Should I maintain the OCBC 360 account to earn 3 kinds of interest (salary, step up and boost) or switch to another savings account? - Seedly
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Anonymous

Asked on 03 Mar 2020

Should I maintain the OCBC 360 account to earn 3 kinds of interest (salary, step up and boost) or switch to another savings account?

I have an existing OCBC 360 acct with zero savings as clearing my liabilities took precedence. My take home pay is btwn $3k - $3.5k and my expenses (for grocery, daily spending, insurance and subscriptions) is fixed at $1.7k. Most of these transactions are made via cash payment or GIRO. Am also currently not meeting the min. spending of $500 for the CC bonus. Any advice on how to better grow my savings or better utilise the interest rates? If the advice is to switch savings acct, why? Thanks!

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Tee Hon Eng
Tee Hon Eng
Level 4. Prodigy
Answered on 03 Mar 2020

You may wish to check if you are able to use your credit card for expenses.

Understand that OCBC 365 has 3% rebate for groceries and 6% rebate on dining with min spend of $800. (cap applies)

I see koufu and food republic has contactless payment option, don't have to dine at expensive restaurants.

If after concluding that you are still unable to meet the min spend, you can make use of the calculator on the various bank's webpage to estimate your interest.

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