The Two-in-one Account is a BOCOM smart RMB wealth management product that provides Pacific Card holder with the benefit of automatic transfer of surplus savings (at least RMB 50,000) to a call deposit account from your preset current account which is maintained with a deposit of at least RMB 5,000. This saves you the trouble of repeated transfers between your call deposit and current deposits and may give you the chance to enjoy a 1.62% yield from the call deposit, while offering you with capital liquidity and providing added value to your saving in a care-free manner.
The double benefits available from a single account allows you to “kill two birds with one stone”:
One account (Pacific debit card), two interest rates, you can enjoy both the convenience of current deposit account and the more favourable returns of a call deposit account
Flexible withdrawal: money transfer can be done anytime and anywhere. You can withdraw savings from your Two-in-One current account anytime, and call deposits can be transferred as desired to current deposit via BOCOM service hotline 95559 or at BOCOM counters.
Timely notification of capital movements in your account (this feature can be ignored for branches not providing this service)
BOCOM provides free Bank-Credit Link services for customers with a Two-in-One Account” to keep you well-informed of capital changes in your account.
Weekly interest payment offers you a rapid yield:
The Two-in-One account has a financial management cycle of 7 days. The interest on your principal is calculated on a weekly basis with both the principal and the interests accumulated automatically brought forward to the next period.
A Mr. Zhang has a principal of RMB 500,000 deposited in his current account and has not used it for a month.
1. Before Mr. Zhang opened a “double-benefit financing account”, his interest revenue would have been: 500,000*0.72% (annual interest rate for current deposits) / 12*0.8 = RMB 240.
2. But after Mr. Zhang has opened his Two-in-One Account, suppose he decides to maintain RMB 10,000 in his current deposit account, his interest revenue would be (exclusive of the compound interest factor):
10,000*0.72% / 12*0.8 + 490,000*1.62% / 12*0.8 = RMB 534.
The difference between the two scenarios is: 534 – 240 = RMB 294. This means the Two-in-One Account earns RMB 294 more for Mr. Zhang in just one month, implying 2.225 times the return arising from ordinary current deposit accounts.
When pre-setting the balance of current account under the Two-in-One Account scheme, clients are reminded to maintain sufficient balance to cover their payment obligations . Customers are liable to any loss or penalty interest costs arising from the default of their accounts agent payments, repayment of loans, repayment of overdrafts from credit card or quasi-credit cards due to the insufficient funds maintained in their current accounts.