Best for Consistent Savers With a Stable Budget
OCBC 360
Interest Rates
Min. Initial Deposit
Min. Avg Daily Balance
Type of Account
The OCBC 360 Savings Account is a deposit account that offers a low base interest rate of 0.05% p.a. However, as you fulfill certain criteria for any of its four bonus categories, you can enjoy higher returns- up to 2.38% p.a. effective interest rate. This makes it a good choice as a primary savings account where you’ll be regularly performing most of your bank transactions.
All details
Key Features
- Earn an effective interest rate of up to 2.38% a year and more on your first S$75,000.
- A savings account with a base interest rate of 0.05% p.a.
- Minimum salary credit requirement of S$1,800 via GIRO
- Growth bonus where you’ll earn an additional 0.4% if you maintain an average daily balance of at least S$200,000.
- Multiple bonus interest categories give you more options to grow your savings – from crediting your salary to purchasing a new eligible financial product
- Fall below fee of S$2 is waived for the first year
Promotion
- New OCBC Debit Cardholders can earn a cash rebate of up to S$50 when they spend at least S$500 by the last day of the following month from when the application is approved.
- If you’re new to OCBC Pay Anyone, you can earn an additional S$10 rebate when you make a transaction. Promotion period until 31 December 2021.
Pros & Cons
Pros:
- The OCBC 360 Savings Account offers bonus interest of up to 0.4% if you maintain at least S$200,000 in your account every month.
- Earn an additional bonus interest rate of up to 0.4% p.a. if you increase your monthly account balance by at least S$500
- Offers step-up bonus interest rate for consistent monthly savings, perfect for consumers looking to build their entire account balance.
- No minimum credit card spend is required to earn bonus interest.
- No opening, monthly, and maintenance fees.
- Maximum interest is attainable at S$75,000 account balance
Cons
- Low base interest of only 0.05%.
- No bonus interest for any additional balance over S$75,000.
Purchasing an eligible insurance product or eligible investment product from OCBC will be recognized for bonus interest in the first year only. They will no longer be valid in the succeeding years.
General Information
Eligibility
- Minimum age: 18 years old
- Nationality: Singaporean, Permanent Resident, or Foreigner with a valid visa
Fees and Charges
- Minimum Initial Deposit S$1,000
- Service Fee S$2 per month if average daily balance for the
month falls below S$3,000. Waived for the first year - Cheque Book Fee Issued upon request, S$10 per cheque book
Documents Requirements
- NRIC for Singaporeans and Permanent Residents
- Passport and a valid pass (e.g. Employment Pass or S-Pass or Student Pass) for Foreigners
- Proof of residences, such as recent phone bill, half-yearly CPF statement, or any bank statement
Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.
How Does OCBC 360 Savings Account Compare with Other Savings Accounts in Singapore?
Bank Name | Interest Rate | Minimum Initial Deposit | Minimum Balance |
OCBC 360 Account | 0.05% base interest rate p.a.
2.38% max. interest rate p.a. | S$1,000 | S$3,000 |
CIMB FastSaver Savings Account | 0.30% p.a. | S$1,000 | S$0 |
DBS Multiplier Account | 0.05% base interest rate p.a.
3% max. interest rate p.a. | S$0 | S$3,000 |
UOB One Account | 0.05% base interest rate p.a.
2.50% max. interest rate p.a. | S$500 | S$1000 |
Standard Chartered e$aver Savings Account | 0.05% base interest rate p.a.
0.50% max. interest rate p.a. | S$0 | S$1,000 |
Maybank SaveUp Programme | 0.1875% base interest rate p.a.
3.0625% max. interest rate p.a. | S$500 | S$1,000 |
The base interest rate of the OCBC 360 Account is similar to most popular savings accounts. However, based on the table above, the maximum interest rate that consumers can earn is around 3% from DBS Multiplier Account and Maybank SaveUp Programme. So what makes the OCBC 360 Account stand out?
With the DBS Multiplier Account, you can earn the maximum 3% interest rate if you fulfill substantial activities and track the said activities. What gives the OCBC 360 Savings Account an edge is that it is easy to manage, with minimal criteria, yet still offers high rates up to 2.38% p.a.
On the other hand, with a Maybank SaveUp Account, the interest peaks at just a S$50,000 account balance. That said, consumers who want to consistently grow their savings bank accounts will earn more interest with OCBC 360.
OCBC 360 Savings Account – Our Verdict
The OCBC 360 Account offers a competitive high interest rate if you have at least S$75,000 in your account balance. However, it starts with a low base rate of 0.05% p.a. To earn higher returns and unlock the 2.38% effective interest rate, you’ll need to fulfill four criteria:
- Credit at least S$1,800 of your monthly salary through GIRO
- Save at least S$500 per month
- Purchase an insurance product with OCBC
- Purchase an investment product with OCBC
That said, the OCBC 360 Account is best for consistent savers with a stable budget. Additionally, this high interest savings account is a great option for those who earn enough to meet the S$1,800 minimum monthly salary credit criteria and don’t want other complicated “extras”.
Final Thoughts
Key Takeaways:
- The OCBC 360 Account offers higher returns- up to 2.38% p.a. effective interest rate, as long as you fulfill certain criteria.
- You can earn bonus interest rates through four categories: Salary Crediting, Save, Insure, and Invest
- With OCBC 360 Account, you can earn an additional bonus interest rate of up to 0.4% p.a. if you increase your monthly account balance by at least S$500
If you want to consistently grow your balance, have a stable budget, and are willing to invest, you may be able to earn more interest with OCBC 360 Account. So to maximize your returns, you need to insure or invest with OCBC. However, their products are not for small-time investors.
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FAQs
How Does the OCBC 360 Account calculate interest?
You can earn two types of interest on your OCBC 360 account balance per month:
- Base interest: This is accrued daily based on your account balance. You will earn this at the end of every month.
- Bonus interest: You can earn bonus interest if you fulfill certain criteria. You will earn bonus tiered interest rates based on your account balance, up to your first S$75,000.
Here’s how you can earn bonus interest after you reach your first S$75,000:
- Up to 1.2% p.a. for crediting your salary of at least S$1,800 via GIRO and/or
- Up to 0.4% p.a. for saving at least S$500 per month
- Up to 1.2% a year for 12 consecutive months for purchasing eligible insurance from OCBC – valid only for 1 year.
- Up to 1.2% a year for 12 consecutive months for purchasing investment products from OCBC – valid only for 1 year.
- Up to 0.4% a year if your account’s average daily balance is at least S$200,000.
How can I earn an effective interest rate of 2.38% a year with an OCBC 360 Account?
You can earn the maximum effective interest rate of 2.38% a year if you reach your first S$75,000. However, you need to meet the bonus criteria for Salary Credit, Save, Insure, and Invest. Take a look at the illustration below for more information.
Account Type | Salary | Save | Insure | Invest | Grow |
Criteria | Credit your salary of at least S$1,800 through GIRO. | Increase your average balance by at least S$500 monthly | Purchase an eligible insurance product from OCBC | Purchase an eligible investment product from OCBC | MAintain an average daily balance of at least S$200,000 |
First S$25,000 | 0.3% | 0.1% | 0.3% | 0.3% | 0.4% |
Next S$25,000 | 0.6% | 0.2% | 0.6% | 0.6% | |
Next S$25,000 | 1.2% | 0.4% | 1.2% | 1.2% | |
EIR | 0.7% | 0.23% | 0.7% | 0.7% |
How Will I Know That The Bonus Interest Is Credited To My OCBC 360 Account?
Bonus interest is calculated at the end of each calendar month based on your average daily balance at the end of each month. The bonus interest crediting date is the 7th business day (excluding Saturday and Sunday) of the following month or earlier. You will find your bonus interest in your e-statement, Internet Banking, and Mobile Banking transaction history. It will be listed as:
- 360 SALARY BONUS
- 360 SAVE BONUS
- 360 INSURE BONUS
- 360 INVEST BONUS
- 360 GROW BONUS
Note: If you choose to close your OCBC 360 Account before the bonus interest is credited, the bonus interest for the previous month will be forfeited.
Can I Open More Than One OCBC 360 Account?
You can only open one OCBC 360 Account where you are the Primary Account holder.
Can I Use The Money In My OCBC 360 Account?
Yes, you can. The OCBC 360 Account does not have a lock-in period so you can withdraw money using your debit card. You can also access your money by logging into your OCBC Online Banking account.
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