UOB One vs OCBC 360: Best High Interest Savings Account 2024

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- OCBC 360 Account R6U9FDOS
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OCBC 360 (Salary, Save, Spend)
* Base interest: 0.05%
* Salary credit $1800: Earn 2.5%
* Increase balance by S$500 monthly: Earn 1.5%
* Spend S$500 on OCBC cards: Earn an additional 0.6%
With $100,000 in savings, the Effective Interest Rate (EIR) is 4.65% p.a.
* Yearly interest: $4650
* 30-day interest: $382
UOB One
* Min $1600 Salary credit
* Min $500 on UOB cards: Eligible cards include UOB One, Lady’s, EVOL, Lazada, Mighty FX, and more
With $150,000 in savings and fulfilling all criteria, the EIR is 4% p.a.
* Yearly interest: $6000
* 30-day interest: $493
Example 1: $100,000 savings
Example 2: $150,000 savings
Example 3: $150,000, with UOB Savings Promo
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[@HoneyMoneySG]

Sponsor: 🐂 Webull Singapore hmsg.link/sgwebull 🔗 Products mentioned in video: - OCBC 360 Account R6U9FDOS - 🏦 CREDIT CARDS 💳 🔗 hmsg.link/creditcard - SCB Bonus$aver hmsg.link/scofficial _________________________________ 📈 Click hmsg.link/ibkr to see my preferred broker: 💹 Interactive Brokers 🌟 My referral codes: t.me/sgpromocode 📙 Advanced Credit Card Mastery Course: hmsg.link/accm ☕ Buy my Spreadsheets at Ko-Fi: hmsg.link/shop 🔭 Telegram Group: t.me/HoneyMoneySG 📷 Instagram @HoneyMoneySG instagram.com/honeymoneysg 🎵 TikTok www.tiktok.com/@honeymoneysg 📧 Email (Business only): [e-mail] 🕸 My Website: hmsg.link/website

[@Marty-gv4nv]

as a former ocbc 360 customer , I won’t recommend it. The save category doesn’t mean every 1st of the month save $500. It means u need to check via the web portal if u meet the criteria not available on the app. U need to top up slightly more even up to $600 to meet the save category and this is repeated every month. Uob one I feel is super easy with just spend $500 end of last week of month. Use a one card strategy. With 150k balance .

[@HoneyMoneySG]

An upcoming video will address this

[@geri_8]

@@HoneyMoneySG looking forward to this video! on how to track/ fulfil the $500 save criteria

[@daren91]

Also need to consider the credit card spend side imo. The $500 spend nicely aligns with UOB One CC's min spend per month per quarter and you'll get cashback after the quarter. I don't recall there's any OCBC card that has a minimum spend of $500, so you'll end up spending more than $500 if you want to meet your OCBC CC min spend too.

[@geri_8]

maybe can then opt for OCBC Salary + Save EIR 4.05%, this is good too. This will then remove headache of having to clock $500 spend on OCBC cards. hope i got this right :)

[@eeyonglin7889]

hi chris i went to find out more on how to sign up for the uob nation saver promotion after watching ur video and realised that the 150k must be fresh fund. 😅.

[@HoneyMoneySG]

Correct

[@shuminchua5972]

Hello! Can I do a lump sum $10k and OCBC will recognise it as $500 incremental for 20 months? If not the salary credit can be recognised as $500 incremental? Thank you.

[@dave6892]

Don't forget you will have to consider opportunity costs from resetting ocbc 360 account when hitting $100k. It is not 4.65% flat all the way

[@HoneyMoneySG]

Correct

[@eeyonglin7889]

thanks for sharing Chris

[@bentaku]

Any easy way to fulfil salary criteria like uob one method?

[@ribofen]

If you hit 100k in ocbc already, still need to increment $500 per month after that to get the bonus? Then that extra over 100k is kinda wasted right, just to hit the increment criteria?

[@HoneyMoneySG]

Correct

[@thewitcheralive]

The $150k for the nation of savers needs to be fresh funds, right ?

[@HoneyMoneySG]

Yes

[@applered91]

What credit card can replace UOB EVOL card ?

[@candywisdom]

Uob one

[@patricksng9427]

Salary credit for ocbc can use paynow or fast payment? I don't think so...

[@HoneyMoneySG]

01:18

[@harryyeo7010]

If stack with 500 spend of uob one card and ocbc debit card still ocbc win?

[@RooseveltStjohn-j5m]

Wilson Matthew Thompson Brian Lee Angela

[@AlanSoph]

The comparison is not accurate, if u take away the incremental 500 monthly, the clear winner is UOB one. UOB one needs 2 conditions and OCBC needs 3.

[@HoneyMoneySG]

You just gave me a new video idea

[@adssmartsystem1683]

Yes it's hard to keep track average balance. Once we are busy not hitting, it's much lower interest for ocbc

[@charlesjudeumahi689]

Great vid mate Do you have a discord channel?

[@HoneyMoneySG]

Only telegram at t.me/honeymoneysg