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.

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