360 OCBC Interest: The Exciting Way to Maximise Your Savings in Singapore

If you’re looking for a savings account in Singapore that offers high interest rates, the OCBC 360 Account is worth considering. This account offers a base interest rate of 0.05% per year on your entire account balance, regardless of whether you fulfil certain categories. However, if you credit your salary, save and spend, you can earn an effective interest rate of up to 4.65% per year on your first S$100,000.

A bustling cityscape with the iconic OCBC building in the center, surrounded by modern skyscrapers and a vibrant city skyline

Understanding the OCBC 360 Account is key to maximising your earnings. You can earn bonus interest by crediting your salary, saving and increasing your account balance, charging at least S$500 to your OCBC 365, OCBC 90°N, OCBC INFINITY, OCBC NXT or OCBC Rewards Card, insuring with OCBC, and investing with OCBC. The more of these categories you fulfil, the higher your effective interest rate will be.

In addition to high interest rates, the OCBC 360 Account offers additional perks and features such as cashback on your credit card spending, fee waivers, and discounts on selected products and services. However, it’s important to understand the fees and requirements associated with the account, such as the minimum balance requirement and early account closure fee.

Key Takeaways

  • The OCBC 360 Account offers high interest rates of up to 4.65% per year on your first S$100,000.
  • To maximise your earnings, you can credit your salary, save and increase your account balance, charge at least S$500 to your OCBC credit card, insure with OCBC, and invest with OCBC.
  • In addition to high interest rates, the account offers additional perks and features, but it’s important to understand the fees and requirements associated with the account.

Understanding the OCBC 360 Account

The OCBC 360 Account logo is displayed prominently with the words "360 OCBC Interest" in bold font against a backdrop of the Singapore skyline

If you’re looking for a high-interest savings account in Singapore, the OCBC 360 Account is one of the best options available. This account offers both base and bonus interest rates, allowing you to earn more on your savings. Here’s what you need to know about the OCBC 360 Account.

Eligibility and Application Process

To be eligible for the OCBC 360 Account, you must be a Singapore citizen or permanent resident and at least 18 years old. You’ll also need to have a minimum average daily balance of $3,000 in your account to avoid a monthly fall-below fee.

The application process for the OCBC 360 Account is straightforward. You can apply online or visit any OCBC branch in person. You’ll need to provide your personal details, including your NRIC or passport number, and proof of address.

Base and Bonus Interest Rates

The OCBC 360 Account offers a base interest rate of 0.05% per annum on your entire account balance. On top of that, you can earn bonus interest rates by doing any or all of the following:

  • Credit your salary through GIRO/PayNow via GIRO
  • Save and increase your account balance
  • Charge at least $500 to your OCBC credit card
  • Insure with OCBC
  • Invest with OCBC

The bonus interest rates you can earn depend on the amount of money you have in your account and the activities you perform. The maximum interest rate you can earn is up to 7.65% per annum, which includes the base interest rate.

Account Balance Tiers and Benefits

The OCBC 360 Account has several tiers based on your account balance. The more you save, the more bonus interest you can earn. Here are the tiers and benefits:

Account Balance Tier Bonus Interest Rate Effective Interest Rate
Up to $35,000 0.2% Up to 2.05%
$35,001 to $70,000 0.4% Up to 3.05%
$70,001 to $115,000 0.6% Up to 4.05%
$115,001 to $500,000 1.2% Up to 4.65%
Above $500,000 0.05% Up to 1.05%

As you can see, the OCBC 360 Account offers some of the highest interest rates in Singapore. By meeting the requirements and maintaining a high account balance, you can earn substantial interest on your savings.

Maximising Your Earnings

A stack of money grows larger as it spins around a 360-degree axis, with the OCBC logo and the word "interest" prominently displayed

If you’re looking to maximise your earnings with the OCBC 360 account, there are several ways you can do so. By fulfilling the different categories, you can earn bonus interest rates on top of the base interest rate of 0.05% a year on your entire account balance. Here are some ways to maximise your earnings:

Salary Crediting and Giro Transactions

One of the easiest ways to earn bonus interest rates is by crediting your salary of at least £1,800 through GIRO/PayNow via GIRO. By doing so, you can earn up to 4.0% a year. Additionally, you can earn up to 2.4% a year for increasing your account average daily balance by £500 from the previous month. This can be done through GIRO transactions such as bill payments, loan repayments, and more.

Credit Card Linkage and Spending

Another way to earn bonus interest rates is by linking your OCBC 360 account to your OCBC 365 credit card. By doing so, you can earn up to 0.6% p.a. on your next £25,000, and 1.2% for amounts between £50,001 to £75,000. Bonus interest will be accorded for a period of 12 months. Additionally, you can earn up to 0.3% a year for spending at least £500 on your OCBC 365 credit card.

Insurance and Investment Rewards

If you’re looking to insure and invest, you can earn up to 1.2% a year for insuring with Great Eastern and up to 1.2% a year for investing with Lion Global Investors. By doing so, you can earn up to 2.4% a year in bonus interest rates.

Overall, by fulfilling the different categories, you can earn up to 4.65% a year in bonus interest rates with the OCBC 360 account. So, whether you’re looking to credit your salary, spend on your credit card, or insure and invest, there are several ways to maximise your earnings and reach your savings goals.

Additional Perks and Features