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

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LostAndFound
post Oct 4 2018, 04:55 PM

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Can someone verify a few things:-

1. Does the date you fulfil the conditions matter?
2. The transaction "INTEREST CREDIT" on the last day of the month, does that include the bonus interest?

My scenario (new OCBC 360 account) looks like this:-

28-Sep Deposit 500.00
28-Sep Deposit 6300.00
28-Sep IBG out -1.00
28-Sep IBG out -1.00
28-Sep IBG out -1.00
28-Sep charged for Debit card -8.00
30-Sep Deposit 3702.90
30-Sep Interest Credit 0.33

I've been trying to figure out how the 0.33 comes about. As I understand it the daily average interest would be 452.60, which would give (assuming 0.5% interest) RM0.186 per day, or RM0.372 for the two days 28/29 Sep. Also at the very least should be getting the 1.2% bonus from depositing 500 ringgit minimum (as well as 1.2% from the IBG)?
LostAndFound
post Oct 5 2018, 10:41 AM

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QUOTE(Sumofwhich @ Oct 5 2018, 09:56 AM)
Interest credit which is debited earlier should be the 0.5%,
whereas the (1-3x) 1.2% will be 2 days later.
And it matters when your posting date takes place, if it gets posted in the following month, it's counted for following month's interest
*
Posting date is for CC transactions not bank transfers right? I always use instant transfer since its free, understand that IBG will only count the following day.
LostAndFound
post Oct 6 2018, 12:44 AM

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QUOTE(Sumofwhich @ Oct 5 2018, 12:00 PM)
Yes correct, did they not include the 3x bank transfers (1.2%) on Oct 2nd?
Could it be because it's a new account hence not counted last month?
Prolly need to ask CS
*
Okay I got the bonus interest on Oct 2nd, 78 cents each. So yeah 1 ringgit instant transfer works.
LostAndFound
post Oct 8 2018, 04:47 AM

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QUOTE(Ramjade @ Oct 7 2018, 10:01 PM)
3) just open the account,  then later cancel the card. Should be doable. Tell them I don't need the card.
*
Without the debit card, how to access the cash? Do they still give out ATM cards?
LostAndFound
post Oct 8 2018, 09:44 AM

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QUOTE(Ramjade @ Oct 8 2018, 06:20 AM)
IBFT out to other banks la.
*
To save 8 ringgit a year. Plus you'd still need to hold an OCBC CC if you're planning to max out the 4.1% (rather than 2.9%) by spending 500, which you wouldn't if you had the debit card. So you'd have to spend at least 25 per year (of course will also get the CC benefits).

Seems like cost-benefit slightly tilted to me.
LostAndFound
post Oct 12 2018, 10:52 AM

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Anyone else finds OCBC's security options really annoying? Login need OTP, transfer (even to favourite) need OTP, everything also need OTP.

Is there a way to reduce the number of OTPs required? Maybank I can login and transfer to favourite without OTP, for example. And most banks which require OTP is either for login (and then since you're authenticated no need any more) or for transfer (since that's movement of money), not both!

QUOTE(Ramjade @ Oct 8 2018, 03:28 PM)
Please la. Why should I use use ocbc card which practicality give me close to zero percent benefit when I can earn free RM25/month (5% cashback) from other card which is equal to RM300/year  based on RM500/month spending. RM300/year = > what the 4.1%p.a can give me up to RM30k. Beyond that RM30k, then 4.1% is a better option. See my previous calculation in this thread.

See this link for more info.
https://forum.lowyat.net/index.php?showtopi...post&p=88747815
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Why would using an OCBC card prevent you from earning with other cards? Your basic assumption is that you use the OCBC card to spend on something that you would normally use another card (with 5% cashback) for. But not every type of transaction can earn 5%.

Furthermore e-wallets allow you to withdraw what is loaded, so you can just reload more and withdraw. Marginal cost is less than what OCBC gives you, so no loss to you at all to get that extra 1.2%.
LostAndFound
post Oct 12 2018, 02:22 PM

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QUOTE(Ramjade @ Oct 12 2018, 11:02 AM)
Er if your spending only in RM700-1000/month, why use ocbc card?  You forgotten that there are ways to bridge the cards to get 5% cashback on all transactions,  anytime,  any day. (eg.  BigPay)

Would like which ewallet allows online withdraw to bank account.
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Boost for one.

If your spending is 1k doesn't mean you must use OCBC and spend part of that 1k. You can reload your BigPay with 1.5k, 1k from your normal cards and 500 from OCBC. Then withdraw direct (after 6 months to minimize withdraw cost) or reload Boost for to-bank transfer. Net cost to you is 0.2% for withdraw to bank account when you are getting 1% from OCBC.
LostAndFound
post Oct 23 2018, 11:14 AM

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QUOTE(Leroi2x @ Oct 23 2018, 08:09 AM)
Hi ,u using ibg or instant ya?
Coz i dont have debit card cant use instant
Thinking wanna go get back the debit card not ,else troublesome cant use instant
*
What's wrong with IBG?
LostAndFound
post Oct 23 2018, 11:53 AM

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QUOTE(alexanderclz @ Oct 23 2018, 11:18 AM)
slower compared to instant
*
In the context of OCBC 360.... a bit slower doesn't matter. Just need to do 3 transactions to get the 1.2%.
LostAndFound
post Nov 1 2018, 03:12 AM

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QUOTE(Ramjade @ Nov 1 2018, 01:15 AM)
Guys want to clarify a few points
1) the bonus interest of 3.6%p.a is is counted daily or at the end of the month?
2) if I were to do a IBFT to say bank A x3 for RM1, is it counted under bill payment or I must IBFT to Bank A, B and C?
*
It's based on average daily amount.

Different bank works. Have not tried 3 different accounts in same bank. I have plenty of savings account so don't wanna risk it
LostAndFound
post Nov 30 2018, 04:02 PM

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QUOTE(AskarPerang @ Nov 30 2018, 03:52 PM)
Just to confirm.
The interest credited at the last date of the month? 12 midnight?
And bonus interest few days later right?
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Not sure what time but yes, last day of month. Then the bonus credited a few days later (so far I only have 2 months, both show credited on 2nd of the following month).

This post has been edited by LostAndFound: Nov 30 2018, 04:03 PM
LostAndFound
post Dec 1 2018, 07:43 AM

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QUOTE(AskarPerang @ Dec 1 2018, 01:47 AM)
Yup, already got the interest credit for Nov.
I assume interest credit is the base 0.5% rate (daily rest).
While the coming bonus credit will be the remaining 1.2% + 1.2% + 1.2%.
*
Yep, that's correct.
LostAndFound
post Dec 7 2018, 07:54 PM

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QUOTE(crusher @ Dec 7 2018, 05:40 PM)
Hi guys,

Is this entitle for 4.1% as below?

1) instant transfer rm 1.00 to another bank
2) instant transfer RM 500 to another bank
3) instant transfer RM 2.00 to another bank
4) deposit RM 500 in OCBC 360
*
No, because you haven't spend RM500 on your credit/debit card. You only fulfilled 3 transactions and deposit.

Why would you transfer 2.00 instead of 1.00? You can just do 1.00 to 3 different banks (one of them can be OCBC).
LostAndFound
post Dec 8 2018, 07:48 AM

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QUOTE(crusher @ Dec 7 2018, 09:10 PM)
Use debit card to reload RM500 should be counted as spending right
*
What does 'reload' mean in this context?

You must spend from the card (not from the savings account). Either swipe it physically somewhere or do some transaction which needs OTP. BigPay reload works, as should most other e-wallet.
LostAndFound
post Dec 9 2018, 05:57 AM

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QUOTE(Nom-el @ Dec 8 2018, 06:29 PM)
No, you cannot transfer to OCBC's CASA to fulfill the bill payment category. It needs to be other banks' CASA. However, using it to pay OCBC's credit card or loan would be acceptable.
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This specific question was posed to the OCBC rep who came to my office, they said transferring to OCBC CASA (not your own, someone else's) would count.
LostAndFound
post Jan 3 2019, 02:38 PM

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QUOTE(tadashi987 @ Jan 3 2019, 02:17 PM)
Just to confirm

So instant transfer rm1 to other bank account work, not necessary must be IBG GIRO transfer right
*
Yes, I do with instant.
LostAndFound
post Jan 7 2019, 06:53 AM

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QUOTE(Ramjade @ Jan 6 2019, 06:18 PM)
If you don't get >5% cashback for it,  don't use it.
*
That's a very general statement. In fact if you've maxed out the 5/6% cashback (and even the 2-3% of cards like SCB JOP) 1% isn't bad.
LostAndFound
post Mar 19 2019, 08:18 AM

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QUOTE(Sumofwhich @ Mar 17 2019, 12:56 PM)
If there's OTP sms then it should qualify
*
This is inaccurate, OCBC debit card spend doesn't say must be online. So reload boost should be no issue, with or without OTP (Boost got no OTP).
LostAndFound
post Apr 2 2019, 04:33 PM

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QUOTE(shuin1986 @ Apr 2 2019, 11:56 AM)
Double checked, all criteria was done before 18 March

May i know how much u guys did for instant transfer to other acc? Bcoz previously i was doing RM10, on march i changed to RM5 coz read somewhere even RM1 will do :c
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I've been doing RM1, no problem. To be fair I do lots of instant transfers, but always to the same 2 accounts, so the 3rd account I will just transfer RM1.


QUOTE(freeman1 @ Apr 2 2019, 11:59 AM)
So many terms... better dont give... waste of time moving money in between banks
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Savings account 4.1%, higher than all FD board rate and at least half the 'promo rate'. Fully liquid but earning good interest. And you complain about the few minutes to click transfer once a month? Close your account la, no need to trouble yourself.
LostAndFound
post Apr 8 2019, 06:36 AM

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QUOTE(Vector88 @ Apr 7 2019, 10:06 AM)
In my case, I intend to do 3 x direct/auto debit per month to my OCBC credit card (NOT debit card), so it will automatically qualify for the Spending category. The 3 x direct debit to my OCBC credit card are Astro, Unifi and Worldvision.

Anyone try this before ?
*
Should not be an issue. Try to ensure the monthly dates aren't end of the month.

To be safe, can let all three "pass" and then call OCBC to inquire on how many transactions been recorded

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