I have opened an OCBC 360 savings account, which is statement based and without passbook.
ATM card can be applied at the cost of RM8 one time payment for convenience of account transaction using ATM machine.
This account has a fixed interest rate of 0.5% per annum. On top of that, there are 3 categories of additional interest of 1.2% per annum each to be earned for deposit amount up to RM100k.
The 3 categories are:
- Deposit: to deposit a minimum of RM500 into the OCBC 360 account within the month.
- Bill Payment: to perform at least 3 bill payments from OCBC 360 account using Internet banking or mobile banking within the month. This includes payment to OCBC credit card, payment to OCBC housing loan, and payment to any of the participating billing organizations available in OCBC Internet banking or mobile banking service.
- Credit Card: to link an OCBC credit card to this 360 account, and to charge at least RM500 aggregated retail transactions to the credit card within the month. The calculated amount is excluding credit card fees and charges, balance transfer, instalment plan, cancelled transactions, etc.
Therefore, the maximum possible interest rate is 0.5% + (1.2% x 3) = 4.1%, for the first RM100k of deposit. The interest rate for additional amount above RM100k remains as 0.5% only.
This interest structure is pretty attractive and comparable to fixed deposit accounts.
OCBC 360 is an adult savings account for individual above 18 years old, and its 4.1% possible interest rate is even higher than most junior and/or teens savings account, which in turn higher than most normal savings account.
This account is insured with the Malaysian Deposit Insurance Corporation (PIDM) for deposit amount up to RM250k.
Apparently, this is a tactic for OCBC to attract working people to centralize their banking with them, which include monthly salary deposit, monthly bill payments, and credit card spending.
OCBC has been famous to give attractive offer with innovative products, such as their previous famous Titanium credit card. However, they also have the track record of making such attractive offer unattractive after a few years.
This OCBC 360 savings account was introduced somewhere in December 2015, which is considered still new. I think this attractive offer will stay around for quite some times, and if OCBC plays the trick to make it unattractive again, we can always pull out and deposit our money at other more attractive bank account.
This interest structure is pretty attractive and comparable to fixed deposit accounts.
OCBC 360 is an adult savings account for individual above 18 years old, and its 4.1% possible interest rate is even higher than most junior and/or teens savings account, which in turn higher than most normal savings account.
This account is insured with the Malaysian Deposit Insurance Corporation (PIDM) for deposit amount up to RM250k.
Apparently, this is a tactic for OCBC to attract working people to centralize their banking with them, which include monthly salary deposit, monthly bill payments, and credit card spending.
OCBC has been famous to give attractive offer with innovative products, such as their previous famous Titanium credit card. However, they also have the track record of making such attractive offer unattractive after a few years.
This OCBC 360 savings account was introduced somewhere in December 2015, which is considered still new. I think this attractive offer will stay around for quite some times, and if OCBC plays the trick to make it unattractive again, we can always pull out and deposit our money at other more attractive bank account.
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