If you’re looking for a way to earn more interest on your savings, a 360 account may be just what you need. This type of account, offered by many banks in Singapore, allows you to earn bonus interest on top of the base interest rate by fulfilling certain requirements. In this article, we’ll take a closer look at 360 accounts in Singapore and how they work.
To start, a 360 account is a deposit account that pays you bonus interest when you meet certain criteria. These criteria can include things like salary crediting, bill payments, and credit card spending. By fulfilling these requirements, you can earn bonus interest on top of the base interest rate, which can help you maximise your earnings. In the next section, we’ll dive deeper into how you can maximise your interest earnings with a 360 account.
If you’re interested in opening a 360 account in Singapore, it’s important to understand the eligibility requirements and how to apply. Depending on the bank, you may need to be a Singaporean citizen or permanent resident, have a certain minimum income, or meet other criteria. In the following sections, we’ll cover these topics in more detail and provide tips for integrating a 360 account with your lifestyle and managing it effectively.
Understanding 360 Accounts in Singapore
If you’re looking for a savings account that offers high-interest rates, then you might want to consider opening a 360 account in Singapore. This type of savings account is offered by several banks in Singapore, including OCBC.
What Is a 360 Account?
A 360 account is a type of savings account that offers a high-interest rate on your account balance. To earn the bonus interest, you’ll need to fulfill certain requirements, such as crediting your salary, saving and increasing your account balance, charging at least S$500 to your OCBC credit card, insuring with OCBC, and investing with OCBC.
Benefits of 360 Savings Accounts
Opening a 360 account in Singapore comes with several benefits, including:
- High-Interest Rates: With a 360 account, you can earn bonus interest rates of up to 4.65% per annum on your first S$100,000 of your account balance when you fulfill the requirements.
- Flexibility: You can use your 360 account for various purposes, including saving for a rainy day, setting aside funds for a specific goal, or building up your emergency fund.
- Easy Access: You can access your 360 account balance through online banking, mobile banking, or ATMs.
- No Monthly Fees: Most 360 accounts in Singapore do not charge monthly fees, making it an affordable option for those who want to save money.
In summary, opening a 360 account in Singapore can be a great way to earn high-interest rates on your savings. With its flexible features, easy access, and no monthly fees, a 360 account can be a useful tool in achieving your financial goals.
Maximising Your Interest Earnings
If you’re looking to maximise your interest earnings with the OCBC 360 account, there are a few things you should keep in mind. Here are some tips to help you earn the most interest possible:
Earning Base Interest
Firstly, it’s important to understand how base interest works. The OCBC 360 account offers a base interest rate of 0.05% per annum on your entire account balance. This means that you’ll earn this amount of interest regardless of how much money you have in your account.
Bonus Interest Categories
Apart from the base interest, there are five bonus interest categories that you can earn bonus interest on. These categories are salary, save, insure, invest, and grow. Each category has its own set of requirements and corresponding bonus interest rates.
For example, if you credit your salary of at least S$1,800 through GIRO/PayNow via GIRO, you can earn up to 4.0% a year in salary bonus interest. If you increase your account average daily balance by S$500 from the previous month, you can earn up to 2.4% a year in save bonus interest. If you invest with OCBC, you can earn up to 1.2% a year in invest bonus interest.
Calculating Effective Interest Rate
To calculate your effective interest rate, you’ll need to take into account both the base interest and bonus interest that you earn. For example, if you have a balance of S$50,000 in your account and you earn 0.05% in base interest and 3.5% in bonus interest, your effective interest rate would be 3.55%.
It’s important to keep in mind that the bonus interest rates are subject to change and may vary depending on the rising rate environment. Be sure to check the latest rates and requirements on the OCBC website to ensure that you’re maximising your interest earnings.
By following these tips and keeping track of your account balance and bonus interest categories, you can maximise your interest earnings with the OCBC 360 account.
Eligibility and How to Apply
Opening a 360 Account
Opening a 360 Account with OCBC Bank is a straightforward process. You can apply online via OCBC Bank’s website or visit any of their branches. To open an account, you must be at least 18 years old and a Singapore citizen or permanent resident. You can apply for a joint account with another person who meets the same eligibility criteria.
Required Documents and Eligibility
To apply for a 360 Account, you will need to provide the following documents:
- Singapore NRIC or Employment Pass (EP) for foreigners
- Proof of address (e.g. utility bill or bank statement)
To be eligible for the 360 Account, you must fulfill the following criteria:
- Credit your salary through GIRO or PayNow
- Save and increase your account balance
- Charge at least S$500 to your OCBC 365, OCBC 90°N, OCBC INFINITY, OCBC NXT or OCBC Rewards Card
- Insure with OCBC
- Invest with OCBC
You will earn a base interest of 0.05% per annum on your entire account balance, regardless of whether you fulfill the above criteria. For maximum effective interest rate (EIR) illustration purposes for your first S$100,000, you will earn a maximum EIR of 4.05% per annum if you fulfill the “Salary + Save” criteria.
To apply for a 360 Account, you can visit any OCBC Bank branch or apply online via their website. The minimum initial deposit required to open a 360 Account is S$1,000. Once your account is open, you can manage it online via OCBC Bank’s online banking platform.
In conclusion, opening a 360 Account with OCBC Bank is a simple and straightforward process. By fulfilling the eligibility criteria, you can earn a higher interest rate on your savings and enjoy the benefits of being an OCBC Bank customer.
Integrating 360 Accounts with Your Lifestyle
If you are looking to maximise your savings with the OCBC 360 Account, you can do so by integrating it with your lifestyle. Here are some ways you can use the account to your advantage.
Linking Salary and GIRO
One of the easiest ways to earn bonus interest on your 360 Account is by linking your salary to the account via GIRO. By crediting a minimum salary of £1,000 per month, you can earn up to 1.2% p.a. bonus interest on the first £35,000 of your account balance. This means you can earn an effective interest rate of up to 1.85% p.a. on your savings.
Credit Card Integration
Another way to earn bonus interest on your 360 Account is by integrating it with your OCBC credit card. By charging at least £500 to your OCBC credit card, you can earn up to 0.6% p.a. bonus interest on the first £35,000 of your account balance. This means you can earn an effective interest rate of up to 1.65% p.a. on your savings.
If you have an OCBC 365 credit card, you can earn even more bonus interest. By spending at least £800 on your card, you can earn up to 1% p.a. bonus interest on the first £35,000 of your account balance. This means you can earn an effective interest rate of up to 2.05% p.a. on your savings.
Insurance and Investment Products
You can also earn bonus interest on your 360 Account by insuring or investing with OCBC. By purchasing an eligible insurance product or investing in an eligible investment product, you can earn up to 0.6% p.a. bonus interest on the first £35,000 of your account balance. This means you can earn an effective interest rate of up to 1.65% p.a. on your savings.
Overall, by integrating your 360 Account with your lifestyle, you can earn bonus interest and maximise your savings. Whether it’s by linking your salary and GIRO, integrating your credit card, or investing with OCBC, there are many ways to earn bonus interest on your account.
Managing Your 360 Account
As a 360 account holder, you have access to a range of online and mobile banking features that make managing your account easy and convenient.
Online and Mobile Banking Features
With OCBC’s online and mobile banking platforms, you can keep track of your account balance, daily balance, and transaction history. You can also view and download your e-statements, which are available for up to 12 months.
In addition, you can set up alerts to notify you of any changes to your account, such as when a deposit or withdrawal is made. This feature can help you stay on top of your finances and avoid any unwanted surprises.
Understanding Fees and Charges
It’s important to be aware of the fees and charges associated with your 360 account to avoid any unexpected costs. One fee to keep in mind is the fall-below fee, which is charged if your account balance falls below the minimum required amount.
To avoid this fee, make sure to maintain an average daily balance of at least S$3,000. You can also avoid this fee by signing up for OCBC Infinity, which waives the fall-below fee for all 360 account holders.
Other fees to be aware of include transaction fees, which may be charged for certain types of transactions, and fees for using mobile banking services. Make sure to read the terms and conditions carefully to understand all the fees and charges associated with your account.
In summary, managing your 360 account is easy with OCBC’s online and mobile banking features. Just make sure to keep track of your account balance, daily balance, and transaction history, and be aware of any fees and charges associated with your account. With these tips, you can make the most of your 360 account and stay on top of your finances.
Frequently Asked Questions
How can I maximise my earnings with an OCBC 360 account?
To maximise your earnings with an OCBC 360 account, you need to follow some simple steps. Firstly, credit your salary through GIRO/PayNow via GIRO. Secondly, save and increase your account balance. Thirdly, charge at least S$500 to your OCBC 365, OCBC 90°N, OCBC INFINITY, OCBC NXT or OCBC Rewards Card. Fourthly, insure with OCBC. Lastly, invest with OCBC. By doing all or any of these, you can earn bonus interest on the first S$100,000 of your account balance.
What are the steps to calculate interest for my OCBC 360 savings?
Calculating interest for your OCBC 360 savings is relatively easy. Firstly, you need to determine your account balance. Secondly, you need to identify the bonus interest rates for the different categories. Thirdly, you need to calculate the interest for each category. Lastly, you need to add up the interest for each category to get your total interest.
What’s the minimum amount I need to maintain in my OCBC 360 account?
The minimum amount you need to maintain in your OCBC 360 account is S$3,000. If your account balance falls below S$3,000, you will not be eligible for bonus interest.
Are there any bonus interest opportunities with OCBC 360 Save?
Yes, there are bonus interest opportunities with OCBC 360 Save. You can earn bonus interest by saving and increasing your account balance. The bonus interest rates for this category are 0.4% per annum for the first S$35,000 and 1.2% per annum for the next S$65,000.
How does the OCBC 365 Credit Card complement my OCBC 360 account?
The OCBC 365 Credit Card complements your OCBC 360 account by allowing you to earn cashback on your daily expenses. You can earn up to 6% cashback on dining, 3% cashback on groceries, and 3% cashback on online shopping. By using your OCBC 365 Credit Card, you can maximise your earnings and save more.
What are the latest perks of using an OCBC 360 Debit Card?
The latest perks of using an OCBC 360 Debit Card include earning 1% cashback on your daily spend and getting up to 50% off at selected merchants. By using your OCBC 360 Debit Card, you can enjoy exclusive discounts and earn cashback on your purchases.