If you’re looking for a savings account in Singapore that offers flexible rewards and higher interest rates, the OCBC Bonus+ Savings Account might be the right option for you. With an interest rate of 2.80%, you can earn limitless bonus with a Bonus+ Savings Account. You can earn higher interest when you make no withdrawals and save monthly.
OCBC has recently announced that it will be giving its junior employees in Singapore a one-off support of S$1,000 each to help them better cope with rising cost-of-living concerns. The bank is giving this payout to 4,600 junior employees in Singapore. This move is in line with recommendations by Singapore’s National Wages Council for companies to help their employees cope with rising costs of living.
The OCBC Bonus+ Savings Account is a competitive option for consumers who can often make deposits and forgo withdrawals, but don’t want to be bound by long commitments in order to unlock bonuses. Let’s take a closer look at the features and benefits of the account, eligibility requirements, and interest earning potential.
Key Takeaways
- The OCBC Bonus+ Savings Account offers higher interest rates and flexible rewards for consumers who can often make deposits and forgo withdrawals.
- Eligibility requirements for the account include being a Singapore citizen or permanent resident, and having an OCBC deposit account.
- The account offers a standard base rate of 0.05% p.a. and can easily be boosted by +0.10% p.a. on months where no withdrawal is made.
Account Features and Benefits
If you’re looking for a savings account that offers a competitive interest rate, easy account management, and no fall below fees, then the OCBC Bonus+ Savings Account might be just what you need.
Competitive Interest Rates
The OCBC Bonus+ Savings Account offers a base interest rate of 0.05% p.a. However, you can easily boost this rate by up to 2.80% p.a. when you make no withdrawals in a month. This means that you can earn a total interest rate of up to 2.85% p.a. on your Singapore dollar deposits.
No Fall Below Fees
Unlike some other savings accounts, the OCBC Bonus+ Savings Account doesn’t charge any fall below fees. This means that you won’t be penalised for having a low balance in your account.
Easy Account Management
Managing your OCBC Bonus+ Savings Account is easy and convenient. You can access your account online or through the OCBC Mobile Banking app, and you can also opt for e-statements to reduce paper clutter.
In summary, the OCBC Bonus+ Savings Account offers competitive interest rates, no fall below fees, and easy account management. With a base interest rate of 0.05% p.a. and the potential to earn up to 2.80% p.a. in bonus interest, this account is a great option for those looking to maximise their savings.
Eligibility and Account Opening
To open an OCBC Bonus+ Savings Account, you need to meet certain eligibility criteria. Here are the eligibility criteria, required documents, and online application process for opening an OCBC Bonus+ Savings Account.
Eligibility Criteria
To open an OCBC Bonus+ Savings Account, you must be at least 16 years old and a Singaporean, Singapore PR, or foreigner with a valid pass. If you are a foreigner, you must have an Employment Pass, S-Pass, or Student Pass.
Required Documents
To open an OCBC Bonus+ Savings Account, you will need to provide the following documents:
- Singaporeans and PRs: NRIC
- Foreigners: Passport and Employment Pass, S-Pass, or Student Pass
Online Application Process
You can easily apply for an OCBC Bonus+ Savings Account online. Here are the steps:
- Visit the OCBC website and click on “Apply Now”.
- Fill in your personal details and upload the required documents.
- Choose the type of account you want to open and the initial deposit amount.
- Review your application and submit it.
Once your application is approved, you will receive an email with instructions on how to activate your account.
Opening an OCBC Bonus+ Savings Account is a great way to save and earn higher interest. With the easy online application process and flexible eligibility criteria, it’s a great option for Singaporeans, PRs, and foreigners alike. So why wait? Open your account today and start earning more on your savings!
Interest Earning Potential
If you’re looking for a savings account that offers a competitive interest rate, the OCBC Bonus+ Savings Account might be just what you need. With this account, you have the potential to earn a base interest rate of 0.05% per annum, along with bonus interest rates for meeting certain criteria.
Base Interest Calculation
The base interest rate for the OCBC Bonus+ Savings Account is 0.05% per annum, which is calculated on your account balance. This interest is credited to your account on a monthly basis, based on the average daily balance.
Bonus Interest Categories
In addition to the base interest rate, you can earn bonus interest rates by meeting certain criteria. These bonus interest categories include Salary, Save, Wealth (Insure), Wealth (Invest), and Spend.
If you perform transactions in any of these categories, you can earn up to 4.05% p.a. bonus interest on the first S$100,000 in your account. The criteria for earning bonus interest rates may vary, but generally, you need to maintain a certain minimum balance and make regular deposits or investments.
Maximising Your Savings
To maximise your savings with the OCBC Bonus+ Savings Account, consider making regular deposits and avoiding withdrawals. By doing so, you can earn the Save Bonus interest rate of up to 1.45% p.a. for months when you save and make no withdrawals.
Remember that the effective interest rate (EIR) is what you should focus on when comparing savings accounts. The EIR takes into account the compounding effect of interest and any fees or charges associated with the account.
Overall, the OCBC Bonus+ Savings Account offers a competitive interest rate and a range of bonus interest categories to help you maximise your savings. With a minimum deposit of S$500, you can start earning interest on your savings today.
Additional Financial Products
As an OCBC Bonus+ Savings Account holder, you have access to a range of additional financial products to help you grow your savings. This section will cover some of the investment and insurance options available to you.
Investment Opportunities
OCBC offers a variety of investment products that can help you grow your wealth. These include stocks, bonds, unit trusts, and more. With an eligible investment product from OCBC, you can earn up to 2.40% p.a. on your Bonus+ Savings Account.
Investing can be a great way to grow your savings over time, but it’s important to remember that all investments come with risk. Before investing, be sure to do your research and consult a financial advisor if necessary.
Insurance Options
In addition to investment products, OCBC also offers a range of insurance options to help you protect your assets and loved ones. With an eligible insurance product from OCBC, you can earn up to 0.60% p.a. on your Bonus+ Savings Account.
Insurance products available from OCBC include life insurance, health insurance, travel insurance, and more. Be sure to read the terms and conditions carefully before purchasing any insurance product to ensure that it meets your needs.
Overall, OCBC offers a range of financial products to help you grow your savings and protect your assets. Whether you’re looking to invest or purchase insurance, there are options available to suit your needs.
Terms and Conditions
When it comes to banking, it is always important to read the fine print. This is especially true when it comes to the OCBC Bonus+ Savings Account. Understanding the terms and conditions of this account can help you get the most out of your savings.
Understanding the Fine Print
The OCBC Bonus+ Savings Account offers a competitive interest rate of up to 2.80% per annum, but there are certain conditions that must be met in order to earn this rate. For example, you must maintain a minimum average daily balance of $3,000 and not make any withdrawals during the month. If you fail to meet these requirements, your account’s day-end balance will be subject to a fall below fee of $2.
Promotions and Offers
From time to time, OCBC may offer promotions and offers for the Bonus+ Savings Account. It is important to read the terms and conditions of these promotions carefully to ensure that you are eligible and understand the requirements. For example, you may need to deposit a certain amount of money or maintain a certain balance to qualify for the promotion. Keep in mind that promotions and offers may have an expiry date, so be sure to take advantage of them before they expire.
Overall, the OCBC Bonus+ Savings Account can be a great way to earn higher interest on your savings. However, it is important to understand the terms and conditions of the account to ensure that you are getting the most out of it. By maintaining a minimum average daily balance and not making any withdrawals, you can earn a competitive interest rate and avoid any fall below fees. Be sure to also keep an eye out for any promotions or offers that may be available to you.
Frequently Asked Questions
How can you maximise your interest earnings with OCBC Bonus+ Savings Account?
To maximise your interest earnings with OCBC Bonus+ Savings Account, you need to maintain a minimum balance of $5,000 and make no withdrawals in a calendar month. Doing so will earn you an additional 0.10% p.a. interest on top of the base interest rate. Furthermore, if you make no withdrawals and deposit a minimum of $500, you will earn an additional 0.25% p.a. interest. This means that you can earn up to 1.55% p.a. interest on your savings.
What are the latest promotions available for OCBC Bonus+ Savings Account holders?
OCBC Bonus+ Savings Account has various promotions for its account holders. Currently, OCBC is offering a bonus interest rate of 0.60% p.a. for the first S$70,000 deposited, and an additional bonus interest rate of 0.20% p.a. for the next S$30,000 deposited. To qualify for this promotion, you must deposit a minimum of S$500 and maintain a minimum balance of S$5,000.
Are there any fees for withdrawing from your OCBC Bonus+ Savings Account?
There are no fees for withdrawing from your OCBC Bonus+ Savings Account. However, if you make a withdrawal in a calendar month, you will not receive the bonus interest rate for that month.
What’s the minimum balance required to maintain in your OCBC Bonus+ Savings Account?
To maintain your OCBC Bonus+ Savings Account, you need to maintain a minimum balance of $5,000 in your account. If your balance falls below this amount, you will not earn the bonus interest rate for that month.
How does the OCBC Bonus+ Savings Account compare with the UOB Stash Account?
The OCBC Bonus+ Savings Account and the UOB Stash Account are both high-interest savings accounts that offer attractive interest rates. However, the OCBC Bonus+ Savings Account has a higher interest rate and offers more flexibility in terms of earning the bonus interest rate. On the other hand, the UOB Stash Account offers cashback on your spending, making it a good option if you are looking to earn rewards on your spending.
Which offers better benefits: OCBC Bonus+ Savings Account or OCBC 360 Account?
Both the OCBC Bonus+ Savings Account and the OCBC 360 Account offer attractive interest rates and benefits. However, the OCBC 360 Account offers more benefits, such as cashback on your spending and bonus interest rates for meeting certain criteria. If you are looking for a savings account that offers a wide range of benefits, the OCBC 360 Account might be a better option for you.