Is it worth it to switch from UOB One to OCBC 360 given the recent changes in interest rates? - Seedly
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Anonymous

Asked on 05 Apr 2020

Is it worth it to switch from UOB One to OCBC 360 given the recent changes in interest rates?

Based on the recent changes, OCBC 360 would net me about $400 more p.a. than UOB One. My concern with changing is that

1) Interest rates might continue to change in these volatile situations. Based on trends, is it likely that the interest rates would rebound after the situation has stabilised?

2) Cancelling my UOB One credit card might have a negative impact on my credit score given that I've had it for < 1 year.

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Suraiinsos
Level 2. Rookie
Answered 2w ago

Today, I will be also showing you why choosing OCBC 360 Account over UOB One Account is the way to go for 2020!!

With so many different savings accounts that market themselves as having the ‘highest interest guaranteed!’ It is no wonder we are spoiled for choices.

Not to worry because today I will be sharing my analysis of OCBC 360 account and UOB One account.

This article will provide how each account works and how interest is calculated as well as relatable scenarios to better understand and help us make these difficult choices.

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https://www.theastuteparent.com/2020/05/ocbc-360-account-over-uob-one-account/?fbclid=IwAR2GFXqeFA_XrZc5UNANcjN1Tb77ep1tQHLeVSMnOD7SEGwowcZHava8Ehk

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You may choose to hold onto your UOB One credit card without using it. Just ensure that there is no outstanding balance.

If you feel that OCBC 360 is giving a higher yield with similar effort, then switch to it. Otherwise, it is an opportunity cost that you are incurring every month.

I share quality content on estate planning and financial planning here.

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Colin Lim
Colin Lim
Level 7. Grand Master
Answered on 14 Apr 2020

My take as always been bank account is to keep your 6 to 12 months of emergency funds. No point keep switching banks to get "best" interest rates.

Grow your money in a better tool is better than 1 to 2%.

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ZT
Zachary Teo
Level 6. Master
Answered on 14 Apr 2020

Hello Anon! I would say stick with your UOB for now. The interest rate changes will be affecting all the other banks too. IMO, the hassle of transferring all the financial stuffs from credit cards, loan, deposits to another bank will create a lot of trouble. I would say the interest rate will not help a lot. You should keep the extra cash to invest instead to get better interest.

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