I not really sure about it, can let me know more. They very aggressive marketing, advertisement a lot and giving away free rm 50 if sign up in 1 u.

And from what i read from the below website, it say it give higher than fd return. I was wondering what was the catch. Discuss.

http://www.ocbc.com.my/myIQ/5reasons/forget.html

from what i read, it's a mixed current /saving /credit card account whereby ur credit card bill is auto settled with ur money in account, if ur savings is more , then u can breach ur credit card credit limit.

monthly maintenance fee is rm15 for deposit less than 5K at month end, rm5 for 5K or >.

Interest of 4% p.a is given if ur savings in account is at least 1K.

Banks are coming up with many new package / idea to capture customer.

Anyway, do u guys think it is a good package?
To me RM5 / mth charges is very reasonable if you using current account.
The plus point is 4% p.a interest

I have a question here... if the Credit Card will auto settled money? what is the different between Debit card? and where do the 20 days interest free gone?

I read the ads in the newspaper and found that it's quite attractive and interesting.

Never know such many fine prints.

is the 4% savings rate flat for all account balance? if so, it is better than FD already!

there must be some conditions attached.

Nobody opened this account?

wah lau, i just downloaded 3 OCBC PDF files containing their terms and conditions and I must say their membership requirement is so strict!



Once you've read their PDFs, you're gonna be turned off just as I am now...

PS: maximum amount per acct is RM5000 but you can open several accts though

This post has been edited by gildan2020: Jun 14 2008, 10:59 PM

@gildan2020,
I don't find the T&C or requirement too 'strict'. Also, there is a reason for the banks to require such; perhaps they wish to expand their market to a certain audience, etc.

This post has been edited by June_llk: Feb 5 2009, 11:27 AM

Hi June,
Maybe you can explain in greater details here how "up to 4% interest rate for saving plan" works.

This post has been edited by June_llk: Feb 5 2009, 11:29 AM

I am interested, June, when can we go for coffee?

Interested with June or the iQ account ? haha...just kidding...

Drop me a mail, will get back to you soon. xinxuan21@yahoo.com

Wao...gsuave
your avatar also look scary ler...June...becareful...
heehee

yeah indeed very scary..

Need to ask my boys to come along...

IQ a/c sound attractive, but not every1 is able to open it.

hope 1 day i can achieve and open it.

by tht day, i can forget everything.

3. Membership Eligibility

(iii) Customer’s gross annual income or total wealth management asset are within the
following range:-
(a) Customer’s single gross annual income is RM60,000 and above; or
(b) Customer’s total asset under management is RM50,000 and above;
and such other criteria as the Bank may from time to time impose.
b) For joint Membership, either one of the customers must satisfy the above criteria. Joint
Membership is limited to three (3) eligible customers.


* Need to have at least rm5000 monthly salary to open?

Not necessary, you can use other supporting documents like credit card or your shares to support your application.

Only allowed to withdraw once a year nia.....

Yup once a year at any time. A bit more flexible than FD in case you need money for emergency use

nanbade, you janganlah kacau daun.

June, my avatar has no semblance to the real me.

is iQ available nationwide or just klang valley only?

Post deleted

This post has been edited by June_llk: Feb 5 2009, 11:30 AM

June, where are you based? Branch or HQ?

deleted post

This post has been edited by June_llk: Feb 5 2009, 11:35 AM

Later real people maybe more ... lol kidding, no offense ~

At branch more safe, don't meet at other place...lol

tht's why i mention, it's not for every1..

well, I love to have a cup of coffee June.

Latest promotion by iQ

http://4.bp.blogspot.com/_tb2x5pTeHUI/SUPA...s1600-h/iq2.jpg

This post has been edited by June_llk: Dec 13 2008, 10:06 PM

Emergency doesn't happened once a year.

What if I met another emergency that i need to withdraw money out again, how much penalty for 2nd withdrawal, 3rd, and 4th??

This post has been edited by June_llk: Feb 5 2009, 11:35 AM

hi all,

jz to share some benefits for iQ service:

1) e-cashflow stmt - no more hard copy stmt will deliver to your house/off, everything is via internet (for iQ current/iQ creditcard). - ur cash in n cash out will show in ONLY 1 stmt, which u no need to monitor many bank a/c stmt if you consolidate all ur banks a/c into iQ current a/c.

2) bill payments - believe majority of us, will have at least 1 or 2 or even more payment which u need to pay every month. eg: credit card bill, hire purchase, housing loan or other utilities bill.. imagine u need to rmb all the duedate.. can you make sure u'll not miss out 1 or 2 payments? as now the credit cards interest & overdue charges is so high (min OD charge rm10, max rm100), how many time the bank can help you to waive those charges if u tell them u forgoten the duedate? with iQ, ocbc is doing all the memorising (rmb all the duedate for u), in other words, ocbc is doing all the bill payment for u if u are iQ customer. simply step, sign up the billpayment or auto transfer form, iQ will help you to transfer fund/make payment for u = so long ur a/c or credit card is having sufficient balance/limit. (convenient?)

3) further more, iQ regular savings plan, giving higher interest. as we know that if we were to start saving in monthly, sometimes is very difficult. lots of excuses given, eg: this month need to buy xxx, nvm, jz dun save for this month, next month will save for 2mths. when come to the 2nd month: my gf/bf b/day, need to buy present... etc n etc.. iQ savings plan is a 'decipline' plan as it 'force' cust to save every month. fixed amount (min rm50, max rm5k per month) will be auto transfer from iQ current to savings plan to help u earn higher interest.

4) IBG transaction: as wat we know, every single transaction that u perform online will be charge (1st n 2nd tranx in a month is 50cents, subsequence rm2 per tranx). imagine u have 1 car loan, 1 housing loan n 3 credit cards. how much u need to pay for 1 mth. simply calculation (rm0.50 + rm0.50 + rm2+rm2+rm2=rm7). imagine every month u pay extra rm7 jz for 5tranx. what if u need to transfer more frequent.. cool.. u can start to calculate your own..

iQ do charge a certain amount of monthly service charge. charges depend on your iQ a/c average balance. if a/c average balance <rm5k, rm15 will impose every month. however if u maintain a average balance more than rm5k, it ONLY charge u rm5; for ALL the transaction u perform in a month. meaning to say with only rm5 per month, u can do as many transaction as u want in that month.. aren't it sound great?

there are more previleges n benefits for iQ customer.

interested to know more? can contact ocbc iQ service executive at 1-300-88-5000 or 03-8317 5000. contact the bank to know more or to secure an appointment with iQ manager.

p/s: income not necessary must be rm60k and above. so long that you are any Gold credit card holder (more than a year), chances is there to become iQ nember.

so, june, when are you free for coffee?

This post has been edited by June_llk: Feb 5 2009, 11:58 AM

very professional indeed, ask for phone number so no need to buy me coffee.

hahahaha..

...but I can't resist la. And since you asked me which part, the part where we shall go out to have a cup of coffee.

Those who ask me about iQ account, here's the interactive webpage http://www.ocbc.com.my/myIQ/index.html



This post has been edited by June_llk: Feb 5 2009, 11:36 AM

June, are the T's and C's for this iQ account similar to previous year's, or there are changes ? Esp on the interest rate ? Thank you,.......

This post has been edited by June_llk: Feb 5 2009, 11:36 AM

June, I appreciated your advice.... Thank you.

Do PM me if the rates become good later......

I just applied today for an IQ account today but have to wait two weeks - just like applying for credit card.

The plus for me is the bank will pay for me my utility bills, although Tenaga is not on their list at the moment. Credit card payment is not beneficial though because they won't know the exact amount unlike utility bills.

You'll get a platinum card with 3 yrs annual waiver.

The forced saving part will give an effective interest of about 4% after the fixed 2 years tenure, e.g. depositing RM1k/mth, you'll end up with about RM25k after 2 years.

Vijay, thank you,... wow, 4%, better than everywhere else, even better than the Foreign Currency FDs for the AUS and the NZD. Can we put more than RM 1K/month ? What is the maximum amount ?

No, you cannot - it's on a fixed schedule up to a max of RM5k a month.

After you work out the numbers it's about 4% over 2 years, i.e. not 4% per annum. It's more for "forced saving" rather than for "making money".

If you're willing to take a bet on foreign currency, HSBC has a structured investment that pays up to 42% a year! I bought AUD and made 3+% for 1 month. Go give them a call to enquire.

The key words here are '4% over two years', so the returns are actually less than 4% pa right?

I have a question. Is the Platinum Card compulsory? Noticed that the annual fee for plat card is RM600 after the 3 year waiver... ouch!

Yup, because you're not depositing a lump sum but at monthly intervals over 2 years. So although it's 4% p.a., the nett effect is 4% total after 2 years - otherwise, all their FD customers will be opening this account.

The salesperson told me that the annual fee will be waived if you continue to remain an IQ customer but I'm not sure if that's in the T&C.

At the end of the 3 years, we can opt to remain as an iQ customer, thereby keeping and paying for the card, or we can opt not to continue as an iQ customer. Unless, of course, they waive the fees.

Ah very enlightening. Thx guys!

I see that this account is more about convenience than anything else....

The savings plan isn't really that great considering the staggered placements & 2 yrs tenor.

One thing more to consider is card theft could be potentially more dangerous since it is linked to your current / savings account! (although the card still looks very chun imho )

This post has been edited by June_llk: Feb 5 2009, 11:37 AM

I think the biggest drawback in this iQ program is the account maintenance fees that we have to pay.

If you look at the website, it's RM5.00 per month.

Secondly, don't forget that we have to keep a minimum of RM 5000 always in the Current Account, this will not earn us any interest every month.

Therefore, our 'monthly cost' here would be the above 2 factors.

We then need to use the 4% pa interest earned to offset the above 'monthly cost'.

For an individual who does not have a Current Account yet, nor a CC yet, it would be good.

Otherwise, I wouldn't know the advantages of opening an additional account as the iQ.

Ok, here's why I decided to open an IQ account...

1. OCBC pays my utility bills every month. I have lots of bills because I have more than 1 property, so this alone is worth the RM5.

2. The "forced-saving" plan pays a relatively high 4% p.a., good if you plan to save up a sum of money to use in 2 years time - in my case, it'd be a new MPV.

3. I like how the current account can draw from the card's credit limit and vice versa. This way, your cheques are less likely to bounce (happened to me once because I forgot my bank balance) and you have at least RM5,000 extra credit limit.

4. You get a platinum Visa credit card for free.

RM5,000 for such "extra" privileges is not a lot of money. I'm a HSBC priority customer and I have to maintain at least RM200,000 in my account or I'm charged RM150/mth.

----------------------------------------------------------------

June: what happened to iqmall.net? Did someone at OCBC forgot to renew the domain name and the website had to close down?

This post has been edited by wirelessdude: Feb 2 2009, 08:15 AM

visited the penang ocbc today.

was told that the 4% is no longer applicable since BNM has been lowering rates lately. it is now around 3% or so only.

finally, the ocbc ppl are now pushing the OCBC Builder product, which is a hybrid between savings and endowment plan. the savings portion of this plan gives something like 3.28% while the endowment portion is guaranteed up to certain percentage.

it is also a forced saving type of plan.

Erm, let me check on it. It should be still functioning

Thank you,...

Well, on my part, I have people running all those things and chores for me, like tracking my acocunt balance so that my cheque does not bounce, ensure my ALL my tenants pay their utility bills every month since the prop utilities are under mine and my company's name, etc, and other chores.

It is a sunken cost to me, thus, I don't wish to have a duplicate expense. RM5 is not a lot, but we are talking about money management here.

Having one Visa and one Mastercard Plat cards are sufficient for me, don't need another one.

If the 200k left inside the HSBC account yields something, then it's worth it, otherwise, it's best to be in other vehicles.

About that structured deposit from HSBC, I'm afraid I am not so much for structured deps anymore, I am very deep in them from all that I have bought in Sgp and Canada.

By the way, HSBC Priority Customer for 200k is not a big deal, that's just USD55k.......

I wanted that 4% from iQ because this is one channel of diversification for my RM, to be safe in the highest possible FD instrument in RM.

I was about to say one more thing - but lookie got ahead of me - it's that 4% can drop anytime,... even after you have signed-up for the iQ,....... Now it has dropped !

This post has been edited by June_llk: Feb 5 2009, 11:37 AM

Hi June,

If enrol this week, r we still eligible for the 4% interest rate?

Post deleted


This post has been edited by June_llk: Feb 5 2009, 11:38 AM

Hi June,....... what is the interest rate for the savings plan under iQ now ? Is it still at 4% ? Thank you,......

June: Why have you deleted all your posts?

Btw, I've given up on OCBC IQ. It's already been 1 month since I applied but until now there's no news yet. Last I asked the sales person at OCBC, she said it sometimes takes 2~3 weeks.

I personally find that ridiculous because it's not like we're borrowing money, but instead we're putting money with the bank. Even then, my loan at HSBC 2 weeks ago was approved in a matter of days. The people at OCBC should really do something about this, especially when banks are so competitive nowadays.

The RM 5 per month has to be paid even if we maintain the minimum of RM 5,000?

Also the RM 5,000 does not earn any interest...so assuming that we can get 1.5% putting this RM 5,000 elsewhere, there is an additional indirect cost of RM 75 per annum from the lost interest...

The cost adds up to quite a bit

Seem like OCBC iQ is very good... I am interested to apply....

It looks like OCBC IQ is a big failure.

Just an update: I found out the reason why my application took so long was because OCBC decided to suspend the product in Malacca, probably due to low demand.

Best of all, the sales officer didn't have the cheek to notify me - if I hadn't gone to the bank to ask, I wouldn't have known.

I don't have anymore confidence in OCBC after this and will just stick with HSBC, where I'm a priority customer.

if i want to convert my existing savings account to iQ account, is it possible? And, what are your advice to me regarding iQ account? Since it has been more than a year, anything good to say about it?

How do we open iQ Basic account ?

"Walk in" is the best way.

Actually OCBC have special iQ Managers to handle opening of iQ accounts.

No one in LYN have open this account ?
What is the interest rate for iQ Basic ?

Didn't someone say this account is no longer open to individual applicant last week ?

I was that person but it was based on CS's info.
Today I went over to "walk-in" at OCBC Bank. I left my contact and subsequently a iQ Manager contacted me.

Oh i see. So what did the iQ Manager tell you ? Can individual applicant open the account still ? Is a referral needed ?

I will be meeting him later. Will furnish more info in this topic later.
Do you have any specific questions you want to know about ?

Would also like to know if this is an interest bearing current account. Thanks

This post has been edited by MilesAndMore: Oct 26 2010, 01:27 PM

From what I read so far, the iQ Account itself (Elite/Basic) doesn't seem to have interest UNLESS you add the iQ Savings Plan (RSP-12mth or RSP-24mth), which will earn interest as high as 4% p.a.

Some sort like forced savings for 12-mth or 24-mth while earns you approx FD rates.. not bad actually

The iQ Savings Plan is optional.

This post has been edited by ronnie: Oct 27 2010, 11:03 PM

NO.

Noted.

Just submitted my application for iQ Basic to the iQ Manager this evening over at Oldtown Kopitiam... definitely felt like Premier customer.
Verified my MyKad on-the-spot, provide a cheque...

I need to wait a few days for the Welcome Pack + iQ ATM to be sent over. Hopefully can get it before 1 Nov 2010 so can do the free 5 IBG transactions.

Con:-
1. Must pay for iQ ATM card for RM8 (no annual fees). Combo iQ card no longer offered.

how that it work? must deposit x amount monthly?

You nominate a monthly fixed amount (RM50-RM5000) to be deducted from your iQ Account.
This is called the iQ Savings Plan. The term is either 12-month or 24-month.
At the end of the selected term, iQ manager will call you to ask if you would like to continue or put all the money back to your iQ account.

Money in the iQ Account (Basic/Elite) doesn't generate interest.

I don't know if OCBC will come up with another RSP Program after the current 4% one has been completed. If they don't, then there is no point leaving the money inside the iQ Account anymore.

Take out all the >100K saved in the last 2 years and send the money somewhere else.

hmm i am stil quite confused of how it works
anywhere that i cud read up more about this account as i dont seem to be able to find it at the webside.

Let me share why I open an iQ account even if there's no interest.
1. FREE IBG transactions (depending on account type)
2. It's good to park money temporary before paying other banks via IBG.
3. You can withdraw from any ATM (VisaPlus) for free (twice in 1 calendar month)
4. Need to maintain the lowest average balance of RM500 monthly.
5. You can open this account anywhere (even at your home), as their iQ Manager comes to your location.

We can earn better interest elsewhere...

This post has been edited by ronnie: Oct 28 2010, 02:36 PM

Google found this : http://www.ocbc.com.my/myIQ/index.html
Some info is outdated. Eg. iQ Combo Card is no longer offered.

I am trying to see how it works and will digest it as now all my salaries go into cimb (which has quite a few branches in town)

dont know if i wanna go for tha IQ acc as taking out monies from OCBc is a nightmare.

this is the info which i obtained, after sending out the emails.


Thank you for your email regarding OCBC iQ Account. It is an easier way to do your banking. Allowing you to get all your banking done quickly and easily.



Below are an introduction of iQ Account :



· Convenience at your fingertips with OCBC Internet Banking. Make payments to over 46 billers including utilities, assessments and telcos from anywhere and at any time of the day. Just log on to OCBC Internet Banking at www.ocbc.com.my for more information.



· Not only that, you also get to enjoy 5 FREE funds transfers each month to other banks with OCBC Internet Banking when paying your home and car loan instalments, settling credit cards bills and many more.



· The simplicity and ease of banking doesn't end there. You can access your iQ Basic Account (Current Account) at all OCBC Bank and OCBC Al-Amin branches. If you are unable to locate a branch near you, you can also perform cash withdrawals at foreign bank ATMs (HSBC, UOB and Standard Chartered) at just RM1 for each successful cash withdrawal.



· You can also perform cash withdrawals at local bank ATMs via the Visa Plus network and enjoy the first 2 withdrawals per month for FREE and subsequent withdrawals at RM4 each.



· What's more, you may also choose to perform your banking transactions through our Contact Centre (which includes Banking-On-Call services), Mobile Banking or even Fax Banking.



· Also, stay updated and have complete control over your finances with the monthly eCashflow statements which provide a consolidated and detailed overview of your iQ Basic Account. These may be accessed easily via OCBC Internet Banking.



We don’t just talk about making your money grow. We actually make it happen with iQ Cash.



· The iQ Basic Account is linked to an iQ Savings Plan that offers higher-than-ordinary savings rates. The iQ Savings Plan lets you determine a fixed monthly amount to save – from a minimum of RM50 to a maximum of RM5,000.



· You also have the option to enjoy higher Fixed Deposit rates for 7 and 15-month tenures. This is subject to a minimum placement of RM5,000. Rates for all other tenures follow the Bank’s normal board rates.



· Plus, enjoy special foreign exchange rates on overseas remittances.



To open an iQ Account, please walk in to any of OCBC Bank branch (Klang Valley). To find out more on IQ, pls log on to OCBC website www.ocbc.com/my/iQ. Alternatively, please contact our iQ Hotline at 1300 88 5000. Our dedicated iQ Service Executive will be happy to assist you.



Thank you.



OCBC iQ

This is so untrue... The Puchong branch can't do it.

---

Added on November 5, 2010, 11:36 pmIf you open OCBC Internet Banking via OCBC CC first, your iQ account can be linked to the same logon to perform payment transactions.

This post has been edited by ronnie: Nov 5 2010, 11:36 PM

Performed a test IBG transactions from my iQ Basic to CIMB Bank for Credit Card payment... no IBG fees was charged.
Let's see how quickly the funds will be transferred to CIMB.

I did the IBG transaction at 10.30AM on 18 Nov 2010.
Transaction went in upon checking CIMBClicks at 7.55AM on 19 Nov 2010.

p.s. it was paying directly to supplementary CC ;-)

I think this is a bit late already. I usually transfer out my money from HSBC in the morning before HSBC's cut-off time at 11.30am and i always get the money in my CIMB Bank savings account around 3pm - 4pm on the same day. May be it's different for savings account

I don't mind... it's quicker than payment via cheque, which could take 2 days to clear.

Ya. So inconvenient to open up one iQ account!

After go to the bank, spent one hour talking to financial consultant & with OCBC HQ.
When decided to open the account, only noted can't do at the branch.
If wana open, need to go KL PJ branch.

Really shock with their service.

I just spoke to IQ call center exec, she said IQ no longer open to individual customers (so don't waste your time and walk in to any OCBC to open the account). Now they only deal with corporate account at the moment which means you need your boss to signed up with OCBC and open the IQ account for all the company staffs where the monthly salary will be credited into.

Did anyone heard about Standard Chartered Bank - Employee Banking? This also similar with the OCBC IQ.

They just came to my company do a presentation last week. It also got a lot benefit to us.
1)interest bearing current account
2)Cash back on credit card.
3)Special rate for personal loan.
4) IBG trancastion is not free but is just RM0.50 only
5) under Iphone application "BREEZE", u can check balance via Iphone.

Yea, I'm doing Employee Banking. What are your queries I can attend to?

Just opened an iQ Basic account however is it true to use OCBC online we need to apply for an ATM card?

they come do promo at my workplace..good or not this iq banking

plus, no lock in period for iQ member if you take up a mortgage from OCBC.
I like the better FD rates and FREE inter bank fund transfer.

you can set in your account the payments/ transfers to be made on a specific date such as rent to be paid to landlord on 15th of everymonth or credit card bills. this way, you will not forget to make the payments.

Hi yes, I agree with you on the FD rates and free interbank fund transfer.

I have a standing instruction on a specific date of every month. Now, I would like to cancel/amend this, how do I do it? can anyone enlighten me please? thanks!