I don't look at the rates only. Comparing DBS and UOB One Account, you need to do a lot more in DBS Multiplier to achieve the next interest rate. If you're not interested in buying the products to get the higher tiers of interest rates, I think UOB One Account might be a better option for salary crediting. I've earned quarterly bonuses just for spending $500-800 on One Card per month and having my salary credited monthly. I like that I only need to do the initial set up and don't need to be bothered of buying more products to get to the next interest tier.
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UOB One Account
Balance: $50,000,
Monthly salary: $3000
Monthly Credit Card spend: $500
You will receive: Annual interest of $720 + annual cash rebates of $200
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OCBC 360
Balance: $50,000,
Monthly salary: $3000
Monthly Credit Card spend: $500
You will receive: Annual interest $1350
(The interest for OCBC 360 will only gets higher if you ensure persistent minimum $500 increase in your balance, purchase insurance and make an investment)
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Another thing to point out is, I was a long time OCBC customers (20 years). The app has always been an issue. It's such a pain to navigate around. Bear with it for too many years and even gave feedback about the technical glitches and designs that are not taking usability into consideration.
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I have closed my OCBC bank account earlier this year and switched to UOB One Account. Comparing the ease of use with UOB app, UOB is much smoother, professional, clear and faster. The things that are important are emphasised with larger fonts. Simple layout for easy navigation. These are the things I would consider for a business that is holding my hard earned cash. They should work on improving usability and most importantly security. Some of the OCBC app functions looks too unfinished. After I switched to UOB, i realised how inefficient OCBC's app is. For this, I would rather forego the higher interest. I can earn these interests from SSB or other instruments.
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I don't look at the rates only. Comparing DBS and UOB One Account, you need to do a lot more in DBS Multiplier to achieve the next interest rate. If you're not interested in buying the products to get the higher tiers of interest rates, I think UOB One Account might be a better option for salary crediting. I've earned quarterly bonuses just for spending $500-800 on One Card per month and having my salary credited monthly. I like that I only need to do the initial set up and don't need to be bothered of buying more products to get to the next interest tier.
β
UOB One Account
Balance: $50,000,
Monthly salary: $3000
Monthly Credit Card spend: $500
You will receive: Annual interest of $720 + annual cash rebates of $200
β
OCBC 360
Balance: $50,000,
Monthly salary: $3000
Monthly Credit Card spend: $500
You will receive: Annual interest $1350
(The interest for OCBC 360 will only gets higher if you ensure persistent minimum $500 increase in your balance, purchase insurance and make an investment)
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Another thing to point out is, I was a long time OCBC customers (20 years). The app has always been an issue. It's such a pain to navigate around. Bear with it for too many years and even gave feedback about the technical glitches and designs that are not taking usability into consideration.
β
I have closed my OCBC bank account earlier this year and switched to UOB One Account. Comparing the ease of use with UOB app, UOB is much smoother, professional, clear and faster. The things that are important are emphasised with larger fonts. Simple layout for easy navigation. These are the things I would consider for a business that is holding my hard earned cash. They should work on improving usability and most importantly security. Some of the OCBC app functions looks too unfinished. After I switched to UOB, i realised how inefficient OCBC's app is. For this, I would rather forego the higher interest. I can earn these interests from SSB or other instruments.
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