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

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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
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.
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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.
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
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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
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?
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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%

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.
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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
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..
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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
Ramjade
post Apr 13 2016, 06:34 PM

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QUOTE(aromachong @ Apr 13 2016, 06:25 PM)
not bad , i'd say

however i have ambank savings acc already

just deposit all money and click for online fd placement , right?

would like to transfer portion from smart savers for 6 months
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Yup. But Ambank Islamic efd not interesting compare to Maybank eGIA-i. Interest and capital not guaranteed but people in FD forum have been getting 4% returns every month for 3 months already
Ramjade
post Apr 14 2016, 11:58 AM

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QUOTE(yahiko @ Apr 14 2016, 11:56 AM)
RHB bonus saver got any term and co? like normal saving just need to bank inRM500 month right?
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Bank in. Cannot withdraw. Can only withdraw all on 13th month. From my understanding.

This post has been edited by Ramjade: Apr 14 2016, 12:00 PM
Ramjade
post Apr 14 2016, 12:05 PM

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QUOTE(yahiko @ Apr 14 2016, 12:00 PM)
which means after 1 year only can access the money to get the 2.65%? after 13 month.. we can continue to serve as SA ( normal bank in RM500 but can withdraw any time) or same pattern again?
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After the 13th month, RHB bonus saver will become like any other SA. The difference is you will 2.65%p.a interest without needing the need to bank in RM500/month. Simply leaving any amount inside also will get you 2.65%. biggrin.gif there's no limit or penalty for withdrawal (after 13th month)

This post has been edited by Ramjade: Apr 14 2016, 12:08 PM
Ramjade
post Sep 20 2016, 05:25 PM

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QUOTE(AIYH @ Sep 20 2016, 07:42 AM)
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?
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No way is one time. Usually is annually. That one I don't know about min amount.

QUOTE(elchico @ Sep 20 2016, 05:15 PM)
Sorry, what do u mean "going for CB"? cashback? wink.gif

normally, ppl maintain a few Credit Cards... So what is switching 1 of your credit cards from other banks to OCBC....
Also, even if you don't achieve this criteria, you just lose out on 1.2%... so still get 2.9% for normal savings account...

the calculation is 0.5% for normal savings + 1.2% for each SAVE, PAY, SPEND criteria...

Cheers!
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CB = cash back. Spending rm500 on a CC without any CB benefits is wasting money.

Besides, who needs 2.9% when maybank eGIA-i is giving 3.60%? whistling.gif
Ramjade
post Sep 22 2016, 12:39 PM

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QUOTE(drbone @ Sep 22 2016, 11:28 AM)
Thanks a lot! Just put into GIA, now just gotta wait for the returns. But based on our discussions, looks like OCBC 360 savings account is a better choice?
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Nope. Cause you need to spend RM500 on OCBC card which particularly give 0% CB. SO if you don't spend RM500, you only have 2.9%p.a only. Tell me eGIA-i at 3.60%p.a vs OCBC 360 at 2.9% p.a. Which one is better? biggrin.gif

QUOTE(drbone @ Sep 22 2016, 12:15 PM)
Which card would you say is the best in terms of cashback? I am using Maybank2cards and my main expenditures are petrol and utility bills, dining not that much. I always wait till the weekend to use the AMEX card because of the X5 treatspoints. Any card better than this?
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Of course. Maybank 2 cards is just crap since it only earn you max 1.25% nett cash back.
Maybank ikhwan for groceries + petrol
Any aeon card + CIMB CB Gold/platinum for utility which can be paid via Posonline to earn close to 3% CB. (2.xx%)
Public Bank Visa Signature if you are eligible 6% off utility payment if I am not mistaken.

Now tell me, worth or not to open OCBC 360? rclxms.gif
Ramjade
post Sep 22 2016, 07:19 PM

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QUOTE(deity01 @ Sep 22 2016, 06:47 PM)
if for sure you surely spend rm500 on CC which all the card that you have do not hv better benifits, then OCBC 360 4.1% better

dont just talk about 3% CB or 2% CB or 5% CB or etc, do remember, your cashback got CAP, usually CAP RM50, unless those 1% unlimited CB

if you hv RM1000 in your saving account, then of cos you better use those credit card with 5% CB to maximize your benifits, but if you have RM20k in saving account constantly then of cos OCBC 360 4.1% better

so it is actually up to the to determine which 1 is better for him/her
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Who keeps rm20k/account? Most people keep rm5-10k. Besides how often do you see an ocbc atm machine?
If a person spends like rm2k-rm3k/ month still better to go for other eGIA-i than ocbc 360.
Why? Maybank ikhwan, public bank visa signature, maybank visa signature,

Sorry la. I am anti-ocbc as I feel that they are not genuine. A genuine bank will give you clear cut way.

Let's ask cklimm for hia opinion. Is ocbc 360 worth it for some guy with rm20k in his account?
Ramjade
post Sep 23 2016, 01:08 AM

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QUOTE(deity01 @ Sep 23 2016, 12:31 AM)
who keep 20k in an account? haha..u never know... whistling.gif
Why? Maybank ikhwan, public bank visa signature, maybank visa signature,
seems like you assume everyone can simply get all together these cards, even one person with all these cards can hit maximum cashback always in their respective category..and ppl can easily hit the maybank vs annual fee waiver requirement..
who cares it is genuine or not genuine, as long as you can achieve the requirements...
y need to think it is genuine or not? just treat it as a game...u achieve u get reward/level up/special weapon/ability...or like a sales person, or your iko, u hit target u get bonus, or ppl doing franchise business, u do good you get contract renewal, or simply parent trying to encourage child to study well, u get 80 points and above, you get to buy a lego set.. thumbup.gif
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When banks come up with complicated t&c, and stright put 4.1%, you better do your calculations. And what do you know? whistling.gif whistling.gif

Yes OCBC wins Maybank eGIA-i with 4.1% compounded every month. But it didn't win when you factor in CB. I set both spend a separate Rm1k/month one using maybank ikhwan card and one using OCBC CC as we know from Gen-X's post OCBC doesn't give any good CB. rclxm9.gif rclxms.gif
user posted image

This post has been edited by Ramjade: Sep 23 2016, 01:50 AM
Ramjade
post Sep 23 2016, 11:27 AM

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QUOTE(deity01 @ Sep 23 2016, 10:32 AM)
I think it does not work this way, if you want to calculate, u need a bit complex calculation like CB earn + 4.1% interest earned..then which threshold of saving maximise or start gv better result to users..

I know u are against the OCBC 360 4.1% with so much several conditions to fulfil..all ur post shows your bias..

if this is not the right account for the person, the person can consider other options..these are just options/tools...this account maybe suitable for others person in the same time...

anyway..no any tools is suitable for everyone/every situation, ppl just need to know and choose wisely
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I know you will say that. biggrin.gif rclxms.gif So I included in a one where a OCBC person uses Maybank Ikhwan and get 5% cashback too. Both spending RM1k/month to be fair fight. Both cashback is not calculated into the equation.
user posted image

Alright since you requested for complex calculation. Let's include in CB earned + 4.1%. I included in my formula too so you cannot say I cheat.
user posted image

Hey, how about if someone keeps RM20k in his account? No problem. whistling.gif whistling.gif
user posted image

Let's try with RM20k + CB + interest and see (the complex calculation and see)
user posted image
Even with RM20k also, still short by RM200+ woh. How? confused.gif biggrin.gif

I am not bias. Maths don't lie my friend. If OCBC can come out with a sweeter deal than Maybank, I will be their customer. rclxms.gif laugh.gif

The thing I am trying to emphasize is lots of people see 4.1% straight open account without first seeing which one gives better returns. And OCBC doesn't have a good CC to counter the RM500 usage. Even their titanium gives only 0.1% on all type of spending which is totally negligible.
https://ringgitplus.com/en/credit-card/OCBC...MasterCard.html

so drbone and heavensea, you got your answers already. tongue.gif Is OCBC 360 good? No!!!

This post has been edited by Ramjade: Sep 23 2016, 11:31 AM
Ramjade
post Sep 23 2016, 11:53 AM

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QUOTE(AIYH @ Sep 23 2016, 11:44 AM)
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
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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
Ramjade
post Sep 23 2016, 03:18 PM

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QUOTE(deity01 @ Sep 23 2016, 01:26 PM)
yup...those are ideal cases..everyone hv 5% cashback card? everyone can maximise their cashback? everyone spend that much? your calculation is for the ideal world only..math is just math..real world dont use math to calculate...

I do hv ikhwan 5%, ocbc titanium, OCBC 360, placed eGIA b4..like me..i spend on gov related transactions on ocbc ti which earn me nothing from ikhwan..but still earn the miserable 0.1%CB..like I said earlier...these are just tools, you are the one who determine how to use those tools...

hv everything and use everything when it is necessary/appropriate...u so like to calculate, y dont u go calculate if ppl use the ikhwan 5% + OCBC 4.1% + OCBC ti CB will gain how much instead of keep promoting OCBC 360 is no good..this will benefits everyone the most..
shakehead.gif  doh.gif

you are talking like: ppl, please stay away from OCBC 4.1%, always say NO to OCBC360..still not bias?
I will tell everyone...please try to hv everything and use them wisely..
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Alright, since you tak puas hati, I give you another photo. An eg where the person don't maximise their cashback.
user posted image

Note:
1. Maybank Ikhwan usage for both comparison did not hit the maximum cashback of RM50 (as requested by deity01)
2. Spending of both is at RM1k
3. Inclusion of both OCBC Ti & CIMB CB to demonstrate stuff not covered by Maybank Ikhwan (bills/insurance/others) which also did not hit the max cash back of CIMB CB.
4. Since one need to spend min RM500 with a OCBC CC to be eliglible for the 4.1%, there's no other way to decrease the amount to lesser than RM500.
5. I did not include in the high level Maybank Visa Signature and Public Bank Visa Siganture as how many can afford to apply for them? The ones I include are Maybank Ikhwan, Cimb CB, OCBC Ti which needs only need about RM30k/year of salary.

I think with so many proof, the result is crystal clear. thumbup.gif thumbup.gif

I rest my case. biggrin.gif biggrin.gif

OCBC 360 IS GOOD IF you compare against a normal account paying like 0.1%/1%/2.x%. But what I am saying is there are better alternatives available IF one wants to get maximum returns.

This post has been edited by Ramjade: Sep 23 2016, 03:29 PM
Ramjade
post Oct 6 2016, 10:36 AM

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QUOTE(AIYH @ Oct 6 2016, 10:30 AM)
bump
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Don't worry. It won't close. *don't have a ocbc account but experience from other banks with zero amount*
Ramjade
post Jul 6 2017, 04:16 PM

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QUOTE(stup1degg @ Jul 6 2017, 04:07 PM)
hi,
issit using IBG to pay 3 different bank's credit card, didn't qualify for the "3 x bill payment" ?
thank you~
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IBG to 3 different bank account. Not credit card.
Ramjade
post Sep 13 2017, 10:41 AM

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QUOTE(dimpledbrain @ Sep 13 2017, 10:05 AM)
thanks for the summary. exactly wat i needed
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Ini sudah outdated info sweat.gif
Ramjade
post Feb 5 2018, 04:19 AM

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QUOTE(sidefulnes @ Feb 5 2018, 12:58 AM)
Just opened the 360 account rclxm9.gif
Its nice that I get a little more than average SA...my previous SA interest so little until cannot see any diff even though I rajin deposit ( 0.0X% p.a ) shakehead.gif
So I'm more than happy for 2.9% p.a ( I don't own a CC and I don't see the point in spending from my debit yet.. sweat.gif )
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Sorry. Not high enough. Philip Money market fund offer you 3.53%p a. FSM CMF2 offer returns of 3.3.x%p.a

If you want free IBG/IBFT, Standard chartered justone account is the account for you. Get to keep RM0-20 inside and still get free IBG/IBFT

UOB having promo until end of the year for free fund transfer. Can refer few pages back.

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