On the OCBC 360 Account vs UOB One Account

In an earlier blogpost, I discussed the changes to the OCBC 360 Account. Earlier it was mentioned that there will be 2 additional categories to earn "enhanced" bonus interest, both of which were announced today, 30th April 2015.

1) Wealth Bonus

Purchase of the following financial products and holding the products after the free look/cancellation period or 14 days, whichever is longer of the insurance or investment purchase will earn an additional 1% bonus interest on the OCBC 360 Account

Eligible financial products	Minimum qualifying amount
Regular Premium Endowment Plans: MaxGrowth Enhanced MaxGrowth Plus MaxWealth Premier 2 MaxEdu Choice PrimeGold Advantage MaxRetirement	S$8,000 annual premium per policy
Regular Premium Protection Plans: MaxTerm Enhanced MaxTerm Enhanced (CI) MaxFamily Cover MaxFamily Protector	S$2,000 annual premium per policy
Single Premium Endowment Plan: PrimeGold Bonus 2	S$40,000 single premium per policy
Universal Life Universal Life Plus	US$150,000 single premium per policy
PremierLife Legacy	S$150,000 single premium per policy
Structured Deposits	S$40,000 within the calendar month You can aggregate multiple lump sum purchases within the calendar month to meet the minimum qualifying amount.
Unit Trusts (excluding Unit Trusts investments into money market funds, Systematic Investment Programme (OCBC Momentum) and Unit Trusts transferred in from other financial institutions)
Bonds Equity-Linked Convertible Investments Reverse Equity-Linked Convertible Investments Structured Investments Structured Notes	S$200,000 Foreign currency transactions have to be a minimum amount equivalent to S$250,000 per transaction.

2) Save Bonus

How to earn bonus interest on the OCBC 360 Account

Summary of Changes

UOB ONE Account:




To help you better understand the changes to the account terms, I have provided a summary table as well as embedded an analysis tool which you can use to determine how much interests you will receive on the OCBC 360 account, pre and post 1st May 2015. You can also use the analysis tool to compare between the returns on the OCBC 360 Account vs the UOB One Account.

OCBC 360 vs UOB ONE Account Analysis Tool

L.A.M.

OCBC 360 Account Analyser Download Link

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On the Changes to the OCBC 360 Account

OCBC announced on 1st April 2015 in what turns out to NOT have been an April Fool's joke that it will be tightening the terms on it's 360 account, which offers up to 3.05% in interests annually on deposits up to S$50,000. This is the highest rates on a savings account available in the market at the moment.

To help you better understand the changes to the account terms, I have provided a summary table as well as embedded an analysis tool which you can use to determine how much interests you will receive on the OCBC 360 account, pre and post 1st May 2015.
Summary of Changes

OCBC 360 Account Analysis Tool

L.A.M.

OCBC 360 Account Analyser: Download Link

If you liked this, you might also like:

On the Singapore Savings Bond and What it is about in Layman'sTerms

On whether the Singapore Flyer is worth S$240 million.

On why the Most Expensive City in the World in 2014 is Singapore

On What Is The Best Investment