Spin a 360° with your hard-earned cash! OCBC Bank lets you manage all your personal finances under a single roof, and rewards you with high interest rates for saving with OCBC 360 Account – the only savings account of its kind around that also gives you instant online account opening and pre-registration. Show
How does OCBC 360 Account work?Ever wonder why your current bank doesn’t reward you for loyalty? OCBC Bank can’t, which is why they’ll reward you with bonus interest just for performing your monthly banking transactions with your OCBC 360 Account:
Once you add the 0.05% interest base rate, you’ll earn 2.75% interest rate for saving with OCBC 360 Account each month. That’s a better rate than most Fixed Deposits in town! Enjoy this bonus interest rate up to RM100,000 on your average daily account balance. The bonus interest is credited by the 14th working days of the following month. Am I eligible to apply?OCBC 360 Account is open to all Malaysians, permanent residents and non-residents who are 18 years old and above. For non-residents, OCBC Bank may take your country of origin into consideration when applying. How do I apply for OCBC 360 Account?Applying is quick and easy. Just fill in your information and we’ll send you a confirmation email and an SMS. New customers Visit the nearest OCBC Bank branch near you and open an OCBC 360 Account today. Or schedule an appointment when OCBC Bank calls you within 3 workings days when you apply online. All you need is an initial deposit of RM500 to open an account and qualify for our RinggitPlus gift. Remember to bring your NRIC with you (or passport if you're a foreigner) and you’re all set! Existing customers If you have a current account or savings account with OCBC Bank you can also open an OCBC 360 Account by following these three steps: 1. Login to OCBC Online Banking 2. Select "Savings" under the Open an account tab 3. Select "OCBC 360 Account" Don't have an online account yet, no worries! Just go to OCBC Online Banking and register. How safe is my money?Don’t you worry! All deposits up to RM250,000 are covered by the Malaysian Deposit Insurance Corporation (PIDM) for extra security. Keep a minimum of RM20 in your account at all times so it won’t get closed. What are the requirements for 0.90% p.a. Bonus Interest?Each month you’ll earn a basic interest rate of 0.05% p.a. with your OCBC 360 Account. For performing any one or all three of the banking transactions below, you’ll get bonus interest based on the average daily account balance.
Can you explain how the interest calculation works?Each month, OCBC Bank will credit your interest to your OCBC 360 Account to help you earn on your savings. But since you’ll make banking transactions throughout the month – withdrawals and deposits etc., how will the bank determine how much interest to pay you? Introducing the concept of average daily account balance: Anisa who keeps RM10,000 for 29 days in the month of November and deposits RM90,000 extra on the very last day won’t get interest based on the final RM100,000 at the end. Rather the bank will calculate how much was in Anisa’s account on average: Average daily account balance If Anisa qualifies for the special 2.75% p.a. interest rate, she'll earn RM35.75 interest for the month of November! If you’re gonna open a primary savings account in Singapore, you’re most likely going to go with one of the 3 local banks (DBS, UOB and OCBC). But how good is an OCBC 360 savings account for earning interest?Let’s look at the features of the OCBC 360 account to help you assess if it offers the best savings account interest rate. Also, check out how it fares against the competition. OCBC 360 account interest ratesThe OCBC 360 account is a savings account that starts with a low base (0.05% p.a.), but that can potentially give you higher returns if you meet the requirements of its additional categories. For every month that you hit a target, you receive bonus interest. This makes it ideal as a primary savings account — the account where you’re performing the most transactions regularly. Expect to earn bonus interest on the first $75,000 of your account balance if you do any or all of these:
Here is the OCBC 360 account’s bonus interest new structure: Action1st $25,000$25,001 to $50,000$50,001 to $75,000None (base interest)0.05% p.a. 0.05% p.a. 0.05% p.a. Salary credit by GIRO (min. initial deposit $1,800)0.3% p.a. 0.6% p.a.1.2% p.a. Increase monthly account balance (min. $500)0.1% p.a. 0.2% p.a. 0.4% p.a. Insure and/or invest with OCBC (min. amount varies depending on product)0.3% p.a. 0.6% p.a. 1.2% p.a. Insure and/or invest with OCBC (min. amount varies depending on product)0.3% p.a. 0.6% p.a. 1.2% p.a. OCBC 360 AccountBase Interest Rate p.a.0.05% Max. Interest Rate p.a.4.40% Min. BalanceS$3,000 Read More More Details Key Features
How to calculate the realistic interest rate on your OCBC 360 account?When we say realistic, we mean the average person with less than $25,000 in savings who also does not have the financial capabilities to insure or invest with OCBC. If you find yourself in this demographic, the interest rates would be in the lower tier and not very competitive. Assuming you regularly do the following:
You can expect to earn 0.45% p.a. on your savings (including the 0.05% base interest) — or more if you save up enough to get into the second tier. The good thing about OCBC 360 account is that none of the bonus interest actions are compulsory. They are also independent of each other, which is to say if you can only meet the requirement of crediting your salary of at least $1,800, you will still be awarded the bonus interest rate for meeting the requirements of just that category. In addition, the extra 0.1% p.a. for increasing your account balance each month can help motivate you to grow your savings. The OCBC 360 account gives you higher interest if you invest, but…To really maximise your interest rate, you also need to insure or invest with OCBC to bring your interest up. Insuring and investing are two of the higher bonus interest rate earning categories. However, it’s definitely not for small-time investors — this table of the rather hefty minimum investment amounts should give you an idea: Eligible financial productsMinimum qualifying amountRegular Premium Insurance Category 1$4,000Regular Premium Insurance Category 2$2,000Single Premium Insurance $20,000Unit trusts$20,000Structured deposits$20,000Bonds and structured products$200,000In addition, the 0.3% bonus interest for each category is valid only for the first 12 months. For a more accurate projection of interest rates, use the OCBC 360 interest rate calculator on their page. OCBC 360 account vs UOB One accountStructurally, the UOB One account is a little similar to the OCBC 360. Salary credit is not mandatory, so it’s also a good option for the self-employed, freelancers, retirees or people making passive income. There are 3 ways to earn bonus interest:
*Based on the first $15,000. Notice something here? Credit card spending is compulsory for the UOB One account. If you don’t want to be forced to spend that amount every month to earn interest, you’re probably better off with OCBC. Read our review to find out more about the UOB One Account. UOB One AccountBase Interest Rate p.a.0.05% Max. Interest Rate p.a.2.5% Min. BalanceS$1,000 Read More More Details Key Features (adsbygoogle = window.adsbygoogle || []).push({});
Interest RateBase Interest p.a.0.05%Bonus Interest RateOption AUp to 0.25% p.a.Option BUp to 2.50% p.a.HighlightsCitizenship StatusN/AMinimum Initial DepositS$500Minimum Average Monthly BalanceS$1,000Fall-below FeeS$5Monthly Account FeeN/ACashback RateSee all detailsOCBC 360 account vs DBS Multiplier accountIf you’re a salaried worker, the OCBC 360 account’s main rival would be the DBS Multiplier account. As long as your salary credit + POSB/DBS credit card spending add up to at least $2,000, you can earn 0.4% p.a. If you’re spending for your family, that’s a pretty easy target. (If you have a DBS home loan, you can unlock the higher tier which is 0.6% p.a. or more.) That said, the DBS Multiplier account does not reward you for saving more each month. If you don’t draw a regular salary, you can still earn bonus interest with DBS, but you have to either:
Check out our in-depth review of the DBS Multiplier on how to get the most out of it. High Interest Rates DBS Multiplier AccountBase Interest Rate p.a.0.05% Max. Interest Rate p.a.3.8% Min. BalanceS$3,000 Read More More Details Key Features
Interest RateBase Interest p.a.0.05%Bonus Interest RateSalary Credit + 1 transaction categoryUp to 1.30% p.a.Salary credit + 2 transaction categoryUp to 2.80% p.a.Salary credit + 3 transaction categoryUp to 3.80% p.a.HighlightsCitizenship StatusSingaporeans, PRs and ForeignersMinimum Initial DepositS$0Minimum Average Monthly BalanceS$3,000Fall-below FeeS$5Monthly Account FeeN/ANo. of ATMs AvailableWide coverage of ATM islandwide (>2,000)Cashback RateN/ASee all detailsOCBC 360 account minimum balance, fall below fee & moreMinimum age: 18 years old Nationality: Singaporeans, PRs, E-Pass & S-Pass holders Initial deposit: $1,000 Minimum balance (monthly): $3,000 Fall-below fee: $2 (waived for the 1st year) Bonus interest cap: $75,000 Click here for more information and to open an OCBC 360 account. Do you have the OCBC 360 account? What do you think of it? Tell us in the comments! Related Articles7 Best Savings Accounts in Singapore with Highest Interest Rates (2022) Best OCBC Credit Cards in Singapore – Credit Card Reviews 2020 OCBC Securities – A Beginner’s Guide to OCBC’s Investment Platform Tags: OCBC, OCBC 360, Savings Accounts Popular Articles 01 Best Credit Card Promotions: DBS, UOB, Citibank, OCBC (Nov 2022) 02 How to Buy Stocks in Singapore: Start Investing in 5 Easy Steps 03 How to Pick the Best Home Loan for Your Property in Singapore 04 Insurance Singapore Guide — All You Need to Know Before Buying Your First Plan 05 5 Best Personal Loans in Singapore with Lowest Interest Rates (2022) Related Articles Savings Accounts One of the Best Interest Rates in Town (A Realistic 4.65% p.a.)? A Closer Look at the Updated OCBC 360 Account & How Straightforward It Is Savings Accounts Best Savings Accounts in Singapore with No Minimum Balance Savings Accounts 7 Best Savings Accounts in Singapore with Highest Interest Rates (2022) Savings Accounts UOB One Account — UOB Savings Account Review 2022 Savings Accounts DBS Multiplier Account Review — Should You Switch Savings Account in 2022? Savings Accounts Standard Chartered JumpStart Account Review: Interest Rates, Minimum Balance (2022) Savings Accounts Maybank SaveUp Account Review: Is SaveUp Account’s 3% Interest Rate Good? Savings Accounts Bank of China Savings Account Interest Rate – MoneySmart Review 2022 Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences! |
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