Whether you’re saving for a rainy day or a specific goal, the OCBC Bonus+ Savings Account is a competitive option for consumers looking to maximize their savings. This account offers a flexible rewards system that allows account holders to earn bonus interest rates by making deposits and forgoing withdrawals. With a standard base rate of 0.05% p.a., account holders can easily boost their earnings by +0.10% p.a. on months where no withdrawal is made.
One of the key benefits of the OCBC Bonus+ Savings Account is its ability to help you reduce your taxable income. By contributing to your Supplementary Retirement Scheme (SRS) Account, you can reduce your taxable income by the same amount. The maximum yearly contribution for Singaporeans and Singapore PRs is S$15,300, while foreigners can contribute up to S$35,700. This can be a valuable way to save money on your taxes while also building your retirement savings.
If you’re looking for a high-interest savings account that rewards you for saving and making smart financial decisions, the OCBC Bonus+ Savings Account is definitely worth considering. With flexible rewards, competitive interest rates, and a range of account management and services, it’s a great option for anyone looking to maximize their savings potential.
Key Takeaways
- The OCBC Bonus+ Savings Account offers a flexible rewards system that allows account holders to earn bonus interest rates by making deposits and forgoing withdrawals.
- By contributing to your Supplementary Retirement Scheme (SRS) Account, you can reduce your taxable income and save money on your taxes while also building your retirement savings.
- With competitive interest rates and a range of account management and services, the OCBC Bonus+ Savings Account is a great option for anyone looking to maximize their savings potential.
OCBC Bonus Savings Account Overview
If you’re looking for a savings account that can help you earn higher interest rates, then the OCBC Bonus+ Savings Account might be the right choice for you. This account is designed to help you save money while earning bonus interest rates.
Eligibility Criteria
To open an OCBC Bonus+ Savings Account, you must be a resident of Singapore and at least 16 years old. You’ll need to provide your NRIC, passport, employment pass, student pass, or Singapore PR to open an account.
The minimum initial deposit required to open an account is $500. If you’re under 26 years old, you’ll only need to deposit $50 to open an account. There are no monthly account fees, but you’ll need to maintain a minimum balance of $1,000 to earn bonus interest rates.
Account Opening Process
Opening an OCBC Bonus+ Savings Account is easy and can be done online. You’ll need to provide your personal details and identification documents to complete the application process. Once your account is open, you can start depositing money and earning bonus interest rates.
Remember that to earn bonus interest rates, you’ll need to make no withdrawals and save monthly. You’ll earn a standard base rate of 0.05% p.a., but this can easily be boosted by +0.10% p.a. on months where no withdrawal is made.
Overall, the OCBC Bonus+ Savings Account is a great option if you’re looking for a savings account that can help you earn higher interest rates. With no monthly account fees and a low initial deposit requirement, it’s easy to get started and start saving today.
Interest Rates and Bonus Categories
If you are looking for a savings account in Singapore that offers competitive interest rates and bonus categories, the OCBC Bonus+ Savings Account might be the perfect fit for you. This account offers a range of bonus categories that can help you earn higher interest rates, making it a great option for those who want to maximise their savings.
Base Interest
The base interest rate for the OCBC Bonus+ Savings Account is 0.05% per annum. This means that you will earn this interest rate on your entire account balance, regardless of whether you meet the requirements for any of the bonus categories. While the base interest rate is not the highest in the market, it is still a decent rate that can help you grow your savings over time.
Bonus Interest Rate
In addition to the base interest rate, the OCBC Bonus+ Savings Account offers several bonus interest categories that you can qualify for to earn higher interest rates. These categories include Save Bonus, Spend Bonus, Insure Bonus, Invest Bonus, and Grow Bonus. Each of these categories offers a different interest rate, ranging from 0.60% to 2.40% per annum.
Salary Bonus
One of the bonus categories that you can qualify for with the OCBC Bonus+ Savings Account is the Salary Bonus. To qualify for this bonus, you need to credit your salary of at least $1,800 via GIRO to your OCBC 360 savings account. The Salary Bonus has three tiers, with interest rates ranging from 0.40% to 0.80% per annum depending on your account balance.
Overall, the OCBC Bonus+ Savings Account is a great option for those who want to earn higher interest rates on their savings. With a range of bonus categories to choose from, you can tailor your savings strategy to maximise your earnings.
Maximising Your Savings
If you are looking for a flexible savings account that offers high returns, then the OCBC Bonus+ Savings Account is a great option for you. With this account, you can earn higher interest rates on your savings while having the flexibility to make withdrawals when you need to. Here are some ways to maximise your savings with OCBC:
Investment Options
If you are interested in investing your savings, OCBC offers a range of investment options such as bonds, structured products, and unit trusts. These investment options can help you grow your wealth over time and provide you with higher returns than a traditional savings account.
Insurance Products
OCBC also offers a range of insurance products that can help you protect your savings and investments. Insurance products such as life insurance, critical illness insurance, and personal accident insurance can provide you with financial protection in case of unexpected events.
Insure with OCBC
By insuring with OCBC, you can enjoy exclusive benefits such as discounts on premiums and cashback rewards. These benefits can help you save money while protecting your financial future.
Invest with OCBC
OCBC also offers investment services such as wealth management and portfolio management. These services can help you make informed investment decisions and maximise your returns.
Save and Earn
By saving regularly and earning bonus interest with the OCBC Bonus+ Savings Account, you can grow your savings faster and achieve your financial goals sooner. 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 while earning higher interest rates on your savings.
In conclusion, the OCBC Bonus+ Savings Account is a great option for those who want to maximise their savings and earn higher interest rates. By investing, insuring, and saving with OCBC, you can achieve your financial goals and secure your financial future.
Account Management and Services
Managing your OCBC Bonus+ Savings Account is made easy with the bank’s online and mobile banking services. You can access your account information, perform transactions, and check your balances from anywhere, at any time.
Online and Mobile Banking
OCBC’s online and mobile banking platforms offer a range of features that allow you to manage your account with ease. You can view your account statements, transfer funds, and pay bills online. The mobile banking app also allows you to access your account information, make transactions, and receive alerts on your mobile device.
Cheque and E-Statement Facilities
OCBC Bonus+ Savings Account holders can also enjoy the convenience of cheque and e-statement facilities. You can request for a cheque book to be delivered to your doorstep, or opt for e-statements to be sent to your email address. This eliminates the need for physical statements, making it more environmentally friendly and convenient.
When you sign up for an OCBC Bonus+ Savings Account, you can also link it to other OCBC products such as the OCBC 360 Account, OCBC 365 Credit Card, OCBC 90°N Card, OCBC Titanium Rewards Credit Card, and OCBC Nxt Credit Card. This allows you to earn even more rewards and benefits when you use these products in conjunction with your savings account.
Overall, OCBC’s account management and services are designed to make banking easy and convenient for you. With online and mobile banking, cheque and e-statement facilities, and the ability to link your savings account to other OCBC products, you can easily manage your finances and earn rewards at the same time.
Fees and Charges
If you’re considering opening an OCBC Bonus+ Savings Account, it’s important to be aware of the fees and charges that come with it. Here is a breakdown of what you can expect:
Fall-Below Fee
To avoid a Fall-Below Fee, you need to maintain a minimum average daily balance of S$3,000 in your account. If you fail to do so, you will be charged S$2 per month. However, if you deposit fresh funds of at least S$5,000, you can avoid this fee.
Other Potential Costs
In addition to the Fall-Below Fee, there are other potential costs associated with the OCBC Bonus+ Savings Account. For example, if you request a cheque book, you will be charged S$10 per cheque book. If your average daily balance falls below S$500, you will be charged S$2 per month. If you make a withdrawal, you will not qualify for the bonus interest rate for that month.
It’s important to note that these fees and charges are subject to change, so it’s a good idea to check with OCBC directly for the most up-to-date information.
Overall, the OCBC Bonus+ Savings Account is a great option if you’re looking for a flexible savings account that offers competitive interest rates. Just be sure to keep an eye on your account balance and avoid making withdrawals if you want to qualify for the bonus interest rate.
Frequently Asked Questions
What are the eligibility requirements for opening an OCBC Bonus Savings Account?
To open an OCBC Bonus Savings Account, you must be at least 16 years old and either a Singaporean, Singapore PR or a foreigner with a valid pass. You can easily apply online and start enjoying the benefits of the account.
How can I maximise the interest earnings on my OCBC Bonus Savings Account?
To maximise the interest earnings on your OCBC Bonus Savings Account, you need to make no withdrawals and save monthly. Doing so will earn you limitless bonus interest on top of the standard base rate of 0.05% p.a.
What is the minimum balance to maintain in an OCBC Bonus Savings Account to avoid fees?
There is no minimum balance required to maintain an OCBC Bonus Savings Account. However, you will be charged a monthly fee of $2 if your average daily balance falls below $3,000.
Are there any special perks associated with the OCBC Bonus Savings Account?
Yes, there are special perks associated with the OCBC Bonus Savings Account. For instance, you can enjoy exclusive dining and shopping privileges with the OCBC Titanium Rewards Card. Additionally, you can earn up to 1.2 miles for every dollar spent on the card.
How does the interest calculation work for the OCBC Bonus Savings Account?
The interest calculation for the OCBC Bonus Savings Account is based on the daily balance in your account. Interest is calculated daily and credited monthly.
Can I open an OCBC Bonus Savings Account online, and if so, what’s the process?
Yes, you can easily open an OCBC Bonus Savings Account online. The process is straightforward and hassle-free. Simply visit the OCBC website, fill out the online application form, and submit the necessary documents. Once your application is approved, you can start enjoying the benefits of the account.
