If you’re looking for a high-interest savings account, the OCBC 360 Account may be the perfect fit for you. This account offers a range of benefits that can help you maximise your earnings and make the most out of your savings. In this article, we’ll explore the best benefits you can enjoy with this account and how you can unlock them.
One of the key features of the OCBC 360 Account is its base and bonus interest rates. The account offers a base interest rate of 0.05% per annum on your account balance, which can be increased by meeting certain criteria. For example, you can earn bonus interest rates by crediting your salary, saving and increasing your account balance, purchasing insurance, or investing with OCBC. We’ll dive deeper into these criteria and how you can meet them to maximise your earnings.
In addition to its interest rates, the OCBC 360 Account also offers a range of banking features and benefits. These include cashback rewards, fee waivers, and access to exclusive promotions and deals. We’ll explore these benefits and how they can help you save money and get more out of your banking experience.
Key Takeaways:
Unlocking the OCBC 360 Account
If you’re looking for a high-interest savings account that rewards you for good financial habits, the OCBC 360 Account is a great option. Here’s what you need to know to unlock the benefits of this account.
What Is the OCBC 360 Account?
The OCBC 360 Account is a savings account that pays you bonus interest when you do any of the following:
- Credit your salary through GIRO/PayNow via GIRO
- Save and increase your account balance
- Charge at least S$500 to your OCBC credit card
- Insure with OCBC
- Invest with OCBC
The account has a tiered interest rate structure that can earn you up to 4.65% p.a. bonus interest on your first S$100,000 of account balance.
Opening Your Account
To apply for an OCBC 360 Account, you will need to provide the following documents:
- NRIC or passport
- CPF statement (if applicable)
- Bank statement (if applicable)
The minimum initial deposit for the account is S$1,000. Once you have opened your account, you can start unlocking the benefits of the OCBC 360 Account.
Overall, the OCBC 360 Account is a great option for those looking to earn high interest rates on their savings while also building good financial habits. With its tiered interest rate structure and various bonus categories, you can earn more interest on your savings and achieve your financial goals faster.
Base and Bonus Interest Rates
If you are looking for a savings account that offers competitive interest rates, then the OCBC 360 account could be the perfect choice for you. This account offers both a base interest rate and bonus interest rates that can help you maximise your savings.
Understanding Base Interest
The base interest rate is the interest rate that you will earn on your account balance without having to do anything extra. Currently, the base interest rate for the OCBC 360 account is 0.05% per annum on the account balance. This means that you will earn interest on your account balance regardless of whether you meet the requirements for bonus interest.
How to Earn Bonus Interest
To earn bonus interest on your OCBC 360 account, you will need to meet certain requirements. There are five categories of bonus interest that you can earn: Salary, Save, Wealth (Insure), Wealth (Invest), and Grow. Each category has different requirements that you will need to meet to earn bonus interest.
The Salary category requires you to credit your monthly salary of at least S$1,800 through GIRO or PayNow via GIRO. If you meet this requirement, you can earn up to 2.00% bonus interest on your first S$75,000 of account balance.
The Save category requires you to maintain an average daily balance of at least S$200,000 in your OCBC 360 account. If you meet this requirement, you can earn up to 0.40% bonus interest on your first S$100,000 of account balance.
The Wealth (Insure) category requires you to purchase eligible insurance products from OCBC Bank. If you meet this requirement, you can earn up to 1.20% bonus interest on your first S$100,000 of account balance.
The Wealth (Invest) category requires you to invest in eligible investment products from OCBC Bank. If you meet this requirement, you can earn up to 1.20% bonus interest on your first S$100,000 of account balance.
The Grow category requires you to maintain an average daily balance of at least S$200,000 in your OCBC 360 account and to invest in eligible investment products from OCBC Bank. If you meet these requirements, you can earn up to 1.20% bonus interest on your first S$100,000 of account balance.
By meeting the requirements for bonus interest, you can earn up to 4.65% p.a. on your first S$100,000 of account balance. This is a highly competitive savings account interest rate that can help you maximise your savings.
Overall, the OCBC 360 account offers a realistic interest rate that can help you grow your savings over time. With a combination of base interest and bonus interest, you can earn a competitive interest rate on your account balance and enjoy the benefits of a savings account that is designed to help you save more.
Maximising Your Earnings
If you are looking to maximise your earnings with the OCBC 360 Account, you can take advantage of various bonuses that are available to account holders. These bonuses can be earned by crediting your salary, making payments and spending with your OCBC credit card, increasing your savings, and investing and insuring with OCBC.
Salary Credit Bonus
By crediting your salary to your OCBC 360 Account, you can earn up to 1.2% p.a. bonus interest on the first S$35,000 of your account balance. This bonus interest is in addition to the base interest rate of 0.05% p.a. that you earn on your entire account balance. To qualify for the salary credit bonus, you need to credit a minimum salary of S$1,800 to your 360 Account every calendar month.
Payment and Spend Bonus
If you spend at least S$500 on your OCBC credit card, you can earn up to 0.6% p.a. bonus interest on the first S$35,000 of your account balance. This bonus interest is in addition to the base interest rate of 0.05% p.a. that you earn on your entire account balance. You can use any of the following OCBC credit cards to qualify for the payment and spend bonus: OCBC 365 Credit Card, OCBC Titanium Rewards Credit Card, OCBC Platinum Credit Card, or OCBC FRANK Credit Card.
Increase Savings with Grow Bonus
By increasing your account balance with your OCBC 360 Account, you can earn up to 1% p.a. bonus interest on the first S$70,000 of your account balance. This bonus interest is in addition to the base interest rate of 0.05% p.a. that you earn on your entire account balance. To qualify for the grow bonus, you need to increase your account balance by at least S$500 compared to the previous month.
Invest and Insure Bonuses
By investing and insuring with OCBC, you can earn up to 3.2% p.a. bonus interest on the first S$70,000 of your account balance. This bonus interest is in addition to the base interest rate of 0.05% p.a. that you earn on your entire account balance. You can invest in any of the following OCBC investment products to qualify for the invest bonus: Unit Trust, Structured Deposits, or any other OCBC investment product. You can insure with any of the following OCBC insurance products to qualify for the insure bonus: Insurance Savings Plan, Endowment Plan, or any other OCBC insurance product.
By taking advantage of these bonuses, you can earn up to 4.5% p.a. interest on your OCBC 360 Account. With such high interest rates, you can maximise your earnings and achieve your financial goals faster.
Banking Features and Benefits
If you’re looking for a savings account that offers a range of benefits, then the OCBC 360 account could be the perfect option for you. With a range of features that are designed to help you save money, earn interest and manage your finances more easily, this account is a great choice for anyone who wants to take control of their finances.
OCBC’s Digital Banking Platforms
One of the best things about the OCBC 360 account is that it comes with access to a range of digital banking platforms. This includes online banking and mobile banking, which allow you to manage your account 24/7, check your transaction history, and view your e-statements. You can also request for a cheque book and pay a nominal fee for the same.
Additional Perks and Privileges
In addition to the digital banking platforms, the OCBC 360 account also comes with a range of additional perks and privileges. These include access to exclusive promotions and discounts, as well as special rates on loans and credit cards. If you have an OCBC NXT or OCBC Infinity account, you can also enjoy additional benefits such as free cheque book and waiver of cheque book fee.
Overall, the OCBC 360 account is a great choice for anyone who wants to take control of their finances and enjoy a range of benefits and perks. With access to digital banking platforms, as well as a range of additional benefits, this account is a great choice for anyone who wants to save money and manage their finances more easily.
Eligibility and Requirements
Who Can Apply?
The OCBC 360 Account is available to individuals who are at least 18 years of age and above. To open an account, you will need to have a valid identification document such as a NRIC or passport. Foreigners with a valid Employment Pass or Work Permit are also eligible to apply.
Maintaining Your Account
To enjoy the benefits of the OCBC 360 Account, you will need to maintain an initial deposit of S$1,000 and a minimum balance of S$3,000. If your account balance falls below S$3,000, a fall-below fee of S$2 will be charged. However, this fee can be waived if you meet the eligibility criteria.
It is important to note that the OCBC 360 Account must be your primary savings account, and you will need to adhere to the terms and conditions set by the bank. These include crediting your salary through GIRO or PayNow, saving and increasing your account balance, charging at least S$500 to your OCBC credit card, insuring with OCBC, and investing with OCBC.
By meeting these requirements, you can enjoy bonus interest rates of up to 4.65% p.a. on your first S$100,000 and a maximum interest of 7.65% p.a. when you invest and insure with the bank. With the OCBC 360 Account, you can maximise your savings and enjoy the benefits of a high-interest savings account.
Comparing with Other Accounts
If you are looking for a high-interest savings account in Singapore, you might be wondering how the OCBC 360 Account stacks up against other popular options like the UOB One Account and the DBS Multiplier Account. Here’s a quick comparison to help you make the best decision for your financial goals.
OCBC 360 vs UOB One Account
Both the OCBC 360 and UOB One accounts offer bonus interest rates for meeting certain conditions, such as salary crediting and spending on credit cards. However, there are a few key differences to consider.
Firstly, the OCBC 360 Account offers a higher base interest rate of 0.05% per annum compared to UOB One’s 0.05% per annum. Additionally, the OCBC 360 Account allows you to earn bonus interest on up to S$70,000, while UOB One only allows up to S$50,000.
On the other hand, UOB One offers a higher maximum bonus interest rate of 3.88% per annum compared to OCBC 360’s maximum of 3.45% per annum. However, UOB One requires a higher minimum spend of S$500 per month on a UOB credit card to qualify for bonus interest.
OCBC 360 vs DBS Multiplier Account
Like the OCBC 360 Account, the DBS Multiplier Account offers bonus interest rates for salary crediting and spending on credit cards. However, there are a few differences between the two accounts.
The DBS Multiplier Account offers a higher base interest rate of 0.05% per annum compared to OCBC 360’s 0.05% per annum. However, the OCBC 360 Account allows you to earn bonus interest on up to S$70,000, while the DBS Multiplier Account only allows up to S$50,000.
On the other hand, the DBS Multiplier Account offers a wider range of bonus categories, such as investing with DBS or purchasing insurance products. This means you have more opportunities to earn bonus interest with DBS. However, the OCBC 360 Account offers a higher maximum bonus interest rate of 3.45% per annum compared to DBS Multiplier’s maximum of 3.00% per annum.
Overall, each account has its own unique benefits and drawbacks. It’s important to consider your own financial goals and spending habits when deciding which account is right for you.
Frequently Asked Questions
What are the thrilling perks of maintaining a minimum balance in an OCBC 360 account?
By maintaining a minimum balance of S$3,000 in your OCBC 360 account, you can enjoy an attractive base interest rate of 0.05% p.a. Additionally, you can earn bonus interest rates of up to 1.2% p.a. on your account balance by completing certain activities such as crediting your salary, spending on your OCBC credit card, insuring with OCBC, and investing with the bank. With the OCBC 360 account, you can enjoy higher interest rates on your savings, thereby helping you achieve your financial goals faster.
How can I maximise my savings with the OCBC 360 account’s interest rates?
To maximise your savings with the OCBC 360 account’s interest rates, you can complete the following activities:
- Credit your salary through GIRO/PayNow via GIRO
- Save and increase your account balance
- Charge at least S$500 to your OCBC 365, OCBC 90°N, OCBC INFINITY, OCBC NXT or OCBC Rewards Card
- Insure with OCBC
- Invest with OCBC
By completing these activities, you can earn bonus interest rates of up to 1.2% p.a. on your account balance. This way, you can earn higher interest rates on your savings and achieve your financial goals faster.
What steps should I follow to open an OCBC 360 account online and start reaping its rewards?
To open an OCBC 360 account online and start reaping its rewards, you can follow these simple steps:
- Visit the OCBC website and click on “Open Account” under the “Personal Banking” section.
- Choose “360 Account” as your account type.
- Fill in your personal details and upload the required documents.
- Complete the online application process and wait for your account to be approved.
- Once your account is approved, log in to your account and start enjoying the benefits of the OCBC 360 account.
Could you explain how the OCBC 360 account’s cash rewards system energises my banking experience?
The OCBC 360 account’s cash rewards system energises your banking experience by offering you cash rewards for completing certain activities such as spending on your OCBC credit card, insuring with OCBC, and investing with the bank. For example, you can earn up to S$80 cashback per month on your OCBC credit card spending when you meet the spending criteria. This way, you can enjoy cash rewards on top of the attractive interest rates offered by the OCBC 360 account, thereby energising your banking experience.
In what ways does the OCBC 365 Credit Card complement the benefits of the OCBC 360 account?
The OCBC 365 Credit Card complements the benefits of the OCBC 360 account by offering you cashback on your daily spending such as dining, groceries, and transport. For example, you can earn up to 6% cashback on your dining expenses and up to 3% cashback on your groceries expenses with the OCBC 365 Credit Card. By using the OCBC 365 Credit Card in conjunction with the OCBC 360 account, you can maximise your savings and enjoy cash rewards on your daily spending.
Is the OCBC 360 account exclusively for savings, or does it offer the flexibility of a current account as well?
The OCBC 360 account is primarily a savings account that offers attractive interest rates and cash rewards for completing certain activities. However, it also offers the flexibility of a current account by allowing you to perform transactions such as fund transfers, bill payments, and ATM withdrawals. This way, you can enjoy the benefits of a savings account and the flexibility of a current account in one single account.
