Leveraging on Banks to earn more interest!

In my previous post, we spoke about generating passive income to give us additional cash at the end of every month.

Recently, OCBC had an update of their OCBC 360 Account.

OCBC 360 Updates

This updates will only kick in on the 1st of November 2018. What this means that you can potentially earn 30% more interest compared to putting it into CIMB FastSaver.

To illustrate this, I came up with a google sheet! This sheet will enable you to do a rough calculation of how much interest you can earn up to.

Being the lazy person that I am, I opt for the simplest way to earn money without spending it. Hence, you'll find the I have made an assumption that I won't be doing the following:

1. Credit Card Spending - I know we have to spend our money, but for illustrative purposes, we'll leave this out. I don't like to spend money to earn money.

2. No Salary Crediting

3. No Insurance Products

The idea of this is to give you a better picture of what is available out there, to let your money grow, without you lifting a finger to do anything(other than depositing some money into the account on a monthly basis.)

Hope you guys enjoy the google sheet!

Disclaimer: I'm not a financial adviser nor qualified to give financial advise. I'm sharing my experience with these platforms that I have been using. In every financial investment that you take up, always Do Your Own Research (DYOR) and never invest more than you can lose.