BOC Smartsaver vs OCBC 360

Jes 7 Comments

My friend alerted me to this BOC Smartsaver account and said that I am biased not to review it. I think he just wants me to write it for his own consideration. Anyway, to be partial, I will comment on it and decide which is better for me.

Introducing the Bank of China Smartsaver account:

All the rules copy are the same as OCBC 360, even the $60k limit. What is different is only the interest percentage.

As I mentioned before, these are the only 3 criteria that I can satisfy as mentioned previously:

Credit salary: BOC (1%) vs OCBC (1.2%)
Pay 3 bills: BOC (0.6%) vs OCBC (0.5%)
$500 minimum spending: BOC (1.55%) vs OCBC (0.5%)

From this, you can see that BOC places emphasis on the minimum spending while OCBC will reward you more when you credit your salary with them. Overall, BOC trumps OCBC with a total of 3.15% versus 2.2%.

There is also a prevailing interest if you cannot hit any criteria. OCBC gives a standard 0.05% while BOC is tiered at a maximum of 0.4% for 50k and above. See picture below for details.  Overall, the difference of this prevailing interest could be significant of up to $210 if you have the maximum $60k in both accounts.

Definitely, BOC looks to be more rewarding with higher interests. However, you do have to consider that some companies only do salary payment to local banks which are DBS, UOB and OCBC.

Besides that, you would have to consider the credit card benefits too as the whole package. Currently, OCBC 365 ties up nicely with OCBC 360 account where you can get cash rebates from dining, telco bills, fuel, online shopping and groceries. BOC has a Shop! card that works like the old FRANK card with 6% cash back from online transaction. However, this promotion seems to only last till Sept 2015 and I don't see any new updates on their website. That does not give me a good impression. Do take note that BOC Smart saver has revised their interests and the updates are reviewed here.

I will still stick with OCBC until there is a really strong motivation to switch.


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  1. Hi Jes

    I have vomited a lot of blood using BOC credit cards, which I vomited more blood trying to cancel the cards.

    Having use UOB one and OCBC 360, I would say user interface is also important. UOB bill is not friendly compared to OCBC. You can't use internet banking to use credit card to pay bill. This is a super minus point as it helps to meet the criteria. There is no ez reload in UOB one card too.

    1. Hi FD,

      Glad to hear of your experience with them although it's not a pleasant one. Probably also why not many people has BOC accounts and credit cards.

      That is why I am very hesitant to move away from the user friendly OCBC. Sometimes a few percentage interest is just not worth all the trouble.

      Thank you for sharing :)

    2. To clarify for the readers, UOB One CC can do Ezreload. You just need to pair it with a separate Ezlink card over at Ezlink's website. There is no Ezlink wallet in UOB One as compared to the NETS Flashpay wallet in FRANK CC by OCBC.

  2. OCBC 360's base interest is 0.05%, not 0.5%. It's a big difference if you cannot hit any criteria.

    1. Hi Reverie,

      Thank you for pointing out my careless mistake, I have edited it. Most banks are offering their base interest at 0.05% so BOC's prevailing interest is very attractive and can compete against some fixed deposit interest rates. Definitely worthy of some consideration.

  3. bank of china cards are one of the best now..., combination of OCBC Shop Card ( the 5 % is still valid) and Family Card combo is enough...
    stopped using OCBC 365 long time.....

    1. Hi Benjamin,

      I agree with you, BOC seems to be pretty aggressive nowadays with the Smartsaver account and credit cards, quite similar to OCBC previous marketing tactics.

      I think you meant BOC Shop card and family card. Do take note that the additional 5% cash rebates only lasts till Sept, hope they will continue it so that you can keep using them :)