Referrals that make Cents!

Hi,

So I guess recently there are too many good deals and startups trying to give us money or vouchers when we refer people. So here I am, sharing all my referral codes.

You may copy my article and replace it with your own referral links to help yourself gain some referral perks!

And no, this is definitely not a sponsored post. Im a user myself, and I just want more referral money!

1.Youtrip

Youtrip is an amazing debit card/wallet for you to hold your overseas currencies or to do away with expensive conversion rates. You first topup to your Youtrip wallet and then you can immediately make purchases in their native currency. If you choose to change from SGD to other currencies first(10 to choose from), then it will be charged in that currency. Otherwise, it will be converted real time using Mastercard rates(but without any transaction fees!)

The card can be used in SG as an Ezlink card too! You will need to activate its function.

One good point about it is that you can lock the card via the app when you are not using it, thus improving security from fraudulent charges.

Terms to note:

-         Dormancy fees of $5 if you didn’t use it for a period of 12 months.

-         You may avoid Dormancy by using it as an ATM or Mastercard in SG.

-         Money inside your Youtrip card cannot be taken out as SGD (you cannot withdraw SGD via ATM using this card)

-         ATM charge of $5 or other banks rates when you withdraw cash via ATM overseas.

Referral Link:　 https://youtrip.app.link/JUNG%20HAO%20BENJAMIN35820

Website:      https://www.you.co/en-SG/

2.SoCash

SoCash allows you to draw money at nearby paces that accepts SoCash. Many small convenience shops and Buzz and iWeekly stands actually accepts SoCash withdrawal.

The fun part is that for every withdrawal of $30, you get a rebate of $0.30 on your next withdrawal. In some cases, the rebate can be up to $1. This is essentially free cash!

Terms to note:

-         Must link to DBS ibanking or DBS Paylah

-         Daily only 10 transactions, which means you don’t get a lot of money.

-         The rebate is applicable to your next transaction. For eg, you pay $29.70 via paylah to the shop but the shop gives you $30 cash.

-         One shop max 3 transactions.

-         Its referral program is buggy.

-         Do note that for 7-11 withdrawal, you need to buy stuffs from them.

-         Do note you need to withdraw from shops with the promotions logo.

Referral Link: https://link.socash.io/gwqU818x4U

Website:      https://www.socash.io/

3. Shopback

Shopback is a cashback program. Simply login to Shopback, then go to the site you wanna buy stuffs from via Shopback. It takes very long before you can cashout($40). However, if you are buying a lot of hotels and air tickets via hotels.com or expedia, then reaching the $40 is pretty quick!

Term to note:

-         You have to clickthrough its website

-         You have to clickthrough its app if you using a mobile version. This is extremely irritating because the app will bring you to website version of the shopping site instead of app version. (For eg, you have to use a web version of qoo10 instead of app version in order to get cashbacks)

-         You can only cashout at $40.

-         The period to wait is as long as 180 days upon conclusion of deal.

Referral Link: https://www.shopback.sg/?raf=cAoRrR

Website:      https://www.shopback.sg/

4.Grab

Holy cow. If you don’t have Grab, you are either new to Singapore, have not had a smartphone, or are a technophobe.

But nowadays, many new and free sim cards. Maybe you wanna use my referral code instead of your own?

Referral Link: https://r.grab.com/grabi7jgdqn1

Website:      https://www.grab.com/sg/

5.Shopee

The hottest online shopping platform doesn’t need much of an advertisement. This is indeed one of the best shopping app in the market, where you can get literally everything you need at a click of a button.

Terms to Note:

-         If you intend to use it as a Seller, you now need to pay I think 2% of your selling price to Shopee.

-         They have a lot of rules for sellers, but for buyers, its pretty good.

Referral Link: https://shp.ee/cwwfqvi

Referral Code: NEBAM22

Website:      https://shopee.sg/

6. DBS PayLah

I am utterly surprised if you don’t have this or don’t know about its existence. PayLah is one of the more widely accepted e-wallet simply because DBS is king of SG. Every kid used to own the squirrel bankbook that encourages savings. With Paylah, it encourages spending, but in a digital way!

No more referral program L

Bank of China Smart Saver Account

Hi,

Disclaimer:
I am not finance person, and i do comparison purely from what i have read from the site.
Please do correct me if i have my facts wrong.
To know more about my background, you can click here.

So there is a new savings account in town that seemed to be a little late to the game.
I would like to state that is a very good comparison article here from investment moats.

To learn more about my previous comparison of UOB and OCBC, it is here 

This new offering from Bank of China is pretty similar to the old criteria of OCBC, only that it is higher in interest in some parts.



I can tell you straightaway without calculations, this account gives you higher and better % if you are able to hit the criteria. For very basic amount of less than $5000, you will already have 1.55%+1%+0.6%+0.25% = 3.4%. And it gets better when you have more money.

Its criteria are simple,

• $500 charged across any credit card  OR debit card from BOC. 
• At least $2000 salary credited
• pay 3 bills using this account

While the rest of the bank requires you to use their Credit Card to get the reward, BOC allows you to use Debit Card to do so. Why is this awesome you may ask. There are some friends of mine who refuses to use Credit Cards simply because they are afraid to overspend or owe the bank money. I used to be like them until i got sucked into the promise of awesome rebates.

This account is also a Multi Currency Savings account. It doesn't mean much to me, but in basic, it means that all your statements in many different currencies would be consolidated. It would be useful for people who have many different currency dealings with the bank.

Last but not least, even if you do not meet any of these criteria, and simply wants an account to put your savings, its base interest of 0.25% to up to 0.4% is pretty awesome. 

But before you start to jump over due to these seemingly awesome rewards, let me caution you on a few lifestyle change.

Ibanking

I have no idea why, but when i am looking for Bank of China's Ibanking webpage, I chanced upon 2 of it. While i am not sure if both are legit, or 1 of them is a phishing site, do note that you require to install some special software before you are able to login to the site. This might not be a big deal to you, but do note that if you want your 0.6%, you need to use this to do your 3 online transactions.

And this site is not really Mobile Friendly, which brings me to...

 

Mobile Banking

I did a basic search on Google Play Store and i realised they do not have an Mobile Banking App. I am a current OCBC user and that app is pretty much what i use to make my 3 transactions, to keep track of my credit card spending, and to check how much i have left in that account. So if you depend on your Mobile Banking app quite a bit, i suggest you think through your decision to change over to BOC.

Lack of ATM

This is also an obvious problem for me if all my pay goes to this account. I would not have any ways 

to get the money out when i urgently needs it and i can only depend on a bank transfer via FAST to another bank account via a Computer (note: mobile banking is pretty problematic), then go to ATM of this other account.

Credit Card Rebates
This is dependent on your lifestyle and whatever that suits you. Being a foodie who always out to eat with Chiwawa, Rebates on dining and grocery shopping is my top priority. Hence, I would say BOC credit card didnt quite catch my attention. So it is a calculation of if switching over and clocking $500 on a BOC credit card with minimal rebates but high interest more worthwhile, or if your rebates and discounts are more worthwhile.
Of course, if you are able to easily clock $500 on this credit card without affecting your other rebates, then this would not affect you. One good way to do so is to pay insurance bills.

As a card user, I so far did not encounter any BOC card only deals(or maybe i just didnt realise).


In conclusion...
This might be a little late to the game despite having some pretty good interest. Many are already a happy user of OCBC or UOB, i doubt they would make the switch simply due to the lack of promotion of this account and the lack of presence of BOC. But if you are from China, or visits China often, then this is a good account for you to park your cash!

Also, the lack of facilities would be a problem for frequent bank services users.

A summary for the risk adverse

Disclaimer:
Personal views are being portrayed in this posts.It might not be the absolute fact, and I have no professional background in this field.

This is my personal analysis and it is only valid at the time of writing. When the market have other newer and better products coming out, others might be better.
Do your own due diligence.
To know more about my background, you can take a look here.

Hi,

With the release of Singapore Saving Bonds coming this Oct 2015(able to start bidding at Sept 2015), banks have been raising its Fixed Deposit interest rates. They come in the form of SG50 promotions, free $$ for every $x amount deposited etc.

So here are my short analysis on where should the risk adverse (AKA non risk takers) put their money. Of course, this isnt a perfect guide as I have not included any financial products or policies in my comparison, so Financial consultants and bankers, dont flame me.

The Banks Fixed Deposit
Source: http://www.straitstimes.com/business/economy/banks-here-offering-higher-fixed-deposit-rates#xtor=CS1-10


Interest rates for banks are indeed going upwards, with some kopitiam uncles and facebook lurkers saying that it might even hit 2% later this year with all the #SG50 ending hype and pressure for more fresh funds for the New Year and CNY. 

One of the notably better ones among all these is the CIMB why wait promotion which will end on 30th Sept. The amount of 1.9% looked sexy, but that is a big UP TO. Which mean, you need to first have a shitload of cash to be locked down for a year, to get such high interest rates.

The Pros:

1. It is offering very good rates now, as compared to previous times. It is fairly low risk even if you put in Foreign Banks like CIMB. These banks still have pretty good ratings, and soon more banks would follow suit in order to gain customers.
2. Definitely better than keeping those money under your bed. 

The Cons:

1. Most requires a minimum of $30k to get such sexy rates. 
2. A lockdown of 1 year(or longer), meaning if you take out within a year, there goes your interest.

The Special Savings Account

With products like OCBC 360 and UOB one giving very good interest rates(up to 3.33%), surely keeping money in the bank is better right?
I have a blogpost regarding this 2 here.




The Pro:

• A seemingly higher interest than all those FD and SSB. Full flexibility with your cash as interests are counted and paid out on a monthly basis.

The Con:

1. Criterias to meet. Miss them and there goes your interest. 
2. No stability in terms and conditions. The recent change in OCBC 360 criteria tells you that they can change the criteria or scrap the program totally any time they like. As such, in the long run, you might lose your interest. 
3. Capped at $50k SGD, which means your interest earnings are very limited. 

Singapore Savings Bond

I will not say that I am very proficient in this bond, as this is a fairly new thing for me as it seemed difficult to understand. But from all useful articles, one of them from MAS themselves, did says that this bond is allows you to get interests depending on how long you put your money there, up to a max of 10 years.

The Pro:

1. Risks free- the only risk is SG govt going down, which might happen if election goes haywire or neighbouring region goes into war and such, which would also affect the above 2.
2. Allows small investors to start saving; starts at $500 per allocation.
3. Able to draw out any time you like(on a monthly basis), and interest will be paid in accordance to how long you have left your money in the bond, pegged to SGS rates.

The Cons:

1. $2 admin charge per bid, and you might not get the allocation you want. Hence to reach a $100k portfolio, which is the cap, would cost you a few $2. 
2. Interest rate will only be good if you left your money there for the full 10 years. If you withdraw it prematurely, the interest rates might still be lower than putting FD.
3. Capped at $100k

I have also read that you can put your extra cash into CPF via SA and the rates are godly. However, to my understanding, any money into CPF would mean it would be locked until you can use it when you retire.

As I am unsure of this CPF scheme, it will not be added into this discussion.


Thank you and hope this helps you understand something about the "plans" available for people who prefer low risk portfolios.

Regards
Benjamin Chai

OCBC 360 Account VS UOB One Account

Disclaimer:
Personal views are being portrayed in this posts.
It might not be the absolute fact, and I have no professional background in this field.
To know more about my background, you can take a look here.


Hi,

I have recently heard about a new Banking Service that is as good, if not, better than the OCBC 360 account. It is known as UOB One. There are already some articles, like those from Investment Moats

The new OCBC 360 account boasts it "just got better". Personally, it just got more confusing and harder to hit the higher interest tiers.
To read its original source, it can be found here.

So what does this mean?

1. Credit your salary of at least $2k SGD through GIRO
Simple enough. Ask your company to pay you through GIRO to your OCBC account. But if your company doesn't use the GIRO system? No more 1.2% per annum!

2. Pay 3 bills online or through GIRO
This is quite easily done with all those bills hanging around. However, it was a downgrade from the previous system(1% previously to 0.5%)
You can pay your credit cards bills with this account and it counts as 1 bill. This will be helpful since 1 credit card is considered as 1 bill. So if you use all 3 OCBC credit cards, you can easily hit this criteria.
For myself, I would try to use 3 different cards just to get this, since i credit my phone bills to one of my cards for points and rebates.

3. Spend at least $500 on OCBC Credit Cards
This is something better than before if I intepretely correctly. Previously, I remembered it as $400 on 1 card. Now, it says $500 on OCBC Credit Cards and its FAQ states:

"You just need to spend a minimum of S$500 across your OCBC Credit Cards (examples of eligible cards are 365, Titanium, Platinum, FRANK, Robinsons, Plus! and Best Denki)."

This gives you flexibility to choose your favorite card to make dealings, instead of trying to clock the amount on one card.

BUT.
Do note that some cards requires a minimum amount to get the rebates, like you requires 600sgd spendings on OCBC 365 cards to be entitled 3% weekday dining rebates and 6% weekend dining rebates.

4. Insure or Invest to get 1% bonus for 12months
NOT all insurance or investment plans gives you this 1%. Hence this 1% is pretty hard to achieve. You can understand more from its FAQ

5. Increment your balance from previous balance
While all other clauses pays until $60k, this clauses pays until 1million SGD.
It counts your monthly average and compares it to your previous month average. The amount differences will then be given 1% per annum.
So to see substantial amount of money from this 1% monthly, the increment in difference must then be quite big.

6. It is capped at 60k.

Unlike OCBC 360 with seemingly achievable clauses, UOB One is a lot more simpler.

1. Spend on UOB One card or UOB Direct Visa Debit Card
2. Credit a minimum of $2k pay via GIRO OR perform 3 GIRO debit transaction
The point to note is that GIRO transaction is not online transaction.

And this would mean that, if you credit your pay to your bank account, but do not meet the $500 spending limit, you do not get any interest(apart from the 0.05%)

This table would tell you how much interest you would get.
Read it carefully.
First 10k is 1.5% (0 to 10k)
Next 20k is 2.00% (10001 to 30k)
Next 20k is 3.33% (30001 to 50k)
Capped at 50k.

First 10k will get you 1.5% which is 150sgd.
Next 20k will get you 2% which is 400sgd.
Final 20k will get u 3.33% which is 666sgd.
It is capped at 50k for this account.


So which one is better?
Considering OCBC 360 to be able to fulfill the salary, credit card and 3 bills components, you would be awarded with only 2.25%(1.2% from salary, 0.5 each from CC and bills, and 0.05 basic)

Calculation 1
Since it is capped at 60k for OCBC, we will calculate to 60k.
2.25% *60k would be 1350SGD.

As for UOB One would be
150+400+666+50 = 1266.

Calculation 2
if we were to calculate to only 50k...
OCBC would be:
2.25% of 50k would be 1125

As for UOB One..
150+400+666 = 1216!

Now, this is a substantial difference!

To compare in specific cases:
If you have less than 30k in your bank, OCBC 360 would seemed to pay you better interest because the 2.25% is consistent, unlike UOB One being tiered.

Also, UOB One accounts only allows the usage of UOB One card, which is a pretty awesome card. But because of that, there is a severe lack of flexibility, unlike OCBC 360.

However, the key thing about UOB One is simplicity. It is easy to understand and achieve, unlike OCBC 360, there are 3 clauses to cater for and achieve.



In conclusion,
If my calculation is to be trusted, UOB one is for people with above 30k but below 50k, or does not have 3 bills to pay.
Otherwise, IMO, OCBC 360 is still the best for general savings account!

Regards
Benjamin Chai