Money Hacks Ep 25 - Are you a good saver? Is it worth enjoying higher interest rates with OCBC 360 and UOB One following latest tweaks?

9:10 mins

Synopsis: In this new podcast series for 2018, The Straits Times and The Business Times offer tips for the newcomer to the financial and investment scene.

Local banks are introducing higher bonus interest rates to get customers to save more. From Nov 1, 2018, OCBC customers can earn an effective interest rate of up to 3.2 per cent per annum on the first $70,000 in their savings account known as the 360 account, when they fulfil some criteria.

The move comes after United Overseas Bank (UOB) in August raised the balance amount for which customers can earn maximum bonus interest.

Customers who have a UOB One account can receive an effective interest rate of up to 2.44 per cent per annum in bonus interest on their first $75,000 when they spend $500 on their credit card and credit their monthly salary of at least $2,000 or have three Giro debit transactions.

DBS Bank has a Multiplier account which can earn customers up to 3.5 per cent per annum in interest on the first $50,000, as long as the salary is credited into the account with two or more separate transactions with the bank. The transactions can include credit card spending, investments and mortgages.

Produced by: Ernest Luis & Christopher Lim

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