Reviews (41)
3.6
Reviews (41)
3.6
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  • Was one of my favourite account until my saving goal malfunction.. Basically you can set up saving goals if you have a 360 or frank a/c and the money in your saving goals cannot be withdrawn even though it can be seen as asset. You got to transfer it out of your savings goal before you can use it. Here's the thing; one day - I just can't move my funds out. Initially I thought it was a one-time malfunction. Nope, it couldn't resolve overnight. Then I called the hotline who promised to get the IT to check. 2 days later it was still unresolved and no updates at all. I called the hotline again and this time I asked for a higher management who can make some decision on the spot. Before this I had went to the branch and they couldn't help at all so this is the only way I could get someone and nobody could answer why.. I didn't owe them a dime but I can't retrieve my money. It was so bad that they couldn't give me a deadline to resolve the issues and wasn't ready to do anything at all. Then this smart banker came to the rescue. He asked me to repeatedly login and delete the goal until it is deleted. Once it is deleted the funds will go back to the main a/c. It worked - and also prove how lousy their IT team are (FYI my internet connection is fine). After that incident I heard of a few similar incident from friends and family so I'm just using it for payment because I'm too lazy to re-link all my accounts again. Not for savings - I'll take CIMB Fast Saver any time despite the awkward layout. Pros: Nice interface, user friendly, availability of ATM (can use UOB ATM twice a month without incurring fee) Cons: IT is one of the worst I've seen. It took an entire week and more to resolve this issue from their side (Senior Manager called to say their IT got to work after I long resolved the issue without the IT's help) Interest rates no longer competitive.
    2 comments
    2
    Charmaine Ng
    Charmaine Ng

    2w ago

    Hi Jzin, sorry for the superr late reply. Nope, the team @ OCBC could not explain. All they mentioned is its a glitch. I heard of the experiences from friends and family.
    Jzin Tan
    Jzin Tan

    10 Feb 2019

    Did they explain why it happened to you? I heard you mention it happened to only some users?
  • Updated on 30 May 2018
    I used to love it, until the DBS Multiplier comes to the picture. Like Steph Yeo, this account has become a old friend I hate to lose. Pros: 1) You still earn interest for ANY eligible transaction (pay 3x bills more than $150, spend $500 on OCBC credit cards, salary credit etc). So even if you do 1 transaction, like pay bills, you still get higher interest. 2) Shorter or no queue at ATM. In fact, I forgot that I need to queue anymore at a OCBC ATM. Cons: 1) For doing similar things, like crediting salary and credit card spend, you get lesser interest than the closet competitor.
    0 comments
    2
  • Started off with FRANK, found OCBC easy to use and as they market it, no strings attached, no hiding behind T&Cs. Hence it was a no brainer when it came down to choosing a savings account. ATMs are very easily accessible, probably better than POSB/DBS since the lines are never long + you can draw up to 3 times per month for free through UOB ATMs Initially did not manage to get too much value from the bonus interests (only got the salary one) due to not being a big spender and preferring to spend in cash (easier to track expenditures). Also did not think that I'd be able to spend >$500/month on credit cards. But one day I got a call from OCBC and they offered me the 365 + titanium card for free, with 2 years annual fee waiver. So why not? That's when I switched to paying via credit card and found that I actually could hit the min spend to gain the bonus credit card spend interest PLUS it helped add that to the bill payments bonus. So yeah, I'm a really happy OCBC customer.
    1 comment
    1
    Kenneth Lou
    Kenneth Lou

    19 Jan 2018

    That's cool! waiting to recieve my 365 + Titanium card haha.
  • Updated on 10 Jan 2019
    Initially Good for working adults who want to generate passive income when saving up. But now overtaken by other banks who offer better interest rates.
    0 comments
    1
  • Updated on 28 May 2018
    Used to be a good product when it first launched, and then they started decreasing their interest rates. If you have more than 50k, would recommend that you put with uob to hit their 50k limits fulfilling their two conditions, and then whatever remaining money to place into ocbc 360 - credit your salary into this account to get the 1.2% for first 70k.
    0 comments
    1
  • Updated on 01 Feb 2018
    I’ve been using 360 account for 3years. What made me convert from DBS to OCBC was the queue of DBS atm! It’s always a Long queue. I’m Glad I’ve switched over, lesser queues and increased of atm machines. Next will be the rebates given by OCBC 360. U have the bonus on salary. And also the rebates when u make 3 giro payments each month. My 3 giro payment are the 2 cc bills and 1 telephone bill. Awesome right?! Cons...its getting stagnant!
    0 comments
    1
  • Updated on 10 Jan 2019
    been using this, love the apps, easy to navigate. shorter q at atm, save time when you need to withdraw money urgently.
    0 comments
    0
  • Updated on 15 Sep 2018
    Once upon a time there was a surprise in the consumer banking industry, an acc that really rewarded consumers for banking relationships even if you were not high SES. Haha Fast forward to current day ... Pros 1) good total banking relationship option if you credit salary + cc spend + investments + online bill payments 2) increase rebates to 6% for dining in oct 2018 3) excellent banking e services Cons 1) increase spending required in oct 2018 2) I hear of cc wavier being reject(have not experienced this myself) 3) requires 200k deposit for higher interest I am evaluating to move away from using these services and just put the min sum into the account due to the change in spending to 800 which is quite a stretch. My primary banking account has already been establish with DBS multiplier that doesn’t have such high requirements I would say go with them if you can meet the total banking relationship but there are easier options else where
    0 comments
    0
Questions (12)

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Savings

Bank Account

OCBC 360

My guess is it will work at the start. Just read the terms and conditions, it didn't say the money must not be from another OCBC account. https://www.ocbc.com/assets/pdf/accounts/termsandconditionsgoverning360accountwitheffectfrom1nov2018.pdf?v=6 So technically it will work. Do leave a minimum amount for any credit card bill, other bonus, etc etc

Credit Card

OCBC 360

OCBC

OCBC 365 Card

Savings

Lifestyle

Bank Account

Jessica Chuah
Jessica Chuah,
Level 3. Wonderkid
Answered 4w ago
Does your company not allow other options? Most (if not all) companies should have setup their bank accounts with local banks or foreign bank with a Singapore branch, which actually allows for GIRO or FAST payment to any of the approved bank institutions. You can check out this website https://www.abs.org.sg/consumer-banking/fast. I would think you can discuss with your company's payroll or HR to see if other bank accounts (like DBS multiplier or UOB One) are possible for you. OCBC 360 is actually not too bad now after a revamp of their benefits, if I were you I would forgo the interest rate for CC since you are not able to hit the minimum required spending for the OCBC 365 CC, and the benefits of other OCBC cards are not too attractive. You can work to get higher interest rate by putting in fresh funds in future, or just by maintaining a higher average balance compared to the previous month as well. In terms of cashback credit cards, I would think Standard Chartered Unlimited Cashback, AMEX True Cashback (both have no min spending), or UOB One (min $500) are one of the better in the markets now. if you are looking at low to no requirements.

Savings

Bank Account

CIMB FastSaver

OCBC 360

Personally I use CIMB as it is hassle free.

OCBC 360

DBS Multiplier

If you are spending more than 2k from Your credit card. You may want to consider having UOB one and OCBC 360 or DBS multiplier. Put 75k into UOB one and the rest into the other account. Split your spending accordingly too. 2k with UOB one and the rest on the other account. This was you will get the maximum rebate and interests on UOB one and still earn a higher interests on the other account. If you are not able to spend 2k on your CC. Then choose the bank that works best with you and put the CAP amount in the account. Assuming you still have surplus after the CAP, you may consider CIMB which offers 1% for your deposits.

Savings

OCBC 360

DBS Multiplier

Lee Jiahui
Lee Jiahui,
Level 5. Genius
Answered on 21 Apr 2019
The nric part is the statement item desc not the item code. The item code should still say giro salary and can qualify for the ocbc one. Not sure about dbs but should be similar.

Credit Card

Bank Account

OCBC 360

Edison Pua
Edison Pua,
Level 3. Wonderkid
Answered on 18 Apr 2019
It depends on your spending pattern. One interesting thing I noticed is that installment on the GE Cashflo card counts, so that can be one of the sources if you have GE insurance policies. I tried using 365, but personally find it hard to hit the 800 min spending consistently for meaningful cashback. Considering changing to Frank or Titanium. If you high earner (120k p.a.), can also consider Voyage. At least this gives you miles regardless of spending.

OCBC 365 Card

OCBC 360

DBS Multiplier

Investments

Credit Card

Savings

Lok Yang Teng
Lok Yang Teng,
Level 6. Master
Answered on 06 Apr 2019
Assuming you do not have any loans/investment/insurance with DBS/POSB and did not insure/invest with OCBC, the interest rate is the same at 1.80%. You can try using the interest rate calculator for both accounts online to see which gives a better deal.

Bank Account

Savings

OCBC 360

DBS Multiplier

1.2% for the first 35k. 1.5% for the next 35k. That means out of your 60k, 35k is earning 1.2% and 25k is earning 1.5%, not all 1.5% when u have more than 35k. DBS multiplier gives bonus interest up to 50k so putting 10k into CIMB Fastsaver would be better or you can even consider SSBs. OCBC not that good right now in terms of interest.

OCBC 360

Investments

Yes. Standard chartered low fees but their exchange rate not awesome. Do you know that investing in the US for non-US investors there is a 30% withholding dividend tax on your dividends? Make sure to take that into account. Dont invest everything and save some for rainy days around 3-6 months expenses. Only invest money that you are fine with losing.

UOB One

UOB One Card

OCBC 360

Singapore Saving Bonds (SSB)

OCBC 365 Card

Comparison

Bank Account

Investments

Jay Liu
Jay Liu, Sleepyhead at Land of Dreams
Level 6. Master
Answered on 25 Sep 2018
Have a sufficient balance in your savings account. E.g. Having the min balance + some spare cash to use. Then the rest you can put into SSB. If you can hit the conditions for High(e.g. 3%) interest, you can consider just putting in the savings account itself.
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About OCBC 360
Min Rate0.05%
Max Rate4.05%
Min Initial Deposit$1,000
Interest TiersBased on Salary credit and 4 category transactions (card spend, bills, insurance, investments)

How to maximise the interest rate for OCBC 360 Savings Account?

Base interest rate(%) p.a.

The base interest rate per annum for OCBC 360 savings account is 0.05%

Bonus Interest Rate(%) p.a

The bonus interest rate per annum for OCBC 360 savings account comes with a few criteria:

  • 1.2% p.a. bonus for crediting salary of at least S$2,000 through GIRO
  • 0.3% p.a. bonus for paying at least 3 bills adding up to more than S$150 in total
  • 0.3% p.a. bonus for spending at least S$500 on credit card
  • 1% p.a. bonus if you have at least S$200,000 balance amount
  • Up to 1.2% p.a. bonus for spendings on investment or insurance, depending on the product

*Bonus interest only applies to the 1st S$70,000

Terms and fees for OCBC 360 Savings Account

  • Initial deposit: S$1,000
  • Citizenship status: Singaporeans, PRs and foreigners
  • Minimum age to open account: 18
  • Minimum Average Daily Balance: S$3,000
  • Fall below fee: S$2 (waived for first year)
  • Early closure fee: None

For more information, you can check out their website here.