So here are the changes. (highlighted in green)
|The Revised Changes taken from the OCBC website.|
Basically, the main changes which is likely to hit us would be that the existing interest rate from paying your 3 unique bills and your credit card spending would reduce from 1% to 0.5% each! Plus, the requirement for credit card spending would increase to $500!
But it is not all bad news, the OCBC statement briefly mentioned on another 2 conditions which would allow the account holder to achieve additional bonus interest. As quoted from an OCBC spokeswoman, "Customers who satisfy the terms of the two new categories could have their deposits yield an interest of over 3%." There is a rumor going around that one of them is going to be a refinancing home loan requirement. Well, if it is, then I won't be able to fulfill it. :(
This revised changes will take effect from 1st May 2015. I don't know what to make out of the new 2 conditions, but the changes to the existing conditions is definitely not so good news for existing account holders like us. Well, we will see how it goes on 1 May then.