小胖's Money Management Tip #1

Since July 2015, 小胖's salary is automatically deposited into his OCBC 360 Savings Account, where he advocates 50% of his take-home salary into his spending account.

This 50% which he advocates into his spending account monthly are split into the following:
a) Parents' allowances: $370
b) Phone bills: $70
c) Transport: $100 (小胖 is too poor to afford a car...)
d) Remaining: ~$500 is used for food, daily expenses and dating funds

Funds in his OCBC 360 Savings Account now becomes part of his warchest for better opportunities in the market. In order to "preserve" the funds in this account, he does not apply for an ATM card, and tries to fulfil the required terms in order to maximise the interest returns on his savings.

The required terms as follows:
a) Crediting of his salary of at least $2000 [1.2%]
b) Pay any 3 bills online OR via GIRO [0.5%]
c) Spend a min. of $500 on any OCBC Credit Card [0.5%]
d) Insure or invest via OCBC platforms [0.5%]
e) Incremental Balances [additional 1%]

小胖 is only able to fulfil a, b and e. Using this as an example, if he has $10,000 in his account (and his incremental balance is $1,000), he is able to amass ~$15.69 monthly from his savings (inclusive of 0.05% base interest).

Find out more about the OCBC 360 Savings Account here!