OCBC Bonus+ Singapore is a savings account offered by the Oversea-Chinese Banking Corporation (OCBC) that allows you to earn higher interest rates when you make no withdrawals and save monthly. With a current interest rate of 2.80%, the account is designed to help you maximise your savings and earn more money over time.
To enjoy the benefits of the OCBC Bonus+ Savings Account, you can easily apply online and start saving money today. The account comes with a range of features and benefits, including unlimited bonus interest, no monthly fees, and easy access to your account via online banking and mobile banking.
If you’re looking for a savings account that offers higher interest rates and more benefits than a regular savings account, then the OCBC Bonus+ Singapore account could be the perfect choice for you. With its easy application process, competitive interest rates, and range of account benefits, it’s a great way to start saving for your future.
Key Takeaways
- OCBC Bonus+ Singapore is a savings account that allows you to earn higher interest rates when you make no withdrawals and save monthly.
- The account offers a range of features and benefits, including unlimited bonus interest, no monthly fees, and easy access to your account via online banking and mobile banking.
- With its easy application process, competitive interest rates, and range of account benefits, the OCBC Bonus+ Singapore account is a great way to start saving for your future.
Overview of OCBC Bonus+ Savings Account
If you’re looking for a savings account that can help you earn higher interest rates, the OCBC Bonus+ Savings Account might be the right choice for you. With this account, you can enjoy limitless bonus interest when you make no withdrawals and save monthly.
Key Features
The OCBC Bonus+ Savings Account comes with several key features that make it an attractive option for savers. Here are some of the most notable features of this account:
- High Interest Rates: You can earn up to 2.80% interest per year when you make no withdrawals and save monthly.
- Flexibility: You can make withdrawals from your account at any time, but you’ll earn a lower interest rate if you do.
- No Minimum Balance: You don’t need to maintain a minimum balance to earn interest on your savings.
- Easy Application: You can apply for the OCBC Bonus+ Savings Account online, making it a convenient option for busy savers.
Eligibility Criteria
To be eligible for the OCBC Bonus+ Savings Account, you must meet the following criteria:
- You must be at least 16 years old.
- You must be a Singapore citizen, permanent resident, or foreigner with a valid work permit or employment pass.
- You must have a minimum initial deposit of S$500.
Overall, the OCBC Bonus+ Savings Account is a great option for savers who want to earn higher interest rates on their savings without sacrificing flexibility. With no minimum balance required and easy online application, it’s a convenient and accessible choice for anyone looking to grow their savings.
Interest Rates and Computation
As mentioned earlier, the OCBC Bonus+ Savings Account offers a base interest rate of 0.05% p.a. However, you can earn a bonus interest rate of up to 2.80% p.a. if you meet certain criteria.
Base Interest
The base interest rate of 0.05% p.a. is accrued daily and credited to your account at the end of each month. This interest rate applies to all funds in your account, regardless of the amount.
Bonus Interest Potential
To earn bonus interest, you must deposit at least S$500 into your account every month and make no withdrawals during the same month. If you meet these criteria, you can earn a monthly bonus interest rate of 2.80% p.a. This bonus interest rate is also accrued daily and credited to your account at the end of each month.
Interest Computation Method
The interest rate computation method used by OCBC for the Bonus+ Savings Account is based on the daily balance method. This means that interest is calculated based on the daily balance in your account and credited to your account at the end of each month.
To summarise, the OCBC Bonus+ Savings Account offers a base interest rate of 0.05% p.a. and a monthly bonus interest rate of 2.80% p.a. if you deposit at least S$500 and make no withdrawals during the same month. Interest is computed using the daily balance method and credited to your account at the end of each month.
Account Benefits
If you’re looking for a savings account that offers a variety of bonuses and rewards, the OCBC Bonus+ Savings Account may be the right choice for you. Here are some of the account benefits you can enjoy:
No Withdrawal Rewards
The OCBC Bonus+ Savings Account offers a bonus interest rate of up to 3.08% p.a. on your account balance, provided that you make no withdrawals during the month. This is a great incentive to save your money and watch it grow. The bonus interest rate is tiered, so the more you save, the higher your bonus interest rate will be.
Salary Bonus Interest
If you credit your salary to your OCBC Bonus+ Savings Account, you can earn an additional bonus interest rate of up to 1.2% p.a. This is a great way to earn extra interest on your savings without having to do anything extra. The bonus interest rate is tiered based on your monthly salary credit amount.
Additional Perks
In addition to the bonus interest rates, the OCBC Bonus+ Savings Account also offers a range of additional perks, such as:
- Insurance coverage for accidental death and total permanent disability
- Investment opportunities with OCBC Bank
- Discounts and promotions with your OCBC credit card
Overall, the OCBC Bonus+ Savings Account is a great option for those who want to earn more interest on their savings and enjoy additional perks. With no withdrawal bonus interest, salary bonus interest, and a range of other benefits, this account is definitely worth considering if you’re looking for a savings account that offers more than just basic interest rates.
Managing Your Account
When it comes to managing your OCBC Bonus+ Savings Account, there are a few things you need to keep in mind. This section will cover everything from deposits and withdrawals to online banking access and account statements.
Deposits and Withdrawals
To earn higher interest with your Bonus+ Savings Account, it’s important to make regular deposits and avoid withdrawals. You can make deposits via FAST transfer, cheque or demand draft. FAST transfers are the fastest and most convenient way to make deposits, while cheques and demand drafts can take longer to process.
To withdraw funds from your account, simply log in to your online banking account or visit your nearest OCBC branch. Keep in mind that making withdrawals will lower your interest rate, so it’s best to avoid them unless absolutely necessary.
Online Banking Access
Managing your Bonus+ Savings Account is easy with OCBC’s online banking platform. You can log in to your account using your SingPass login details, or by creating a separate OCBC online banking account. Once you’re logged in, you can view your account balance, make deposits and withdrawals, and view your account statements.
Account Statements
OCBC provides monthly account statements for your Bonus+ Savings Account. These statements can be viewed online or mailed to your home address. Statements provide a detailed breakdown of your account activity, including deposits and withdrawals, interest earned, and any fees or charges incurred. Make sure to review your account statements regularly to ensure that everything is accurate and up-to-date.
Overall, managing your OCBC Bonus+ Savings Account is a fast and easy process. By making regular deposits and avoiding withdrawals, you can earn higher interest and grow your savings over time. With convenient online banking access and detailed account statements, it’s easy to stay on top of your finances and achieve your financial goals.
Terms and Conditions
If you are considering opening an OCBC Bonus+ Savings Account, it is important to understand the terms and conditions. Here are some key details you need to know:
Fees and Charges
There are no monthly fees associated with an OCBC Bonus+ Savings Account. However, there are some fees and charges you should be aware of. For example, if you make more than two withdrawals in a month, you will be charged a fee of $2 per withdrawal. Additionally, if your account falls below the minimum average daily balance of $3,000, you will be charged a fee of $2 per month.
Transaction Limits
There are some transaction limits associated with an OCBC Bonus+ Savings Account. For example, the minimum initial deposit required to open an account is $500. You can deposit up to $50,000 into the account. Additionally, you can only make two withdrawals per month without incurring a fee.
It is important to note that the interest rate you earn on your account depends on your account balance and transaction behaviour. You can earn up to 2.80% interest per annum on your entire account balance if you make no withdrawals and save monthly. However, if you make more than two withdrawals in a month, your interest rate will be reduced to 0.05% per annum.
Overall, an OCBC Bonus+ Savings Account can be a great option if you are looking for a flexible savings account with the potential to earn high interest rates. Just be sure to read and understand the terms and conditions before opening an account.
Frequently Asked Questions
How can I maximise my interest earnings with OCBC Bonus+ Savings Account?
To maximise your interest earnings with OCBC Bonus+ Savings Account, you need to make a deposit of at least $500 and make no withdrawals for the month. This will earn you bonus interest on top of the base interest rate.
What’s the minimum balance to maintain in an OCBC Bonus+ Savings Account?
There is no minimum balance required to maintain an OCBC Bonus+ Savings Account. However, you need to make a monthly deposit of at least $500 to qualify for bonus interest.
Are there any withdrawal restrictions on the OCBC Bonus+ Savings Account?
Yes, there are withdrawal restrictions on the OCBC Bonus+ Savings Account. If you make any withdrawals during the month, you will not be eligible for bonus interest. However, you will still earn the base interest rate.
How does the OCBC Bonus+ Savings Account differ from the OCBC 360 Account?
The OCBC Bonus+ Savings Account is designed for customers who want to earn higher interest rates by making monthly deposits and forgoing withdrawals. On the other hand, the OCBC 360 Account offers a range of benefits, including bonus interest rates, cash rebates, and fee waivers, for customers who meet certain criteria such as salary crediting, bill payments, and investments.
What are the latest interest rates for the OCBC Bonus+ Savings Account?
The latest interest rates for the OCBC Bonus+ Savings Account are:
- Base interest rate: 0.05% p.a.
- Bonus interest rate: up to 1.45% p.a.
The bonus interest rate is subject to conditions such as monthly deposit and no withdrawal.
Which offers better returns, OCBC Bonus+ Savings Account or UOB savings accounts?
The answer depends on your personal financial goals and circumstances. You should compare the interest rates, fees, and features of both accounts and choose the one that suits your needs best. However, the OCBC Bonus+ Savings Account offers competitive interest rates and flexible rewards for customers who can make monthly deposits and forgo withdrawals.