OCBC 360 vs UOB One, Stan Chart Bonus saver, POSB Cashback, BOC Smart Saver

Jes 6 Comments

The longest title of a blog post I have ever had. As per Kevin's request to do an updated comparison table due to the many changes in the interest rates recently, the most recent one is OCBC 360 and last year it was BOC Smartsaver.

The highlighted boxes give you the top interest rates in each categories. POSB Cashback is calculated based on transaction amount and the rates indicated are monthly interest. For the others, the rates indicated are by per annum.

For most of you, the recent changes in OCBC 360 have made you angry and indignant probably because it's the second time in 2 years. I think I can safely say that no other banks have changed so frequently. However, don't be angry with your money.

If OCBC 360 is still giving you more interests than the rest, then it's worth while to continue. After all, changing a bank takes time and effort, from setting up standing instructions to GIRO transactions to credit card and other bills payment. Not to forget, you will also have to inform your HR when you change banks. Which is why if the difference is minimal, most people will continue to stick with their current bank.

I mentioned before in my last post. UOB One will be better than OCBC 360 if
1) You have at least $30,250 in your bank account
2) You are unable to accumulate a total of $150 in the 3 GIRO transactions.
3) You cannot satisfy the $2000 salary requirement (Good for housewives, entrepreneurs, freelance workers, part time employees, commission based people)
4) You are able to spend $500 every month - This is very important because it affects your 3 months quarterly interest and not just a monthly difference.

For me, I have wanted to go with UOB One for quite long mainly because I can hit the $500 spending and I usually have at least $30k as my emergency funds. However, with the recent changes there is an even greater push.

Not just that, because I am planning to work on my business venture at Snackfirst.com, I have even more incentive now. UOB One does not need a $2k salary to get the same or even more interest than OCBC 360, perfect for self employed people.

Unless you have a better alternative, you should stay with OCBC. Who is to say which bank is going to change their interests next.

Updated: I have included DBS Multiplier new interest rate as of Nov 2017 into a new table. Click this post for more details.

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  1. POSB Cashback bonus % is not p.a. but per month, and it is based on the amount transacted and not based on the account balances.
    so if you can meet at least 3 of the categories, do go for it.
    It is a different game from OCBC360, UOBOne or POSB Multiplier Account.

    1. Hi JT,

      Thanks for the information! I agree with you and apologies as my graph is just a very simplistic way of showing the details. I have edited them under the caption part. POSB Cashback interest is actually much lower by transaction and not account balance.

      For many of us, POSB Multiplier is not very easy to get because of the high transaction amount. I personally think it is a different game from OCBC 360 and UOB One too. Thanks for highlighting this :)

  2. Hello!

    Thanks for the comparison :) however, I believe that the Stan Chart Bonus$aver rates of 0.88% and 1.88% are INCLUSIVE of the base interest rate of 0.1%, so effectively the bonus interest is only 0.78% and 1.78% for credit card spending of at least $500 and $200 respectively.

    1. Hi there,

      You have a sharp eye, thank you for pointing out my mistake, I have corrected them. Have a good day ahead :)

  3. where is DBS multiplier? - The talk of the town.

    1. Hi there,

      Yeah I am a bit slow :( Thank you for the reminder, here you go: https://simplyjesme.blogspot.sg/2017/11/dbs-multiplier-vs-posb-ocbc-uob-boc.html


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