OCBC 360 savings account

I couldn't believe it when I saw the advertisement for this savings account offered OCBC. You get 3.05% interest p.a. on up to $50k of the amount in your savings account.

For those who wonder if 3.05% is high, consider the following,

1. Matches close to the average inflation rate in Singapore. It's no longer valid to say that your savings get eroded away due to inflation by leaving it in the bank.
2. Higher than all the time deposits' interest that I know of, has no lock-in period and requires a minimum balance of just $3000 (the fall below fee is even waived for the first year).
3. Interest is close to the dividend yield of the STI index.
4. Matches some of the high grade corporate bonds. A recent example is Capitamall Trust bond which was 2.8 times oversubscribed, has a 3.08% coupon payment, and maturity period of 7 years.
5. The interest rate is risk-free, as the first $50k deposit is guaranteed by the Singapore Deposit insurance Corporation (SDIC).

The requirements to get the 3.05% interest rate are

1. Credit at least $2000 of your salary monthly
2. Spend $400 on OCBC cards monthly
3. Pay any 3 bills online monthly

If you meet the above 3 requirements, it's a no brainier to open this account immediately. I wonder how long such a good deal will last.