In this post, I will share how can you maximise your saving interest by using OCBC 360 and Maybank iSavvy. I did mention in my previous post that I was switching my savings account from DBS Multiplier to OCBC 360 because I found out this trick to maximise the saving interest. I believe some of the readers realised this trick but in case some still not aware, I will show you how you can achieve that.
First of all, you need to have OCBC 360 and Maybank iSavvy accounts. Nowadays, you can apply the bank account online instead of making a trip to the branch. It is very convenient.
So, what is the trick?
OCBC 360 account offers a “Grow” interest of 1% on the first $70,000 increase in your account balance from the previous balance. Take note here, it is only applied to the increase account balance compared to the previous month balance.
So once you open the OCBC 360 account, you need to credit your salary into your OCBC 360, and deposit $70,000 and leave it until the end of the month. Let see, how much you earned at the end of the day.
You earned a total of $184.29 without credit card spending. The effective rate is 3%.
However, to continually earn the “Grow” interest, the first day of the following month, you need to transfer out all $70,000 to another account. So, where should you park this $70,000? You may interested on Maybank iSavvy which offer you 2% interest rate. Do take note of the Maybank iSavvy promotion period. Similar to the “Grow” interest, the saving interest is only applied to the incremental balance compare to the previous month of the promotion period.
Take an example of 2% interest, you will earn a total of $118.90 without credit card spending.
By merry-go-round trick, you earned yourself an estimated 2.55% interest every month without credit card spending and lock-in period. The rate beat the Singapore Saving Bond. However, you need to stay close to the promotion period of Maybank iSavvy and to remember transfer in/out the money every month.
I find this trick works well to me because I am not good at investment. Before I can earn a 5% – 20% interest like other experts, this merry-go-round trick doing a good job in helping me save and grow my savings.
You can earn more if you can spend more than $500 on the credit card each month. If so, you can consider about UOB One Account. I just opened the account. I will share more details on it when I start to collect the interest from UOB One Account.