If you’re looking for a savings account that offers a high interest rate and additional benefits, the OCBC 360 Account might be the right option for you. This account offers various ways to earn bonus interest and rewards, including salary crediting, saving, spending, and investing. However, to enjoy these benefits, you need to meet certain minimum balance requirements.
The minimum balance requirements for the OCBC 360 Account depend on the type of bonus interest you want to earn. For example, to earn the maximum effective interest rate (EIR) of 4.65% per year, you need to fulfill three criteria: credit your salary, save money, and spend on an eligible credit card. The minimum balance for this tier is S$70,000. If you don’t meet all the criteria, you can still earn a base interest rate of 0.05% per year on your entire account balance.
To maximize your account benefits, you should aim to maintain the minimum balance required for your desired interest rate tier. This will help you avoid fall-below fees and earn more interest on your savings. Additionally, you can consider using other OCBC services, such as insurance and investments, to earn even more rewards. Keep reading to learn more about the OCBC 360 Account and how to make the most of it.
Key Takeaways
- The OCBC 360 Account offers bonus interest and rewards for salary crediting, saving, spending, and investing.
- To earn the maximum interest rate of 4.65% per year, you need to meet several criteria and maintain a minimum balance of S$70,000.
- Maintaining the minimum balance required for your desired interest rate tier can help you avoid fall-below fees and earn more interest on your savings.
Understanding the OCBC 360 Account
If you’re looking for a savings account that offers high-interest rates, the OCBC 360 Account may be the perfect option for you. This account is designed to help you save more money, earn higher interest rates, and enjoy a range of benefits.
What Is a 360 Account?
A 360 account is a savings account that offers a range of benefits and higher interest rates than traditional savings accounts. With the OCBC 360 Account, you can earn a maximum effective interest rate (EIR) of 4.65% per annum on your first S$100,000 when you credit your salary, spend on your OCBC credit card, and save.
Eligibility Requirements
To open an OCBC 360 Account, you need to be a Singaporean, a Singapore Permanent Resident (PR), or a foreigner with a valid Singaporean passport, NRIC, S-Pass, or Student Pass. You also need to be at least 18 years old.
To enjoy the maximum interest rate of 4.65%, you need to fulfill the following requirements:
- Credit your salary through GIRO/PayNow via GIRO
- 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
The minimum initial deposit for the OCBC 360 Account is S$1,000. If your average daily balance for the month falls below S$3,000, a service fee of S$2 per month will be charged. However, this fee is waived for the first year.
In conclusion, the OCBC 360 Account is a great option for anyone looking to earn higher interest rates on their savings. With a range of benefits and eligibility requirements, this account is designed to help you save more money and achieve your financial goals.
Minimum Balance Requirements
If you are considering opening a 360 Account with OCBC, it is important to be aware of the minimum balance requirements. In this section, we will look at the two main factors that affect your account balance: the average daily balance and the fall-below fee.
Average Daily Balance
The average daily balance is the total amount of money you have in your account over a period of time, divided by the number of days in that period. This figure is calculated at the end of each month and determines whether you are eligible for bonus interest rates.
To qualify for the highest bonus interest rates, you must maintain an average daily balance of at least S$200,000 in your 360 Account. However, you can still earn bonus interest rates with a lower average daily balance, depending on the amount you save, spend, insure, and invest with OCBC.
Fall-Below Fee
If your account balance falls below the minimum required amount, you will be charged a fall-below fee. The fall-below fee is a charge levied on your account when your balance falls below a certain level, usually on a monthly basis.
For the OCBC 360 Account, the minimum balance required to avoid the fall-below fee is S$3,000. If your account balance falls below this amount, you will be charged a fee of S$2 per month.
It is important to note that the fall-below fee is charged in addition to any other fees or charges that may be levied on your account. Therefore, it is important to maintain a sufficient balance in your 360 Account to avoid any unnecessary charges.
In summary, the minimum balance requirements for the OCBC 360 Account are the average daily balance and the fall-below fee. By maintaining a sufficient balance in your account, you can avoid unnecessary charges and earn bonus interest rates on your savings.
Interest Earning Potential
If you’re looking for a savings account with a decent interest rate, then the OCBC 360 Account might be a good option for you. Here’s a breakdown of the interest earning potential of the account.
Base Interest
The base interest rate for the OCBC 360 Account is 0.05% per annum. This means that regardless of whether you fulfill the bonus interest criteria, you will earn this base interest rate on your entire account balance.
Bonus Interest Criteria
In addition to the base interest rate, you can earn bonus interest on your account balance if you fulfill the following criteria:
- Salary Credit: You will earn a maximum bonus interest rate of 1.2% per annum if you credit your salary of at least S$1,800 per month into your OCBC 360 Account.
- Save: You will earn a maximum bonus interest rate of 1.2% per annum if you increase your account balance by at least S$500 per month.
- Spend: You will earn a maximum bonus interest rate of 0.6% per annum if you spend at least S$500 per month on your OCBC credit card.
- Insure: You will earn a maximum bonus interest rate of 1.2% per annum if you purchase an eligible insurance policy from OCBC.
- Invest: You will earn a maximum bonus interest rate of 0.6% per annum if you invest at least S$12,000 in an eligible unit trust or structured deposit from OCBC.
Effective Interest Rate (EIR)
The effective interest rate (EIR) is the total interest you earn on your account balance, including the base interest and bonus interest, expressed as an annual percentage rate. The maximum EIR you can earn on your OCBC 360 Account is 4.65% per annum.
It’s important to note that the bonus interest is subject to a balance cap of S$70,000. This means that you will only earn bonus interest on the first S$70,000 of your account balance. Additionally, the bonus interest is calculated on a monthly basis, based on the average daily balance in your account.
Overall, the OCBC 360 Account offers a competitive interest rate and a range of bonus interest criteria to help you maximize your earnings. If you fulfill all the bonus interest criteria, you can earn an effective interest rate of up to 4.65% per annum on your account balance.
Maximising Your Account Benefits
If you have an OCBC 360 account, you can maximise the benefits you earn by following the bank’s guidelines. Here are some ways to earn the most interest on your account balance.
Salary Credit
To earn the salary bonus interest rate, you need to credit your salary into your OCBC 360 account via GIRO or PayNow. This will earn you an additional 1.2% p.a. on your first S$35,000 account balance. Make sure you credit your salary before the end of the calendar month to qualify for the bonus interest.
Credit Card Spend
You can earn the spend bonus interest rate by charging at least S$500 to your OCBC 365, OCBC Titanium Rewards, OCBC 90°N, OCBC NXT or OCBC Rewards credit card. This will earn you an additional 0.6% p.a. on your first S$35,000 account balance. You can also earn an additional 1% p.a. on your first S$70,000 account balance by spending at least S$500 on your OCBC credit card and making at least three bill payments per month.
Grow Your Savings
To earn the save bonus interest rate, you need to increase your account’s average daily balance by at least S$500 from the previous month’s average daily balance. This will earn you an additional 0.6% p.a. on your first S$35,000 account balance. You can also earn an additional 1% p.a. on your first S$70,000 account balance by increasing your account’s average daily balance by at least S$500 from the previous month’s average daily balance and making at least three bill payments per month.
In addition to the above, you can also earn an additional 0.6% p.a. on your first S$35,000 account balance by insuring with OCBC and an additional 0.6% p.a. on your first S$35,000 account balance by investing with OCBC.
By following these guidelines, you can earn up to 4.5% p.a. on your first S$70,000 account balance. Keep in mind that interest rates are subject to change, so check with OCBC for the latest rates. With OCBC 360 account, you can earn more than just interest on your savings.
Additional Perks and Services
When you open an OCBC 360 account, you get access to a range of additional perks and services, including insurance and investment products, as well as online and mobile banking.
Insurance and Investment Products
As an OCBC 360 account holder, you can enjoy preferential rates on eligible insurance and investment products. This means you can protect your assets and grow your wealth more effectively.
For example, you can insure with OCBC and get up to 25% off eligible insurance products. This includes home, travel, and personal accident insurance. You can also invest with OCBC and enjoy preferential rates on eligible investment products. This includes unit trusts, structured deposits, and bonds.
Online and Mobile Banking
In addition to insurance and investment products, you can also enjoy the convenience of online and mobile banking with OCBC. This means you can manage your finances on the go, from anywhere in the world.
With online banking, you can check your account balance, view your transaction history, and transfer funds between accounts. You can also pay your bills, set up standing orders, and manage your investments.
With mobile banking, you can do all of this and more from your smartphone or tablet. You can also use mobile banking to make payments, check your credit card balance, and even apply for a loan.
Overall, the additional perks and services that come with an OCBC 360 account make it a great choice for anyone looking to manage their finances more effectively. Whether you want to protect your assets, grow your wealth, or simply enjoy the convenience of online and mobile banking, an OCBC 360 account has everything you need to succeed.
Frequently Asked Questions
What’s the excitement about the OCBC 360 account’s minimum balance requirement?
The OCBC 360 account is a high-interest savings account that rewards you for your banking behavior. To earn bonus interest, you need to meet certain requirements, such as credit your salary through GIRO/PayNow via GIRO, save and increase your account balance, charge at least S$500 to your OCBC credit card, insure with OCBC, and invest with OCBC. The minimum balance requirement for the OCBC 360 account is S$3,000. The excitement about the minimum balance requirement is that if you meet it, you can earn up to 4.0% p.a. bonus interest on your first S$100,000 account balance.
How can you dodge the fall-below fee on your OCBC Savings account?
The fall-below fee is a charge that applies when your account balance falls below the minimum balance requirement. To avoid the fall-below fee on your OCBC Savings account, you need to maintain a minimum average daily balance of S$3,000. The fall-below fee is S$2 per month, but it is waived for the first year.
What sparkles in the OCBC 360 Save bonus features?
The OCBC 360 Save bonus features allow you to earn bonus interest on your savings. You can earn up to 1.2% p.a. bonus interest when you save and increase your account balance. You can also earn up to 1.2% p.a. bonus interest when you charge at least S$500 to your OCBC credit card. The OCBC 360 Save bonus features are a great way to boost your savings and earn more interest.
Are you ready to calculate your potential earnings with the OCBC 360 interest calculator?
The OCBC 360 interest calculator is a tool that allows you to estimate your potential earnings with the OCBC 360 account. You can input your account balance, salary credit, credit card spend, insurance premium, and investment amount to calculate your potential earnings. The OCBC 360 interest calculator is a great way to see how much you can earn with the OCBC 360 account.
How does the OCBC 360 account stand out from other savings accounts?
The OCBC 360 account stands out from other savings accounts because it offers a high-interest rate of up to 4.0% p.a. bonus interest on your first S$100,000 account balance. It also offers bonus interest for various banking behavior, such as salary credit, credit card spend, insurance, and investment. The OCBC 360 account is a great way to earn more interest on your savings.
Is the OCBC 360 account the golden ticket to a fixed deposit rate of 4.08%?
No, the OCBC 360 account is not the golden ticket to a fixed deposit rate of 4.08%. The fixed deposit rate of 4.08% is only available for a specific promotional period and requires you to deposit a minimum amount of S$20,000. The OCBC 360 account is a high-interest savings account that offers bonus interest for various banking behavior.