Yahoo FinanceOCBC 360 Account — OCBC Savings Account Review
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 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.
What is the OCBC 360 account interest rate structure?
The 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.
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:
credit your salary of at least $1,800 through GIRO
save at least $500 more from the previous month
maintain $200,000 or more in total savings
insure with OCBC
invest with OCBC
Here is the OCBC 360 account’s bonus interest new structure:
Action | 1st $25,000 | $25,001 to $50,000 | $50.001 to $75,000 |
None (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. |
More Details
Key Features
Minimum salary credit of S$1,800 via GIRO
OCBC 360 is a savings account with a base interest rate of 0.05% per annum on the account’s balance
You enjoy bonus interest rates when you credit your monthly salary, meet certain deposit amounts such as S$500 monthly increases or S$200,000 total balance, purchase insurance, or invest with OCBC
Increase your OCBC 360 account savings balance by S$500 monthly to enjoy 0.10% bonus interest on the first S$25,000, followed by 0.20% bonus interest for the next S$25,000, and 0.40% bonus interest for the third S$25,000
If your account balance is above S$200,000, you enjoy an additional 0.40% on your first S$75,000 deposited
How to calculate the realistic interest rate on your OCBC 360 account?
If you’re a regular person with less than $25,000 in savings, your interest rates would be in the lower tier and not very competitive.
Assuming you regularly do the following:
Credit your salary of at least $1,800 (0.3% p.a.)
Keep increasing your monthly account balance by at least $500 (0.1% p.a.)
You can expect to earn 0.45% p.a. on your savings — 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. 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.
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 products | Minimum qualifying amount |
Regular Premium Insurance Category 1 | $4,000 |
Regular Premium Insurance Category 2 | $2,000 |
Single Premium Insurance | $20,000 |
Unit trusts | $20,000 |
Structured deposits | $20,000 |
Bonds and structured products | $200,000 |
In addition, the bonus interest 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 vs UOB One account
Structurally, 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:
Spend at least $500 a month with UOB credit cards (0.25% p.a.)*
Spend at least $500 a month with UOB credit cards + monthly salary credit of at least $1,600 (0.5% p.a.)*
Spend at least $500 a month with UOB credit cards + 3 monthly GIRO bill payments (0.5% p.a.)*
*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.
More Details
Key Features
Up to 2.50% p.a. interest rates
Up to $200 cash credit when you sign up online and sign up for a UOB credit card. T&Cs apply
Low initial deposit of $500
Withdraw cash conveniently without an ATM card using Mobile Banking
UOB Young Professionals Solution is a combination of UOB One Account, UOB YOLO and the unique Sweep feature that allows you to automatically invest your earned account interests and card rebate into a Unit Trust
Interest Rate
Bonus Interest Rate
Option A |
|---|
Up to 2.50% p.a. |
Highlights
Citizenship Status |
|---|
S$500 |
S$1,000 |
S$5 |
N/A |
OCBC 360 vs DBS Multiplier account
If 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. That’s pretty easy. (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:
Credit your income + make PayLah! transactions that add up to at least $500
Make PayLah! Transactions if you’re 29 years old and below with no eligible income
Check out our in-depth review of the DBS Multiplier on how to get the most out of it.
High Interest Rates
More Details
Key Features
No minimum salary credit
DBS Multiplier Account is a deposit account with a base interest rate of 0.05% per annum
Bonus interest rates: 1.40% to 3.80% per annum. DBS Multiplier Account 2020 interest rates have been updated as of 1 August 2020
To enjoy bonus interest rates, you need to credit your salary or dividends via GIRO to any DBS/ POSB deposit account that you hold, and transact a minimum of S$2,000 on any DBS/ POSB credit card you hold, DBS/ POSB home loan monthly instalments, DBS/ POSB insurance regular monthly premium, or DBS investments. Your bonus interest rate increases if you transact in more of the above categories
Bonus interest rates for 29-year-olds and below: Credit your income and spend above S$500 via PayLah! to qualify for 0.30% bonus interest rates on your PayLah! retail spend
DBS Multiplier 2020 interest rate updates: As of 1 August 2020, interest rates have been revised for DBS Multiplier account holders with transactions in 1 and 2 categories. Refer to Bonus Interest Rate tab below to see the change in interest rates
Students, NSF, self-employed, salaried or retired individuals are eligible to apply
Interest Rate
Bonus Interest Rate
Salary Credit + 1 transaction category |
|---|
Up to 2.80% p.a. |
Up to 3.80% p.a. |
Highlights
Citizenship Status |
|---|
S$0 |
S$3,000 |
S$5 |
N/A |
Wide coverage of ATM islandwide (>2,000) |
N/A |
OCBC 360 account opening info
Minimum 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!
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