If you’re looking for a high-yield savings account with a plethora of benefits, the OCBC 360 Account might be the perfect fit for you. With a base interest rate of 0.05% p.a. and a maximum interest rate of 7.65% p.a., this account offers a range of benefits that can help you maximise your savings and earn extra gains. In this article, we’ll unveil the OCBC 360 Account and show you how to unlock the best benefits you can get from this account.
To maximise your savings with the OCBC 360 Account, you need to understand how it works and what you need to do to earn bonus interest. By salary crediting, spending on your OCBC credit card, and investing and insuring with the bank, you can earn up to 4.65% p.a. effective interest rate (EIR) on your first S$100,000.
Moreover, by increasing your account balance and meeting the requirements of each pillar, you can earn up to 7.65% p.a. on your savings. In the following sections, we’ll show you how to harness the power of salary crediting, amplify your earnings through spending, and invest and insure for extra gains.
Key Takeaways
- Unveiling the OCBC 360 Account and its key features
- Maximising your savings by harnessing the power of salary crediting and amplifying your earnings through spending
- Investing and insuring for extra gains and understanding the fine print
Unveiling the OCBC 360 Account
If you’re looking for a savings account that offers a range of benefits, then the OCBC 360 Account is worth considering. This account is designed to help you maximise your savings and earn bonus interest rates. In this section, we’ll take a closer look at what the 360 Account is and what it has to offer.
What Is a 360 Account?
The 360 Account is a savings account offered by OCBC. It is designed to reward you for saving and managing your money well. The account offers a range of benefits, including bonus interest rates for meeting certain criteria. These criteria include:
- 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
By meeting these criteria, you can earn bonus interest rates of up to 2.4% per annum on your savings. This means that you can earn more interest on your savings than you would with a regular savings account.
Key Features at a Glance
Here are some of the key features of the 360 Account:
- High-interest rates: You can earn up to 2.4% per annum on your savings.
- Easy access to funds: You can withdraw your money from any OCBC ATM or branch.
- No minimum balance requirement: You don’t need to maintain a minimum balance to earn interest.
- Multiple currency options: You can choose to open your account in SGD, USD, AUD, EUR, GBP, HKD, JPY, NZD, or CAD.
- Online banking: You can manage your account online via the OCBC mobile app or internet banking.
Overall, the OCBC 360 Account is a great option if you’re looking for a savings account that offers a range of benefits. By meeting the criteria, you can earn higher interest rates on your savings and enjoy easy access to your funds.
Maximising Your Savings
Are you looking to get the most out of your OCBC 360 Account? If so, you’ll want to maximise your savings by understanding the different types of interest and how to boost your account balance.
Understanding Base and Bonus Interest
First, let’s talk about the two types of interest that you can earn with your 360 account: base interest and bonus interest. Base interest is the interest that you earn on your account balance without doing anything extra. Bonus interest, on the other hand, is extra interest that you can earn by fulfilling certain criteria, such as increasing your account balance or making regular deposits.
To get the most out of your 360 account, you’ll want to make sure you’re earning both types of interest. Keep in mind that the bonus interest rate is tiered, so the more criteria you fulfil, the higher your bonus interest rate will be.
Strategies to Boost Your Account Balance
One way to earn more bonus interest is to boost your account balance. Here are a few strategies to consider:
- Credit your salary into your 360 account to earn bonus interest.
- Increase your account balance by transferring funds from other accounts or making regular deposits.
- Take advantage of promotions and bonuses that can help you earn extra interest.
By using these strategies, you can increase your account balance and earn more bonus interest, which will help you maximise your savings.
The Magic of Daily Balance Calculation
Another way to maximise your savings is to take advantage of the daily balance calculation. Unlike some other savings accounts that calculate interest monthly, the 360 account calculates interest on your average daily balance. This means that you’ll earn interest on your balance every day, which can add up to a significant amount over time.
To make the most of the daily balance calculation, try to keep your account balance as high as possible. This will help you earn more interest on a daily basis and maximise your savings.
Conclusion
By understanding the different types of interest, boosting your account balance, and taking advantage of the daily balance calculation, you can maximise your savings with your OCBC 360 Account. So start implementing these strategies today and watch your savings grow!
Harnessing the Power of Salary Crediting
If you’re looking to unlock the full benefits of your OCBC 360 account, then salary crediting is one of the most important things you can do. By crediting your salary into your 360 account, you can earn bonus interest and unlock other benefits that will help you to grow your savings and achieve your financial goals.
Salary Credit Requirements
To qualify for the salary bonus interest, you need to credit a minimum salary of £1,000 to your 360 account every calendar month. This can be done through a single credit or multiple credits each calendar month. If you’re not sure whether your employer allows salary crediting, you can check with your HR department.
Tips for Consistent Salary Crediting
Here are some tips to help you ensure that you’re consistently crediting your salary into your 360 account:
- Set up a GIRO arrangement: Setting up a GIRO arrangement is one of the easiest ways to ensure that your salary is credited into your 360 account every month. Simply fill up the GIRO application form and submit it to your employer.
- Keep track of your salary credits: Make sure to keep track of your salary credits each month to ensure that you’re meeting the minimum salary credit requirements. You can check your account balance and transaction history using the OCBC mobile app or online banking.
- Notify your employer: If you’ve just opened a 360 account and would like to start crediting your salary into it, make sure to notify your employer of the change in your bank account details. This will help to ensure that your salary is credited into the correct account.
By consistently crediting your salary into your 360 account, you’ll be able to earn bonus interest and unlock other benefits that will help you to achieve your financial goals.
Amplifying Earnings Through Spendings
If you want to maximise your earnings from your OCBC 360 Savings Account, you need to understand how to leverage your credit card spendings. Here are a few tips to help you unlock the best benefits from your account.
Leveraging OCBC Credit Cards
One of the best ways to earn bonus interest on your OCBC 360 Savings Account is through credit card spending. OCBC offers several credit cards that are eligible for bonus interest, including the OCBC 365, OCBC 90°N, OCBC NXT, OCBC Titanium Rewards Credit Card, and more.
To earn bonus interest, you need to meet the minimum spending requirements for each credit card. For example, with the OCBC 365 credit card, you need to spend at least S$500 on eligible transactions in a calendar month to earn bonus interest. Similarly, with the OCBC NXT Credit Card, you need to spend at least S$500 on eligible transactions in a calendar month to earn bonus interest.
Understanding Bonus Interest Categories
To maximise your bonus interest earnings, you need to understand the bonus interest categories for each credit card. For example, with the OCBC 365 credit card, you can earn bonus interest on dining, groceries, and petrol spending, among others. With the OCBC 90°N credit card, you can earn bonus interest on online shopping, dining, and entertainment spending, among others.
Make sure to check the bonus interest categories for each credit card and plan your spending accordingly. This will help you earn the most bonus interest possible and maximise your earnings from your OCBC 360 Savings Account.
In conclusion, leveraging your credit card spendings is one of the best ways to amplify your earnings from your OCBC 360 Savings Account. By understanding the bonus interest categories for each credit card and meeting the minimum spending requirements, you can earn bonus interest and maximise your earnings.
Investing and Insuring for Extra Gains
Unlocking the best benefits of the OCBC 360 account involves investing and insuring, which can help you earn more interest. Here are some tips to help you choose the right investment and insurance products:
Choosing Eligible Investment Products
OCBC offers a range of eligible investment products, including unit trusts, bonds, and structured products. These products can help you grow your wealth and earn bonus interest on your 360 account.
When choosing an eligible investment product, consider your risk tolerance and investment goals. If you are looking for a low-risk option, a bond or structured product may be a good choice. For those who are willing to take on more risk, a unit trust may be a better option.
Remember to check the fees and charges associated with each investment product before making a decision. You can find more information on eligible investment products on the OCBC website.
Selecting Eligible Insurance Products
Purchasing an eligible insurance product from OCBC can also help you earn bonus interest on your 360 account. Eligible insurance products include single premium insurance and regular premium insurance.
When selecting an eligible insurance product, consider your insurance needs and budget. Single premium insurance may be a good option if you have a lump sum of money to invest, while regular premium insurance may be more suitable if you prefer to make smaller, regular payments.
Remember to read the terms and conditions of each insurance product carefully before making a decision. You can find more information on eligible insurance products on the OCBC website.
By investing and insuring with OCBC, you can unlock extra gains and earn more interest on your 360 account. So, start investing and insuring today to make the most of your OCBC 360 account!
Practical Tips for Account Management
If you are looking to maximize the benefits of your 360 Account, here are some practical tips to help you manage your account effectively.
Online Banking and Mobile Apps
One of the best ways to manage your 360 Account is by using OCBC’s online banking and mobile apps. With these tools, you can easily check your account balance, view transaction history, apply for a cheque book, and much more. You can also set up e-statements to reduce paper waste and clutter.
To access your account online, simply log in to your account using your SingPass login details. Alternatively, you can use the OCBC mobile app, which allows you to manage your account on-the-go. With fast and secure login, you can check your account balance and make transactions quickly and easily.
Avoiding Fees and Charges
To get the most out of your 360 Account, it’s important to avoid fall-below fees and other charges. To do this, make sure you maintain a minimum balance of $3,000 in your account at all times. This will help you avoid the fall-below fee of $2 per month.
In addition, make sure you are aware of any other charges that may apply to your account. For example, if you use your debit card overseas, you may be charged a foreign transaction fee. Similarly, if you withdraw cash from an ATM that is not part of the OCBC network, you may be charged a withdrawal fee.
By following these practical tips, you can manage your 360 Account effectively and unlock the best benefits it has to offer. Whether you are using online banking or mobile apps, or simply avoiding fees and charges, you can enjoy the convenience and flexibility of this account while maximising your returns.
Eligibility and Application Process
If you’re excited to unlock the best benefits from the OCBC 360 account, the first step is to check if you are eligible to apply.
Who Can Apply?
To apply for this high-interest savings account, you need to be at least 18 years old and have a valid residential address in Singapore. You can apply for the account if you are a Singaporean, Singapore PR, or a foreigner holding a valid S-Pass, Employment Pass (EP), or Student Pass.
Documents Required and Application Steps
To apply for the OCBC 360 account, you will need to provide the following documents:
- For Singaporeans and Singapore PRs: NRIC
- For foreigners: Passport and a valid pass (e.g. Employment Pass (EP) or S-Pass or Student Pass)
You can apply for the account online by visiting the OCBC website and filling out the application form. Alternatively, you can also visit any OCBC branch to apply in person.
During the application process, you will need to provide your personal details, such as your name, nationality, and residential address. You will also need to select the type of account you want to open, such as a single account or a joint account.
Once your application is approved, you will receive your account details and can start enjoying the benefits of the OCBC 360 account.
Overall, the application process for the OCBC 360 account is straightforward, and with just a few simple steps, you can start earning bonus interest on your savings.
Understanding the Fine Print
To fully take advantage of the benefits of your OCBC 360 account, it’s important to understand the fine print. Here are some key points to keep in mind:
Interest Rate Caps and Balance Limits
The OCBC 360 account offers a high interest rate, but there are caps and limits to be aware of. The bonus interest rate is capped at a certain amount, and there is a balance limit for the account. Make sure you understand these limits so that you can plan your savings accordingly. For more information on the interest rate caps and balance limits, check out OCBC’s website.
Insurance and Investment Schemes
To unlock the best benefits from your OCBC 360 account, consider taking advantage of the insurance and investment schemes offered by OCBC. These schemes can help you earn even more interest on your savings. However, keep in mind that there may be minimum qualifying amounts for these schemes, and you may need to lock up your money for a certain period of time. Additionally, make sure you understand the deposit insurance scheme and policy owners’ protection scheme that come with your account. For more information on these schemes, visit OCBC’s website.
Realistic Interest Rate
It’s important to have a realistic understanding of the interest rate you can expect to earn on your OCBC 360 account. While the advertised interest rate may be high, keep in mind that there are requirements you must meet to earn the bonus interest rate. Make sure you can realistically meet these requirements before opening an account.
Primary Account Holder
If you have a joint account, keep in mind that only the primary account holder can earn the bonus interest rate. Make sure you understand who the primary account holder is and how this will affect your interest earnings.
OCBC Money Lock
The OCBC Money Lock feature can help you earn even more interest on your savings, but it also means that your money will be locked up for a certain period of time. Make sure you understand the terms and conditions of this feature before using it.
By understanding the fine print of your OCBC 360 account, you can make the most of the benefits it offers. Keep these points in mind as you plan your savings strategy.
Frequently Asked Questions
How can I maximise the interest earned on my OCBC 360 account?
To maximise the interest earned on your OCBC 360 account, you can credit your salary through GIRO or PayNow, spend on your OCBC 365 Credit Card, and increase your account balance. By doing so, you can earn bonus interest of up to 1.2% p.a. on top of the base interest rate of 0.05% p.a.
What are the criteria to qualify for the OCBC 360 Save Bonus?
To qualify for the OCBC 360 Save Bonus, you need to increase your account’s average daily balance by at least S$500 from the previous month’s average daily balance. If you meet this criteria, you can earn bonus interest of up to 1.2% p.a. on top of the base interest rate of 0.05% p.a.
In what ways does the OCBC 365 Credit Card complement the 360 account benefits?
The OCBC 365 Credit Card complements the 360 account benefits by offering up to 6% cashback on dining, online shopping, and overseas spending. By using your OCBC 365 Credit Card to make these purchases, you can earn cashback and at the same time, increase your account balance to earn bonus interest on your OCBC 360 account.
What’s the minimum balance required to maintain an OCBC 360 Account?
The minimum balance required to maintain an OCBC 360 Account is S$3,000. If your account balance falls below this amount, you will not be eligible to earn bonus interest on your account.
How does the UOB One Account compare in terms of interest and benefits?
The UOB One Account offers a higher interest rate of up to 2.50% p.a. However, it has stricter criteria to qualify for the bonus interest and a lower cap on the account balance that can earn bonus interest. On the other hand, the OCBC 360 Account has a lower interest rate but offers more flexibility in terms of the criteria to earn bonus interest and the cap on the account balance that can earn bonus interest.
Are there any exclusive perks for using the OCBC 360 Debit Card?
Yes, there are exclusive perks for using the OCBC 360 Debit Card. For example, you can earn up to 3% cashback on your local and overseas Visa contactless transactions. Additionally, you can enjoy discounts and privileges at selected merchants when you use your OCBC 360 Debit Card.
