Hello BOC Smartsaver
BOC Smartsaver has been around for some time now. I've heard of it when their promo came out, but kept to my OCBC 360 account. I did my sums previously and concluded that it was best for me to keep my money at OCBC.
But I redid my sums recently after my brother reminded me about this account, and, DANG, the minimum interest rate I could get was at least a 2% VS OCBC's 1.7% with salary crediting and bills payment.
What's making it more attractive is that, since I'm now able to spend $500/mth for my bro's expenses, the interest rate I could receive every month has now reached to the eye-popping 3.55% interest p.a!
Why didn't I think of opening this account soon ah?
The following day after I did my sums, I headed down to the BOC branch and opened my account. I was lucky to be the first to enter at the off-peak hours. Btw, thumbs up to the friendly staff at the Westgate outlet. My account was set up on the spot.
It helps that my HR has also been very efficient. Immediately upon my request, they registered my BOC Smartsaver account as my salary crediting account. I'm waiting for my Aug's pay to be credited here, earning myself a 1% interest. While this is lower than the 1.2% which OCBC offers, BOC offers a base interest of 0.4% if you have $50k and above balance vs the 0.05% base which OCBC gives. Effectively, I'm earning 1.4% if I only do salary crediting while maintaining $60k in BOC VS 1.25% in OCBC.
Next, I'll also be using BOC to pay for my CC bills to earn me 0.6% or to get the 1.55% for card spend.
It's now sayonara to OCBC 360 as my main account, although I will try to maintain $3k there to avoid fall-below fees.
However, having the BOC Smartsaver account is not without its cons. Their ibanking portal is dated and I do hope they review their ibanking system to keep up with the times. Next, there is a problem withdrawing cash as there are not many BOC ATMs around. The BOC staff did said that I could withdraw my money from any ATM5 machines. The list is reflected here
Regardless, BOC's interest is too attractive for me to say NO. I talked about jumping the ship if a better savings account comes along, and here it is! Just praying that BOC won't review their interest rates downwards!