Introduction:
If you’re looking for a savings account that offers high-interest rates and flexible requirements, then the OCBC 360 account may be worth considering. This account is designed to help you maximise your savings by offering bonus interest rates on top of the base interest rate. In this article, we will explore the OCBC 360 account’s minimum balance requirements and how they affect your savings.
Understanding the OCBC 360 Account Structure:
The OCBC 360 account has a tiered interest rate structure that rewards you for meeting certain requirements. For example, if you credit your salary through GIRO, save and increase your account balance, charge at least $500 to your OCBC credit card, insure with OCBC, or invest with OCBC, you can earn bonus interest rates on top of the base interest rate. The more requirements you meet, the higher your bonus interest rate will be.
Maximising Your Savings with OCBC 360:
To maximise your savings with the OCBC 360 account, you need to meet the minimum balance requirements. The minimum average daily balance for the OCBC 360 account is $3,000. If your account balance falls below this amount, you will be charged a fall-below fee of $2 per month. However, this fee is waived for the first year of account opening. By meeting the minimum balance requirements and fulfilling the bonus interest requirements, you can earn up to 4.65% per annum on your savings.
Key Takeaways
- The OCBC 360 account offers a tiered interest rate structure that rewards you for meeting certain requirements.
- To maximise your savings with the OCBC 360 account, you need to meet the minimum balance requirements and fulfil the bonus interest requirements.
- By meeting the minimum balance requirements and fulfilling the bonus interest requirements, you can earn up to 4.65% per annum on your savings.
Understanding the OCBC 360 Account Structure
If you are looking for a savings account that offers a high-interest rate, the OCBC 360 account may be worth considering. This account is designed to reward you for various activities such as salary crediting, spending, insuring, and investing.
Base Interest and Bonus 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 on top of the base interest rate if you meet certain criteria. The bonus interest rate is tiered and can be earned on the first S$75,000 of your account balance.
Eligibility Criteria for Bonus Interest
To earn bonus interest on your OCBC 360 account, you need to meet several criteria. These include:
- Salary Credit: Credit your salary through GIRO or PayNow via GIRO. You can earn up to 1.2% bonus interest per annum.
- Spend: Charge at least S$500 to your OCBC 365, OCBC 90°N, OCBC INFINITY, OCBC NXT or OCBC Rewards Card. You can earn up to 0.6% bonus interest per annum.
- Insure: Purchase any eligible insurance policy with OCBC. You can earn up to 1.2% bonus interest per annum.
- Invest: Invest in any eligible unit trust or structured deposit with OCBC. You can earn up to 1.2% bonus interest per annum.
It’s important to note that to earn the maximum interest rate of 4.65% per annum, you need to meet all the criteria and maintain a minimum balance of S$70,000.
In summary, the OCBC 360 account is a great option for those who want to earn a high-interest rate on their savings. By meeting certain criteria, you can earn bonus interest on top of the base interest rate. However, it’s important to ensure that you meet all the eligibility criteria to earn the maximum interest rate.
Maximising Your Savings with OCBC 360
If you’re looking for a savings account that offers great interest rates and bonuses, the OCBC 360 Account is an excellent option to consider. With the potential to earn up to 4.65% interest per year, this account is a fantastic way to grow your savings.
Salary Bonus
One way to earn bonus interest on your OCBC 360 Account is by crediting your salary of at least $1,800 through GIRO. Doing so will earn you a bonus interest rate of 2% on the first $75,000 of your account balance. That means you could earn an extra $1,500 per year just by having your salary credited to your OCBC 360 Account.
Spend Bonus
Another way to earn bonus interest is by using your OCBC credit card to make purchases. If you charge at least $500 to your card each month, you can earn a bonus interest rate of 0.3% on the first $25,000 of your account balance. That’s an extra $75 per year in interest.
Grow Bonus
If you’re looking to invest your savings, the OCBC 360 Account offers a great way to earn bonus interest. By investing with OCBC, you can earn a bonus interest rate of 1.2% on the first $50,000 of your account balance. That’s an extra $600 per year in interest.
Save Bonus
The OCBC 360 Account also rewards you for saving your money. If you maintain at least $200,000 of the average daily balance in your account, you can earn a bonus interest rate of 0.4% on the first $75,000 of your account balance. That’s an extra $300 per year in interest.
Overall, the OCBC 360 Account is an excellent savings account option for those looking to maximise their savings. With bonuses for salary crediting, credit card spending, investing, and saving, you can earn up to 4.65% interest per year on your account balance. So why not open an OCBC 360 Account today and start earning more on your savings?
Requirements and Fees
If you’re looking for a savings account that rewards you for your financial discipline, the OCBC 360 Account might be the perfect fit for you. Here are the requirements and fees you need to know before opening an account.
Minimum Balance and Fall-Below Fee
To enjoy the full benefits of the OCBC 360 Account, you need to maintain a minimum monthly balance of $3,000. If your balance falls below this amount, you will be charged a fall-below fee of $2. However, if you’re below 26 years old, this fee will be waived as long as your average daily balance for the month is above $1,000.
Account Opening and Initial Deposit
Opening an OCBC 360 Account is easy and straightforward. You can do it online, at any OCBC branch, or through the OCBC mobile app. To open an account, you need to make an initial deposit of $1,000. This deposit will earn you a base interest rate of 0.05% per annum.
Once your account is open, you can start earning bonus interest by fulfilling any of the following criteria:
- Credit your salary through GIRO/PayNow via GIRO
- Save and increase your account balance
- Charge at least $500 to your OCBC 365, OCBC 90°N, OCBC INFINITY, OCBC NXT, or OCBC Rewards Card
- Insure with OCBC
- Invest with OCBC
By meeting these criteria, you can earn up to 4.05% per annum in bonus interest, giving you a total interest rate of up to 4.10% per annum. However, do note that certain terms and conditions apply, so make sure to read them carefully before opening an account.
Charges and Fees
Apart from the fall-below fee mentioned earlier, there are a few other charges and fees associated with the OCBC 360 Account. These include a $10 fee for each cheque book, a $2 fee for each statement request, and a $7.50 fee if your average daily balance for the month falls below $3,000. However, if you’re below 26 years old, the latter fee will be waived as long as your average daily balance for the month is above $1,000.
Overall, the OCBC 360 Account is a great option for those looking to earn high interest rates on their savings. With its easy account opening process and flexible criteria for earning bonus interest, it’s definitely worth considering if you’re looking to maximise your savings.
Comparing OCBC 360 with Other Savings Accounts
If you’re looking for a savings account in Singapore, you might have come across the OCBC 360 account. But how does it compare to other savings accounts in the market? Let’s take a closer look at two popular options: the UOB One Account and the DBS Multiplier Account.
OCBC 360 vs UOB One Account
Both the OCBC 360 and UOB One Account offer bonus interest rates when certain criteria are met. The OCBC 360 account gives you bonus interest rates when you credit your salary, save, spend, insure, or invest with OCBC. On the other hand, the UOB One Account gives you bonus interest rates when you credit your salary, spend, or pay bills.
When it comes to interest rates, the OCBC 360 account offers a higher base interest rate of 0.05% p.a. compared to the UOB One Account’s 0.05% p.a. However, the UOB One Account offers a higher bonus interest rate of up to 3.33% p.a. compared to the OCBC 360 account’s maximum bonus interest rate of 4.65% p.a.
If you’re looking to maximise your savings, the OCBC 360 account might be a better option as it offers a higher total effective interest rate (EIR) of up to 2.38% p.a. compared to the UOB One Account’s maximum EIR of 2.44% p.a. However, if you’re more focused on spending and bill payments, the UOB One Account might be a better fit for you.
OCBC 360 vs DBS Multiplier Account
Like the OCBC 360 account, the DBS Multiplier Account offers bonus interest rates when you credit your salary, spend, insure, or invest with DBS. However, the DBS Multiplier Account also allows you to earn bonus interest rates when you pay bills or make investments with DBS.
When it comes to interest rates, the DBS Multiplier Account offers a higher base interest rate of 0.05% p.a. compared to the OCBC 360 account’s 0.05% p.a. However, the OCBC 360 account offers a higher maximum bonus interest rate of 4.65% p.a. compared to the DBS Multiplier Account’s maximum bonus interest rate of 3.80% p.a.
In terms of total savings, the OCBC 360 account might be a better option as it offers a higher total effective interest rate (EIR) of up to 2.38% p.a. compared to the DBS Multiplier Account’s maximum EIR of 2.30% p.a. However, if you’re more interested in investing, the DBS Multiplier Account might be a better fit for you.
Overall, the OCBC 360 account offers competitive interest rates and a variety of bonus interest options. However, it’s important to compare different savings accounts and choose the one that best fits your financial goals and needs.
Additional Benefits and Services
OCBC Digital Banking Tools
As an OCBC 360 account holder, you will have access to a range of digital banking tools that make it easier to manage your finances. With OCBC Mobile Banking and Online Banking, you can check your account balance, transfer funds, pay bills, and even apply for new credit cards or loans. These tools are available 24/7, so you can manage your finances on your own schedule from anywhere in the world.
Exclusive OCBC Credit Cards
OCBC offers a range of exclusive credit cards to its 360 account holders. The OCBC 365 Credit Card offers cashback on dining, groceries, and petrol, while the OCBC Titanium Rewards Credit Card gives you rewards points for every dollar you spend. If you’re a frequent traveller, the OCBC 90°N card offers travel benefits like lounge access and travel insurance. These cards are designed to help you get more out of your money, and they’re only available to OCBC 360 account holders.
In addition to these credit cards, OCBC also offers a range of other financial products and services to its 360 account holders. Whether you need a personal loan, a home loan, or insurance coverage, OCBC has a solution that can help you achieve your financial goals.
Overall, the OCBC 360 account is a great option for anyone who wants to earn high interest on their savings while enjoying a range of additional benefits and services. With its low minimum balance requirement and easy-to-use digital banking tools, it’s a great choice for anyone who wants to take control of their finances and start building their wealth today.
Frequently Asked Questions
What’s the lowest amount I can have in my OCBC 360 account without incurring fees?
To avoid incurring any fees, you need to maintain a minimum average daily balance of $3,000 in your OCBC 360 account.
How can I calculate the interest for my OCBC 360 account based on the balance?
You can use the OCBC 360 Account Interest Calculator available on the bank’s website. The calculator allows you to enter your account balance and see the interest you can earn based on your account activity.
Could you tell me the perks of maintaining a higher balance in my OCBC 360 account?
Maintaining a higher balance in your OCBC 360 account comes with several perks. You can earn higher interest rates, enjoy lower fees, and access exclusive promotions and offers.
What are the steps to open an OCBC 360 account and get started?
To open an OCBC 360 account, you need to visit an OCBC branch with your NRIC or passport. You can also apply online through the bank’s website. Once your account is open, you can start depositing funds and earning interest.
Is there a difference in interest rates with varying balances in the OCBC 360 account?
Yes, there is a difference in interest rates depending on your account balance and activity. To earn the maximum interest rate of 4.5% per year, you need to meet several criteria and maintain a minimum balance of $70,000.
What happens if my OCBC 360 account balance falls below the required minimum?
If your OCBC 360 account balance falls below the required minimum of $3,000, you will incur a monthly fee of $2. However, you can avoid this fee by maintaining the minimum balance or fulfilling the account activity requirements.