OCBC 360 Reviews and Comparison - Seedly
 
Reviews (60)
4
Reviews (60)
4
  • 5
    16
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    28
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  • Posted on 20 Sep 2019
    Good interest rates, easy to use. Just need to credit your salary into the account. Great for young adults and fresh grads who are new to working.
    0 comments
    5
  • Posted on 19 Sep 2019
    Generally really easy to use. Mechanics is simple enough for anyone starting a savings account. I’ll recommend this for anyone who’s new to the workforce and trying to get adulting right.
    0 comments
    3
  • Posted on 19 Sep 2019
    This account can help me earn a better interest rate by simply credit my salary into this account.
    0 comments
    0
  • Posted on 19 Sep 2019
    360account is a very good saving account for a fresh working adult as by only credit my salary into the account I can earn quite attractive interest every month.
    0 comments
    0
  • Posted on 19 Sep 2019
    About hopefully can do the best services and understanding for the good service Helping the customer for the good news thank you for your understanding more close to you the service Thank you so much
    0 comments
    0
  • Posted on 19 Sep 2019
    One of the easiest salary crediting account with just one criteria to hit the 1.2%. Interest will be more if fee more criteria are met
    0 comments
    0
  • Posted on 19 Sep 2019
    This account is good and straight forward mechanics. I use this for salary credit account and other expense
    0 comments
    0
  • Posted on 19 Sep 2019
    The account I use that’s gives higher interest just from managing my day to day banking needs. From salary crediting, credit cards spending, saving and even investing with OCBC Bank. A good account overall.
    0 comments
    0
Questions (14)

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Bank Account

OCBC FRANK Card

OCBC 360

Jacqueline Yan
Jacqueline Yan
Level 4. Prodigy
Updated on 13 Sep 2019
OCBC 360! I was on Frank previously and it was pretty useful in helping me save money with the saving goals feature. Switched to OCBC 360 for the bonus interest rates, also because I got a credit card. Even if you don't have CC with OCBC 360, having money going in monthly gives you bonus interest. And since you won't be spending money on that account, you'll definitely be able to unlock another bonus interest by having your balance increase by at least $500 from the previous month. The saving goals features are available in 360 too so it's pretty helpful!

Bank Account

DBS Altitude Visa Signature Card

DBS

DBS Multiplier

OCBC 360

OCBC

Credit Card

Savings

Family

Expenses

XY
Xue Yi Hang
Level 2. Rookie
Answered on 13 Aug 2019
It won't affect your credit score. Personally I keep multiple bank accounts as it 1. Makes it easy to segregate my money so I only touch what is in my spending account 2. DBS ATMs often have long queues so I just draw money at OCBC ATMs which usually have nobody and then ibank money between my own accounts lol

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 on 03 Jun 2019
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.
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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.