What do I get from OCBC Booster Account savings account?
OCBC Booster Account savings account intends to help you earn a higher return on your savings. When you successfully opened this account, you will enjoy access to basic banking facilities.
That's not all, you will be entitled to MEPS fee waiver for the first 2 withdrawals every month. Also, there is no holding period on funds!
The highlight is, you get 2 types of interest rates:
- Base interest of 1.90% p.a. for savings upward of RM30,000 and
- Wealth bonus of 1.20% p.a. on the first RM50,000 of account balance
This would amount to a Total Interest of 3.10% p.a.
How is the base interest calculated?
For the base interest of 1.90% p.a., it will be calculated based on your account's day end balance. The catch is, you need to maintain a balance of at least RM30,000.
This interest will be credited to your account at the end of the month.
How do I qualify for the wealth bonus?
To qualify, you need to invest in OCBC's wealth products with a minimum amount. This wealth bonus will be accorded for 6 months.
Once you have redeemed your wealth products, you may still continue to get a wealth bonus of 1.20% p.a. on your first RM50,000 of your account balance.
How can I earn a Total Interest of 3.10% p.a.?
As an example, if you open a new Booster Account, maintained a day-end account balance of RM30,000 since opening and qualified for the 6-month Wealth Bonus, the Effective Interest Rate for 6 months is 3.10% p.a.
Is my money in OCBC Booster Account protected under PIDM?
Absolutely. Your money in OCBC Booster Account savings account is protected under PIDM for up to RM250,000.