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 yo