Once again, I’ll have to be the bearer of bad news.
Reader: No, please stop. I can’t take it anymore. I need some positivity in my life.
Do you like pets, dear reader?
Reader: Pets? Uh… of course. I love them!
Isn’t this little cat adorable?
Reader: He’s so cute!
He is indeed. What’s not cute is OCBC’s decision to reduce the salary credit bonus interest for customers on the OCBC 360 savings account.
Reader: What?
What?
Reader: …
Oh, it’s nothing. Here’s a puppy:
Reader: Aww
OCBC Reducing Bonus Interest For Crediting Salaries Into OCBC 360 Accounts
Please keep that puppy in mind as I tell you that OCBC is reducing the bonus interest for customers who are crediting their salaries into their 360 accounts from 1 July.
Reader: You tricked me.
I had no choice.
According to The Straits Times, those who have balances of up to $35,000 will have their salary credit bonus halved to 0.6% from the current 1.2%.
And balances between $35,000 and $70,000 will earn 1.2% interest, down from 2.4%.
The base interest will be calculated at the end of each day based on daily balances, and will be credited to the 360 accounts at the end of the month.
Customers might not be too happy about this, considering the whole point of 360 accounts was for customers to earn more interest every year.
But this doesn’t really come as a surprise given how much of a battering the economy is taking during the Covid-19 pandemic.
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According to Reuters, the global economy is expected to shrink 3.2% in 2020, with one economist commenting that the economy hasn’t collapsed this rapidly since World War 2.
These are dark, dark times we’re living in.
So naturally, many businesses, including banks, have had to make cutbacks, as OCBC explained in a statement on its website:
“Unfortunately, the macro interest rate environment has been deteriorating since last year and has declined steeply since March 2020. While we hoped to continue offering our customers the best proposition possible, the current macroeconomic environment has made it impossible to do so.”
“We will continue to monitor the macroeconomic environment and improve our product offering(s) once it becomes viable to do so”.
That’s why OCBC will also stop offering the credit card spend bonus interest on 360 accounts from 1 July. This bonus offered 0.2% for the first $35,000 and 0.4% for the next $35,000.
Reader: How much bad news can one person tak-
Have you ever seen a cat in a teacup?
Reader: Aww that’s the cutest thing I’ve ever- no! I’m not falling for it this time!
Well, I tried.
Lower Minimum Salary Requirements
It’s not all bad news, though.
In May, the bank announced that they’re lowering the minimum salary requirement to qualify for the 360 account’s salary bonus.
The minimum salary required is now $1,800, down from $2,000 previously.
Other Banks Cutting Interest Rates As Well
It isn’t just OCBC that’s making cutbacks, though.
DBS and UOB announced in May that they would also be introducing cuts to their interest rates.
DBS Multiplier account holders used to get an interest of 2.08% per annum on the first $25,000 when they credited their salaries and spent $2,000 or more in one category of spending such as credit card, investments, and mortgages reported The Straits Times.
Since 1 May, however, that figure has dropped to 2%.
Similarly, UOB One account holders used to get 1.5% per annum if they spent at least $500 on eligible cards in one calendar month on their first $15,000.
That figure is now 0.5%.
Reader: Is there really nothing positive to write about?
Well, Nutrisoy just released their new Soya Milk With Pandan drink.
Reader: Ah, so you knew what my heart truly desired this whole time.
I always do, dear reader.
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