If you’re a young adult in Singapore looking for a bank account that offers high-interest rates, the OCBC Frank Account is worth considering. This account is designed for individuals aged 16 to 30 and offers various benefits, including cashback rewards, free ATM withdrawals, and a debit card that you can customise with a design of your choice.
One of the most significant advantages of the OCBC Frank Account is its interest rates. You can earn up to 4% per annum on your savings, which is higher than the rates offered by many other banks in Singapore. To qualify for the highest interest rates, you must meet certain requirements, such as crediting your salary into the account, spending a minimum amount on your OCBC credit card, and purchasing insurance through the bank.
Managing your OCBC Frank Account is also straightforward. You can access your account online or through the mobile app, which allows you to check your balance, transfer funds, and pay bills. Additionally, you can enjoy free withdrawals at any OCBC ATM in Singapore, and there are no monthly fees or fall-below fees to worry about.
Key Takeaways
- The OCBC Frank Account is an excellent option for young adults in Singapore.
- The account offers high-interest rates of up to 4% per annum.
- Managing your account is easy, and there are no monthly fees or fall-below fees.
Understanding the Frank Account
If you are a Singaporean, Singapore PR, or a foreigner with a valid pass, you can open a Frank Account with OCBC bank. This account is designed to cater to the needs of students and young adults, and it offers some exciting features that make it stand out from other savings accounts in Singapore.
Account Features
One of the most attractive features of the Frank Account is its interest rate. With a base interest rate of 0.1% p.a. and a maximum interest rate of 0.35% p.a., you can earn more interest on your savings than with a regular savings account. Additionally, there are no hidden fees associated with this account, so you can be sure that you are not losing money on unnecessary charges.
Another exciting feature of the Frank Account is the FRANK Debit Card, which comes in over 60 designs. This card allows you to withdraw money from ATMs and make payments at merchants that accept Visa. You can also use the card to earn rebates on your purchases at selected merchants.
Eligibility Criteria
To be eligible for a Frank Account, you must be at least 16 years old and have an NRIC or passport. If you are a foreigner, you must have a valid pass, such as an Employment Pass, Special Pass, or Student Pass. Additionally, you must maintain a minimum average daily balance of S$1,000 to enjoy the automatic waiver of the monthly fall-below fee.
Applying for a Frank Account
If you meet the eligibility criteria, you can apply for a Frank Account online or at any OCBC bank branch. The application process is straightforward and can be completed in a few minutes. You will need to provide your personal details, such as your name, address, and NRIC or passport number, as well as your employment and income information.
Once your application is approved, you will receive a FRANK Debit Card and can start using your account immediately. There are no service fees associated with this account, so you can enjoy the benefits of a high-interest savings account without worrying about additional charges.
In conclusion, the Frank Account is an excellent choice for students and young adults who want to earn more interest on their savings and enjoy the convenience of a debit card. With its attractive interest rates and no hidden fees, this account is a great way to start building your financial future.
Interest Rates and Benefits
If you are looking for a savings account that offers competitive interest rates and an array of benefits, the OCBC Frank Account is definitely worth considering. In this section, we will explore the various interest rates and benefits that come with this account.
Base Interest
The base interest rate for the OCBC Frank Account is 0.1% per annum. While this may seem low, it is important to note that this is the minimum interest rate that you can earn. The actual interest rate that you earn will depend on the amount of money that you have in your account.
Bonus Interest
In addition to the base interest rate, the OCBC Frank Account also offers bonus interest rates. There are several ways to earn bonus interest, such as setting up a savings goal, making regular deposits, and spending on your OCBC Frank Debit Card. The table below shows the different bonus interest rates that you can earn:
| Bonus Interest | Account Balance | Interest Rate |
|---|---|---|
| Salary Bonus | Up to S$100,000 | Up to 4.00% |
| Save Bonus | Up to S$50,000 | Up to 2.40% |
| Spend Bonus | Up to S$25,000 | Up to 0.60% |
| Insure Bonus | Up to S$50,000 | Up to 2.40% |
| Invest Bonus | Up to S$50,000 | Up to 2.40% |
| Grow Bonus | Up to S$50,000 | 2.00% |
Promotions and Rewards
In addition to the interest rates, the OCBC Frank Account also offers various promotions and rewards. For example, you can earn cashback when you spend on your OCBC Frank Debit Card, and you can also enjoy discounts at various merchants. Additionally, the account comes with a range of funky card designs to choose from, which is perfect for those who want to show off their unique style.
Overall, the OCBC Frank Account is a great option for those who want a savings account that offers competitive interest rates and an array of benefits. With the base interest rate of 0.1% per annum and the various bonus interest rates, you can earn a decent return on your savings while also enjoying the various rewards and promotions that come with the account.
Managing Your Account
As an OCBC FRANK account holder, you have access to a range of features that can help you manage your account effectively.
Online Banking
OCBC’s online banking platform allows you to view your account balance, transaction history, and interest earned. You can also transfer funds, pay bills, and set up standing orders and direct debits. The platform is easy to use and secure, so you can manage your account from the comfort of your own home.
Frank Debit Card
The FRANK Debit Card is a stylish and functional way to access your funds. You can use it to withdraw cash from ATMs, make purchases online and in-store, and pay bills. The card is available in over 60 designs, so you can choose one that reflects your personality.
Digital Payment Services
OCBC also offers a range of digital payment services, including PayNow, which allows you to transfer funds instantly to other PayNow users using just their mobile number or NRIC/FIN. You can also use Apple Pay, Google Pay, and Samsung Pay to make contactless payments using your FRANK Debit Card.
While these digital payment services are convenient, it’s important to be aware of the malware risks associated with using them. Make sure you keep your mobile device and computer software up to date, and never share your personal information or login details with anyone.
Mobile Banking
OCBC’s mobile banking app is another convenient way to manage your account on the go. You can check your account balance, view your transaction history, and transfer funds using your smartphone or tablet. The app is secure and easy to use, so you can manage your account wherever you are.
Overall, the OCBC FRANK account offers a range of features that can help you manage your finances effectively. Whether you prefer to bank online, use a debit card, or make payments using your mobile device, you can do it all with ease and convenience.
Fees and Charges
As with any financial product, the OCBC FRANK Account comes with some fees and charges that you should be aware of. Understanding these fees will help you avoid unnecessary charges and make the most of your account.
Understanding Fees
The FRANK Account has no monthly service fee, and there are no register fees and charges. However, there are some fees that you should be aware of, such as the S$2 per month fee if your average daily balance for the month falls below S$3,000. There is also a S$10 fee per cheque book that is issued upon request.
Avoiding Charges
To avoid unnecessary charges, it is important to maintain a minimum balance of S$3,000 in your FRANK Account. This will help you avoid the S$2 per month fee. Additionally, try to avoid requesting cheque books unless you absolutely need them, as each book incurs a S$10 fee.
It is also worth noting that the FRANK Account no longer comes with the NETS FlashPay feature. If you require this feature, you may want to consider other accounts that offer it.
Overall, the FRANK Account offers competitive interest rates and minimal fees, making it a great option for students and young adults looking to start building their savings. By understanding the fees and charges associated with the account, you can avoid unnecessary charges and make the most of your savings.
Deposit Insurance Scheme
When opening a bank account, one of the most important factors to consider is the safety of your deposits. The OCBC FRANK account is insured by the Singapore Deposit Insurance Corporation (SDIC), which is a statutory board under the Ministry of Finance. The SDIC provides deposit insurance for individuals and non-bank depositors in Singapore, protecting their eligible deposits up to S$75,000 per depositor per Scheme member.
The SDIC is responsible for maintaining the Insured Deposits Register, which is a list of all eligible deposits held by insured depositors in Scheme members. This register is updated regularly and can be accessed by depositors to verify their insured deposits. It is important to note that not all deposits are eligible for insurance under the Deposit Insurance Scheme. For example, deposits held by non-residents, financial institutions, and government entities are not covered.
In addition to the Deposit Insurance Scheme, the Policy Owners’ Protection Scheme (PPF Scheme) provides protection to policyholders in the event of the failure of an insurer. This scheme is administered by the Life Insurance Association (LIA) and provides coverage for policyholders up to S$500,000 per life assured per insurer.
Overall, the OCBC FRANK account is a safe and secure option for depositors looking for a high-interest savings account. With deposit insurance provided by the SDIC and additional protection under the PPF Scheme, depositors can have peace of mind knowing that their deposits are protected.
Frequently Asked Questions
What are the latest promotional interest rates for the FRANK Savings Account?
The FRANK Savings Account offers competitive interest rates that are updated regularly. Currently, the promotional interest rate for the FRANK Savings Account is up to 0.35% p.a. This rate is applicable to account balances of up to $50,000.
How does the interest rate for a FRANK Account compare with the OCBC 360 Account?
The FRANK Account offers an interest rate of up to 0.35% p.a. with no minimum balance requirement. In comparison, the OCBC 360 Account offers a higher interest rate of up to 3.05% p.a. However, the OCBC 360 Account has a minimum balance requirement of $3,000 and certain criteria must be met to earn the higher interest rate.
What’s the minimum balance to maintain in a FRANK Account for optimal interest?
There is no minimum balance requirement to maintain in a FRANK Account for optimal interest. The interest rate is determined based on the account balance, with higher balances earning higher interest rates.
Is there an age limit to be eligible for the FRANK Account benefits?
Yes, the FRANK Account is only available to individuals aged 16 to 26 years old. This account is designed specifically for students and young working adults.
How can I calculate the interest I’ll earn with my FRANK Account balance?
You can use the FRANK Account interest rate calculator available on the OCBC website to calculate the interest you’ll earn with your FRANK Account balance. Simply enter your account balance and the calculator will show you the interest you’ll earn over a specific period.
Which savings account in Singapore currently offers the top interest rate?
The savings account in Singapore that currently offers the top interest rate is the Singlife Account, which offers an interest rate of up to 2.5% p.a. However, this account is not offered by a traditional bank and has certain limitations. The OCBC 360 Account and the UOB One Account are two traditional bank accounts that offer competitive interest rates.