UOB One vs OCBC 360: Best High Interest Savings Account 2024
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- เผยแพร่เมื่อ 21 ก.ย. 2024
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OCBC 360 (Salary, Save, Spend)
* Base interest: 0.05%
* Salary credit $1800: Earn 2.5%
* Increase balance by S$500 monthly: Earn 1.5%
* Spend S$500 on OCBC cards: Earn an additional 0.6%
With $100,000 in savings, the Effective Interest Rate (EIR) is 4.65% p.a.
* Yearly interest: $4650
* 30-day interest: $382
UOB One
* Min $1600 Salary credit
* Min $500 on UOB cards: Eligible cards include UOB One, Lady’s, EVOL, Lazada, Mighty FX, and more
With $150,000 in savings and fulfilling all criteria, the EIR is 4% p.a.
* Yearly interest: $6000
* 30-day interest: $493
Example 1: $100,000 savings
Example 2: $150,000 savings
Example 3: $150,000, with UOB Savings Promo
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Sponsor: 🐂 Webull Singapore hmsg.link/sgwebull
🔗 Products mentioned in video:
- OCBC 360 Account R6U9FDOS
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as a former ocbc 360 customer , I won’t recommend it. The save category doesn’t mean every 1st of the month save $500. It means u need to check via the web portal if u meet the criteria not available on the app. U need to top up slightly more even up to $600 to meet the save category and this is repeated every month. Uob one I feel is super easy with just spend $500 end of last week of month. Use a one card strategy. With 150k balance .
An upcoming video will address this
@@HoneyMoneySG looking forward to this video! on how to track/ fulfil the $500 save criteria
It would be nice to blend in miles farming and high interest farming strategy for the same 2 accounts. In this case, with some boundary conditions of my own scenario, i found the UOB ecosystem to be a better off.
Also need to consider the credit card spend side imo.
The $500 spend nicely aligns with UOB One CC's min spend per month per quarter and you'll get cashback after the quarter.
I don't recall there's any OCBC card that has a minimum spend of $500, so you'll end up spending more than $500 if you want to meet your OCBC CC min spend too.
maybe can then opt for OCBC Salary + Save EIR 4.05%, this is good too. This will then remove headache of having to clock $500 spend on OCBC cards. hope i got this right :)
Don't forget you will have to consider opportunity costs from resetting ocbc 360 account when hitting $100k. It is not 4.65% flat all the way
Correct
hi chris i went to find out more on how to sign up for the uob nation saver promotion after watching ur video and realised that the 150k must be fresh fund. 😅.
Correct
Hello! Can I do a lump sum $10k and OCBC will recognise it as $500 incremental for 20 months? If not the salary credit can be recognised as $500 incremental? Thank you.
thanks for sharing Chris
The $150k for the nation of savers needs to be fresh funds, right ?
Yes
Wilson Matthew Thompson Brian Lee Angela
Any easy way to fulfil salary criteria like uob one method?
The comparison is not accurate, if u take away the incremental 500 monthly, the clear winner is UOB one. UOB one needs 2 conditions and OCBC needs 3.
You just gave me a new video idea
Yes it's hard to keep track average balance. Once we are busy not hitting, it's much lower interest for ocbc
If you hit 100k in ocbc already, still need to increment $500 per month after that to get the bonus? Then that extra over 100k is kinda wasted right, just to hit the increment criteria?
Correct
Salary credit for ocbc can use paynow or fast payment? I don't think so...
01:18
If stack with 500 spend of uob one card and ocbc debit card still ocbc win?
Walker Sandra Hernandez Brian Moore Karen
What credit card can replace UOB EVOL card ?
Uob one
Great vid mate
Do you have a discord channel?
Only telegram at t.me/honeymoneysg