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OCBC 360 Review

Grow your savings with higher interest rates when you fulfill various areas for bonus earn.

The OCBC 360 Account allows you to earn up to 2.38% p.a. on the first $75,000 of your account balance if you meet all the available areas for bonus earn. If you have a high balance amount of $200,000 or more, you’ll also reap an additional interest of 0.4% p.a.

Read on to find out if this high-interest savings account is suitable for you.

S$1,000

Minimum Initial Deposit

S$2

Fall below monthly fees

Details

How does the OCBC 360 Account works

The OCBC 360 Account offers a three-tier bonus interest based on your account balance (capped at $75,000) when you fulfill the criteria for any of its four bonus categories. This means that the additional bonus is only accrued on the first $25,000 and two subsequent sums of $25,000. Any balance you have over $75,000 can only earn a base interest rate of 0.05% p.a.

Unlock bonus interest rates when you fulfill any amount of these five categories:

  • Salary. Earn bonus interest when you credit a monthly salary of at least $1,800.
  • Save. Increase your account’s average daily balance by at least $500 from the previous month’s average daily balance.
  • Insure. Purchase any new eligible insurance product that meets a qualifying amount from OCBC. The bonus interest from this category is only valid for 12 months.
  • Invest. Purchase any new eligible OCBC financial product to earn bonus interest for 12 months. Do note the investment product(s) you commit to are required to meet a minimum qualifying amount.
  • Grow. Maintain an average daily balance of at least S$200,000 to earn an additional 0.4% p.a. interest on your first $75,000.

Key features

  • Higher interest rates. Unlock higher interest rates by fulfilling any number of the five bonus categories available. You need to have at least $75,000 in your account to qualify for maximum potential interest rates.
  • Multiple bonus interest categories. Depending on your financial habits, you have the option to consolidate any or all these activities to earn a higher interest rate: credit your salary, insure or invest in eligible OCBC Wealth products, increase your account balance by at least $500 or maintain a high daily average balance of $200,000 per month.
  • Growth bonus. Earn an additional 0.4%

Interest rates and fees

Interest structure

The following interest rates are accurate as of 21 January 2022 and are subject to change:

BonusTier 1 (first $25,000)Tier 2 (next $25,000)Tier 3 (next $25,000)Effective interest rate (EIR)
Base interest (for entire account balance)0.05%0.05%0.05%0.05%
Salary bonus0.3%0.6%1.2%0.7%
Save0.1%0.2%0.4%0.23%
Insure0.3%0.6%1.2%0.7%
Invest0.3%0.6%1.2%0.7%
Grow (Requires an account balance of at least $200,000)0.4%0.4%0.4%0.4%

Fees

As for fees, the OCBC 350 account doesn’t charge any opening, monthly and maintenance fees. However, do note that you’ll need to maintain a minimum average daily balance of $3,000 for an automatic waiver of the $2 monthly fall-below fee.

Pros and cons

Pros

  • No minimum monthly spend. Other than the insurance and investment categories, you’re not required to meet any qualifying monthly spend to earn bonus interest.
  • Step-up bonus. OCBC 360 account offers bonus interest for consistent monthly savings, incentivising you to build your account balance.
  • Bonus for high account balance. If you’re able to maintain at least $200,000 in your account every month, you’d be able to unlock an extra 0.4% p.a. interest on your first $75,000 balance.
  • Quick and easy application. The online form only takes around five to 10 minutes to complete.

Cons

  • Low base interest rates. The base interest rate of this account is only 0.05%, which is incredibly low.
  • 12-month limit on eligible insurance and investment product. Signing up for a new eligible financial product from OCBC will only fulfill the Insure and Invest categories and be recognised for bonus interest in the first year. After that, it’ll no longer be valid to unlock this bonus.
  • No bonus interest for any additional balance over $75,000. Only the first $25,000 and two subsequent sum of $25,000 can accrue bonus interest rates. The remaining balance above $75,000 will only accrue interest at the prevailing base interest rate.

How to sign up

To begin your application for the OCBC 360 Account, simply head to OCBC’s website and click on the ‘apply now’ button. Before applying, you should make sure that you meet the eligibility criteria and have the required documents on hand. This account also requires an initial deposit of $1,000.

Eligibility

To apply for an OCBC 360 Account, you must be:

  • A Singaporean, Singapore PR or foreigner with a valid visa
  • At least 18 years old

Required information

If you’re a new OCBC customer, you should have the following documents on hand to speed up your application:

  • Singaporeans and permanent residents:
    • Front and back photocopy of your NRIC/passport
    • Proof of residential address (if it’s different from the one in your NRIC)
  • Foreigners:
    • Valid passport
    • Proof of employment/study or visit pass
    • Proof of residential address: e.g. utility bills, telco bills, bank statements or letters from government bodies dated within the last 3 months.

Online application process

  1. Click on the ‘Apply now’ button on the OCBC 360 account page.
  2. Select your preferred mode of application.
  3. For existing OCBC customers: click on ‘Log in to Internet banking’.
  4. For new customers with SingPass: click on ‘Apply with MyInfo’. This will allow you to prefill the application by retrieving personal data from MyInfo.
  5. If you have none of the above, click on ‘Fill in application form’ to proceed.
  6. Fill in the required fields and upload any necessary documents.
  7. Submit your application.
  8. Allow time for OCBC to get in touch with further instructions.

The verdict

The OCBC 360 Account offers a decently high interest rate but that is only if you have at least $75,000 balance in your account. However, to unlock the 2.38% p.a effective interest rates, you’ll need to fulfill four of the categories (Salary, Save, Insure and Invest) and have a balance of at least $75,000. If you’re able to maintain a daily average balance of $200,000, you can further unlock 0.4% p.a. interest, with adds up to a high maximum rate of 2.78% p.a.

Since salary credit is not mandatory, the OCBC 360 Account is ideal for affluent middle-class individual, such as retirees and investors. If you’re unable to fulfill the requirements (or has financial products with other banks instead) to unlock higher interest rates with this account, you should compare other high interest savings accounts to find one that suits your banking habits.

Compare with other savings accounts

Name Product Minimum Initial Deposit Fall below monthly fees Minimum annual interest rate Maximum annual interest rate
OCBC 360 account
S$1,000
S$2
0.05% p.a.
2.78% p.a.
Earn competitive bonus interest on the first $75,000 of your balance when you credit your salary, save, insure or invest with this account
SC Bonus$aver Account
S$0
S$5
0.01% p.a.
2.38% p.a.
Unlock up to 2.38% p.a. of bonus interest on the first S$80,000 deposit and access up to 14 different currencies with this account.
DBS eMySavings Account
S$50
S$0
0.05% p.a.
0.25% p.a.
Grow your balance with a savings account that offers higher interest rates when you credit a preset amount each month.
DBS Multiplier Account
S$0
S$5
0.05% p.a.
3% p.a.
Multiply your savings with bonus interest rates when you credit your income and meet all the account's criteria.
UOB Stash Account
UOB Stash Account
S$1,000
S$2
0.05% p.a.
1% p.a.
Grow your savings and earn increasingly higher interest rates for the first S$100,000 of your account balance.
Maybank iSAVvy Savings Account
Maybank iSAVvy Savings Account
S$500
S$2
0.19% p.a.
0.5% p.a.
Meet day-to-day banking needs and achieve your saving goals by creating sub-accounts through online banking.
Maybank SaveUp Account
S$500
S$2
0.25% p.a.
2.75% p.a.
Save and engage in qualifying Maybank products to unlock a maximum interest rate of 3% p.a. on the first S$50,000 of your balance.
POSB eMySavings Account
POSB eMySavings Account
S$0
S$0
0.05% p.a.
0.25% p.a.
Earn special interest rates when you grow your month-to-month balance consistently with this preset monthly savings account.
POSB SAYE Account
POSB SAYE Account
S$0
S$0
0.05% p.a.
2% p.a.
Unlock higher interest when you credit your salary, save a preset amount and make no withdrawals from this special savings account.
SC JumpStart Account
S$0
S$0
0%
0.4% p.a.
A day-to-day banking account with attractive interest rates and cashback on debit card spending for young adults Between 18 and 26 years old.
CIMB StarSaver (Savings) Account
S$1,000
S$0
0.3% p.a.
0.3% p.a.
A savings account with competitive interest rates and access to over 6,000 CIMB ATMs across the region.
KrisFlyer UOB Account
S$1,000
S$2
0.05% p.a.
0.05% p.a.
Access your finances anytime with this interest-bearing passbook savings account.
CIMB StarSaver (Savings)-i Account
CIMB StarSaver (Savings)-i Account
S$1,000
S$0
0.3% p.a.
0.3% p.a.
This Shariah-compliant savings account come with competitive profit rates and a wide range of banking features.
BOC SmartSaver
BOC SmartSaver
S$1,500
S$3
0.3% p.a.
0.5% p.a.
Designed for BOC Multi-Currency Savings (MCS) account holders, this savings plan offer bonus interest when you meet certain requirement.
POSB My Account
POSB My Account
S$0
S$0
0.05% p.a.
2% p.a.
This simple savings account has no minimum balance requirement and comes with a wide range of essential banking features.
CIMB FastSaver Account
CIMB FastSaver Account
S$1,000
S$0
0.15% p.a.
1% p.a.
The CIMB FastSaver is a savings account that offers tiered interest rates based on the size of your account balance
UOB Passbook Savings Account
UOB Passbook Savings Account
S$500
S$2
0.05% p.a.
0.5% p.a.
Manage your finances anytime, anywhere with this simple savings account with high daily interest rate.
OCBC Bonus + Savings Account
OCBC Bonus + Savings Account
S$5,000
S$2
0.05% p.a.
0.5% p.a.
A simple, no-frills savings account that offers higher interest when you grow your month-to-month balance and make no withdrawals, up to 0.5% p.a.
POSB Everyday Savings Account
POSB Everyday Savings Account
S$0
S$2
0.05% p.a.
0.2% p.a.
An everyday savings account that offers cashback on your DBS/POSB debit card spend.
UOB Lady’s Savings Account
S$1,000
S$2
0.05% p.a.
0.05% p.a.
Benefit from complimentary medical insurance cover, free annual health screenings and more with this female-only savings account.
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Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.

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