New OCBC 360 account

The revised terms for the 360 account is finally released on last Thursday. Here is a table comparing the different between the previous and the revised conditions for earning interest. 

	Previous	Revised wef 1 May 15
Salary credit Bonus (Salary of at least $2,000 and credit through GIRO with the transaction description "GIRO - SALARY")	1%	1.2%
Payment Bonus (3 unique bill payments from 360 account with OCBC Online Banking or through GIRO)	1%	0.5%
Credit card Spend Bonus	1% ($400 / mth to quality)	0.5% ($500 / mth to quality)
Wealth Bonus Purchase any new eligible financial product from OCBC of at least S$40,000	NA	1%
Save Bonus Incremental account balance is the difference between current and previous month's account average daily balance	NA	1% on incremental amount only

The bonus interest cap has revised from 50K to 60K. 

笨mummy is happy that the salary crediting would still entitled her to get 1.25% given the hard work spent in getting her HR department to change the transaction code for the salary crediting. It took the HR department close to 7 months just to get the transaction code amended in Jan 15.  

The other 2 new conditions to get additional bonus is not easy to hit since 笨mummy is not planning to get any insurance product from OCBC in the near future. But she is happy with the 2.25% including base interest on her 60K now. 

For details, you can refer to OCBC website - http://www.ocbc.com.sg/personal-banking/accounts/360-account.html