OCBC 360 Account Reviews and Comparison - Seedly
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OCBC 360 Account

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Savings Accounts/OCBC 360 Account
Savings Accounts/OCBC 360 Account
4.3
171 reviews
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Claimed

This product is managed by OCBC Bank.

USER RATINGS

Customer Support

4.4

Ease of online banking

4.7

OCBC 360 Account

Up to 2.68% p.a.

INTEREST RATES

$1,000

MIN. INITIAL DEPOSIT

$3,000

MIN. AVG DAILY BALANCE

[EXCLUSIVE] Receive S$100 FairPrice e-vouchers when you open an OCBC 360 Account.

OCBC 360 Account

Up to 2.68% p.a.

INTEREST RATES

$1,000

MIN. INITIAL DEPOSIT

$3,000

MIN. AVG DAILY BALANCE

[EXCLUSIVE] Receive S$100 FairPrice e-vouchers when you open an OCBC 360 Account.

Details

OCBC 360 Account Review 2021

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 the 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 are effective from October 1 2020.

Read More about OCBC 360 Account
Reviews (171)

4.3

171 Reviews

  • 5
    96
  • 4
    46
  • 3
    20
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pinned

Pinned by OCBC Bank

    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

    Post
    Updated 4w ago

    Purchased

    OCBC 360 Account

    GOOD to have response from the email send unlik some.other bank. The apps platform has improved as compared to last year.

    0

    Post
    Updated on 02 Nov 2020

    Purchased

    OCBC 360 Account

    [Fuss Free] I was previously on the FRANK account (student) and was automatically upgraded to 360 upon my graduation. The shift was seamless and I didn't have to settle anything on my end. [Terms and Conditions] The upgrade was also accompanied with benefits such as a waiver of initial deposits and waiver of fall-below fees for 12 months. Overall, it's a competitive Savings Account for a fresh grad.

    0

    Post
    Updated on 23 Oct 2020

    Purchased

    OCBC 360 Account

    [Interest] As a former OCBC360 user, interest for this account has fallen a fair bit to the extent that I have moved to the DBS multiplier. The categories do not reward well for saving patterns and instead encourage product purchase [Oct 2020]. If you are a young adult just starting out with low capital, you should strongly consider alternatives as the first $25k offer is simply abysmal (1.3% with insure+invest, 0.5% without) compared to DBS multiplier and even the Jumpstart account. [Others] To be entirely honest, I cannot find any use case for this account atm considering the alternatives available unless you need a place to park spare cash.

    0

    Post
    Updated on 26 Sep 2020

    Purchased

    OCBC 360 Account

    [Interest] Interest earned on this account is starting to drop significantly. It is a primary savings account which I was faithfully doing all the different actions to gain the bonus interest. But now I find it getting less and less beneficial. Have moved my savings out to Robo-advisories instead.

    0

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How does OCBC 360 Account Work?

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:

  1. Salary Bonus: Salary Crediting of at least S$1,800
  2. Save Bonus: increase your account balance by S$500 compared to the previous month
  3. Insure Bonus : Insure with OCBC through eligible financial products
  4. Invest Bonus: Invest with OCBC through eligible financial products
  5. Grow Bonus: for accounts with at least S$200,000 worth of total balance on the first S$75,000, requires $200,000 minimum in daily account balance

Latest OCBC 360 Account Interest Rates for 2021

  • Earn a base interest of 0.05% a year on your entire account balance regardless of whether you fulfill the categories.
  • The highest possible interest rates you can earn with OCBC 360 is 2.68% p.a. EIR.

First S$25,000

Next S$25,000

Next S$25,000

Effective Interest Rate (EIR) p.a.

Salary Bonus

Credit your salary of at least S$1,800 through GIRO.

0.4%

0.8%

1.2%

EIR 0.8%

Save Bonus

Increase your average daily balance by at least S$500 monthly.

0.1%

0.2%

0.4%

EIR 0.23%

Insure Bonus

Purchase an eligible insurance product from OCBC

0.4%

0.8%

1.2%

EIR 0.8%

Invest Bonus

Purchase an eligible investment product from OCBC

0.4%

0.8%

1.2%

EIR 0.8%

Grow Bonus

Maintain an average daily balance of at least S$200,000

0.4%

0.4%

0.4%

-

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 Account.

How to Get the Highest Interest Rates for OCBC 360 Account?

  • Bonus interest rates you get to enjoy depends on your total account balance and spending pattern. Of course, to earn the highest interest rates you would have to tackle the additional bonus which is to insure and invest (previously grouped as wealth bonus) with OCBC. However, the minimum investment/insurance sums might not be affordable for everyone.
  • The base interest rate per annum for OCBC 360 savings account is 0.05% p.a.

To earn the extra bonus interest rates from Insure and Invest, here are the qualifying products you can choose from:

Bonus

OCBC Financial Product

Minimum qualifying amount

Insurance

Regular Premium: Protection/Legacy

S$2,000

Insurance

Regular Premium: Endowment/Retirement

S$4,000

Insurance

Single Premium Insurance

S$20,000

Investment

Unit Trusts

S$20,000

Investment

Structured Deposits

S$20,000

Investment

Bonds and Structured Products

S$200,000

OCBC 360 Account Highest Interest Rates

Is OCBC 360 The Best Savings Account For You in 2021?

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.

Want to know how OCBC 360 compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2021.

Fees and Charges for OCBC 360 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 Account?

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

How to apply for OCBC 360 Account?

  • 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

Contact OCBC

  • Tel: 6363 3333
  • Address: OCBC Centre, 65 Chulia St, Level 46, Singapore 049513