If you’re looking to maximise your savings, the OCBC 360 Account with Salary Bonus is worth considering. This account offers bonus interest rates when you credit your salary, save and increase your account balance, charge at least $500 to your OCBC card, insure with OCBC, and invest with OCBC. The Salary Bonus interest rate is 0.1% on monthly $500 balance increases, up to a maximum bonus interest rate of 1.2% for insurance and investments.
To earn the Salary Bonus interest, you need to credit your salary of at least $1,800 into the 360 Account. Only salary credit through GIRO/PayNow via GIRO with the transaction description “GIRO – SALARY” in your statements will qualify for this bonus. For total account balances under $25,000, credit your monthly salary for 0.4% interest and ensure your monthly balance increases by $500 for 0.1% interest.
With the OCBC 360 Account, you can manage your account and access services online or on the go with the OCBC Mobile Banking app. It’s easy to sign up for the account, and you can check your account balance, transfer funds, pay bills, and more. Plus, you’ll have peace of mind knowing that your deposits are insured up to $75,000 by the Singapore Deposit Insurance Corporation.
Key Takeaways
- The OCBC 360 Account with Salary Bonus offers bonus interest rates when you credit your salary, save and increase your account balance, charge at least $500 to your OCBC card, insure with OCBC, and invest with OCBC.
- To earn the Salary Bonus interest, you need to credit your salary of at least $1,800 into the 360 Account and ensure your monthly balance increases by $500 for 0.1% interest.
- You can manage your account and access services online or on the go with the OCBC Mobile Banking app, and your deposits are insured up to $75,000 by the Singapore Deposit Insurance Corporation.
Understanding OCBC 360 Account
If you’re looking for a high-interest savings account that provides a salary bonus in Singapore, look no further than the OCBC 360 Account. This deposit account is one of the best savings accounts available, and it pays you bonus interest when you do certain things.
What Is OCBC 360?
The OCBC 360 Account is a deposit account that pays you bonus interest when you do certain things. These include:
- 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
As of February 2021, the OCBC 360 Account allows account holders to earn bonus interest on the first $75,000 in five areas: Salary, Save, Insure, Invest and Grow. You will also earn a base interest rate of 0.05% a year on your entire account.
Benefits of OCBC 360
The OCBC 360 Account offers several benefits to customers. Firstly, it pays bonus interest on your savings, which can help you grow your money faster. Secondly, it provides a salary bonus when you credit your salary through GIRO/PayNow via GIRO. This can help you reduce your taxable income by the same amount contributed to your SRS Account, with a maximum yearly contribution of $15,300 for Singaporeans and Singapore PRs, and $35,700 for foreigners.
The OCBC 360 Account is also insured by the Singapore Deposit Insurance Corporation, which means that your deposits are protected up to $75,000 per depositor per scheme member under the Deposit Insurance Scheme. Additionally, non-bank depositors are protected under the Policy Owners’ Protection Scheme.
Overall, the OCBC 360 Account is an excellent choice for anyone looking for a high-interest savings account that provides a salary bonus in Singapore.
Earning Bonus Interest
If you’re looking to earn bonus interest on your savings, the OCBC 360 Account is a great option to consider. Here’s how you can earn bonus interest and maximise your savings:
Salary Credit Bonus
One of the easiest ways to earn bonus interest is by crediting your salary into your OCBC 360 Account. To qualify for the salary credit bonus, you’ll need to credit a minimum of $1,800 per month via GIRO or PayNow with the transaction description “GIRO – SALARY” in your statements. By doing so, you can earn up to 1.2% bonus interest per year on your first $35,000 of account balance.
Bonus Interest Categories
Apart from salary credit, there are four other categories that can help you earn bonus interest on your OCBC 360 Account. These categories are: Save, Insure, Invest, and Grow. By fulfilling any of these categories, you can earn up to 1.2% bonus interest per year on your first $35,000 of account balance.
To earn bonus interest in the Save category, you’ll need to increase your average daily balance by at least $500 per month compared to the previous month. In the Insure category, you’ll need to purchase selected insurance plans from OCBC. In the Invest category, you’ll need to invest in selected unit trusts or bonds from OCBC. Lastly, in the Grow category, you’ll need to charge a minimum of $500 to your OCBC credit card.
Calculating Your Bonus Interest
To calculate your bonus interest, OCBC uses a daily balance method. This means that your bonus interest is calculated based on your daily balance in each of the five categories. The bonus interest rate is then applied to the average daily balance for each category, and the total bonus interest earned is added to your base interest rate.
It’s important to note that there is a bonus interest balance cap of $70,000 for each of the five categories. This means that you can earn bonus interest on up to $350,000 of account balance in total.
By fulfilling all five categories, you can earn up to 4.4% effective interest rate per year on your first $75,000 of account balance. To calculate your potential bonus interest earnings, you can use the OCBC 360 Account bonus interest calculator available on their website.
Overall, the OCBC 360 Account is a great way to earn bonus interest on your savings. By fulfilling the different categories, you can maximise your savings and earn a higher effective interest rate.
Maximising Your Savings
If you are looking to maximise your savings, the OCBC 360 Account with Salary Bonus is a great option for you. With the account, you can earn up to 2.55% p.a. interest on your savings, which is significantly higher than the base interest rate of 0.05% p.a. Here are some ways you can grow your savings with the OCBC 360 Account.
Grow Your Savings
One way to grow your savings with the OCBC 360 Account is to credit your salary to the account. By doing so, you can earn up to 1.2% p.a. bonus interest on the first $35,000 of your account balance. If you credit your salary and fulfil two other categories, you can earn up to 2.55% p.a. bonus interest on the first $75,000 of your account balance.
Insure and Save
Another way to maximise your savings with the OCBC 360 Account is to insure with OCBC. By purchasing an eligible insurance product, you can earn up to 1.2% p.a. bonus interest on the first $35,000 of your account balance. If you insure and fulfil two other categories, you can earn up to 2.55% p.a. bonus interest on the first $75,000 of your account balance.
Investment Opportunities
With the OCBC 360 Account, you can also invest in eligible investment products to earn bonus interest. By investing with OCBC, you can earn up to 0.6% p.a. bonus interest on the first $35,000 of your account balance. If you invest and fulfil two other categories, you can earn up to 2.55% p.a. bonus interest on the first $75,000 of your account balance.
It is important to note that not all financial products are eligible for bonus interest. Eligible investment products include unit trusts and the OCBC RoboInvest. Eligible insurance products include regular premium life insurance products and single premium life insurance products. Structured deposits and structured investment products are not eligible for bonus interest.
In conclusion, the OCBC 360 Account with Salary Bonus is a great way to grow your savings. By crediting your salary, insuring with OCBC, and investing in eligible investment products, you can earn bonus interest on top of the base interest rate. With a maximum yearly contribution of $15,300 for Singaporeans and Singapore PRs, and $35,700 for foreigners, you can reduce your taxable income and maximise your savings at the same time.
Account Management and Services
Managing your OCBC 360 Account is easy and convenient with the bank’s online and mobile banking services. You can access your account anytime, anywhere, and perform a range of transactions.
Online and Mobile Banking
With OCBC’s online and mobile banking services, you can view your transaction history, check your account balances, and transfer funds between accounts. You can also set up recurring payments and schedule bill payments. The bank’s online banking platform allows you to manage your account without the need for paper statements.
Additional Account Services
OCBC offers a range of additional account services to help you manage your finances. You can set up GIRO payments to automatically deduct funds from your account for recurring payments such as utilities and insurance. You can also order a cheque book and demand draft through the bank’s online banking platform.
To help you keep track of your account activity, OCBC provides an e-statement service. You can receive your statements electronically and view them online or download them for your records. The bank also offers a money lock feature, which allows you to lock a portion of your account balance for a set period to earn higher interest rates.
To ensure the security of your account, OCBC requires a minimum average daily balance and offers a fall-below fee if you do not maintain it. You can also set up signing mandates to authorize transactions and receive important notices about your account.
Overall, OCBC’s 360 Account offers a range of account management and services to help you manage your finances conveniently and efficiently.
Eligibility and Signing Up
Who Can Open an OCBC 360 Account?
If you are a Singaporean, Singapore PR, or a foreigner who is at least 18 years old, you are eligible to open an OCBC 360 account. You must also meet the eligibility requirements, which include crediting a minimum salary of $1,800 to your account every calendar month.
Required Documents and Process
To open an OCBC 360 account, you will need to provide the following documents:
- For Singaporeans and PRs: Your NRIC
- For foreigners: Your passport and an image of your signature
You will also need to complete a signing mandate, which authorizes your employer to credit your salary to your OCBC 360 account. Once you have all the required documents, you can visit any OCBC branch to open your account.
The deposit requirements for an OCBC 360 account are as follows:
- Minimum initial deposit: $1,000
- Minimum average daily balance: $3,000
Opening an OCBC 360 account is a straightforward process, and with the salary bonus interest, you can earn up to 4.65% p.a. on your savings. So, if you are looking for a high-interest savings account, the OCBC 360 account might be the perfect fit for you.
Frequently Asked Questions
How can I maximise my bonus interest with an OCBC 360 account?
To maximise your bonus interest with an OCBC 360 account, you can credit your salary through GIRO or 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, and invest with OCBC.
What are the steps to qualify for the OCBC 360 salary bonus?
To qualify for the OCBC 360 salary bonus, you need to credit a minimum salary of $1,800 to your 360 Account every calendar month. You can meet this minimum salary requirement through a single credit or multiple credits each calendar month.
Are there any tips for boosting the interest earned on an OCBC 360 account?
Yes, there are tips for boosting the interest earned on an OCBC 360 account. You can maximise your bonus interest by doing any or all of the following: credit your salary through GIRO or 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, and invest with OCBC.
What’s the minimum balance required to earn the salary bonus in an OCBC 360 account?
There is no minimum balance required to earn the salary bonus in an OCBC 360 account. You just need to credit a minimum salary of $1,800 to your 360 Account every calendar month. You can meet this minimum salary requirement through a single credit or multiple credits each calendar month.
How does the OCBC 360 Save Bonus feature work?
The OCBC 360 Save Bonus feature works by rewarding you with bonus interest when you maintain or increase your account balance compared to the previous month. The bonus interest is tiered, with higher interest rates for higher balances.
Can you compare the OCBC 360 account with the Bonus Saver account?
Yes, the OCBC 360 account and the Bonus Saver account are both deposit accounts that offer bonus interest. However, the OCBC 360 account offers multiple ways to earn bonus interest, while the Bonus Saver account only offers bonus interest on your account balance. Additionally, the OCBC 360 account has a higher maximum interest rate compared to the Bonus Saver account.