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OCBC 360 vs UOB One account - Are you still optimizing these accounts?

OCBC 360 and UOB One have have changed their interest rates, and the requirement to meet maximum interest for quite a number of time since I've signed up on them. Honestly, I have lost track of what's required of me until recently. 

I got charged an annual fee for OCBC  Plus! Visa credit card recently. Like everyone, I immediately  tried to apply for waiver. I tried online and was  immediately rejected, so I tried via phone and was rejected as well. The automated call also advise me that it will not be reviewed.

So...

I called up the bank to ask why. And I did. And I realize why... I didn't meet the annual minimum spend. Turns out, I need to spend $2500 per year for the annual fee to be waived.  So I requested to cancel the card, and the annual fee will not be charged if I cancel. Of course I cancelled it. And, I have no more credit card with OCBC.

Do I need a new credit card with OCBC? I took a look at OCBC 360 account and realized credit card spend is no longer a requirement for higher interest. YEAH - though I realized the interest had dropped quite a lot since I last saw it. Anyways, since I credit my salary, which also result in an increase in balance of more than $500 each month in that account, I'll get about 0.98% p.a for the first $75000 according to this website.  This yield more interest than the recent Singapore Saving Bonds' interest (if you consider the first 6 years).

Then I went to check my main credit card - UOB One. I consolidated most of my spend on the UOB One credit card as I wanted to get my UOB One interest and the cashback. I recalled (in my memory) that the $500 minimum spend was the first requirement for higher interest, which was why I spent more on that card. This still remains - see here for detail.  I also made 3 giro applications with UOB One, so I got an EIR of 1% for the first $75000 for now. 

Will I go an extra mile for this interest? If the interest is 3%, maybe I will. But at the current interest rate, the bank account is just something for me to park my spare cash. I won't try to meet minimum spend on my credit card as well unless I'm just close to $500. If you get at most $75 per month of interest, you don't need to spend more than that right? 

The interest amount is a good to have. But at my current stage of life, they don't change my life enough to make me spend time and effort on this. 

I wonder when I will check the interest rates of these accounts again. 

It's Friday. 

Have a good weekend.





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