5 thoughts on “Earn 3.55% on Savings Account with BOC Saver in Singapore”

  1. Hello Aditya,
    Thank you, as always for your prompt and enlightening response.
    Ditto!
    My fears are the same, however I overlooked the accumulated interest for upto 3 yrs. Amounting to almost 24 %.

    Doesn’t appear to be such a good idea after all.
    I would rather take the simpler meat and potatoes approach and go with an NRE FD.
    Thanks and regards!
    D. S..

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  2. Hi Aditya,
    What’s your opinion on Smart Owner property investment in real estate for NRI or OCI individuals?
    Is legitimate?
    Is it safe? Is it lucrative?
    Do you advise it?
    D.S.

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    1. Hi D. S.,

      I had not heard about Smart Owner before you mentioned it. Did a quick search and it seems like a crowd funded real estate scheme.

      The selling point is getting a property for about 20 to 30% off the market rate but the catch is that you would not know the builder or property till it’s 100% funded (sold). Also you are to pay the amount 100% upfront.
      Logically looking at the structure – a construction takes 2 to 3 years minimum to complete (could take longer) and by paying upfront you are loosing the opportunity of earned interest which would amount to around 16 to 24% @ 8% p. a. So the discount that you get is basically your own earned interest.
      I am personally not comfortable putting in money without knowing the builder or the project and it’s absolutely possible to get 20-30% discount if you approach the builder and pay up the whole amount upfront. So all in all not something I would put my money in.
      Thanks

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  3. Interesting. I am currently having ocbc 360 account. Basically that also gives bonus for salary credit as 1.2% and for 3 payments it gives 0.5%. So ocbc 360 is still better without including credit card spend.

    The BOC card main difference is the credit card bonus of 1.5% instead of 0.5% in ocbc. If you have a balance of max 60k, then annual bonus of credit cards is 900$ so monthly it becomes $90. 90 over 500 spend is like 20% saving on credit card bills which is awesome.

    On the other hand if account balance is like 10k then credit card monthly bonus becomes like 15$. This can be earned from using individual credit card discounts like anz Optimum card has 5% rebate on chosen category. This is my favorite card.

    But nevertheless this is interesting!

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