You have to read this OCBC 360 Account Review Singapore, if you’re looking for a savings account that offers high interest rates. You might want to check out the OCBC 360 Account.
This savings account lets you earn interest of up to 4.65% p.a., making it a popular choice among Singaporeans who are looking to grow their savings. In this article, we’ll take a closer look at the OCBC 360 Account and see what it has to offer.
To start off, we’ll give you an overview of the OCBC 360 Account. We’ll talk about its eligibility requirements, account opening process, and key features. We’ll also discuss the different bonus interest categories that you can earn from, as well as compare it with other savings accounts in the market. Lastly, we’ll give you tips on how to maximise your earnings, as well as go over the fees and charges that come with the account. So if you’re interested in opening an OCBC 360 Account, keep reading to find out more.
Key Takeaways
- The OCBC 360 Account is a popular savings account in Singapore that offers high interest rates of up to 4.65% p.a.
- To open an account, you must meet certain eligibility requirements and go through the account opening process.
- The account comes with various bonus interest categories, fees and charges, and additional benefits that you should be aware of.
OCBC 360 Account Review Singapore: The Overview
If you’re looking for a savings account that offers a high-interest rate, then the OCBC 360 Account may be the right choice for you. This savings account from OCBC Bank is designed to reward you for saving and investing your money. With this account, you can earn a base interest rate of 0.05% per annum on your account balance.
However, you can earn bonus interest rates of up to 4.65% per annum on your first S$100,000 when you meet certain criteria.
High Interest Rate
One of the most significant benefits of the OCBC 360 Account is the high-interest rate that you can earn. This interest rate is among the highest in Singapore, making it an attractive option for those who want to earn more on their savings.
Additionally, the account is flexible, allowing you to make withdrawals and deposits whenever you need to.
Range of Bonus Interest Rates
Another benefit of the OCBC 360 Account is that it offers a range of bonus interest rates that you can earn. For example, you can earn bonus interest rates when you credit your monthly salary.
Or meet specific deposit amounts, purchase insurance, or invest with OCBC. The more criteria you meet, the higher the interest rate you can earn.
Qualifications
To qualify for the OCBC 360 Account, you must be at least 18 years old and a Singaporean citizen, permanent resident, or an Employment Pass or S Pass holder. You will need to make an initial deposit of S$1,000 and maintain a minimum monthly balance of S$3,000 to avoid fall-below fees.
In summary, the OCBC 360 Account is an attractive option for those looking to earn a high-interest rate on their savings. With its flexible withdrawal and deposit options and a range of bonus interest rates, this account is an excellent choice for those who want to maximise their savings.
OCBC 360 Account Review Singapore: Eligibility and Account Opening Process
Required Documents
To open an OCBC 360 account in Singapore, you need to provide the following documents:
- NRIC or passport
- Proof of residential address (e.g. utility bill, bank statement, or government-issued letter)
Steps to Apply
Opening an OCBC 360 account is easy and straightforward. Follow these simple steps:
- Visit OCBC’s website and click on “Apply Now”.
- Fill in the online application form with your personal details and upload the required documents.
- Review and confirm your application.
- Wait for your application to be processed. You will receive an email notification once your account is opened.
- Activate your account by making a deposit of at least S$1,000 within 30 days of account opening.
It’s that simple! With an OCBC 360 account, you can enjoy attractive interest rates and other benefits. So why wait? Apply today and start saving for your future!
OCBC 360 Account Review Singapore: Key Features of OCBC 360 Account
If you are looking for a savings account that offers you attractive interest rates and a range of benefits, the OCBC 360 Account might be the right choice for you. Here are some of the key features of the OCBC 360 Account that you should know about:
Base Interest Rate
The OCBC 360 Account offers a base interest rate of 0.05% per annum on the account’s balance. This is not the highest base interest rate available in the market, but it is still a decent rate that can help you earn some interest on your savings.
Bonus Interest Rates
In addition to the base interest rate, the OCBC 360 Account also offers bonus interest rates that can help you earn even more interest on your savings. To earn the bonus interest rates, you need to fulfil certain criteria such as making salary credits, paying bills, spending on OCBC credit cards, and investing in unit trusts or insurance products. The bonus interest rates can range from 0.3% to 4.3% per annum, depending on the category you fulfil.
Salary Credit Feature
One of the key features of the OCBC 360 Account is the salary credit feature. If you credit your salary of at least S$1,800 per month via GIRO, you can earn bonus interest rates of up to 1.2% per annum. This is a great way to earn extra interest on your savings without having to do anything extra.
Payment and GIRO Options
The OCBC 360 Account offers a range of payment and GIRO options to help you manage your finances more efficiently. You can set up GIRO arrangements for your bills, investments, and insurance premiums, and earn bonus interest rates for doing so. You can also use the OCBC Pay Anyone app to make payments and transfers easily and securely.
Overall, the OCBC 360 Account is a great savings account that offers attractive interest rates and a range of benefits. With its base interest rate, bonus interest rates, salary credit feature, and payment and GIRO options, the OCBC 360 Account is a great choice for anyone looking to grow their savings.
OCBC 360 Account Review Singapore: Bonus Interest Categories
The OCBC 360 Account is a savings account that offers bonus interest in five categories: salary, save, spend, invest, and insure. Each category has its own bonus interest rate, which can be earned by fulfilling certain criteria.
Salary Bonus
If you credit your salary of at least S$1,800 per month through GIRO to your OCBC 360 Account, you can earn a bonus interest rate of 0.4% per annum on your account balance, up to S$25,000.
Save Bonus
You can earn a bonus interest rate of 0.8% per annum on your account balance if you save at least S$500 more than the previous month. This bonus interest rate is applicable on your first S$75,000 account balance.
Spend Bonus
If you spend at least S$500 using your OCBC credit card, you can earn a bonus interest rate of 0.2% per annum on your account balance, up to S$25,000.
Invest Bonus
By investing with OCBC, you can earn a bonus interest rate of 0.6% per annum on your account balance, up to S$75,000. You can invest in various products offered by OCBC, such as unit trusts, bonds, and structured deposits.
Insure Bonus
If you purchase an eligible insurance policy from OCBC, you can earn a bonus interest rate of 0.6% per annum on your account balance, up to S$75,000. The eligible insurance policies include life insurance, general insurance, and investment-linked insurance.
Overall, the OCBC 360 Account offers an effective interest rate of up to 4.65% per annum on your first S$100,000 of deposits. By fulfilling the criteria for each bonus interest category, you can maximise your savings and earn higher interest rates.
Comparing OCBC 360 With Other Savings Accounts
If you are looking for a savings account in Singapore, you will likely come across several options. In this section, we will compare OCBC 360 with two other popular savings accounts: UOB One Account and DBS Multiplier Account.
OCBC 360 vs UOB One Account
UOB One Account is another savings account that offers a high-interest rate for account holders. However, there are some key differences between UOB One Account and OCBC 360.
One of the main differences is the way interest is calculated. UOB One Account offers a tiered interest rate, which means that you will earn a higher interest rate if you maintain a higher balance. However, this also means that you will earn a lower interest rate if your balance falls below a certain threshold.
On the other hand, OCBC 360 offers a flat interest rate of 0.05%, which is lower than UOB One Account’s interest rate. However, OCBC 360 also offers several bonus interest rates that can be earned by fulfilling certain criteria, such as making a minimum deposit or paying bills through the account. These bonus interest rates can add up to a higher effective interest rate than UOB One Account.
OCBC 360 vs DBS Multiplier Account
DBS Multiplier Account is another popular savings account in Singapore. Like UOB One Account, DBS Multiplier Account offers a tiered interest rate based on your account balance and transactions.
However, DBS Multiplier Account also has a different set of criteria for earning bonus interest rates. To earn bonus interest rates, you must fulfill certain transaction categories, such as salary credit, credit card spend, or investment.
In comparison, OCBC 360’s bonus interest rates are earned through different criteria, such as making a minimum deposit or paying bills through the account. This means that the criteria for earning bonus interest rates may be more flexible for some account holders.
Overall, each of these savings accounts has its own set of advantages and disadvantages. It’s important to consider your own financial needs and goals when choosing a savings account.
OCBC 360 Account Review Singapore: Maximising Your Earnings
If you’re looking to maximise your savings and earn more interest, the OCBC 360 Account is a great option. Here are some tips to help you get the most out of your account.
Understanding Effective Interest Rate
Before we dive into calculating your potential earnings, it’s important to understand what effective interest rate (EIR) means. EIR takes into account the compounding effect of interest and any fees or charges associated with your account. This means that the EIR is a more accurate representation of the total interest you’ll earn on your savings.
Calculating Your Potential Earnings
To calculate your potential earnings with the OCBC 360 Account, you can use an interest rate calculator. Simply input your account balance and the amount of money you plan to deposit each month, and the calculator will give you an estimate of your total savings and realistic interest rate.
For example, if you have an account balance of $50,000 and deposit $2,000 each month, you could earn up to 4.65% interest per year on your first $100,000. This means that your total savings could be $76,798.56 after five years, with a realistic interest rate of 2.75%.
To maximise your earnings, consider increasing your monthly account balance by at least $500 and credit your monthly salary. You can also purchase insurance or invest with OCBC to earn bonus interest rates.
Overall, the OCBC 360 Account is a great option for those looking to earn more interest on their savings. By understanding EIR and using an interest rate calculator, you can calculate your potential earnings and maximise your savings.
OCBC 360 Account Review Singapore: Fees and Charges
When it comes to banking, fees and charges are always something to consider. With the OCBC 360 Account, you’ll be pleased to know that the fees and charges are quite reasonable.
Fall-Below Fee
The Fall-Below Fee is a charge that applies when your account balance falls below the minimum required amount. For the OCBC 360 Account, the minimum balance is S$3,000. If your balance falls below this amount, you will be charged a Fall-Below Fee of S$2 per month.
Account Maintenance Fees
The OCBC 360 Account does not have any monthly account maintenance fees. This means that you won’t be charged just for having the account open. However, it is important to note that there may be other fees associated with certain transactions or services, such as ATM withdrawals or foreign currency transactions. Be sure to check the OCBC website or speak with a representative to understand all of the potential fees and charges.
Overall, the fees and charges associated with the OCBC 360 Account are quite reasonable. As long as you maintain a balance of at least S$3,000, you won’t have to worry about any additional charges. Plus, with the potential to earn up to 4.65% interest, the benefits of the account far outweigh any potential fees.
OCBC 360 Account Review Singapore: Additional Benefits and Services
If you are looking for a savings account that offers more than just high interest rates, then the OCBC 360 Account is the perfect choice for you. In addition to the attractive interest rates, this account also comes with a range of additional benefits and services that can help you save even more money.
OCBC 365 Credit Card
One of the most popular benefits of the OCBC 360 Account is the OCBC 365 Credit Card. This card offers cashback on a wide range of everyday expenses, including dining, groceries, petrol, and online shopping. With up to 6% cashback on your daily spend, this card can help you save a significant amount of money each year.
Investment and Insurance Products
If you are looking to invest your savings or protect your assets, then the OCBC 360 Account offers a range of investment and insurance products that can help you achieve your financial goals. Whether you want to invest in stocks and shares or protect your family with life insurance, the OCBC 360 Account has you covered.
When you invest in the OCBC 360 Account, you can choose from a range of investment products, including unit trusts, bonds, and structured deposits. These products offer competitive returns and are managed by experienced investment professionals, so you can be sure that your money is in safe hands.
If you are looking for insurance products, the OCBC 360 Account offers a range of options, including life insurance, critical illness insurance, and personal accident insurance. These products can help you protect your family and your assets, giving you peace of mind that you are covered in the event of an unexpected event.
Overall, the OCBC 360 Account is more than just a savings account. With a range of additional benefits and services, this account can help you save money, invest your savings, and protect your assets. So, if you are looking for a savings account that offers more than just high interest rates, then the OCBC 360 Account is the perfect choice for you.
Customer Experience and Support
When it comes to customer experience and support, OCBC 360 Account offers a convenient and user-friendly online and mobile banking platform. You can easily manage your account, view your balance, and transfer funds between your accounts. You can also set up alerts to keep track of your transactions and receive notifications when your balance falls below a certain amount.
Online and Mobile Banking
OCBC 360 Account’s online and mobile banking platform is easy to use and navigate. You can access your account information and perform transactions from anywhere, at any time. The platform is secure and reliable, ensuring that your personal and financial information is protected. You can also view your account statements and transaction history online, making it easy to keep track of your finances.
Customer Service and Branch Access
In addition to its online and mobile banking platform, OCBC 360 Account also provides excellent customer service and branch access. The bank has a network of branches and ATMs across Singapore, making it easy to access your account and perform transactions. The bank’s customer service representatives are knowledgeable and helpful, providing prompt and efficient support to customers.
Overall, OCBC 360 Account provides a great customer experience and support. The bank is constantly developing and improving its services to meet the needs of its customers. Whether you prefer to manage your account online or in person, OCBC 360 Account has you covered.
Terms and Conditions to Be Aware Of
If you’re considering opening an OCBC 360 Account, there are a few terms and conditions that you should be aware of. Here are some of the most important ones:
Bonus Interest Cap
The OCBC 360 Account offers bonus interest rates on top of the base interest rate. However, there is a cap on the amount of bonus interest you can earn per month.
As of August 2023, the bonus interest cap is 3.3% p.a. for the first tier and 4.35% p.a. for the second tier.
Second Tier
To qualify for the second tier of bonus interest rates, you need to meet additional requirements on top of the base requirements. For example, you need to spend at least S$500 on your OCBC credit card and insure with OCBC. If you don’t meet these additional requirements, you’ll only earn the first tier of bonus interest rates.
Flagship Savings Account
The OCBC 360 Account is often referred to as OCBC’s flagship savings account. This is because it offers some of the highest interest rates in Singapore.
However, it’s important to note that there are other savings accounts on the market that may offer better rates depending on your needs and circumstances.
Terms and Conditions
As with any financial product, it’s important to read the terms and conditions carefully before opening an OCBC 360 Account. Some of the key terms to be aware of include the minimum balance required to earn interest.
The fall-below fee if your balance falls below the minimum, and the early account closure fee if you close your account within a certain period of time.
Overall, the OCBC 360 Account can be a great option if you’re looking to earn high interest rates on your savings. However, it’s important to understand the terms and conditions and to make sure that the account is the right fit for your financial goals and needs.
Final Thoughts on OCBC 360 Account
Congratulations, you have made it to the end of the review! By now, you should have a good understanding of what the OCBC 360 Account is, how it works, and what benefits it can offer you.
Overall, the OCBC 360 Account is a great savings account option for those who are looking to make the most of their money. With its attractive interest rates of up to 4.65% p.a. on your first S$100,000, it is a great way to earn higher yields on your savings.
One of the best features of the OCBC 360 Account is the Grow Bonus and Cash Reward. By fulfilling the requirements, you can earn up to an additional 2.75% p.a. on top of the base interest rate, which is a great way to boost your savings.
The OCBC 360 Account is a great primary savings account that can help you achieve your financial goals faster. By using it as your primary savings account, you can take advantage of the higher interest rates and earn more money on your savings.
In conclusion, if you are looking for a savings account that can offer you higher yields, then the OCBC 360 Account is definitely worth considering. With its attractive interest rates, Grow Bonus, and Cash Reward, you can make the most of your savings and achieve your financial goals faster.
Frequently Asked Questions
How can I maximise the returns on my OCBC 360 account?
To maximise the returns on your OCBC 360 account, you can follow these steps:
- Ensure that you meet the minimum requirements for each bonus category, such as salary credit, credit card spend, and bill payments.
- Consolidate your funds in your OCBC 360 account to earn higher interest rates.
- Keep track of your bonus categories and make sure you meet the requirements every month.
- Consider setting up a joint account with a family member to earn even higher interest rates.
What are the latest interest rates for the OCBC 360 account?
The latest interest rates for the OCBC 360 account are as follows:
- Base Interest Rate: 0.05%
- Bonus Interest Rate: Up to 4.65% p.a.
What’s the secret to earning the highest bonus interest with an OCBC 360 account?
The secret to earning the highest bonus interest with an OCBC 360 account is to meet the minimum requirements for each bonus category. This includes salary credit, credit card spend, and bill payments. Additionally, you can consolidate your funds in your OCBC 360 account to earn higher interest rates.
Could you explain the benefits of having a joint OCBC 360 account?
Having a joint OCBC 360 account comes with several benefits, including:
- Higher interest rates: Joint account holders can earn higher interest rates on their deposits.
- Convenience: Joint account holders can easily manage their finances together and make transactions seamlessly.
- Flexibility: Joint account holders can choose to split their funds in any proportion they prefer.
How does the OCBC 360 account stack up against the DBS Multiplier account?
Both the OCBC 360 account and the DBS Multiplier account offer similar bonus categories, such as salary credit, credit card spend, and bill payments. However, the OCBC 360 account offers higher interest rates for each bonus category. Additionally, the OCBC 360 account allows joint account holders to earn even higher interest rates.
What are the requirements to earn PayNow bonuses with an OCBC 360 account?
To earn PayNow bonuses with an OCBC 360 account, you need to:
- Link your OCBC account to PayNow.
- Receive at least S$1,800 via PayNow every month.
- Ensure that the PayNow transaction is credited to your OCBC account by the end of the month.
By meeting these requirements, you can earn up to S$30 in PayNow bonuses per month.
