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.