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.