You’re interested in opening a savings account that can help you maximise your savings. The 360 OCBC Singapore account may be just what you need. This account offers a range of benefits that can help you grow your savings, including bonus interest rates and cashback rewards.
The OCBC 360 account is a deposit account that pays you bonus interest when you 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, or invest with OCBC. When you meet these criteria, you can earn up to 3.45% p.a. interest on your savings.
To be eligible for the OCBC 360 account, you need to be a Singapore citizen or permanent resident above 18 years old. You can apply online or visit any OCBC branch to open an account. Once your application is approved, you can start managing your account through the OCBC mobile banking app, online banking, or at any OCBC ATM.
Key Takeaways
- The OCBC 360 account offers bonus interest rates and cashback rewards to help you maximise your savings.
- To be eligible for the account, you need to meet certain criteria and be a Singapore citizen or permanent resident above 18 years old.
- You can manage your account through the OCBC mobile banking app, online banking, or at any OCBC ATM.
OCBC 360 Account Overview
If you’re looking for a savings account that offers bonus interest rates, the OCBC 360 Account could be the perfect fit for you. With this account, you can earn bonus interest on your savings by doing things like crediting your salary through GIRO/PayNow and increasing your account balance. In this section, we’ll go over the key features of the OCBC 360 Account and help you understand how bonus interest rates work.
Key Features of OCBC 360
The OCBC 360 Account is a deposit account that offers a variety of features to help you earn bonus interest rates. Some of the account’s key features include:
- Bonus interest rates: You can earn bonus interest rates on your savings by doing things like crediting your salary through GIRO/PayNow, increasing your account balance, charging at least $500 to your OCBC credit card, insuring with OCBC, and investing with OCBC.
- Base interest rate: The account also offers a base interest rate of 0.05% p.a.
- Minimum deposit: You’ll need to make an initial deposit of at least $1,000 to open an account.
- Minimum balance: To avoid a fall-below fee, you’ll need to maintain a minimum monthly balance of $3,000.
Understanding Bonus Interest Rates
To earn bonus interest rates on your savings with the OCBC 360 Account, you’ll need to do certain things that qualify you for bonus interest. These things include crediting your salary through GIRO/PayNow, increasing your account balance, charging at least $500 to your OCBC credit card, insuring with OCBC, and investing with OCBC.
The bonus interest rate you earn will depend on the actions you take. For example, if you credit your salary through GIRO/PayNow and increase your account balance, you could earn an effective interest rate of up to 4.65% p.a. on your first $100,000. If you also charge at least $500 to your OCBC credit card, your effective interest rate could increase to 5.05% p.a.
Overall, the OCBC 360 Account is a great option for those looking to earn bonus interest rates on their savings. With its variety of features and bonus interest rates, it’s definitely worth considering if you’re looking for a savings account that can help you grow your money.
Eligibility and Application
Who Can Apply?
If you are above 18 years old, you can apply for the OCBC 360 Account. The account is open to Singaporeans, Singapore PRs, and foreigners with a valid pass, including Employment Pass, S-Pass, and Student Pass. You can apply online, and you will need to provide your NRIC or passport number during the application process.
Application Process
The application process for the OCBC 360 Account is straightforward. You can apply online by visiting the OCBC website and filling out the application form. During the application process, you will need to provide your personal details, including your name, address, and contact information.
If you are a Singaporean or Singapore PR, you will need to provide your NRIC number. Foreigners will need to provide their passport number and employment pass or other valid pass details. You will also need to select the type of account you want to open and provide your initial deposit.
Once you have completed the application process, you will receive an email confirmation from OCBC. Your account will be activated within two business days, and you will be able to start using it immediately.
Overall, opening an OCBC 360 Account is a simple and straightforward process. If you are looking for a high-interest savings account that offers a range of benefits, including bonus interest rates, insurance, and investment options, the OCBC 360 Account is definitely worth considering. So, what are you waiting for? Apply for your OCBC 360 Account today and start earning high interest on your savings!
Maximising Your Savings
If you are looking for a savings account that offers a high interest rate, then the OCBC 360 account is a great option for you. By following a few simple steps, you can maximise your savings and earn higher interest rates.
Earning Higher Interest
The OCBC 360 account offers a base interest rate of 0.05% per annum on your entire account balance. However, you can earn bonus interest rates of up to 4.65% per annum on your first $100,000 by doing the following:
- Credit your salary through GIRO or PayNow
- Save and increase your account balance
- Charge at least $500 to your OCBC credit card
- Insure with OCBC
- Invest with OCBC
Salary Crediting and Bill Payments
One of the easiest ways to earn higher interest rates is by crediting your salary through GIRO or PayNow. By doing so, you can earn an effective interest rate of up to 1.2% per annum on your first $35,000. Additionally, you can earn bonus interest rates of up to 0.5% per annum by paying bills through GIRO.
Investment and Insurance Options
OCBC offers a range of eligible investment and insurance products that can help you earn higher interest rates. By investing in eligible products, you can earn bonus interest rates of up to 1.2% per annum on your first $35,000. Similarly, by purchasing eligible insurance products, you can earn bonus interest rates of up to 1.2% per annum on your first $70,000.
Overall, the OCBC 360 account is a great option for anyone looking to maximise their savings and earn higher interest rates. By following the simple steps outlined above, you can make the most of your money and achieve your financial goals.
Account Management and Fees
Managing your OCBC 360 account is easy and convenient with the online and mobile banking features. You can access your account anytime, anywhere, and perform various banking transactions such as fund transfers, bill payments, and more. You can also view your account balance, transaction history, and e-statements through the online and mobile banking platforms.
Online and Mobile Banking Features
You can easily manage your OCBC 360 account through online and mobile banking. The online banking platform allows you to check your account balance, view transaction history, and download e-statements. You can also perform banking transactions such as fund transfers, bill payments, and more. The mobile banking app is available for both iOS and Android devices, and it allows you to access your account, perform transactions, and view your account balance and transaction history on the go.
Understanding Account Fees
OCBC 360 account comes with various fees that you should be aware of. The fall below fee is charged when your account balance falls below a certain amount. The cheque book fee is charged when you order a new cheque book. You can avoid these fees by maintaining the required account balance and using e-statements instead of paper statements.
Here’s a breakdown of the account fees:
| Type of Fee | Amount |
|---|---|
| Fall Below Fee | $2 per month (if average daily balance falls below $3,000) |
| Cheque Book Fee | $10 per cheque book |
| Account Fee | $2 per month (regardless of balance) |
It’s important to note that you can avoid the fall below fee by maintaining the required account balance. Additionally, you can opt for e-statements instead of paper statements to avoid paper statement fees.
In conclusion, managing your OCBC 360 account is easy and convenient with the online and mobile banking features. Understanding the account fees is important to avoid unnecessary charges.
Additional Benefits and Promotions
As if the competitive base interest rate and cash rewards weren’t enough, OCBC 360 Account holders also enjoy a range of additional benefits and promotions. Here are some of the perks you can look forward to:
OCBC Credit Cards Perks
OCBC 360 Account holders who also hold an OCBC credit card can enjoy even more benefits. For example, if you have an OCBC 365 Credit Card, you can earn up to 6% cashback on dining, online shopping, and groceries. Meanwhile, OCBC Titanium Rewards Credit Card holders can earn up to 10X OCBC$ on shopping, dining, and travel. And if you have an OCBC NXT Credit Card, you can earn up to 1% cashback on all transactions.
Exclusive Seasonal Offers
In addition to credit card perks, OCBC 360 Account holders can also take advantage of exclusive seasonal offers. For example, during the Chinese New Year period, OCBC usually offers special promotions for 360 Account holders. These promotions can include cash rewards, lucky draws, and discounts on various products and services.
So, in addition to earning interest on your account balance and receiving cash rewards, having an OCBC 360 Account can also help you save money on your everyday expenses. Whether you’re looking for cashback on dining and groceries or exclusive seasonal offers, the OCBC 360 Account has something for everyone.
Frequently Asked Questions
How can I turbocharge my savings with the OCBC 360 account?
With the OCBC 360 account, you can earn up to 1.2% per annum on your account balance. You can also earn bonus interest of up to 1.2% per annum when you perform certain actions like crediting your salary, making bill payments, and spending on your OCBC credit card. By doing all these actions, you can earn up to 2.4% per annum on your account balance.
What’s the magic number for the minimum balance in an OCBC 360 account?
To enjoy the full benefits of the OCBC 360 account, you need to maintain a minimum balance of $3,000. If your account balance falls below this amount, you will earn a base interest rate of 0.05% per annum.
Is the OCBC 360 account the golden ticket to maximising my interest earnings?
The OCBC 360 account is a great way to earn interest on your savings, but it is not the only option available. You should also consider other savings accounts and investment options to maximise your earnings.
How does the OCBC 360 account stack up against the DBS multiplier account?
Both the OCBC 360 account and the DBS multiplier account offer similar benefits, but they differ in the actions required to earn bonus interest. The OCBC 360 account offers bonus interest for salary crediting, bill payments, and credit card spending, while the DBS multiplier account offers bonus interest for salary crediting, credit card spending, and investment products.
What perks come with the OCBC 360 Debit Card that’ll make my wallet dance?
The OCBC 360 Debit Card comes with a range of perks, including cashback on selected merchants, fuel savings at Caltex and Shell petrol stations, and exclusive discounts on dining and shopping. By using your OCBC 360 Debit Card for your daily expenses, you can earn additional savings and rewards.
What are the latest fixed deposit rates that OCBC is offering to boost my savings?
OCBC offers a range of fixed deposit rates to suit your savings goals. As of February 2024, the latest rates are as follows:
- 0.25% p.a. for a 3-month fixed deposit
- 0.50% p.a. for a 6-month fixed deposit
- 0.75% p.a. for a 12-month fixed deposit
By choosing the right fixed deposit option, you can earn higher interest rates and boost your savings.