OCBC 360 Account Reviews and Comparison - Seedly
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OCBC 360 Account

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  • Reviews (148)
  • Questions (48)
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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

Highest Interest Rates for OCBC 360 Savings Account Review 2020

As of 1 July 2020, OCBC Singapore will be changing their interest rates for their popular OCBC 360 Savings Account yet again.

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 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 (148)

4.4

148 Reviews

  • 5
    85
  • 4
    42
  • 3
    17
  • 2
    4
  • 1
    0

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salary account

ocbc 360

online banking

minimum spend

account salary

customer service

fuss free

dbs multiplier

credit account

account balance

Most HelpfulMost RecentLow to HighHigh to Low
  • Updated 1d ago

    Purchased

    OCBC 360 Account

    I think it’s a really straight forward account that awards you with a decent amount of interest just by crediting your salary, unlike the DBS Multiplier and UOB One which “forces” you to credit salary + credit card spend in order to get the “base” bonus interest. High interest savings account shouldn’t be complicated at all, and I am glad that the OCBC 360 is doing just that.
    0 comments
    0
  • Multiple tier approach for a good high interest rate savings account, with just a salary crediting of min $2000 for a interest rate of 1.25% for starters. DBS Multiplier is a new player that conveniently matches this saving account, a few months back.
    0 comments
    0
  • Updated on 03 May 2020

    Purchased

    OCBC 360 Account

    May 2020 Update: I decided to change my high interest bank account in 2019. 1 reason was the change of rules of earning interests. The tiered interest and stricter rules made it confusing for me. Also, the 365 card rules also changed to have minimum spend raised to $800. Makes no sense to stay on, and rhe continuous nerfing of the perks makes me discouraged to stay on. I still use OCBC 360 account with 365 Card combo to maximise the cashback I earn despite the competition. I credit my salary to get 1.2% interest instantly. The Giro payments can be achieved by paying your own OCBC credit card or other credit cards and tax giro payments, so it's another 0.3%. Lastly I put my telephone bills on credit card and mostly spend on food and online, where 365 card gives pretty good cashback (3 - 6%) with minimum spending of $600, which is a minus. With this combo I'm earning more cashback on both saving and spending Another plus is the ATM network (together with UOB) is huge with lesser queues and their popular branches are open on Sundays too.
    0 comments
    0
  • Updated on 19 Apr 2020
    Updated: This has become my main savings account and salary crediting account. Really easy to use and FAST transfers, recurring transfers and app are always good to have and improving features. I have been using the OCBC360 immediately after I graduated around 3 years back. Pros: - ATMs are islandwide, and best part is usually the queue is shorter - The base interest with the minimum $2k salary credit is actually quite good - So far, per year I am able to get back around close to $400 on just bonus interest alone - The web internet banking and mobile app does its job really well and easy to transfer money at no fees etc. Cons: - The 365 card wasn't very appealing to me as some of the rebates for it was not the most ideal - Hence, I am unable to get the additional interest on this. - Instead, now I am using the OCBC 90N card as my main card for mile and Travel$
    0 comments
    1
  • Updated on 01 Apr 2020

    Purchased

    OCBC 360 Account

    I have been using OCBC 360 account since its inception. Personally I liked it very much as it offers competitive interest rates for crediting salary, credit card spend & incremental average daily balance vis-a-vis last month. An average household maybe able to spend SGD 500 per month towards groceries, utilities bills & other expenses. I liked this feature the most as along with interest, we could also earn bonus miles or cash back depending on the card we choose. Also, it is easy to meet the interest on the incremental average daily balance vis-a-vis last month criteria......just requires a little bit of extra tracking :-)
    0 comments
    0
Questions (48)
Recent ActivityUnansweredTrending

OCBC 360 Account

OCBC

Savings

Savings Accounts

Is the slashing of bonus interests for OCBC 360 temporary?
Hi Tong Soon, As much as I hope it is, it's going to stay this way till interest rates pick up. If the economy is recovering but interest rates don't pick up, expect that the OCBC 360 will maintain the rates as is. It's temporary, of course, since they will eventually adjust it in tandem with interest rates (and to compete with other banks as well), but just how long it will take is a big unknown. If history is any indication, expect that adjustments will eventually come.
👍 1

Savings

COVID-19

Savings Accounts

OCBC 360 Account

I have some savings around $50k (minus what emergency funds for rainy days). Where should I be placing them?
Frankie Aufhauser-Rappaport
Frankie Aufhauser-Rappaport
Top Contributor

Top Contributor (May)

Level 9. God of Wisdom
Answered 13h ago
Self-managing after reading some good ETF books is feasible. here somethings already, I have written up, particularly what not to do: https://seedly.sg/questions/what-is-your-general-investing-philosophy-strategy you could start with part of your funds buying an MSCI World ACWI ETF, that would be a worldwide diversified stock investment. Other alternative: dimple SP500 ETF investing. To be fair, most advisors would also recommend to buy Bond ETFs, but I'm not a fan of bonds. You need a lot of patience, do not sell during drop downs, don't buy single stocks. You need at least 5-10 years to see that with passive indexing on average (annualized % performance) you are successful. And this is maybe the only rather probable way a retail investor can actually be successful, the propery and gold possibly also lead to some stability of your assets. When there are some excellent customer centered professional advisors, you can expect that a majority has conflicts of interest. So always think for Yourself. In Seedly you can always ask for help, even when there are sometimes partly incongruent differing views, all want to help you out.
👍 3

Standard Chartered JumpStart Account

OCBC 360 Account

Savings

Savings Accounts

COVID-19

Fresh Graduates

Interest Rates

Singlife Account

Seeing that Standard Chartered Jumpstart and OCBC 360 interest rates p.a. have been cut effective from July 1, where should I jump to for my savings?
Boon Peng
Boon Peng
Level 5. Genius
Answered 17h ago
Hello there! You might consider parking your money with Singlife as it will generate a non guarantee interest of 2.5% per year for your first 10 grand. You may take a look at their website: https://singlife.com/manage/ For your remaining 10k, it will be indifferent if you were to place your money with SCB or Singlife. In addition, if you have additional spare cash after you have considered your emergency funds, you might also want to explore investment to further grow your money.
👍 1

Savings Accounts

Savings

DBS Multiplier Account

OCBC 360 Account

UOB One Account

COVID-19

Interest Rates

With all the latest revisions to the savings accounts interest rates in June 2020, which will you choose - DBS Multiplier vs UOB ONE vs OCBC 360?
HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 9. God of Wisdom
Answered 1d ago
Hi. Suggest that you choose : whichever that is convenient to you. this is because savings Interest rate is getting worst , so: 1. Could keep 10k at Singlife (just download their app and sign up and transfer fund over) for 2.5% up to 10k. Note: Interest is not guaranteed but so far users all got 2.5% for the past 2 months. Can move funds out once they cut the rate. 2. Whichever bank that is convenient for you but only for temporary. Once you find a better investment instrument, which you can read more at Seedly blog (this same website ), then you could invest for better returns. Note: Please remember to do due deligence and not just follow others. All the best ! 😄
👍 3

OCBC 360 Account

Savings

Savings Accounts

OCBC 360 interest rate changing in July! Should I change my bank account? Any suggestions?
Hi anon, The change in interest rate, while not welcome, will not really bother me too much. Changing your bank account will require considerations such as: - Changing of salary crediting instructions. A one-off thing, but still a hassle. And are you going to do it again if interest rates change 6 months down the road? - Changing of criteria. I am currently getting interest on the OCBC 360 just by crediting salary and stepping up my account balance. By changing to say, UOB, I would have to spend or have 3 GIRO transactions, and if I change to DBS, I also need to spend, loan or invest via DBS before unlocking bonus interest categories. We should invest or spend because we need to, and not because we want to unlock more interest by jumping through yet another hoop. The new rates on OCBC will reduce bonus interest by about $50/mth, which, while a little unwelcome, will not make or break my finances. Of course, if you already are spending sufficiently on, say, a UOB card, then moving from OCBC to UOB might be a welcome move. But in this case you should already have your savings account with UOB already. Or, if your home loan for the next 15 years is with DBS, then you should already be on the multiplier account and probably stay there for the foreseeable future regardless of the changes in interest. I'd look at maximizing the no-criteria savings accounts first such as CIMB FastSaver or SCB Jumpstart, and then maximizing my criteria-based savings account. So in the end, I'm going to stick with my OCBC 360 and just focus on other areas of my finances. There's probably more returns to be had from that.
👍 2

Robo-Advisors

StashAway

Savings

Savings Accounts

Interest Rates

DBS Multiplier Account

OCBC 360 Account

UOB One Account

I already have a "general investing" portfolio with SRI 16% and an "income" portfolio with SRI 12%. Should I also use Stashaway Simple with non-guaranteed returns of 1.9%?
SW
Shaun WQ Lim
Level 7. Grand Master
Answered 2w ago
Depends on how liquid you want your money to be. The last time I tried StashAway Simple, there was a lag time of a few business days before I can get my money out. Otherwise you can funnel your investment amount into StashAway Simple as a holding area to earn some interest before transferring into your other portfolios.
👍 1

OCBC 365 Credit Card

MileLion

OCBC 360 Account

Credit Cards

OCBC 90 Degrees N Credit Card

Should I cancel my ocbc 365 CC and sign up for ocbc 90°N CC to hit my ocbc 360 credit card spending?
Hi anon, Don't let the bonus interest on the OCBC 360 account guide your decisions. Your spending should be driven by your needs, and not your desire to earn more interest. You earn bonus interest because you have to buy something and put it on your card, not the other way round. With that in mind, if you have a difficult time meeting the minimum spend of $800, then I highly recommend that you take the OCBC 90N card, since that will reward you with miles from the first dollar. You'll have to want to be involved in the miles game though, or the card may not make too much sense for you.
👍 1

Savings Accounts

Interest Rates

UOB One Account

OCBC 360 Account

Is it worth it to switch from UOB One to OCBC 360 given the recent changes in interest rates?
S
Suraiinsos
Level 2. Rookie
Answered 2w ago
Today, I will be also showing you why choosing OCBC 360 Account over UOB One Account is the way to go for 2020!! With so many different savings accounts that market themselves as having the ‘highest interest guaranteed!’ It is no wonder we are spoiled for choices. Not to worry because today I will be sharing my analysis of OCBC 360 account and UOB One account. This article will provide how each account works and how interest is calculated as well as relatable scenarios to better understand and help us make these difficult choices. Click the Link Below To Find Out More!!! https://www.theastuteparent.com/2020/05/ocbc-360-account-over-uob-one-account/?fbclid=IwAR2GFXqeFAXrZc5UNANcjN1Tb77ep1tQHLeVSMnOD7SEGwowcZHava8Ehk
👍 0

OCBC 360 Account

Account balance exceed max amount with special interest?
Before you move on to the next account, it will be best to evaluate whether you need so much liqudity in the short-term. Otherwise, your money could be working harder for you in other financial instruments. If you are between 18 to 26 years old, then you should consider Standard Chartered JumpStart account. This is because it gives an interest rate of 2% per annum for your first $20k balance. Furthermore, there is no fees and minimum balance required in order to maintain the account. Moreover, it comes with a debit card that gives you 1% cashback on eligible spending. With this in mind, it is certainly a worthy account for a start. Alternatively, you may consider CIMB FastSaver. This is because it gives an interest rate of 1% per annum for the first $50k account balance. In like manner, there is no monthly fee associated with maintaining the account. Hence, it is worth taking a look as well. Finally, for OCBC 360, interest is credited at the end of each month. Thus you may withdraw the excess funds at the start of next month. Here is everything about me and what I do best.
👍 0

OCBC 360 Account

Standard Chartered Bonus$aver Account

Interest Rates

Savings Accounts

Salary

Supplementary Retirement Scheme (SRS)

DBS Multiplier Account

Best Salary account in terms of interest rates, ETFs investing and SRS? Considering spending only via credit/debit cards, is ETFs investing viable?
Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Updated on 21 Apr 2020
Hi there KB, hope to answer your questions here together. I will answer them one by one so that it is clearer for you to understand them! Starting my job soon (salary~ 4k+SRS) and looking for bank account that is best in terms of interest rate, long term investing (Ireland domicile ETFs) and investing SRS funds. - I would say that you should consider getting a high yield salary crediting account, which will either be the following: DBS Multiplier, OCBC 360 or UOB ONE. Highly suggest you use this simple savings account calculator here! https://seedly.sg/tools/savings-account-calculator ! For the topic on SRS account opening - You can only open up a SRS account with any of the three local players, I have written about it at length at this post here: https://blog.seedly.sg/supplementary-retirement-scheme-account-opening/ - Inside, I have also added a Step-by-step guide to opening up your SRS account. I did it in less than 5 minutes on my iBanking site, which I am currently using DBS now. It is really simple and easy to do. Considering OCBC 360 or Standard Chartered Bonus saver or DBS Multiplier. I am inclined to SCB as it gives option to invest in LSE ETFs at low cost even though additional interest rate on investments doesn't apply to ETFs. Any suggestions? - I have used both the OCBC360 (Which is my main salary crediting account now) and DBS multiplier which I have since reduced and closed. - I use the OCBC360 paired with my OCBC 90N miles card which allows me to collect more miles and also - I invest in ETFs using my VICKERS account tied to my DBS account, and my own online brokerage (FSM) and robo-advisors on the side for US and international exposure Is SRS a separate account that can only be used to invest within SG market? - Yes it is a seperate account which will be created as an "Investment" account which will exist in your own iBanking portal!
Answer image preview
👍 1
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OCBC 360 revised interest rates from 1 July 2020

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

Revisions on 1 May 2020

Before 1 July, the base interest rate per annum for OCBC 360 savings account is 0.05% p.a. The highest possible interest rates to enjoy goes up to 3.35% EIR depending on your total account balance. On your first S$35,000, stand to earn up to 1.20% p.a. of bonus interest rates. And earn up to 2.40% p.a. of bonus interest rates for your next S$35,000 which prior to 2 May, was 2.00% p.a. (capped at S$70,000) . The changes on 2 May 2020 affected, all 6 categories of Salary, Spend, Step-Up, Grow, Boost and Wealth Bonus. All of which are summarised in the image above.

OCBC 360 is changing its rates yet again with effect from 1 July 2020. The rates were previously revised earlier in May 2020.

Revised 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?