Black Friday is here 🥳

Enjoy huge savings on thousands of products

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

OCBC 360 Review

Last updated:  

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 2.63% 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

Benefits of the OCBC 360 Account

  • 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 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.
  • Minimal fees. The account doesn’t charge any opening, monthly and maintenance fees. However, a $2 fall-below fee will apply if your average daily balance falls below $3,000.
  • Quick and easy application. The online form only takes around five to 10 minutes to complete.

How does OCBC 360 Account work?

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 sum 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 four categories:

  • Salary. Earn a 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 a 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 0.8% p.a. interest on your first $75,000.

OCBC 360 bonus interest structure

The following interest rates are accurate as of 7 October 2020 and are subject to change:

Bonus Tier 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 bonus 0.4% 0.8% 1.2% 0.8%
Save 0.1% 0.2% 0.4% 0.23%
Insure 0.4% 0.8% 1.2% 0.8%
Invest 0.4% 0.8% 1.2% 0.8%
Grow (Requires an account balance of at least $200,000) 0.4% 0.4% 0.4% 0.4%

Things to look out for

Before applying for the OCBC 360 Account, make sure that you’re aware of these caveats:

  • 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. For example, if you have a $100,000 balance and fulfill all five categories, you’ll earn 1.75% (1.7% bonus rate + 0.05% base interest) on the first $25,000, 3.05% (3% bonus rate + 0.05% base interest) on the next $25,000, 4.45% (4.4% bonus rate + 0.05% base interest) on the following $25,000, and 0.05% base interest on the remaining $25,000 balance.
  • Fall-below fee. You’ll need to maintain a minimum average daily balance of $3,000 for automatic waiver of the $2 monthly fall-below fee.

Compare with other savings accounts

Data indicated here is updated regularly
Name Product Minimum Initial Deposit Fall below monthly fees Minimum annual interest rate Maximum annual interest rate
POSB SAYE Account
POSB SAYE Account
S$0
S$0
0.05% p.a.
0.2% 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%
1% 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)-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.
UOB Stash Account
UOB Stash Account
S$1,000
S$2
0.05% p.a.
1% p.a.
This simple, no-frills account offers competitive interest when you maintain or increase your monthly average balance.
loading

Compare up to 4 providers

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.

How do I open an account?

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 don’t 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.

      How do I contact support?

      If you have any enquiries, you may reach OCBC Bank directly through the following contact details:

      • 24 hours hotline. 6363 3333
      • Enquiry form. Available on OCBC’s website
      • Mail. OCBC Bank, 65 Chulia Street, #01-00, OCBC Centre, Singapore 049513

      Bottom line

      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 2.68% 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 3.08% 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.

      Frequently asked questions

      Ask Finder

      You are about to post a question on finder.com:

      • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
      • finder.com is a financial comparison and information service, not a bank or product provider
      • We cannot provide you with personal advice or recommendations
      • Your answer might already be waiting – check previous questions below to see if yours has already been asked

      Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Privacy Policy.
      Go to site