:09 PM

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QUOTE(lepakboy @ Apr 13 2016, 01:19 PM)
So Ramjade, assuming I have a credit card from each of these respective banks. Which one offers me the highest interest rate for the least amount of work?

As mentioned, I'm currently using the 360 account so this is what happens.

Salary goes into 360 - Fulfill RM500 deposit pillar 1.2%
Pay 3 Bills - TNB, Syabas, & Paying Great Eastern CC for insurance premium - another 1.2%
Spending RM500 on cc - My premiums is already 50% of this. The remaining can be done with one meal out with family (Heck even T.G.I.F can hit RM300 for a party of 6!) - Another 1.2%

Whilst some other accounts may give marginally more, will they ever be as simple as what i'm currently using?
*
My answer would be 3.
(1) ocbc SmartSavers (dump rm1k /month into it with NO WITHDRAWAL - defeat the purpose of a SA)
(2) ocbc 360 (for me the max I can get is 2.9% will explain)
(3) RHB bonus savers (dump rm500/month). End of 1 year, you get effective rates of 2.65% (if you do not withdraw the rm500). However next year, you will get 2.65% regardless of amount. The rm6k can be removed on the 13th month.

You can get 5% CB from UOB VOX if you pay your bills online. Must use certain sites. That's better than 1.2%.

For dining use the m2cards to get 5% CB. Again better than 1.2%.

Well is up to you. If you want to maximise the amount of money you will get, you will stop at 2.9% and use those cards.

For me, I will personally choose RHB bonus savers as my future SA. Less hassle the following year. Any amount, no limit on withdrawal with rates of 2.65%

aromachong
post Apr 13 2016, 05:54 PM

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This post has been edited by aromachong: Nov 3 2016, 04:13 PM
Ramjade
post Apr 13 2016, 05:56 PM

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QUOTE(aromachong @ Apr 13 2016, 05:54 PM)
i have many savings account here

so (1) serve me the purpose and i like my smart savers very much.. no need headache.. just dump 1 k every month for extra money.
*
Fot the same function (cannot withdraw the money) you should look into Ambank Islamic efd. 3.15%p.a min rm1k for 1 month. smile.gif
aromachong
post Apr 13 2016, 05:59 PM

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This post has been edited by aromachong: Nov 3 2016, 04:13 PM
Ramjade
post Apr 13 2016, 06:03 PM

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QUOTE(aromachong @ Apr 13 2016, 05:59 PM)
yeah, i did not withdrawal it.. thats is why the savings acc is name after "ocbc smart savers"

may i ask for the link for ambank islamic efd 3.15? quite interested .. but im afraid of online placing for FD as there are forumers stating that there is no record to be found as system sometime can go crazy u know.. i forgot where the link is..
*
Been placing for 4 months+ (uplift and place new FD every month). Got record. They even ask you to print xxx page for reference (but I didn't) Upon placement.

Ambank eTerm-Deposit-i
aromachong
post Apr 13 2016, 06:06 PM

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QUOTE(Ramjade @ Apr 13 2016, 06:03 PM)
Been placing for 4 months+ (uplift and place new FD every month). Got record. They even ask you to print xxx page for reference (but I didn't) Upon placement.

Ambank eTerm-Deposit-i
*
thanks for that, will check it out nod.gif
taitianhin
post Apr 13 2016, 06:09 PM

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Understand the total rebate of 4.10% on the saving...
However,
-I dont get my 6% rebate when spending on CC payment
-I have few 5K FD which somewhere at 4% already, I am not going to withdraw it just to get that 4.1% which dont benefit my CC rebate ...
-Counter the down side of no rebate on online payment via Saving, you may pay Low amount on any bill (Lets say pay a RM10-20) just to enjoy the 3 bill payment
-However, it is still not able to satisfy the RM500 Spending on OCBC CC...

Mix feeling on this package, it is good if user is using OCBC as Main Account to manage own $$$. This package will consider as extra bonus to them

This post has been edited by taitianhin: Apr 13 2016, 06:19 PM
HarpArtist
post Apr 13 2016, 06:19 PM

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QUOTE(Ramjade @ Apr 13 2016, 03:09 PM)
My answer would be 3.
(1) ocbc SmartSavers (dump rm1k /month into it with NO WITHDRAWAL -  defeat the purpose of a SA)
(2) ocbc 360 (for me the max I can get is 2.9% will explain)
(3) RHB bonus savers (dump rm500/month). End of 1 year, you get effective rates of 2.65% (if you do not withdraw the rm500). However next year, you will get 2.65% regardless of amount. The rm6k can be removed on the 13th month.

You can get 5% CB from UOB VOX if you pay your bills online. Must use certain sites. That's better than 1.2%.

For dining use the m2cards to get 5% CB. Again better than 1.2%.

Well is up to you. If you want to maximise the amount of money you will get, you will stop at 2.9% and use those cards.

For me, I will personally choose RHB bonus savers as my future SA. Less hassle the following year. Any amount, no limit on withdrawal with rates of 2.65%
*
bro u do not understand that some of us spend alot and already max out other cards? we have expenses that dont fit into vox or pb vs or wise card spend patterns? one person alone in my family ..the insurance premium with GE easily hit the requirement for example. the ocbc 1.2% is a great backup card and many people easily go 5k not to say rm500 with it laugh.gif so for us its not even a chore to hit 4.1% which beats 3.15 efd hands down.

This post has been edited by HarpArtist: Apr 13 2016, 06:20 PM

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