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OCBC 360 Review

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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 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 0.4% 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 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 27 April 2021 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 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.

          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

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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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