OCBC 360 Account
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OCBC 360 is a Savings Account 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 2.68% p.a. OCBC 360 Base interest rates start at 0.05%, to obtain bonus rates, you can credit your salary of at least S$1,800, invest through OCBC or insure with them.
The salary crediting bonus starts from 0.4% - 1.2% depending on your account balance. Saving will be rewarded by 0.1%-0.4% if you increase your average daily balance by at least S$500 from the previous month. Insuring and Investing will also get you 0.4% -1.2% of bonus interest rates respectively.
For individuals with larger balances in their account, get to earn 0.4% on the first S$75,000 if your account's daily balance is S$200,000 and above.
These new rates will take effect from October 1 2020.
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Earn more interest when you credit your salary, save, insure or invest. To achieve the extra bonus interest rates on top of the base, OCBC has various types of bonus criteria:
Effective Interest Rate (EIR) p.a.
Credit your salary of at least S$1,800 through GIRO.
Increase your average daily balance by at least S$500 monthly.
Purchase an eligible insurance product from OCBC
Purchase an eligible investment product from OCBC
Maintain an average daily balance of at least S$200,000
OCBC Financial Product
Minimum qualifying amount
Regular Premium: Protection/Legacy
Regular Premium: Endowment/Retirement
Single Premium Insurance
Bonds and Structured Products
In our latest OCBC 360 interest rates revision updates, we believe that with the multiple interest rates changes in 2020, the pros of OCBC 360 will become highly limited. 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 after 1 July 2020 rate revision)