Looking for a savings account that offers a high-interest rate and bonus interest? Look no further than the OCBC 360 Account Singapore. With this account, you can earn up to 4.65% interest per year on your first S$100,000, making it one of the most attractive savings accounts available in Singapore.
The OCBC 360 Account Singapore is designed to help you maximise your savings and grow your wealth. With a base interest rate of 0.05% per annum, you can enjoy bonus interest rates by meeting certain requirements such as crediting your monthly salary, maintaining a minimum balance, purchasing insurance, or investing with OCBC. The more criteria you meet, the higher your effective interest rate will be.
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High-Interest Savings with a Bonus
Looking to boost your savings? The OCBC 360 Account in Singapore offers a competitive base interest rate plus bonus interest for meeting specific requirements. You can earn up to 4.65% p.a. on your first S$100,000!
Key Features:
- Maximize your returns: Earn bonus interest by crediting your salary, using your OCBC credit card for everyday spending, maintaining a minimum monthly balance, and investing or insuring with OCBC. The more criteria you meet, the higher your effective interest rate can go.
- Easy account management: Manage your account conveniently anytime, anywhere with the OCBC Digital App. Check your balance, transfer funds, pay bills, and more all from your smartphone.
- Minimum balance requirement: There’s a minimum S$3,000 monthly balance requirement to avoid a fall-below fee. This makes the OCBC 360 Account less suitable for those who need frequent access to their funds.
Great for:
- Savers who want to maximize their returns.
- Individuals who can meet the bonus interest criteria.
Not ideal for:
- Those who need frequent account access (due to minimum balance requirement).
Think you might qualify? Check out the full article for a deeper dive!
Opening Your OCBC 360 Account
If you are looking for a high-interest savings account in Singapore, the OCBC 360 Account is an excellent option. Here’s what you need to know to open your account.
Eligibility and Documentation
To apply for an OCBC 360 Account, you must be a Singapore citizen, permanent resident, or foreigner with a valid Singapore Employment Pass. You must also be at least 18 years old.
To open your account, you will need to provide the following documents:
- Your NRIC or passport
- Proof of address (e.g. utility bill, bank statement)
- Proof of income (e.g. payslip, tax assessment)
Initial Deposit and Fees
The initial deposit for an OCBC 360 Account is S$1,000. There is no fall-below fee if you maintain a minimum balance of S$3,000 per month. However, if your balance falls below S$3,000, a fall-below fee of S$2 will be charged.
Here’s a summary of the initial deposit and fees:
Initial Deposit | Fall-below Fee | Minimum Balance |
---|---|---|
S$1,000 | S$2 | S$3,000 |
Once you have your documents ready, you can apply for your OCBC 360 Account online or at any OCBC bank branch. With the OCBC Digital app, you can open your account instantly. If you do not have Singpass, you can apply at an OCBC bank branch with the required documents.
So what are you waiting for? Open your OCBC 360 Account today and start earning high interest on your savings.
Understanding Interest Rates
When it comes to savings accounts, the interest rate is one of the most important factors to consider. With the OCBC 360 Account, you can earn both base and bonus interest, which can help you maximise your savings. In this section, we will explain the different types of interest rates you can earn with the OCBC 360 Account.
Base Interest
The base interest rate for the OCBC 360 Account is currently 0.05% per annum. This means that if you have a balance of S$10,000 in your account, you will earn S$5 in interest over the course of a year. The base interest rate is the minimum interest rate you can earn with the account.
Bonus Interest Categories
In addition to the base interest rate, the OCBC 360 Account also offers bonus interest in several categories. These categories include salary credit, credit card spend, and savings. If you meet the requirements for each category, you can earn bonus interest on top of the base interest rate.
For example, if you credit your salary of at least S$2,000 per month into your OCBC 360 Account, you can earn an additional 1.2% per annum in interest. If you spend at least S$500 on your OCBC credit card each month, you can earn an additional 0.5% per annum in interest. If you maintain a minimum monthly average balance of S$200,000, you can earn an additional 0.6% per annum in interest.
Calculating Your EIR
To understand how much interest you are actually earning on your savings, you need to calculate your Effective Interest Rate (EIR). The EIR takes into account both the base interest rate and the bonus interest rates you are earning. The EIR is the true interest rate you are earning on your savings.
To calculate your EIR, you can use the following formula:
EIR = (Total interest earned / Total balance) x 100%
For example, if you have a balance of S$50,000 in your OCBC 360 Account and you earn S$500 in interest over the course of a year, your EIR would be:
EIR = (500 / 50,000) x 100% = 1%
By understanding the different types of interest rates and how to calculate your EIR, you can make the most of your OCBC 360 Account and maximise your savings.
Tip
Ready to supercharge your savings with your OCBC 360 Account? Consider setting up automatic bill payments via GIRO to easily meet one of the criteria for earning bonus interest rates and ensure on-time bill payments.
Plus, enjoy the convenience of automated payments! But remember, there might be other ways to qualify for bonus interest. Check OCBC’s website or ask the bank for details on current bonus offers.
Maximising Your Earnings
To maximise your earnings with the OCBC 360 Account, you can take advantage of the various bonus interest rates available. These include Salary Crediting, Bill Payments via GIRO, and Grow, Save, Spend, Invest, and Insure Bonuses.
Salary Crediting
By crediting your salary into your OCBC 360 Account, you can earn an additional interest rate of up to 1.2% per annum. This bonus interest rate is calculated based on the average daily balance in your account for the month.
Bill Payments via GIRO
You can also earn bonus interest rates by setting up GIRO payments for your bills. By doing so, you can earn an additional interest rate of up to 0.5% per annum. This bonus interest rate is calculated based on the average daily balance in your account for the month.
Grow, Save, Spend, Invest, and Insure Bonuses
In addition to Salary Crediting and Bill Payments via GIRO, you can also earn bonus interest rates through the Grow, Save, Spend, Invest, and Insure Bonuses. These bonuses are designed to encourage you to save, invest, and spend with OCBC.
The Grow Bonus allows you to earn an additional interest rate of up to 1% per annum when you increase your account balance by at least S$500 each month. The Save Bonus allows you to earn an additional interest rate of up to 0.6% per annum when you maintain an average daily balance of at least S$200,000 in your account.
The Spend Bonus allows you to earn an additional interest rate of up to 0.3% per annum when you spend at least S$500 on your OCBC credit card each month. The Invest Bonus allows you to earn an additional interest rate of up to 0.9% per annum when you invest with OCBC.
Finally, the Insure Bonus allows you to earn an additional interest rate of up to 1% per annum when you purchase eligible insurance products from OCBC.
By taking advantage of these bonus interest rates, you can maximise your earnings with the OCBC 360 Account and achieve your financial goals faster.
Additional Benefits and Features
If you are looking for a savings account that offers more than just competitive interest rates, the OCBC 360 Account is the perfect choice for you. Here are some additional benefits and features that make the OCBC 360 Account stand out from the rest:
OCBC 365 Credit Card
With the OCBC 365 Credit Card, you can enjoy up to 6% cashback on your daily expenses such as dining, groceries, and petrol. You can also get up to 22.1% fuel savings at Caltex petrol stations. The card also offers discounts on travel, shopping, and entertainment. The best part is that you can earn up to 3% cashback on your OCBC 360 Account balance when you spend on the card.
OCBC Digital Banking Services
OCBC offers a range of digital banking services that make managing your finances easier and more convenient. With the OCBC Mobile Banking App and Internet Banking, you can check your account balance, transfer funds, pay bills, and more, all from the comfort of your own home. You can also use Pay Anyone to send and receive money instantly using just your mobile number or NRIC.
OCBC Rewards and Cashback
In addition to the cashback you can earn with the OCBC 365 Credit Card, you can also earn rewards points with the OCBC Titanium Rewards Card and the OCBC FRANK Card. These points can be redeemed for a variety of rewards such as shopping vouchers, air miles, and more. Plus, with the OCBC Pay Anyone app, you can earn cashback when you send money to your friends and family.
Comparing OCBC 360 With Other Accounts
If you are looking for a high-interest savings account in Singapore, you might have come across other popular options like the UOB One Account and the DBS Multiplier Account. Here’s how the OCBC 360 Account stacks up against them.
UOB One Account
The UOB One Account is another popular savings account in Singapore that offers bonus interest rates when you meet certain criteria. However, the UOB One Account requires you to spend a certain amount on your UOB credit card to qualify for bonus interest rates. On the other hand, the OCBC 360 Account doesn’t require you to spend anything to earn bonus interest rates.
DBS Multiplier Account
The DBS Multiplier Account is also a popular savings account in Singapore that offers bonus interest rates. Like the UOB One Account, the DBS Multiplier Account requires you to fulfill certain criteria to earn bonus interest rates. However, the DBS Multiplier Account has a higher minimum balance requirement compared to the OCBC 360 Account.
OCBC vs. Other Banks
When compared to other banks in Singapore, OCBC’s 360 Account offers competitive interest rates and bonus interest rates. While some banks might offer slightly higher interest rates, the OCBC 360 Account offers a good balance between interest rates and ease of meeting the criteria.
Managing Your Account
As an OCBC 360 Account holder, managing your account is easy and convenient with the OCBC digital app. Here are some of the features that you can use to manage your account:
Online and Mobile Access
With online and mobile access, you can manage your account anytime, anywhere. The OCBC digital app allows you to view your account balance, transaction history, and e-statements. You can also transfer funds, pay bills, and manage your debit card and cheque book.
Transaction History and E-Statements
Keeping track of your transactions is important, and with the OCBC digital app, you can view your transaction history and e-statements. This allows you to monitor your spending and ensure that your account is in good standing. E-statements are also an eco-friendly alternative to paper statements.
Fees and Charges
It is important to be aware of the fees and charges associated with your account. The OCBC 360 Account has a monthly fee of S$2, which can be waived if you meet certain requirements. There are also fees for services such as overseas ATM withdrawals and cheque book requests. However, many services such as online banking and e-statements are free.
Investment and Insurance Options
If you’re looking to maximise your returns on the OCBC 360 account, investing and insuring may be the way to go. Here are some options available to you:
Linking to Investment Products
One way to increase your returns is by linking your OCBC 360 account to investment products such as unit trusts, bonds, and structured deposits. By doing so, you can earn bonus interest rates of up to 1.2% p.a. on top of your base interest rate.
OCBC offers a variety of investment products that you can link to your OCBC 360 account. These include unit trusts managed by reputable firms such as BlackRock and Schroders. You can also invest in bonds issued by the Singapore government or major corporations. Additionally, structured deposits offer a mix of principal protection and potential returns.
Insurance Products Compatibility
Another way to earn bonus interest rates is by purchasing an eligible insurance policy. OCBC 360 account holders can enjoy bonus interest rates of up to 1.2% p.a. by purchasing an eligible CAT 1 Regular Premium Policy or single premium insurance product.
OCBC offers a range of insurance products that are compatible with the OCBC 360 account. These include life, health, and general insurance policies. By purchasing an eligible policy, you can not only earn bonus interest rates but also gain valuable protection for you and your loved ones.
Customer Support and Assistance
As a customer of OCBC 360 Account, you can expect excellent customer support and assistance from OCBC. The bank has a dedicated team of professionals who are always ready to assist you with any queries or concerns you may have.
Branch and Online Support
If you prefer face-to-face interaction, you can visit any of the OCBC branches located across Singapore. The bank has an extensive network of branches that are strategically located to ensure easy access for customers. You can also access the bank’s services online through OCBC’s internet banking platform, OCBC NXT. This platform allows you to access your account information, transfer funds, pay bills, and perform other banking transactions from the comfort of your home or office.
OCBC Hotlines and Help Centres
In addition to branch and online support, OCBC also provides customers with access to a range of hotlines and help centres. These hotlines and help centres are available 24/7, so you can get assistance whenever you need it. If you have any questions or concerns about your OCBC 360 Account, you can contact the bank’s customer service hotline at +65 6363 3333. Alternatively, you can visit one of the bank’s help centres located across Singapore.
Whether you need assistance with your account information, or you have a question about OCBC’s services, the bank’s customer support team is always ready to help. With the bank’s commitment to providing excellent customer service, you can be sure that your needs will be met in a timely and efficient manner.
Frequently Asked Questions
How can I maximise my interest earnings with an OCBC 360 account?
To maximise your interest earnings with an OCBC 360 account, you need to fulfil certain criteria. You can earn bonus interest on your account balance by doing any of the following:
- Credit your salary through GIRO or PayNow
- Pay three bills online
- Spend at least S$500 on your OCBC credit card
- Purchase eligible financial products
The more of these criteria you fulfil, the higher your bonus interest rate will be. You can earn up to 4.65% p.a. on your first S$100,000 of deposits.
What are the eligibility criteria for the OCBC 360 Save Bonus?
To be eligible for the OCBC 360 Save Bonus, you need to fulfil the following criteria:
- Maintain a minimum account balance of S$3,000
- Increase your account balance by at least S$500 from the previous month
- Do not make any withdrawals from your account during the month
If you meet these criteria, you can earn bonus interest on your account balance.
How does the OCBC 360 account compare with the DBS Multiplier account?
Both the OCBC 360 account and the DBS Multiplier account offer bonus interest on your account balance. However, the criteria for earning bonus interest are different. The OCBC 360 account rewards you for salary credit, bill payments, credit card spending, and financial product purchases, while the DBS Multiplier account rewards you for salary credit and other transactions such as credit card spending, home loans, and insurance.
Are there any perks associated with the OCBC 365 Credit Card when used alongside the OCBC 360 account?
Yes, there are several perks associated with the OCBC 365 Credit Card when used alongside the OCBC 360 account. You can earn cashback on your credit card spending, and the cashback will be credited directly to your OCBC 360 account. You can also enjoy discounts on dining, petrol, and other purchases.
What are the latest interest rate updates for the OCBC 360 account?
As of March 2024, the OCBC 360 account offers an effective interest rate of up to 4.65% p.a. on your first S$100,000 of deposits. The interest rates are subject to change, so it’s important to check the latest rates before opening an account.
How do I use the OCBC 360 interest calculator to estimate my potential earnings?
You can use the OCBC 360 interest calculator to estimate your potential earnings based on your account balance and the criteria you fulfil. Simply enter your account balance and the criteria you fulfil, and the calculator will show you your potential earnings. You can find the interest calculator on the OCBC website.
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