How does the OCBC Bonus+ Savings Account work?

Hi! OCBC Bonus+ Savings Account is fairly simple, as mentioned by the previous commenter–you'll earn 0.05% interest as a base, if you don't make a withdrawal during the month you get a bonus +0.70%, and if you make a S$500 deposit that month you'll get another +0.70% (adding up to 1.45% p.a. total).

This bonus structure is somewhat unique and could be worth considering, depending on your saving habits. OCBC Bonus+ is one of the only accounts that provides this high of an interest rate based on monthly (rather than yearly) behaviour. You can earn at higher rates with alternatives like Maybank iSAVvy Plus or POSB SAYE, but these accounts only boost your rate if you don't make a withdrawl for anywhere from 6 to 24 months. If you do make a withdrawal, you won't qualify for the boost with such accounts! So, if you do have variable saving habits that might change from month to month–but you can reasonably avoid withdrawals and deposit S$500 most of the time–OCBC Bonus+ might be the right option for you.

If you want a more comprehensive breakdown of the details, here's a review:

OCBC Bonus+: https://www.valuechampion.sg/bank-accounts/ocbc...

How it works is that the base interest in 0.05% a year but if you make no withdrawals in a month, it earns you 0.7% interest a year.

You can also earn bonus interest when you deposit at least $500 and make no withdrawals within the same month.

So you can earn a total of 1.45% interest a year on your entire account balance. However, do take note that your initial deposit has to be $5000 in fresh funds (this amount cannot be transferred or withdrawn from the account)