If you’re looking for a savings account that offers high interest rates and a range of bonus categories, the OCBC 360 account may be the perfect fit for you. This account is designed to help you maximise your savings potential, while also giving you access to a range of additional benefits and services.
To get started with the OCBC 360 account, you’ll first need to understand the eligibility and requirements. You’ll need to be a Singapore citizen or permanent resident, and you’ll need to be at least 18 years old. You’ll also need to have a minimum balance of $3,000 in your account at all times, and you’ll need to meet certain criteria to qualify for the bonus interest categories.
Once you’re eligible, you can start exploring the bonus interest categories and figuring out how to maximise your interest. There are a range of categories to choose from, including salary crediting, credit card spending, and insurance purchases. By meeting the criteria for these categories, you can earn up to 4.65% interest per year on your savings. Additionally, the account comes with a range of other benefits, such as free ATM withdrawals and online banking services.
Key Takeaways
- The OCBC 360 account is a high-interest savings account that offers a range of bonus categories to help you maximise your savings potential.
- To be eligible, you’ll need to be a Singapore citizen or permanent resident, be at least 18 years old, and maintain a minimum balance of $3,000 in your account.
- By meeting the criteria for the bonus interest categories, you can earn up to 4.65% interest per year on your savings, as well as access a range of additional benefits and services.
Understanding OCBC 360 Account
If you’re looking for a high-interest savings account in Singapore, you might want to check out the OCBC 360 Account. This account offers a base interest rate of 0.05% per annum, which is not much, but what makes it attractive is the bonus interest rate that you can earn on top of the base rate.
To qualify for the bonus interest, you need to fulfill certain criteria, which are divided into five categories: Salary, Save, Insure, Invest, and Grow. Each category has its own set of requirements and corresponding bonus interest rates.
To give you an idea, here’s a breakdown of the bonus interest rates as of February 2024:
| Category | Bonus Interest Rate | Maximum Interest Rate |
|---|---|---|
| Salary | 2.00% p.a. | 4.40% p.a. |
| Save | 0.30% p.a. | 1.20% p.a. |
| Insure | 1.00% p.a. | 1.50% p.a. |
| Invest | 0.30% p.a. | 1.20% p.a. |
| Grow | 0.30% p.a. | 1.20% p.a. |
To earn the bonus interest, you need to meet the minimum average daily balance (ADB) requirement of S$3,000 and credit your salary of at least S$1,800 through GIRO/PayNow via GIRO. The bonus interest applies to the first S$100,000 of your account balance, and the interest rates are tiered.
For example, if you have an ADB of S$70,000 and credit your salary through GIRO, you will earn a base interest of S$35 per year (0.05% x S$70,000) and a bonus interest of S$1,400 per year (2.00% x S$70,000). Your total interest earned would be S$1,435 per year, which translates to an effective interest rate (EIR) of 2.05% per annum.
It’s worth noting that the EIR is the actual interest rate you earn on your savings, taking into account the compounding effect of the bonus interest. The EIR is a more accurate measure of your returns than the nominal interest rate, which is the sum of the base and bonus interest rates.
Overall, the OCBC 360 Account is a good option if you’re looking to maximize your savings in Singapore. With a combination of base and bonus interest rates, you can earn a decent return on your money without taking on too much risk. Just make sure you meet the criteria and maintain the minimum ADB to qualify for the bonus interest.
Eligibility and Requirements
Account Opening Criteria
Opening an OCBC 360 Account is easy and straightforward. To be eligible, you must be a Singaporean citizen, a Singapore Permanent Resident (PR), a foreigner with an Employment Pass (EP) or S-Pass, or a student pass holder.
To open an account, you need to provide your passport or NRIC, proof of residential address such as a phone bill or bank statement, and a CPF statement (if applicable). The initial deposit required to open an account is $1,000 for Singaporeans and PRs, and $3,000 for foreigners.
To qualify for bonus interest, you need to meet certain requirements. You can earn bonus interest by crediting your salary through GIRO/PayNow via GIRO, saving and increasing your account balance, charging at least $500 to your OCBC credit card, insuring with OCBC, or investing with OCBC. The eligibility criteria for bonus interest can be found on the OCBC website.
Required Documents
To open an OCBC 360 Account, you need to provide the following documents:
- Passport or NRIC
- Proof of residential address (e.g. phone bill or bank statement)
- CPF statement (if applicable)
If you are a foreigner, you also need to provide your employment pass or S-Pass. Students need to provide their student pass.
It is important to note that the documents required may vary depending on your status and situation. It is best to check with OCBC for the latest requirements before opening an account.
In summary, opening an OCBC 360 Account is a great way to earn bonus interest on your savings. To be eligible, you need to meet certain requirements and provide the necessary documents. With a minimum deposit of $1,000, you can start earning bonus interest today.
Bonus Interest Categories
If you’re looking for a high-interest savings account in Singapore, the OCBC 360 Account is a great option. This account allows you to earn bonus interest on your account balance when you fulfill certain criteria. Here are the three bonus interest categories that you can take advantage of:
Salary Crediting
One way to earn bonus interest on your OCBC 360 Account is by crediting your salary to the account. If you credit a minimum salary of $1,800 per month through GIRO, you can earn up to 1.2% p.a. bonus interest. This is a great way to earn extra interest on your salary while keeping your money in a safe and accessible account.
Bill Payments
Another way to earn bonus interest on your OCBC 360 Account is by paying your bills through the account. If you pay three unique bills online or through GIRO, you can earn up to 0.6% p.a. bonus interest. This is a great way to earn extra interest on your bills while keeping your money in a safe and accessible account.
Insurance and Investment
Finally, you can earn bonus interest on your OCBC 360 Account by purchasing eligible insurance or investment products. If you purchase an eligible insurance product, you can earn up to 1% p.a. bonus interest. If you purchase an eligible investment product, such as a unit trust, you can earn up to 1.2% p.a. bonus interest. This is a great way to earn extra interest on your investments while keeping your money in a safe and accessible account.
Overall, the OCBC 360 Account is a great option for anyone looking to earn extra interest on their savings. By fulfilling the criteria for these bonus interest categories, you can earn up to 3% p.a. bonus interest on your account balance. With the added bonus of a credit card spend category, which allows you to earn up to 0.6% p.a. bonus interest when you spend $500 on the OCBC 365 credit card, this account is definitely worth considering.
Maximising Your Interest
If you are looking for a savings account that offers high-interest rates and rewards, then the OCBC 360 account is an excellent choice for you. With the OCBC 360 account, you can earn up to 4.65% per annum interest on your savings. Here are some tips to help you maximise your interest earnings:
Meeting Bonus Criteria
To earn higher interest on your savings, you need to meet certain bonus criteria. These criteria include:
- 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
By meeting these criteria, you can earn bonus interest on your savings account, which can help increase the interest earned.
Avoiding Fees
To ensure that you maximise your interest earnings, it’s important to avoid fees and charges. Here are some fees and charges that you should be aware of:
- Fall below fee: If your account balance falls below the minimum average daily balance, you may be charged a fall below fee.
- Fees: There may be fees associated with certain services, such as account closure fees, cheque book fees, and overdraft fees.
- Charges: There may be charges associated with certain transactions, such as ATM withdrawal charges and foreign currency transaction charges.
To avoid these fees and charges, make sure that you maintain the minimum average daily balance and avoid unnecessary transactions.
By following these tips, you can maximise your interest earnings and make the most out of your OCBC 360 savings account.
Additional Services and Benefits
As a holder of an OCBC 360 account, you get access to a range of additional services and benefits that can help you manage your finances more efficiently. Here are some of the services and benefits that you can enjoy:
OCBC Cards and Payments
With an OCBC 360 account, you can apply for a range of cards that are designed to help you save money and earn rewards. The OCBC 365 credit card, for example, gives you up to 6% cashback on dining, 3% cashback on groceries, and 3% cashback on online shopping. The OCBC 90°N card, on the other hand, gives you up to 8% cashback on petrol and 1% cashback on all other spend.
In addition to these cards, you can also enjoy other payment options such as cheque books and online banking. With online banking, you can easily check your account balance, transaction history, and make fast and secure payments.
Digital Banking Features
As a modern bank, OCBC offers a range of digital banking features that make it easy for you to manage your finances on the go. You can use the OCBC mobile app to check your account balance, transfer funds, and pay bills. You can also use the app to apply for new services and products, such as credit cards and loans.
To enjoy these benefits, you need to meet the terms and conditions of the OCBC 360 account. These include crediting your salary, saving and spending, and investing and insuring with OCBC. By meeting these requirements, you can earn bonus interest of up to 4.65% p.a. on your first S$100,000, and up to 7.65% p.a. if you invest and insure with OCBC.
Overall, the OCBC 360 account is a great option for anyone looking to earn high interest on their savings while enjoying a range of additional services and benefits.
Frequently Asked Questions
How can I qualify for the maximum interest rate on my OCBC 360 account?
To qualify for the maximum interest rate on your OCBC 360 account, you need to meet certain criteria. You must credit your salary through GIRO or PayNow, 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 and invest with OCBC. If you meet all of these criteria, you can earn up to 4.65% p.a. on your first $100,000 and a maximum interest of 7.65% p.a.
What are the latest promotions available for the OCBC 360 savings account?
OCBC Bank is always offering new promotions for its 360 savings account. You can check their website or mobile app to see the latest promotions available. Some of the current promotions include bonus interest rates for new account holders and cashback rewards for using your OCBC debit or credit card.
Are there any prerequisites to earning bonus interest with my OCBC 360 account?
Yes, there are prerequisites to earning bonus interest with your OCBC 360 account. You must credit your salary through GIRO or PayNow, 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 and invest with OCBC. If you meet all of these criteria, you can earn up to 4.65% p.a. on your first $100,000 and a maximum interest of 7.65% p.a.
How does the salary crediting bonus work for the OCBC 360 account?
The salary crediting bonus is one of the criteria for earning bonus interest with your OCBC 360 account. To qualify, you must credit your salary through GIRO or PayNow. The bonus interest rate you receive will depend on the amount you credit. For example, if you credit $2,000 or more, you can earn an additional 1.2% p.a. on top of your base interest rate.
Can you explain how to use the OCBC 360 interest calculator?
The OCBC 360 interest calculator is a tool that helps you estimate the interest you can earn on your account balance. To use the calculator, simply enter your account balance and select the criteria that you meet for earning bonus interest. The calculator will then show you an estimate of the interest you can earn based on your inputs.
What are the steps to withdraw funds without affecting my bonus interest on the OCBC 360 account?
To withdraw funds without affecting your bonus interest on the OCBC 360 account, you need to make sure that you maintain the minimum average daily balance required for your bonus interest rate. If you withdraw funds that cause your account balance to fall below the minimum balance, you may lose your bonus interest. It’s important to check your account balance regularly and plan your withdrawals accordingly.