$54 Promotion by OCBC

There is a new ongoing promotion by OCBC bank:

OCBC Passbook and Statement Savings Accounts

Get S$54 cash credit with every S$5,000 in fresh funds deposited in an OCBC Passbook or Statement Savings Account, with no limit. Funds deposited must be maintained for 7 months.

Promotion is limited and ends 31 August 2019. Terms and Conditions apply. Insured up to S$75,000 by SDIC.

Source: https://www.ocbc.com/personal-banking/accounts/campaign/national-day-2019.html

This is effectively a 1.85% p.a. interest, which is quite decent. This may be a good time to open an OCBC account for those who are interested.

Working: 54/5000 x 100% /7 x 12 = 1.85%

There is another promotion ongoing at the same time:

Open your first OCBC Statement Savings account and
get S$20 cash credit.

Promotion is valid for Singaporeans and PR who open an OCBC account from 1 August – 31 December 2019. Limited to first 600 customers per month.

Source: OCBC