If you’re looking to maximise your savings in Singapore, the OCBC 360 Account is a great option with its unique rewards system. One of the rewards you can earn is the OCBC 360 Save Bonus, which can help you reduce your taxable income while boosting your savings.
With the OCBC 360 Save Bonus, you can contribute up to S$15,300 per year as a Singaporean or Singapore PR, or up to S$35,700 per year as a foreigner, to your Supplementary Retirement Scheme (SRS) Account. You’ll receive a tax relief for the same amount you contribute, and the bonus interest you earn on your OCBC 360 Account can help you grow your savings even further.
To qualify for the OCBC 360 Save Bonus, you’ll need to have a minimum account balance of S$3,000 and meet certain criteria such as making regular savings deposits and not making any withdrawals. If you’re looking to boost your savings and reduce your taxable income, the OCBC 360 Save Bonus is definitely worth considering.
Key Takeaways
- The OCBC 360 Account offers a variety of rewards including the Save Bonus, which can help you reduce your taxable income while boosting your savings.
- To qualify for the Save Bonus, you’ll need to have a minimum account balance and meet certain criteria such as making regular savings deposits and not making any withdrawals.
- The OCBC 360 Account is a great option if you’re looking to maximise your savings and earn rewards for good financial habits.
Understanding the OCBC 360 Account
If you’re looking for a savings account that offers a high-interest rate and rewards you for good financial habits, the OCBC 360 Account might be just what you need. In this section, we’ll explain how the account works, who is eligible to open one, and how you can earn bonus interest.
Eligibility and Opening an Account
To open an OCBC 360 Account, you must be a resident of Singapore and at least 18 years old. You’ll need to provide your NRIC or passport, as well as proof of address. You can open an account online or at any OCBC branch.
Base Interest and Bonus Interest
The OCBC 360 Account has 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 requirements.
The bonus interest rate is calculated based on your average daily balance for the month. Here’s how you can earn bonus interest:
| Category | Bonus Interest | Maximum Bonus Interest |
|---|---|---|
| Salary | 1.2% p.a. | $1,000,000 |
| Save | 1.2% p.a. | $1,000,000 |
| Insure | 1.2% p.a. | $1,000,000 |
| Invest | 1.2% p.a. | $1,000,000 |
| Grow | 1.2% p.a. | $1,000,000 |
To earn bonus interest, you need to meet the minimum requirements for at least three of the five categories. For example, you might choose to credit your salary to your account, save at least $500 a month, and buy an insurance policy from OCBC. If you meet these requirements, you’ll earn bonus interest on your average daily balance for the month.
The maximum bonus interest you can earn is 1.2% p.a. for each category, up to a total of 4.8% p.a. if you meet the requirements for all five categories. This means that the effective interest rate (EIR) you can earn on your OCBC 360 Account is up to 4.65% p.a., depending on your account balance and the categories you choose to participate in.
In conclusion, the OCBC 360 Account is a high-yield savings account that rewards you for good financial habits. By meeting the minimum requirements for at least three of the five categories, you can earn bonus interest on top of the base interest rate. With a maximum EIR of 4.65% p.a., the OCBC 360 Account is one of the most attractive savings accounts in Singapore.
Maximising Your Savings
If you’re looking to maximise your savings, the OCBC 360 Save Bonus account is an excellent choice. With a maximum yearly contribution of S$15,300 for Singaporeans and Singapore PRs, and S$35,700 for foreigners, you can reduce your taxable income by the same amount contributed to your SRS Account.
Grow Your Savings with Salary Credit
One of the ways to grow your savings is by crediting your salary into your OCBC 360 account. By doing so, you can earn up to 1.2% p.a. bonus interest on your account balance. This bonus interest is on top of the base interest rate of 0.05% p.a. that you will earn on your entire account balance.
Earn Higher Interest with Save Bonus
Another way to earn higher interest on your savings is through the Save Bonus. The Save Bonus allows you to earn up to 0.6% p.a. bonus interest on your account balance when you save at least S$500 per month and make no withdrawals. This bonus interest is also on top of the base interest rate of 0.05% p.a. that you will earn on your entire account balance.
Spend and Save: The OCBC Credit Card Advantage
By spending with an OCBC credit card, you can earn up to 6% cashback on your daily spends, which is up to S$1920 cashback in a year. Additionally, if you charge at least S$500 to your OCBC 365 Credit Card, you can earn 0.6% p.a. interest on your OCBC 360 account. This means that you can earn cashback on your spending while growing your savings at the same time.
Overall, the OCBC 360 Save Bonus account is an excellent choice for those looking to maximise their savings. With multiple ways to earn bonus interest, you can grow your savings quickly and easily.
Investment and Insurance Rewards
If you’re looking to maximise your savings, then you’ll be glad to know that the OCBC 360 account offers investment and insurance rewards. Here’s how you can take advantage of them.
Invest Bonus: Rewarding Investments
One of the ways to earn bonus interest on your OCBC 360 account is by investing in eligible investment products. These include structured deposits and unit trusts. By doing so, you can earn up to 1.2% p.a. in bonus interest, on top of the base interest rate of 0.05% p.a.
To qualify for the invest bonus, you’ll need to maintain a minimum monthly average balance of $35,000 in your OCBC 360 account. You’ll also need to hold an eligible investment product with OCBC for at least 6 months during the calendar year.
Insure Bonus: Protect and Save
Another way to earn bonus interest on your OCBC 360 account is by insuring with OCBC. You can earn up to 1.2% p.a. in bonus interest by purchasing eligible insurance products such as life, accident, or health insurance.
To qualify for the insure bonus, you’ll need to maintain a minimum monthly average balance of $35,000 in your OCBC 360 account. You’ll also need to hold an eligible insurance product with OCBC for at least 12 months during the calendar year.
By investing and insuring with OCBC, you can earn up to 2.4% p.a. in bonus interest on your OCBC 360 account. This is on top of the base interest rate of 0.05% p.a. So, if you’re looking to maximise your savings, then the OCBC 360 account is a great option to consider.
Additional Perks and Features
When you open an OCBC 360 Account, not only do you get to enjoy the attractive bonus interest rates, but you also get access to a range of additional perks and features. Here are some of the most notable ones:
OCBC 365 and OCBC Titanium Rewards
If you have an OCBC 365 or OCBC Titanium Rewards credit card, you can link it to your 360 Account and earn even more rewards. With the OCBC 365 card, you can earn up to 6% cashback on dining, 3% on groceries, 5% on fuel, and 3% on online shopping. Meanwhile, the OCBC Titanium Rewards card lets you earn 10X rewards points on online and offline shopping, as well as at department stores and electronics stores.
Digital Banking Convenience
OCBC’s digital banking services make it easy and convenient to manage your 360 Account from anywhere, at any time. With GIRO, you can set up automatic bill payments and transfers to other accounts. PayNow lets you transfer funds to anyone in Singapore using just their mobile number or NRIC/FIN. FAST (Fast and Secure Transfers) allows you to transfer funds to other banks in Singapore almost instantly. And with SingPass Login, you can access your account securely and conveniently without the need for additional passwords or tokens.
In addition, you can opt for e-Statements instead of paper statements, which not only saves you time and hassle but also helps to reduce paper waste.
Overall, the OCBC 360 Account offers not only high-interest rates but also a range of additional benefits and features that make it an attractive choice for anyone looking to maximise their savings and enjoy convenient digital banking services.
Keeping Your Savings Secure
When it comes to saving your hard-earned money, it’s essential to ensure that it’s secure. The OCBC 360 Save Bonus Singapore understands this, and that’s why it offers a high-interest savings account that comes with several security measures.
Understanding the Deposit Insurance Scheme
One of the best ways to keep your savings secure is by taking advantage of the Deposit Insurance Scheme. This scheme is a part of the Singapore government’s efforts to protect your savings in the event of a bank failure.
The Deposit Insurance Scheme covers Singapore dollar deposits that are held with any member bank, including OCBC. This means that if the bank fails, you’ll be compensated for up to $75,000 of your deposits.
It’s important to note that the Deposit Insurance Scheme only covers non-bank depositors. If you’re a bank depositor, your deposits won’t be covered.
To ensure that your savings are protected, it’s crucial to keep track of your deposits and ensure that they don’t exceed the $75,000 limit. If you have more than $75,000 in savings, consider opening another account with a different bank or financial institution.
In conclusion, the OCBC 360 Save Bonus Singapore offers a secure way to save your money and earn high-interest rates. By understanding the Deposit Insurance Scheme and taking advantage of it, you can ensure that your savings are protected in the event of a bank failure. So, go ahead and start saving with OCBC today!
Frequently Asked Questions
How can you maximise your interest earnings with OCBC 360 savings account?
To maximise your interest earnings with the OCBC 360 savings account, you need to meet the criteria for each of the five categories: Salary, Save, Insure, Invest and Grow. This will allow you to earn bonus interest of up to 4.40% p.a. on your account balance. You can earn bonus interest on the first S$70,000 of your account balance.
What are the criteria to qualify for the OCBC 360 save bonus interest?
To qualify for the OCBC 360 save bonus interest, you need to increase your account’s average daily balance by at least S$500 from the previous month’s average daily balance. You can also earn bonus interest by spending at least S$500 on your OCBC credit card or by insuring with OCBC.
Are there any tips for ensuring you meet the requirements for the OCBC 360 save bonus each month?
To ensure you meet the requirements for the OCBC 360 save bonus each month, you can set up a standing instruction to transfer S$500 from your salary account to your OCBC 360 account. You can also use your OCBC credit card for your daily expenses and pay your bills through GIRO to maximise your credit card spend.
What’s the difference between the OCBC 360 account and the Bonus+ Savings account?
The OCBC 360 account is a deposit account that pays you bonus interest when you do all or any of these: credit your salary through GIRO/PayNow via GIRO, save and increase your account balance, charge at least S$500 to your OCBC credit card, insure with OCBC, and invest with OCBC. On the other hand, the Bonus+ Savings account is a savings account that pays you bonus interest when you save regularly and do not make any withdrawals.
How does the OCBC 360 interest rate compare to other high-interest savings accounts in Singapore?
The OCBC 360 interest rate is competitive compared to other high-interest savings accounts in Singapore. However, it is important to note that interest rates are subject to change and may vary depending on the bank and the account.
Can you explain the step-by-step process to calculate the bonus interest on your OCBC 360 account?
To calculate the bonus interest on your OCBC 360 account, you need to first understand the criteria for each of the five categories: Salary, Save, Insure, Invest and Grow. Once you have met the criteria, the bonus interest will be calculated based on the average daily balance of your account for the month. The bonus interest will be credited to your account on the last day of the month.