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.