OCBC Bank, NTUC FairPrice and NTUC Link have jointly announced a special ‘birthday present’ for National Trades Union Congress (NTUC) members. To celebrate the 50th anniversary of Singapore’s independence, these members will earn higher interest rates of up to 1% p.a. on their NTUC-OCBC Starter accounts – and reap more savings when using their NTUC Plus! Visa Cards – for the period of 1 March to 31 December 2015.
The NTUC-OCBC Starter Account is part of a suite of banking products and services offered under the Plus! Programme, a collaboration between OCBC Bank, NTUC FairPrice and NTUC Link. Unlike most savings accounts in the industry, the NTUC-OCBC Starter account does not require the NTUC member to deposit a minimum amount to open the account, or maintain a minimum account balance.
The Plus! programme is a loyalty programme offered by NTUC Link, created in line with the NTUC family’s objective of bringing more relevant privileges and benefits to union members and customers of NTUC Social Enterprises.
Pioneer Generation NTUC Members
Pioneer Generation NTUC members (born in 1949 or earlier) will automatically earn a higher base interest rate of 0.5% p.a. on their balances in their NTUC-OCBC Starter accounts from 1 March to 31 December 2015 in recognition of their contributions over the years.
They will qualify for a bonus interest rate of 0.5% p.a., making for a total interest rate of 1% p.a., if they charge S$400 or more to their NTUC Plus! Visa Credit/ Debit Cards anywhere else other than at FairPrice, FairPrice Online or Unity stores.
Close to 15,000 NTUC members belong to the Pioneer Generation.
The table below gives an overview of the interest that Pioneer Generation NTUC members can earn.
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Interest
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Conditions
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Base Interest
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0.5% p.a.
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With an account balance of up to S$500,000; the account holder need not fulfil any condition.
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Bonus Interest
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0.5% p.a.
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When the account holder spends S$400 or more Visa transactions using his NTUC Plus! Visa Credit / Debit Card every month anywhere other than at FairPrice, FairPrice Online and Unity Stores
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Maximum Interest
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1% p.a.
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All Other NTUC Members
All other NTUC members will earn higher interest rates of up to 1% on their NTUC-OCBC Starter accounts by fulfilling any one of the following two conditions.
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Conditions
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Interest
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When account holder spends between S$200 and S$400 (not inclusive) Visa transactions using his NTUC Plus! Visa Credit/ Debit Card every month anywhere other than at FairPrice, FairPrice Online and Unity Stores
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0.5% p.a.*
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When account holder spends S$400 or more Visa transactions using his NTUC Plus! Visa Credit/ Debit Card every month at anywhere other than FairPrice, FairPrice Online and Unity Stores
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1% p.a.*
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*Capped at the first S$500,000 of the account balance
If these members do not meet either of the above conditions, they will earn the following interest rates:
· Earn 0.2% p.a. for account balances of up to S$50,000
· Earn 0.4% p.a. for account balances of S$50,001 to S$500,000
Higher Card Rebates at FairPrice for All NTUC Members
On top of the higher interest rates, NTUC members (regardless of age) can reap higher savings of 10% (previously 9%) through a combination of FairPrice annual cash rebate and LinkPoint rebates for purchases at FairPrice when they pay using their NTUC Plus! Visa Credit/ Debit Cards.
To enjoy this higher rebate, NTUC members need only to inform their Human Resource departments to credit their salaries to their NTUC-OCBC Starter Accounts. The minimum salary to credit is S$1,000.
Mr Desmond Tan, Head of Group Lifestyle Financing of OCBC Bank, said: “As one of the longest established Singapore brands, we want to recognise those who have contributed to the growth of our nation in the past 50 years. Together with our partners, NTUC FairPrice and NTUC Link, we decided to pay tribute to our NTUC members, especially the Pioneer Generation, who have played significant roles in Singapore’s economy.”
He added: “The NTUC-OCBC Starter account has always been a popular savings account amongst the NTUC members due to its higher interest rate and the absence of service charges. With this increase in the interest rate, I’m sure the members will like this jubilee gift we have prepared for them.”
Commenting on the partnership, Mr Vivek Kumar, Secretary of the NTUC Membership Council, said: “Indeed, union members and leaders have played a key role in our nation building over past 50 years. As we celebrate SG50, this new initiative with OCBC Bank is our unique way to say ‘Thank You’ to every NTUC member, so they can earn more on their deposits and save more on their daily essentials. NTUC members can also look forward to more rewarding treats this year!”
Besides collaborating with OCBC Bank to provide union members with higher interests on their savings and greater discounts on their spending, the Labour Movement has also rolled out various initiatives over the years to help members stretch their dollars. “Almost 20,000 union members will receive their unique annual U65+ rebates this year under the U65+ Programme, which was rolled out in 2012 to show appreciation to our loyal, pioneering union members,” added Mr Vivek.
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