OCBC has been rather aggressive in the promotion of their OCBC 360. Comparisons have been done with the DBS savings, though it seems like a good product, I am reluctant to make the move.
Firstly, I do not have an account with OCBC, and to enjoy the additional interest will mean having to :
- Move at least 3000 to OCBC to keep the minimum,
- Get HR to move my salary to OCBC,
- Make 3 payments every month from this account,
- Get an OCBC credit card and spend $400 a month
Seems to me the purpose of this product is to attract more deposits to OCBC.
It is meant to be a saving account, but also encourage you to spend from it as well, making it less effective if you just want to save.
As the interest rates are rising, I believe that other banks may soon respond with their own products to counter this offer, so it may be better to hold on for now.
At 3.05%, it is good but nothing to shout about if you are already doing some investments on your own.
Owning dividend stocks or buying the STI ETF will give you similar if not better returns.
I am sticking to CIMB starsaver for my Savings Deposits, a no frills savings account where all you have to do is minimally deposit $100 a month with no minimum balance to earn 0.8% interest.