With the rise in the SIBOR rates, comes the rise of deposit rates as well, and OCBC is not a stranger to this, with their 360 Account. UOB however, has just launched a competing product, and apparently there is much debate between the two of these accounts online. Let’s take a look at both accounts in detail, given my personal expenditures and spending.

UOB One Account

This is rather simple to calculate, and given my monthly spending on credit cards to be clocked at slightly above $300, this isn’t a good option for me, unless I can hit $800 spend a month, as the $500 spend a month doesn’t hit the next spending tier of the UOB one card, in order to maximize the returns for signing up with UOB.

Total interest rate that I can get: 0.05% p.a.

OCBC 360 Account

This is also rather simple, as I am eligible for just two “bonuses” – 1.2% if I use salary crediting, and 1% on incremental account balance.

Total interest rate that I can get: 2.2% p.a.

Given these two accounts, I would lean towards the OCBC 360 account, if it weren’t for my GIRO arrangements with POSB. Perhaps I could just set up the account to clock the 1% incremental increase, but a better product would be CIMB’s StarSaver account, with it’s 0.8% p.a. on every $100 increment. I’d lose out on 0.2% p.a., but I wouldn’t have to worry about having $3,000 when the minimum monthly balance fee waiver ends after one year.