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 OCBC 360 Savings Account - Up to 3.25% Interest !, Get higher interest on your savings acct

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AIYH
post Sep 20 2016, 07:42 AM

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Hi,

I plan to open an ocbc 360 account.

Is there any annual fee for this account?

Understand from the product sheet that it has an card issuance fee of RM8. This is a one time upfront charges?

Is there any other charges I should watch out?

And for this account, I only need to open it with rm200 and can withdraw the remaining and keep rm20 for the minimum balance?
AIYH
post Sep 23 2016, 11:44 AM

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1) The OCBC 360 account is worth it provided you max out all the available cash back credit card that suits your spending habit and have RM500 extra expense to spend on OCBC card to maximize the interest available.

2) Otherwise, OCBC 360 account does not worth for those who are unable to maximize other available cash back credit card.

3) However, I understand that the extra interest for each criteria fulfilled will only credit to us on 14th business day of the next month.

@Ramjade will you try to do another calculation to accommodate the paragraph 3 criteria based on paragraph 1 user, that is to assume both customers had maximize the cash back credit card available in the market for their expense. Also assume the first customer put the principal amount X in Maybank eGia-i and do nothing else, the second customer put the same principal amount X in OCBC 360 account with monthly extra rm500 on ocbc CC spending and rm3 on bills payment and CB earned into it. biggrin.gif

We try to compare them fairly with the full disclosure condition above to see by technically and ideally how much does OCBC 360 maximum interest really have advantage over eGIA-i. smile.gif

Also note that OCBC 360 extra interest only applies to the first 50k/100k amount (forgot which one) tongue.gif
AIYH
post Sep 23 2016, 12:01 PM

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QUOTE(Ramjade @ Sep 23 2016, 11:53 AM)
1) & 2) I agree. Only useful for those HNWI notworthy.gif  notworthy.gif
3) I am sorry. I have not been keeping track of all CC. I am just looking at the best CC that I can afford. I am not sifu Gen-X.  sad.gif
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No need to know all CC, just assume both customers in the scenario are smart and able to maximize all available cash back credit card that suits their spending. biggrin.gif

We compare eGIA-i and OCBC 360 on equal ground to compare them fairly and all the criteria needed to see which one has better interest rate and by how much tongue.gif
AIYH
post Oct 3 2016, 05:14 PM

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QUOTE(Nom-el @ Oct 3 2016, 05:07 PM)
You can even split the payment to fulfill the 3x criteria. Paying the CC counts too.
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Means for each month credit card bill you can split your payment 3 times to consider pay 3 bills?

Even if they all performed on the same day? biggrin.gif

This post has been edited by AIYH: Oct 3 2016, 05:15 PM
AIYH
post Oct 5 2016, 08:54 PM

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hey, I just transfer all the money from ocbc 360 leaving it 0, will the account closed on its own?

anyone having this can share their experience? smile.gif
AIYH
post Oct 6 2016, 10:30 AM

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QUOTE(AIYH @ Oct 5 2016, 08:54 PM)
hey, I just transfer all the money from ocbc 360 leaving it 0, will the account closed on its own?

anyone having this can share their experience? smile.gif
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bump
AIYH
post Nov 30 2018, 09:36 AM

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QUOTE(crusher @ Nov 29 2018, 02:47 PM)
Guys what about Joint Name for OCBC360? Can I link my own personal name titanium cc and use it in order to earn the requirement 3) which is swipe at least RM500?

Thanks
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I hope this helps

user posted image
AIYH
post Jun 21 2019, 03:19 PM

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QUOTE(skty @ Jun 21 2019, 11:54 AM)
what is the daily deadline for daily interest?
11.59pm?
mean the remaining amount in the OCBC 360 as of 11.59pm will be taken to calculate daily interest.
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9:45 p.m. on all days, except last day of the month, which is 9:30 p.m.
AIYH
post Jul 1 2019, 05:27 PM

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QUOTE(cclim2011 @ Jul 1 2019, 05:18 PM)
hello guys, me again. i started my account mid last month and i think i fulfill the 3 criteria to get 4.1, average shoukd be around 80k for the, say, 15 daya. i noticed there is a small interest rm8.xx posted yesterday. this is not the 4.1% right?
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this is 0.2%, you will see the split of 1.3% interest transactions (1 for each criteria fulfilled) on the second calendar of the month (usually)
AIYH
post Oct 2 2019, 06:11 PM

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QUOTE(AIYH @ Jun 21 2019, 03:19 PM)
9:45 p.m. on all days, except last day of the month, which is 9:30 p.m.
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QUOTE(mamamia @ Oct 2 2019, 01:53 PM)
I notice that I did an Instant Transfer from MBB to OCBC on 30 Sep, but OCBC captured the txn date and posting date as 1 Oct 2019.. n I check my previous txn, it seem all the incoming fund is captured 1 day late..
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QUOTE(Ramjade @ Oct 2 2019, 02:15 PM)
That's why always do your transaction on the 1st. Worse come to worse lose one day of interest only.
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AIYH
post Oct 2 2019, 10:58 PM

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QUOTE(mamamia @ Oct 2 2019, 06:38 PM)
Oo, I didn’t know there is cut off time on the IBFT. I think I did it after 10pm. is it only ocbc? Or all bank? But, the balance is immediately updated in ocbc acc on 30 sep, but they capture the transaction only next day
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I think the timing so far is unique to ocbc at least (you might try other banks which have similar high yield savings account to test out whether they have such cut off time and their behavior and treatment to transaction after cut off time). Yes, the balance will reflect immediately. However, for interest calculation and condition qualifying, transaction after cut off time will be deemed as next calendar day transaction.

I usually take advantage of this by transferring after the cut off time to pay for my cc that due on the day laugh.gif (e.g. ambank card due date on 24th September, I will transfer to my mabank cc on like 10 pm, so that the balance is still earning interest on 24th September while my credit card will show balance paid at 24th September, no late payment tongue.gif )

This post has been edited by AIYH: Oct 2 2019, 11:00 PM
AIYH
post Jan 29 2020, 11:50 AM

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[29/01/2020] REVISION ON INTEREST RATES / PROFIT RATES FOR FIXED DEPOSIT/-i, CURRENT & SAVINGS ACCOUNT/-i FOLLOWING OPR CUT ON 22 JAN 2020


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AIYH
post Jan 29 2020, 01:50 PM

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QUOTE(David_Yang @ Jan 29 2020, 01:32 PM)
I wonder if we will still get the 4.1 for January. Actually correct would be to follow the conditions at the beginning of the month. But we all know how banks behave cool2.gif
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Anyone who had ocbc 360 at previous OPR revision (rate revised on 9th May 2019) can check, base interest rate follow daily balance (8 days 0.5% and 23 days 0.2%) while bonus interest use the revised rate (1.3% instead of 1.2%) for the entire monthly average balance (sum of daily balance for entire month divide number of days in the month)

Correct me if I am wrong, but based on previous revision case, this month end bonus interest rate will only be based on 1.15%
AIYH
post Jan 29 2020, 04:03 PM

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QUOTE(cucikaki @ Jan 29 2020, 03:51 PM)
No longer the best. Coz got SC Priv. Moving all my money to SC tonight after 9.45pm.
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Effective today, why not now? tongue.gif
AIYH
post Feb 2 2020, 06:50 PM

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QUOTE(AIYH @ Jan 29 2020, 01:50 PM)
Anyone who had ocbc 360 at previous OPR revision (rate revised on 9th May 2019) can check, base interest rate follow daily balance (8 days 0.5% and 23 days 0.2%) while bonus interest use the revised rate (1.3% instead of 1.2%) for the entire monthly average balance (sum of daily balance for entire month divide number of days in the month)

Correct me if I am wrong, but based on previous revision case, this month end bonus interest rate will only be based on 1.15%
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QUOTE(majorarmstrong @ Feb 2 2020, 06:00 PM)
hi all - some math question

this month (Jan) interest i got RM1.57+(RM9.27x3) = RM29.38
last month (Dec) Interest i got RM1.54+(RM10.01x3) = RM31.57

What i dont understand is the base interest where this month base insterest is higher but my total is lower
and last month my base interest is lower but my total is higher

even the reduction of 1.3% to 1.15% is only effective on the 29th Jan which is only 3 days different the impact should not be that huge of a different
do note that both Dec and Jan has 31 days as well

totally dont get it
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AIYH
post Feb 13 2020, 11:18 PM

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QUOTE(ThorWP @ Feb 13 2020, 07:59 PM)
anyone using titanium card? my recent bill, i noticed that my 0.9% isnt 9x of my 0.1% cashback received. there are some discrepancy. nt sure why. anyone experienced the same?
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QUOTE(smartfreak @ Feb 13 2020, 10:38 PM)
Yes, I also experience the same thing. Not sure how they calculate this 0.1% and 0.9% actually. Anyone here knows?
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0.1% given at statement date for all transactions swipe within the statement month, thereafter, the eligible online or oversea transaction get additional 0.9%

e.g. u swipe 3k at electronic store and 2k at lazada, total of 5k * 0.1% = 5 will ve given to you on statement date, while the eligble online trx for lazada 2k will receive additional 2k * 0.9% = 18 will receive later

i would think you have some trx that u might think is consider online, but it is not from ocbc perspective, hence the discrepancy
AIYH
post Feb 14 2020, 12:03 PM

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QUOTE(ThorWP @ Feb 14 2020, 11:58 AM)
Yup understood.

My other transactions aside from bigpay and boost are insurance auto debit (which i checked the tnc, should be entitled), tng top up, grab top up and lazada pay. All the these transactions did not entitled for the 0.9%. which is weird, aren't they all online as well?
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probably they are not online from ocbc perspecrive, i.e. tng and grab top up is not considered online by ocbc if no otp is triggered

you may need to call cs to clarify
AIYH
post Mar 5 2020, 01:21 PM

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[05/03/2020] REVISION ON INTEREST RATES / PROFIT RATES FOR CURRENT & SAVINGS ACCOUNT/-i FOLLOWING OPR CUT ON 3 MAR 2020

0.15% + 1.15% * 3

to

0.10% + 1.10% * 3

from 3.6% to 3.4% blink.gif

 

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