If you’re looking for a savings account in Singapore that offers a higher interest rate, you might want to consider the OCBC Bonus+ Savings Account. This account allows you to earn higher interest when you make no withdrawals and save monthly. The account is easy to apply for online and offers limitless bonus.
One of the main benefits of the OCBC Bonus+ Savings Account is the bonus interest that you can earn. Depending on the type of bonus, you can earn up to 4.00% per year on your account balance. The base interest rate is 0.05% per year, but you can easily boost it by 0.10% per year on months where you make no withdrawals. You can also earn additional bonus interest by spending, insuring, investing, and growing your money.
Another advantage of the OCBC Bonus+ Savings Account is the flexibility it offers. You can make deposits and forgo withdrawals without being bound by long commitments in order to unlock bonuses. This makes it a competitive option for consumers who want to earn higher interest without sacrificing their ability to access their money.
Key Takeaways
- The OCBC Bonus+ Savings Account offers higher interest rates when you make no withdrawals and save monthly.
- You can earn up to 4.00% per year on your account balance, depending on the type of bonus.
- The account is flexible and allows you to make deposits and forgo withdrawals without being bound by long commitments.
OCBC Bonus+ Savings Account Overview
If you’re looking for a savings account with a high interest rate, the OCBC Bonus+ Savings Account may be the perfect option for you. This account offers a competitive interest rate that can help you grow your savings over time.
Key Features
The OCBC Bonus+ Savings Account offers a base interest rate of 0.05% per annum. However, you can earn a bonus interest rate of up to 1.2% per annum on the first S$70,000 in your account. This brings the total maximum interest rate to 1.25% per annum.
To earn the bonus interest rate, you must meet certain criteria. You must credit your salary, make at least 3 bill payments, and spend at least S$500 on your OCBC credit card each month. If you meet these requirements, you’ll earn the bonus interest rate on your entire account balance.
Eligibility Criteria
To be eligible for the OCBC Bonus+ Savings Account, you must be a Singaporean citizen or permanent resident. You must also be at least 18 years old and have a minimum initial deposit of S$5,000.
If you’re looking for a savings account with a competitive interest rate, the OCBC Bonus+ Savings Account is definitely worth considering. With its high interest rate and bonus interest rate, you can grow your savings quickly and easily.
Interest Rates and Bonus Interest
If you are looking for a savings account that offers a great interest rate, the OCBC Bonus+ Savings Account is worth considering. This account offers both a base interest rate and bonus interest rate, which can help you earn more on your savings.
Base Interest Rate
The base interest rate for the OCBC Bonus+ Savings Account is 0.05% a year. This interest rate is applied to your entire account balance, regardless of how much money you have in the account.
Bonus Interest Rate
In addition to the base interest rate, the OCBC Bonus+ Savings Account also offers bonus interest rates. There are two types of bonus interest rates: No Withdrawal & Save bonus interest and No Withdrawal bonus interest.
The No Withdrawal & Save bonus interest rate is 0.75% a year. This bonus interest rate is applied to your account balance in months when you do not make any withdrawals and deposit at least S$500.
The No Withdrawal bonus interest rate is 2.00% a year. This bonus interest rate is applied to your account balance in months when you do not make any withdrawals.
Calculating Your Earnings
To calculate your earnings on the OCBC Bonus+ Savings Account, you need to take into account both the base interest rate and bonus interest rate. The effective interest rate (EIR) is the total interest you earn on your account balance over a year, including both the base and bonus interest rates.
For example, if you have an average daily balance of S$10,000 in your OCBC Bonus+ Savings Account for a year, and you don’t make any withdrawals, you would earn S$200 in No Withdrawal bonus interest and S$75 in No Withdrawal & Save bonus interest. In addition, you would earn S$5 in base interest, for a total of S$280 in interest earnings over the year.
Overall, the OCBC Bonus+ Savings Account is a great option if you want to earn a competitive interest rate on your savings. With both a base interest rate and bonus interest rates, you can maximize your earnings and reach your savings goals faster.
Account Features and Benefits
If you’re looking for a savings account that offers higher interest rates, the OCBC Bonus+ Savings Account is an excellent choice. Here are some of the account’s key features and benefits:
Deposit Requirements
To open an OCBC Bonus+ Savings Account, you’ll need to make an initial deposit of S$500. After that, you’ll need to save a minimum of S$500 each month to earn the bonus interest rate.
Savings Maximisation
The OCBC Bonus+ Savings Account offers a base interest rate of 0.05% per annum. However, if you make no withdrawals and deposit at least S$500 each month, you can earn up to 2.80% per annum in bonus interest. This can help you maximise your savings and earn more interest on your money.
Additional Perks
In addition to the bonus interest rate, the OCBC Bonus+ Savings Account also comes with other perks. For example, if you have an OCBC 360 Account, you can link it to your Bonus+ Savings Account to earn even more interest. You can also apply for a 365 Credit Card to earn cashback on your purchases.
Overall, if you’re looking for a savings account that offers higher interest rates and additional perks, the OCBC Bonus+ Savings Account is an excellent choice. With its deposit requirements, savings maximisation, and additional perks, you can earn more interest on your money and get more out of your savings account.
How to Apply for an OCBC Bonus+ Account
If you’re looking to apply for an OCBC Bonus+ account, you’ll be happy to know that the process is relatively straightforward. Here’s what you need to know to get started.
Application Process
There are two ways to apply for an OCBC Bonus+ account: online and in-person. To apply online, you’ll need to have a SingPass login and follow the instructions on the OCBC website. If you prefer to apply in-person, you can visit any OCBC branch and speak to a customer service representative.
Regardless of how you choose to apply, you’ll need to provide some basic information about yourself, such as your name, NRIC or passport number, residential address, and phone number. You’ll also need to provide some information about your employment status, such as your employment pass or student pass.
Documents Required
To complete your application, you’ll need to provide some supporting documents. These documents may vary depending on your employment status and other factors, but in general, you’ll need to provide:
- NRIC or passport
- Bank statement or CPF statement
- Phone bill or other proof of address
If you’re a Singaporean or Permanent Resident, you’ll also need to provide your CPF statement. If you’re a foreigner, you’ll need to provide your employment pass or student pass.
Once you’ve provided all the necessary information and documents, your application will be processed and you’ll be notified of the outcome. If your application is successful, you’ll be able to start earning bonus interest on your savings right away.
In conclusion, applying for an OCBC Bonus+ account is a simple and straightforward process. Whether you choose to apply online or in-person, make sure you have all the necessary documents and information ready to go. With the potential to earn up to 2.8% interest on your savings, it’s definitely worth considering if you’re looking for a high-yield savings account in Singapore.
Terms, Conditions, and Fees
Understanding the Fine Print
When opening an OCBC Bonus+ Savings Account, it’s important to understand the terms and conditions that come with it. To start, you must be at least 16 years old and a Singaporean, Singapore PR, or foreigner with a valid pass. You can apply online, making it quick and easy to get started.
In terms of interest rates, you can earn up to 2.80% per annum on your total account balance if you meet certain requirements. For example, you can receive 2.00% per annum if you do not make any withdrawals and an additional 0.75% per annum when you save at least $500 a month. However, if you do not meet the eligibility criteria for the bonus interest in any calendar month or your base interest is zero, you will not receive the bonus interest.
It’s also important to note that all funds in the Bonus+ Savings Account enjoy a monthly base interest of 0.05% per annum. This means that even if you don’t meet the requirements for bonus interest, you’ll still earn some interest on your savings.
Fee Structure
When it comes to fees, there is a minimum initial deposit of $10,000 required to open an OCBC Bonus+ Savings Account. Additionally, there is a minimum average daily balance of $3,000 required to avoid a fall below fee. If your account falls below this minimum balance, you will be charged a fee of $2.
To help you keep track of your account, OCBC offers e-statements that you can access online. This makes it easy to view your account activity and stay on top of any fees or charges.
Overall, the OCBC Bonus+ Savings Account offers a competitive interest rate for those who can meet the requirements. Just be sure to understand the terms and conditions and keep an eye on your account balance to avoid any fees.
Frequently Asked Questions
How can you maximise your earnings with OCBC Bonus Plus Savings Account?
To maximise your earnings with the OCBC Bonus Plus Savings Account, you need to make sure that you don’t withdraw from your account and save a minimum amount every month. The more you save, the higher your interest rate will be. You can also earn extra interest by depositing at least $500 in the same month, which can bring your potential effective interest rate up to 0.40% p.a.
What are the latest promotions for the OCBC Bonus Plus account?
At the time of writing, OCBC is offering a promotion where you can earn up to 2.40% p.a. in bonus interest for the first S$70,000 of your account balance. To qualify, you need to make a deposit of at least S$500 and maintain a minimum balance of S$3,000.
How does the OCBC 360 account compare with the Bonus Plus in terms of interest rates?
The OCBC 360 account is another savings account offered by OCBC that offers a higher interest rate than traditional savings accounts. However, the interest rate for the 360 account is tiered, meaning you need to fulfil certain criteria to earn the highest interest rate. The Bonus Plus account, on the other hand, offers a flat interest rate that can be increased with certain actions, such as not making withdrawals and saving a minimum amount every month.
What steps should you follow to calculate interest for your OCBC Bonus Plus Savings Account?
To calculate the interest for your OCBC Bonus Plus Savings Account, you can use the following formula:
Interest = (Account Balance x Interest Rate) / 365 x Number of Days
The interest rate for the Bonus Plus account is a flat rate, which means you can easily calculate the interest you will earn based on your account balance and the number of days your money has been in the account.
Where does the OCBC fixed deposit stand in the current market for interest rates?
The interest rates for fixed deposits are subject to change depending on market conditions. At the time of writing, the interest rates for OCBC fixed deposits range from 0.25% p.a. to 1.20% p.a., depending on the deposit tenure and amount.
What are the requirements to achieve the highest interest rate for an OCBC savings account?
To achieve the highest interest rate for an OCBC savings account, you need to fulfil certain criteria, such as saving a minimum amount every month, not making withdrawals, and depositing a certain amount of money each month. The requirements may vary depending on the specific savings account you have, so it’s important to check the terms and conditions to ensure you meet the criteria.