Prior to selecting OCBC 360 Account as the Savings Account of my choice, I was also contemplating the DBS Multiplier Account, UOB One Account, BOC Smart Saver Account, CIMB FastSaver Account, and many more. As a fresh graduate with an entry level salary and low loan commitments, I felt that the OCBC 360 Account is the Savings Account that I can get the most out of.
I feel that the OCBC 360 Account is the easiest for me to attain a high interest rate. I believe the easiest category to attain is the crediting of salary of at least $2,000. With a job, that is almost guaranteed. On the other hand, credit card spending might not be guaranteed. I will now put the interest amount into numbers to depict what I am trying to say.
Putting the comparisons into numbers:
[Scenario 1] - Account Balance: $70,000, Salary: $3,500, Credit Card Spending: $500
OCBC 360 Account: $124.84
DBS Multiplier Account: $40.45
UOB One Account: $152.75
On this ground, we can see that the UOB One Account provides the best interest income. However, the OCBC 360 Account has a "Step Up Bonus" which provides additional interest if your average daily balance is increased by at least S$500 from the previous month. If achieved, this will bring OCBC 360 Account's monthly interest from $124.84 to $153.28 which is higher than UOB One's monthly interest.
In addition, I feel that Credit Card Spending might be difficult to sustain. Especially in times of uncertainty like now where there is an ongoing pandemic, our credit card spending might decrease. Thus, let's do a comparison whereby the Credit Card Spending of $500 is not achieved.
[Scenario 2] - Account Balance: $70,000, Salary: $3,500, Credit Card Spending: $0
OCBC 360 Account: $98.09 [Can be higher with the Step Up Bonus]
DBS Multiplier Account: $3.04
UOB One Account: $2.92
With this example, you can see the importance of attaining minimum $500 Credit Card spending in the UOB One Account. Thus, if you are spending less on your credit card due to a recession or a pandemic, you are travelling, or you do not want to have a credit card, the UOB One Account may not be an ideal choice.
In both examples, we see that the OCBC 360 Account provides a competitive and stable interest and this is comparatively easy to attain. The only criteria needed to achieve such high interest income on the OCBC 360 Account is the crediting of monthly salary of at least $2,000. Even with credit card spending, the OCBC 360 Account can also provide the highest interest income.
In conclusion, with the guarantee of high interest rate whether or not I achieve a credit card spending of at least $500, I went with the OCBC 360 Account and with the 2 examples shown above, I would also recommend the OCBC 360 Account to all of you! Hope my review has been helpful!