If you’re looking for a high-interest savings account in Singapore, the OCBC 360 account is a popular choice. With bonus interest rates for meeting specific criteria, it’s an attractive option for those looking to maximise their savings. However, it’s important to understand the potential fall-below fee associated with the account.
The fall-below fee is a charge that is applied to your account if you fail to maintain the minimum monthly balance required by the bank. For the OCBC 360 account, this minimum balance is currently set at $3,000. If your account balance falls below this amount, you’ll be charged a fee of $2 for that month. While this may not seem like a large amount, it’s important to keep in mind as it can add up over time.
To avoid the fall-below fee, it’s important to be aware of your account balance and take steps to maintain it. This can include setting up a regular savings plan or ensuring that you meet the criteria for bonus interest rates each month. By taking these steps, you can maximise your savings and avoid unnecessary fees.
Key Takeaways
- The OCBC 360 account is a high-interest savings account in Singapore that offers bonus interest rates for meeting specific criteria.
- The fall-below fee is a charge that is applied if you fail to maintain the minimum monthly balance required by the bank.
- To avoid the fall-below fee, it’s important to be aware of your account balance and take steps to maintain it, such as setting up a regular savings plan or meeting the criteria for bonus interest rates.
Understanding the OCBC 360 Account
If you’re looking for a savings account that offers a high-interest rate and bonus interest, then the OCBC 360 Account may be the perfect fit for you. This account is designed to help you save more money while earning a competitive interest rate. Here’s what you need to know about the OCBC 360 Account.
Base Interest and Bonus Interest
The OCBC 360 Account offers a base interest rate of 0.05% per annum. However, you can earn bonus interest of up to 7.65% per annum if you meet certain requirements. To earn bonus interest, you need to do 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 365, OCBC 90°N, OCBC INFINITY, OCBC NXT or OCBC Rewards Card
- Insure with OCBC
- Invest with OCBC
The more criteria you meet, the higher your bonus interest rate will be. You can earn up to 4.65% per annum on your savings with the OCBC 360 Account.
Eligibility and Requirements
To be eligible for the OCBC 360 Account, you must be a Singaporean, Singapore PR, or foreigner with an S-Pass, Employment Pass, or Student Pass. You must also be at least 16 years old and have an initial deposit of $1,000.
To avoid the monthly fall-below fee of $2, you must maintain a minimum average daily balance of $3,000. This fee is waived for the first year after you open your account.
Benefits for Singaporeans and Foreigners
The OCBC 360 Account offers several benefits for both Singaporeans and foreigners. For Singaporeans, the account provides a convenient way to save money and earn a high-interest rate. For foreigners, the account is a great way to save money while living and working in Singapore.
Overall, the OCBC 360 Account is a great savings account for anyone looking to earn a high-interest rate and bonus interest. With its competitive interest rates and flexible requirements, it’s easy to see why this account is so popular among Singaporeans and foreigners alike.
Maximising Your Savings
If you are looking to maximise your savings with the OCBC 360 account, there are several ways to do so. By taking advantage of the various features of the account, you can earn up to 7.65% p.a. interest on your savings.
Salary Credit and GIRO
One of the easiest ways to maximise your savings is by crediting your salary through GIRO or PayNow. Doing so will earn you bonus interest on your account balance. The more you save, the more bonus interest you earn.
Credit Card Usage
Another way to maximise your savings is by using an OCBC credit card. By charging at least $500 to your card each month, you can earn 0.6% p.a. interest on your account balance. Additionally, you can earn up to 6% cashback on your daily spends with an OCBC 365 Credit Card, which could potentially earn you up to $1920 cashback in a year.
Invest with OCBC
Finally, you can maximise your savings by investing with OCBC. By investing in Unit Trusts or Insurance policies with OCBC, you can earn bonus interest on your account balance. The more you invest, the more bonus interest you earn.
Overall, the OCBC 360 account is a great way to save and invest your money. By taking advantage of the various features of the account, you can earn higher interest rates and potentially grow your savings faster.
Avoiding the Fall-Below Fee
If you have an OCBC 360 Account, you can avoid the fall-below fee by maintaining a minimum average daily balance of S$3,000. To ensure that you don’t incur any charges, you need to keep your account balance above this amount at all times.
Maintaining Minimum Balance
To maintain the minimum average daily balance, you need to keep track of your daily balance and ensure that it doesn’t fall below S$3,000. You can do this by checking your account balance regularly and making sure that you have enough money in your account to cover any withdrawals or expenses.
One way to maintain your balance is to set up a savings plan that automatically transfers money from your salary account to your OCBC 360 Account each month. This way, you won’t have to worry about manually transferring money and you can be sure that you’re always meeting the minimum balance requirement.
Understanding Fee Structures
If you don’t maintain the minimum average daily balance, you will be charged a fall-below fee of S$2 per month. This fee will be waived for the first year, but after that, you will be charged every month that your account falls below the minimum balance.
It’s important to understand the fee structure of your OCBC 360 Account so that you can avoid any unnecessary charges. In addition to the fall-below fee, there may be other fees and charges associated with your account, such as ATM withdrawal fees or cash deposit fees. Be sure to read the terms and conditions of your account carefully to understand these charges and how to avoid them.
By maintaining the minimum average daily balance and understanding the fee structures of your OCBC 360 Account, you can avoid the fall-below fee and any other charges associated with your account. This will help you save money and keep your account in good standing.
Additional Perks and Features
If you’re looking for more than just high interest rates, the OCBC 360 Account has got you covered. Here are some additional perks and features that come with the account.
OCBC 365 and OCBC 90°N
With the OCBC 360 Account, you can also sign up for the OCBC 365 or OCBC 90°N credit card. The OCBC 365 card offers cashback on dining, groceries, and petrol, while the OCBC 90°N card is designed for travel enthusiasts. Both cards come with exclusive promotions and rewards.
Online and Mobile Banking
OCBC’s online and mobile banking platforms allow you to manage your account from anywhere, at any time. You can view your transaction history, transfer funds, pay bills, and more. The OCBC NXT digital banking app even lets you open new accounts and apply for loans without having to visit a branch.
In addition, you can also order a cheque book through online banking and have it delivered to your doorstep. This makes it easy to manage your finances without having to leave your home.
Overall, the OCBC 360 Account offers a comprehensive banking experience with high interest rates and additional perks and features. With online and mobile banking, you can manage your account from anywhere, and with the OCBC 365 and OCBC 90°N credit cards, you can enjoy exclusive promotions and rewards.
Understanding Protection and Insurance Options
When it comes to protecting your money, the OCBC 360 Account offers a range of insurance options to help safeguard your savings. Here are some of the protection and insurance options available to you:
Insure with OCBC
One of the ways to earn bonus interest on your OCBC 360 Account is by insuring with OCBC. By purchasing eligible insurance products through OCBC Bank, you can earn up to 2.40% a year in bonus interest. This is in addition to the base interest rate you earn on your account balance.
OCBC offers a range of insurance products, including life insurance, health insurance, and travel insurance. You can purchase these products online or at any OCBC branch.
Investment-Linked Insurance Products
Another way to earn bonus interest on your OCBC 360 Account is by investing in eligible investment-linked insurance products. These products allow you to invest in a range of funds while also providing insurance coverage.
With investment-linked insurance products, a portion of your premium payments is invested in funds of your choice, while the remaining portion is used to provide insurance coverage. The value of your investment is linked to the performance of the funds you have invested in.
It’s important to note that investment-linked insurance products carry risks, and the value of your investment can go up or down depending on market conditions. You should carefully consider your investment objectives and risk tolerance before investing in these products.
Deposit Insurance Scheme
Finally, it’s worth noting that the OCBC 360 Account is covered by the Deposit Insurance Scheme. This scheme is administered by the Singapore Deposit Insurance Corporation and provides insurance coverage of up to $75,000 per depositor per Scheme member.
This means that your deposits in the OCBC 360 Account are protected up to $75,000 in the event that OCBC Bank is unable to meet its obligations. It’s important to note that the Deposit Insurance Scheme does not cover losses arising from the performance of any investment product.
Overall, the OCBC 360 Account offers a range of protection and insurance options to help safeguard your savings. By insuring with OCBC or investing in eligible investment-linked insurance products, you can earn bonus interest while also protecting your money. And with the Deposit Insurance Scheme, you can have peace of mind knowing that your deposits are protected up to $75,000.
Frequently Asked Questions
How much do I get charged if my OCBC 360 account balance dips below the minimum?
If your OCBC 360 account balance falls below the minimum balance of $3,000, you will be charged a fall below fee of $2 per month. The fall below fee will be waived for the first month of account opening.
Can you tell me about the penalties for not maintaining the minimum balance in an OCBC 360 account?
If your account balance falls below the minimum balance of $3,000, you will be charged a fall below fee of $2 per month. This fee will continue to be charged until your account balance is brought back up to the minimum balance.
What’s the excitement all about with OCBC 360’s interest rates?
OCBC 360 offers a base interest rate of 0.05% per annum. However, you can earn bonus interest rates of up to 2.4% per annum by performing certain actions, such as crediting your salary, making credit card transactions, insuring with OCBC, and investing with OCBC. This means you can earn up to 2.45% per annum in total interest on your OCBC 360 account.
Is there a calculator to figure out the fall below fees for OCBC 360?
Yes, you can use the OCBC Fall Below Fee Calculator on the OCBC website to determine the fall below fee for your OCBC 360 account. Simply enter your account type, account balance, and the number of days in the month to get an estimate of the fall below fee.
What’s the lowest salary requirement to reap the benefits of OCBC 360?
There is no minimum salary requirement to open an OCBC 360 account. However, to earn bonus interest rates, you must credit your salary through GIRO or PayNow via GIRO. The more you credit, the higher your bonus interest rate will be.
Why should I consider the OCBC 360 account for my savings?
The OCBC 360 account offers competitive interest rates and allows you to earn bonus interest rates by performing certain actions. Additionally, the fall below fee is relatively low at $2 per month, and the account does not have a minimum salary requirement. Overall, the OCBC 360 account is a great option for those looking to earn more interest on their savings while still having easy access to their funds.