Dear readers, yesterday I posted about how the current promotion of OCBC: the OCBC Prosperity Saving Account offers the applicant with an effective return of 2.20% per annum. You could read the post here . Today, I will share with you how one could achieve an effective return from OCBC Prosperity Saving Account that is more than the 2.20% per annum effective return!
Let me just take a simple scenario of a saver who put in $10,000 in the OCBC Prosperity Saving Account. With the deposit of the $10,000, OCBC would give the saver $110 NTUC Fairprice vouchers provided the funds are retained in the prosperity saving account for at least six months. The above translates into an effective return of 2.20% per annum.
So you must be asking if the case is as above, how does one achieve the already provided-for 2.20% per annum from OCBC Prosperity Saving Account?
It is simple; let me explain using a scenario again. Let say you have this $110 NTUC vouchers arising from the OCBC Prosperity Saving Account which you would want to spend on some groceries valued at a total of $110. Let us say, you decide to buy the groceries when the groceries are having a discount of 10%. Then that means to say, with the $110 NTUC vouchers, you could be in fact buying groceries valued at $122.20. That means to say, you effectively realize $122.20 of value from saving the $10,000 in OCBC Prosperity Savings Account and that means a 2.44% per annum effective rate of return from OCBC Prosperity Savings Accounts!
The more discounted goods you use your NTUC Fairprice vouchers on, the larger the effective return you realize! Join the emailing list to receive regular Financial and Singapore stocks newsletters too! Like" me on Singapore Stocks Investing Facebook page to receive all posts on your Facebook as well as read more articles. Follow me on Twitter too.
