OCBC 360 Account Reviews and Comparison - Seedly
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OCBC 360 Account

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  • Reviews (167)
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OCBC 360 Account

Up to 3.45% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$3,000
MIN. AVG DAILY BALANCE

    OCBC 360 Account

    Up to 3.45% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE

Details

OCBC 360 Savings Account Review 2020

OCBC 360 is a Savings Account scheme by OCBC that allows you to earn extra bonus interest rates when you fulfill certain criteria.

The highest possible interest rates you can earn with OCBC 360 is now reduced to 2.15% p.a., from 3.35% p.a. The salary crediting bonus has been halved, limited at a 0.60% p.a. Additionally, the credit card spend bonus which previously could earn you 0.60% p.a., has been scrapped.

OCBC 360 Interest Rates updated from 1 July 2020:

  • Base Interest Rate: 0.05% p.a.
  • Effective Interest Rate (EIR) : 3.35% p.a
  • Salary Bonus:
    First S$35,000: 0.60% p.a.
    Next $35,000: 1.20% p.a.
  • Spend Bonus: No Longer Available
  • Step-Up Bonus:
    First S$35,000: 0.20%
    Next S$35,000: 0.40%
  • Wealth Bonus:
    undefined
  • Grow Bonus: 0.80%
  • Boost Bonus: No longer available since May 2020

Read More about OCBC 360 Account
Reviews (167)

4.4

167 Reviews

  • 5
    95
  • 4
    46
  • 3
    20
  • 2
    6
  • 1
    0

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  • Updated 2d ago

    Purchased

    OCBC 360 Account

    [Fuss Free] [Online Banking] [Salary Crediting] Good to have a salary crediting account at OCBC 360. So far have reaped at least $100 interest monthly (estimate), with credit card spend etc. However, the customer service is slow.
    0 comments
    0
  • Updated on 08 Jul 2020

    Purchased

    OCBC 360 Account

    I use the 360 for my salary crediting, and payment of bills. The bonus interest can be quite significant, especially for consecutive months where there was overall increase in my savings. Although the interest rate has been adjusted down recently, it definitely remains competitive compared to other accounts out there in the market. OCBC banking app is easy and convenient to use as well
    0 comments
    0
  • Updated on 08 Jul 2020

    Purchased

    OCBC 360 Account

    It has very good online user interface and its interest is among the best compared to the rest of the bank in Singapore if you bank in your monthly salary of at least S$2k. Pretty good customer service support and fuss free banking experience. To top it up, you can even withdraw from UOB atm with 0 fees! That means you can easily withdraw money anywhere. Besides, some of their branches like in AMK hub is opened for 7 days a week! Such a convenience! If you have OCBC 365 credit card reaching its min. spend, you can even get extra interest in your bank savings account. More if you buy their savings plans. Fantastic!
    0 comments
    0
  • Updated on 08 Jul 2020

    Purchased

    OCBC 360 Account

    OCBC products are quite innovative- I think they were the first to come up with the concept of 360 account. Unfortunately OCBC has always been the first to change their terms and conditions and this turns me away as a customer
    0 comments
    0
  • Updated on 08 Jul 2020

    Purchased

    OCBC 360 Account

    I would say this is one of the most competitive saving account available in Singapore. If you have credit cards, salary crediting, investment products with OCBC, you will really get very attractive rate
    0 comments
    0
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How does OCBC 360 Savings Account Work?

To achieve the extra bonus interest rates on top of the base, OCBC has various types of bonus criteria:

  1. Salary Bonus: Salary Crediting of at least S$2,000
  2. Spend Bonus: spend at least S$500 on OCBC Credit Cards
  3. Step-up Bonus: increase your account balance by S$500 compared to the previous month
  4. Wealth Bonus: insure or invest with OCBC
  5. Grow Bonus: for accounts with at least S$200,000 worth of total balance on the first S$70,000
  6. Boost Bonus: increased balance from the previous month will be subjected to bonus interest

OCBC 360 revised interest rates from 1 July 2020

Newest Interest Rates for OCBC 360 Savings Account from 1 July 2020

  • The highest possible interest rates you can earn with OCBC 360 is now reduced to 2.15% p.a., from 3.35% p.a.
  • The salary crediting bonus has been halved, limited at a 0.60% p.a.
  • Additionally, the credit card spend bonus which previously could earn you 0.60% p.a., has been scrapped.

Bonus Criteria

Amount in Savings

Rates on 2 May 2020

Rates from 1 July 2020

Changes

Salary Bonus

First S$35,000

Next S$35,000

1.20% p.a.

2.40% p.a.

0.60% p.a.

1.20% p.a.

- 0.60%

- 1.20%

Spend Bonus

First S$35,000

Next S$35,000

0.20% p.a.
0.40% p.a.

No longer available

- 0.20%

- 0.40%

Step-Up Bonus

First S$35,000

Next S$35,000

0.20% p.a.

0.40% p.a.

0.20% p.a.

0.40% p.a.

No Change

Wealth Bonus

First S$35,000

Next S$35,000

0.60% p.a.

1.20% p.a.

0.60% p.a.

1.20% p.a.

No Change

Grow Bonus

-

0.80% p.a.

0.80% p.a.

No Change

Boost Bonus

-

No longer available from May 2020

No longer available from May 2020

No Change

Salary Bonus:

  • 0.60%p.a. for the first S$35,000, previously 1.20%
  • 1.20% p.a. for the next S$35,000 , previously 2.40%
  • The minimum monthly income crediting required remains at S$1,800.

Spend Bonus:

  • No longer available, previously 0.20% for the first S$35,000
  • No longer available, previously 0.40% for the next S$35,000,

Step-Up Bonus:

  • 0.20% p.a. for the first S$35,000, no change
  • 0.40% p.a. for the next S$35,000, no change

Wealth Bonus:

  • 0.60% p.a. for the first S$35,000, no change
  • 1.20% p.a. for the next S$35,000, no change

Grow Bonus: 0.80% p.a., no change

Boost Bonus: No longer available from 2 May 2020

For more information on how the newest interest rate changes to OCBC 360 Savings Account affects you, check out our in-depth review of the Changes to OCBC 360.

How to get the highest Interest Rates for OCBC 360 Savings Account?

  • Bonus interest rates you get to enjoy depends on your total account balance and spending pattern
  • The base interest rate per annum for OCBC 360 savings account is 0.05% p.a.

1. Salary Bonus: when you credit your salary of at least S$1,800

  • 0.60% p.a. on the first S$35,000
  • 1.20% p.a. on the next S$35,000

2. Step-up/ Save Bonus: increasing your account balance by S$500 compared to the previous month

  • 0.20% p.a. on the first S$35,000
  • 0.40% p.a. on the next S$35,000

3. Wealth Bonus: insuring or investing with OCBC wealth products

  • 0.60% p.a. on the first S$35,000
  • 1.20% p.a. on the next S$35,000

4. Grow Bonus: for accounts with at least S$200,000 worth of total balance on the first S$70,000

  • 0.80%

Is OCBC 360 The Best Savings Account For You in 2020?

UPDATE:

In our latest OCBC 360 interest rates revision updates, we believe that with the newest 1 July 2020 rate revisions, the pros of OCBC 360 will become highly limited.

However, OCBC will probably not be the last bank to do so; we are anticipating other savings accounts to follow suit. As such, we will hold off making verdicts until the dust has settled.

(The assessment below is based on rates prior to the 1 July 2020 rate revision)

Pros:

  • While it has many bonus categories, you do not need to meet multiple categories to get a decent interest rate. Simply crediting your salary is sufficient enough to get you a competitive 1.20%- 2.40% p.a.
  • Rewards your continued growth

Cons:

  • Balance amounts exceeding S$70,000 earns you base interest rates only
  • To fully maximise the interest rates, one has to keep track of many categories
  • Minimum initial deposit of S$1,000

Want to know how OCBC 360 compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020.

Terms and fees for OCBC 360 Savings Account

  • Initial deposit: S$1,000
  • Minimum Average Daily Balance: S$3,000
  • Fall below fee: S$2 (waived for the first year)
  • Early closure fee: None

Eligibility: who can apply for OCBC 360 Savings Account?

  • Citizenship status: Singaporeans, PRs and foreigners
  • Minimum age to open an account: 18 years old

How to apply for OCBC 360?

  • Apply Online or Visit OCBC
  • The following documents:
    - Front and back of NRIC/Passport/Employment Pass
    - Any bank statement, Phone Bill, or Half-yearly CPF statement