Sunday 17 May 2015

OCBC360 vs UOB One: The Calculator

One of the shortcomings of a blog is that the information shown is static, meaning that while we could discuss guidelines and present charts, these guidelines and charts might not quite apply to everybody's situation. A case in point is the question whether the OCBC360 or UOB One account pays better. Depending on your situation, either one could be better, but guidelines and charts do not quite reflect your situation accurately. Hence, this blog post is a proof-of-concept to create a dynamic web calculator that takes in your input and compute which account is better for you. Having said that, guidelines and charts are still useful in discussing overall situation and dynamic calculators serve as a complement to guidelines and charts.

Interest Rates

First, an introduction of the 2 accounts. Basically, both OCBC360 and UOB One accounts offer higher interest rates if you are able to broaden your banking relationship with them, i.e. if you can credit your salary, pay bills through GIRO, use their credit cards and invest or insure with them, they will offer a higher interest rate on your savings, up to a certain threshold. The details of the 2 accounts are as follow.

Interest Rates of OCBC360 Account

Interest Rates of UOB One Account


However, both accounts differ in the amount of additional interest rates payable for each type of banking activity and for each level of savings. Due to the numerous possible permutations, it is difficult to tell at first hand which account pays better.

Web Calculator

To assist you in computing which account pays better in your situation, I have come up with a basic web calculator. You can access The OCBC360 or UOB One Calculator here.


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