Remember my #1 tip on growing your savings?
Many friends and readers have asked me which bank they should open their savings account with. I shared that previously, I used OCBC 360 Savings Account based on 2 factors:
1. They have fewer ATMs compared to DBS / POSB, which would give me less temptations to withdraw my cash.
2. It is no secret that their 360 account provides the HIGHEST interest rates among all the other banks' savings account offerings in Singapore.
I've just found an even better alternative and will be transferring my funds there at the end of this month. But first let me explain why I kept my money in OCBC for so long:
At up to 3.05% interest that was easily earned, I was happily getting 2-digit payouts every month, which was good enough for me given that some finance bloggers here earn the same percentage returns on their investments. It gave me enough cushion against the impact of inflation.
However, OCBC changed their terms earlier this year. Not surprising, as it is hard to maintain such a good offer:
1. 0.5% interest for paying 3 bills (used to be 1%)
2. More spending on my OCBC credit cards ($500 vs. the old $400) for lesser interest (0.5% vs. the old 1%)
3. I would have to purchase $40k of unit trusts/structured deposits OR pay $8k of annual endowment premiums to get the last 1% interest. Both of which I have none, and don't believe in getting at the moment.
In other words, it is now harder to earn the same high interest rates on my OCBC 360 savings account than it used to be.
I was just about to read more about UOB One to consider if it was worth switching, when UOB emailed me and encouraged me to open an account so that I could experience it for myself (instead of just listening to their marketing claims). I was only happy to oblige.
I was first directed to this link for more information:
Their benefits really got my attention.
From what I saw, to earn 3.33% interest I only needed to:
i) Spend $500 monthly on my credit card
ii) Credit my salary OR pay 3 bills monthly via GIRO
That's a lot less work than what I have to do with OCBC 360!
I could even calculate how much I can expect to get:
Almost $1,000 for just a little effort in switching, that sounded really attractive to me.
What I really liked was also how EASY it is to apply and open an account.
After you're done with the details, you can customize (do you spot the spelling error here?) how you want your name to appear on your credit card. I really love the classy design they chose for this card (it makes me feel patriotic :P).
Submit soft copies of the following and you're done!
It literally took me just 10 minutes to complete this! For someone as time-pressed as me (some of you might have already seen my crazy schedule on Facebook), the convenience was a god-send as I didn't have to travel down and wait in line for a UOB retail staff to serve me (which was how I opened my OCBC 360 account).
Not to mention that their design is GORGEOUS. Seriously, I've never seen such a sleek and gorgeous sign-up page from a bank before! It made me feel happy while filling up each page.
In light of the recent flak over Standard Chartered Bank raising their fees, I was also satisfied to see that UOB clearly communicated their relevant account fees on the website together with the rest of the benefits.
Not that we have to worry, since you'll probably be putting $10,000 and above into this account anyway to take advantage of those attractive interest rates.
I also liked the fact that they did not automatically enrol me into their promotions (a box I always have to look out for when signing up as a new member anywhere else). Very transparent and ethical indeed.
Not only does UOB One require less actions from me, they also pay out higher interest rates.
|Do note that UOB One's interest rates are calculated on a tiered basis.|
For more information, please consult your local UOB rep.
UOB One will now be replacing OCBC 360 as my default savings account.
If, like me, you've been disillusioned by OCBC 360 after their recent changes, you can consider UOB One given that you can earn higher returns with lesser effort.
I've already signed up with them, and if you have between $10,000 - $50,000 of cash sitting in another bank, I recommend that you try UOB One for yourself in lieu of the higher returns you can get.
This feature is brought to you in collaboration with UOB.