OCBC 360: What Are the Changes in July 2020? Will They Benefit Me?
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OCBC 360: What Are the Changes in July 2020? Will They Benefit Me?

Ming Feng
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OCBC 360 – More Changes to the Savings Account

OCBC 360 is changing the interest rate for its savings account again!

NOOO
Source: giphy

After the latest interest rate changes happening on 2 May 2020, OCBC 360 users are to brace themselves for a further reduction on the interest rate for their savings account this 1 July 2020.

With falling interest rates all around the world, changes as such are inevitable and we can only mentally brace ourselves for it.

Brace for impact
Source: giphy

Enough with the bad news already!


TL;DR: Changes to OCBC 360 From 1 July 2020

OCBC 360 changes 1 July 2020

Revision of Interest Rates for OCBC 360 from 1 July 2020

RequirementsFrom 2 May 2020From 1 July 2020Changes
(2 May vs 1 July)
Salary Bonus
First $35,000: 1.2% p.a.

(At least $1,800 through GIRO)
First $35,000: 0.6% p.a.

(At least $1,800 through GIRO)
-0.6%
Next $35,000: 2.4% p.a.Next $35,000: 1.2% p.a.-1.2%
Spend BonusFirst $35,000: 0.2% p.a.No Longer Available-0.2%
Next $35,000: 0.4% p.a.No Longer Available-0.4%
Step-up BonusFirst $35,000: 0.2% p.a.No Change
Next $35,000: 0.4% p.a.No Change
Wealth BonusFirst $35,000: 0.6% p.a.No Change
Next $35,000: 1.2% p.a.No Change
Grow Bonus0.8%No Change
Boost BonusNo Longer AvailableNo Change

A quick recap for OCBC 360’s interest rate requirements:

Salary Bonus: Credit your salary of at least $2,000 ($1,800 from 2 May 2020) through GIRO

Spend Bonus: Spend at least $500 on OCBC Credit Cards

Step-up Bonus: Increase your account balance by $500 compared to previous month

Wealth Bonus: Insure or invest with OCBC Bank and earn the bonus interest for 12 months.

Grow Bonus: Earn this extra interest on the first $70,000 if the account balance is at least $200,000

Boost Bonus: Earn this extra interest on the difference from the previous month balance


All the Changes to OCBC 360 in the Year 2020

This is the second time this year that OCBC is making changes to the interest rate of their OCBC 360 savings account.

RequirementsBefore 2 May 2020From 2 May 2020From 1 July 2020Changes in the Year 2020
Salary Bonus
First $35,000: 1.2% p.a.

(At least $2,000 through GIRO)
First $35,000: 1.2% p.a.

(At least $1,800 through GIRO)
First $35,000: 0.6% p.a.

(At least $1,800 through GIRO)
-0.6%

(with $200 reduction in salary requirement)
Next $35,000: 2.0% p.a.
Next $35,000: 2.4% p.a.Next $35,000: 1.2% p.a.-0.8%

(with $200 reduction in salary requirement)
Spend BonusFirst $35,000: 0.3% p.a.First $35,000: 0.2% p.a.No Longer Available-0.3%
Next $35,000: 0.6% p.a.
Next $35,000: 0.4% p.a.No Longer Available-0.6%
Step-up BonusFirst $35,000: 0.3% p.a.First $35,000: 0.2% p.a.-0.1%
Next $35,000: 0.6% p.a.
Next $35,000: 0.4% p.a.-0.2%
Wealth BonusFirst $35,000: 0.6% p.a.First $35,000: 0.6% p.a.No Change
Next $35,000: 1.2% p.a.
Next $35,000: 1.2% p.a.No Change
Grow Bonus1.0%0.8%-0.2%
Boost Bonus1.0%No Longer Available-1.0%

Overall, an OCBC 360 savings account consumer experiences these changes this year:

Salary Bonus: Overall reduction in interest by 0.6% for the first $35,000 worth of savings, and 0.8% for the next $35,000.

Spend Bonus: Overall reduction in interest by 0.3% for the first $35,000 worth of savings, and 0.6% for the next $35,000.

Step-up Bonus: Overall reduction in interest by 0.1% for the first $35,000 worth of savings, and 0.2% for the next $35,000.

Wealth Bonus: No change

Grow Bonus: A reduction in interest by 0.2%

Boost Bonus: A reduction in interest by 1%


Is it Still Worth Opening an OCBC 360 Savings Account After 1 July 2020?

The upcoming change taking place from 1 July 2020 is an overall reduction on interest rate across. Hence, if we were to solely focus on the interest rates alone, the pros of OCBC 360 savings account is limited.

In our opinion, OCBC 360 will not be the only bank reducing their interest rate during this period of time. We are awaiting updates from the rest of the savings account and only then, can we decide on the best savings account to be getting. We can only adopt a “wait and see” approach while making smarter financial decisions along the way.

If you are unsure if the OCBC 360 savings account is still the best savings account out there for you when compared to the rest, we suggest waiting for all the banks to announce their change in interest rate before deciding on your next move.

About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
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