OCBC 360 Account Reviews and Comparison - Seedly
 

OCBC 360 Account

  • Overview
  • Reviews (77)
  • Questions (31)
  • More Details

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
Reviews (77)

4.0

77 Reviews

  • 5
    22
  • 4
    33
  • 3
    15
  • 2
    3
  • 1
    0

Read Review About...

salary account

ocbc 360

minimum spend

online banking

dbs multiplier

atm uob

customer service

salary giro

ocbc bank

rate good

Most Recent

  • Most Helpful
  • Most Recent
  • Low to High
  • High to Low
Most HelpfulMost RecentLow to HighHigh to Low
  • Updated 1d ago

    Purchased

    OCBC 360 Account

    [Customer Service] Very accessible with multiple branches across Singapore, and with some locations providing weekend banking. [Online Banking] Easy to navigate, and love the function to set your own goals to work towards! [Application Process] Application done online and very smooth. Able to get the account number on ibanking right after submitting the application.
    0 comments
    0
  • Updated 6d ago

    Purchased

    OCBC 360 Account

    [Application Process] I set up my account at the Somerset branch in around 2017 (I know, late to the reviews game!). The process was seamless, though I'd to wait around 30 minutes for my turn. I was then offered the option of an OCBC 365 card or OCBC FRANK debit card to supplement it. [Salary Crediting] You'll need your employer to credit your salary via GIRO in order to earn the interest. It's 1.2% per annum on your first $35k of salary, and 2% on the next $35k —definitely an upgrade from my sad days of relying solely on my POSB Savings account. [Interest] Another thing I love: the bonus interest! You'll get 0.3% to 0.6% extra monthly if you boost your bank balance by at least $500.
    0 comments
    2
  • Updated 6d ago

    Purchased

    OCBC 360 Account

    [Interest] This card is great!! Love the fuss-free interest rate that comes with it, and the great [Online Banking] interface! :) I love the bonus interest as well, and the ease of having Savings Goals, which really helped me manage my money better. Only gripe would be that I currently am unable to do transactions via Online Banking as I require an additional token that wasn't issued to me ):
    0 comments
    3
  • Updated 2w ago

    Purchased

    OCBC 360 Account

    [Interest] Works best when your account balance increases month-on-month. Interest will decrease once your account balance decreases. Over the past 4 years with OCBC 360, my interest has depleted, so I’m planning to switch soon. [Customer Service] Expect more than 24hrs before they get back to you. I took a queue number once and they informed me they will be in touched with me. I received their call the next day. [App use] It’s not as good as DBS. OCBC mobile app crashes on me sometimes, takes longer to load, can’t input all credit cards I wish to pay through the app, failed to send OTP to login. These are just a small handful of my encounters. As I write, I’ve been trying to open the app for the past 10 hours and failed to (don’t think is an OS issue as I’m using the latest OS For Apple). [Cash Access] Shorter lines than DBS atm. Alternatively UOB atm to draw cash. This is probably the best feature for OCBC as a bank.
    0 comments
    0
  • Updated 4w ago

    Purchased

    OCBC 360 Account

    [Customer Service] I applied for this savings account at the NUS UTOWN outlet. The customer service executives were extremely patient and friendly. Initially, I wasn't too clear about the interest rates and how they added up, but the executive who assisted me was very concise in explaining to me the workings of the account. She even gave me an example of how much interest would be accrued given an X amount of money deposited in the account following different permutations of the interest rate tiers. The service at NUS UTOWN was a 10/10! [Salary Crediting] You need to remember that in order for your money to generate interest, your salary needs to be deposited via GIRO. Ergo, it should appear as "XX company - GIRO" in your bank statement for your salary to be considered in the calculation of interest. If it's simply a bank transfer or a cheque deposit, your salary will not be considered when the interest is calculated. [Interest] The base interest of the OCBC 360 account is 0.05%. The bonus interest rates are also quite impressive, especially if you have at least $35K in your account. If your account balance stands at $35K and you credit your salary of at least $2K via GIRO, you will earn an interest rate of 2%. But if your salary is less than 35K, you will enjoy an interest rate of 1.2%. For me, I have less than $35K in my savings account (sad), but because I credit my salary of at least $2K via GIRO, spend at least $500 on OCBC credit cards, step-up my account balance by at least $500 every month, I earn a total interest rate of 1.85%! This is helpful for me because at my current position as a fresh grad earning a salary of at least $2K, an interest rate of 1.85% is very helpful in growing my savings passively.
    0 comments
    1
Questions (31)

Recent Activity

  • Recent Activity
  • Unanswered
  • Trending
Recent ActivityUnansweredTrending

OCBC Great Eastern Cashflo Credit Card

OCBC 360 Account

Credit Card

Bank Account

Yep, the cashflo card is a credit card issued by OCBC, so it still counts towards the credit spend for your savings account

Bank Account

OCBC 360 Account

OCBC

Savings

Geraldo L.
Geraldo L.
Level 6. Master
Updated 1d ago
Hi Rachel, this hack will require some effort but it will help you maximize your interest. You will have to alternate your funds every month, preferrable with another interest barring savings account (like CIMB Fastsaver, Maybank iSavvy or Standard Chartered eSaver): 1. Mth1 = OCBC360 = $70k 2. CIMB Fastsaver = 0 Total interest = 1.5% from OCBC (Stepup=0.45% + Boost=1% + Base=0.05%) 1. Mth2 = OCBC360 = 0 2. CIMB Fastsaver = $70k Total interest = 1% from CIMB Fastsaver 1. Mth3 = OCBC360 = $70k (repeat from step 1) 2. CIMB Fastsaver = 0 Essentially, this will allow you to qualify for the bonus 1% interest from Boost. Do take note of the minimum sum requirement for OCBC360 if you've passed the first year fee waiver though.

Credit Card

Savings

Bank Account

MileLion

OCBC 360 Account

Hi anon, If you are in the miles game, then sign up for the OCBC 90N. It's a decent all round card with 2.1mpd on overseas spend, slight edging out other cards like DBS Altitude and Citi PM, and miles can be transferred in blocks of 1000. The only drawback would be that there is no lounge access, but you could always get another miles card to fill that gap. I'll refer you to an answer I posted previously for a more indepth breakdown of the current bonuses: https://seedly.sg/questions/what-are-your-thoughts-on-ocbc-90n?aid=26741&utmsource=answershare&utm_medium=internal

OCBC 365 Credit Card

Credit Card

MileLion

OCBC 360 Account

OCBC 90° N Credit Card

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.

Savings

Bank Account

Credit Card

UOB One Account

OCBC 360 Account

Jacqueline Yan
Jacqueline Yan, Content Strategist at Seedly
Level 5. Genius
Answered 4w ago
Hi Anon! Since your concern is being able to hit the $500 credit card minimum spend for higher interest, I'd say OCBC 360 is a better choice? I don't have a UOB One account but it seems like earning higher interest definitely requires you to spend at least $500 on your credit card. So even if you managed to fulfil the other criteria (salary credit of at least $2k OR 3 GIRO transactions), you still won't get the higher interest if you don't hit your CC minimum spend. On the other hand, all the bonus interest you can earn are standalone categories. If you managed to hit the minimum spend + salary credit, then you'll get two categories (and very likely also the Boost & Step-Up categories since you don't that much). But if for a particular month that you don't hit the minimum spend, you'll still be getting bonus interest for salary credit (and again, likely Boost & Step-Up). Personally, when I was taking on an internship, I was still earning bonus interest from the other categories even though I couldn't hit the min. $2k salary crediting category. Hope this helps!

Savings

Bank Account

Family

OCBC

OCBC 365 Credit Card

OCBC 360 Account

Hi anon, I would just skip the wealth tier altogether. You should be earning the extra interest as a result of your actions (i.e., salary crediting, spending on credit card, etc) instead of letting the extra interest guide your actions (e.g. purchasing an investment product or insurance policy that might not serve your needs). It's all well and good if you find something that suits you, but do understand that your insurance options will be extremely limited since OCBC partners with GE, and you might want to know what other insurers can offer (work with an independent financial advisor for that). On the investment side, it's usually on unit trusts, but OCBC has (as of this time of writing) a little over 500 funds to choose from. Other platforms such as POEMS will have more funds for you to choose from, and you won't have any sales charges as well. TLDR; I would just pretend the wealth tier doesn't exist and focus on salary crediting, CC spend, and increasing my average monthly balance by $500/mth.

Investments

Savings

Stocks Discussion

OCBC 360 Account

Hi anon, You should aim to start thinking about it as early as possible. It doesn't mean you have to take action however. Aim to pick up knowledge, know your options, know their pros and cons. In the mean time, aim to grow your human capital so that your salary picks up faster; more capital to invest in is always a good thing. Investing doesn't always mean your money is locked up. You can always liquidate your investment at any time. The real question is whether you can accept the returns you will get after liquidating. Various asset classes also have different liquidty time frames. Stocks/ETFs/UTs can pretty much be liquidated immediately and you'll get your proceeds after a while. Slightly more illiquid assets will take long, say, property. You still have time. Pick up some knowledge first, as I mentioned.

Savings

Fixed Deposits

Bank Account

Investments

Singapore Saving Bonds (SSB)

OCBC 360 Account

Hi anon, With a $70K cap for the bonus interest, I'd recommend keeping your monies in OCBC 360. Putting it into SSBs/FD is only really something you consider if you don't need the monies and you can get more than the interest obtained by leaving it in OCBC. Try to maximise it if you can, as there are two tiers of interest (less than $35K and more than $35K) and based on hitting $70K interest, the weighted average interest on your whole savings amount is ~1.6%, which is very good for an account that only requires a salary credit and no other criteria.

Bank Account

Investments

SG Budget Babe

Payments

Regular Shares Savings Plans (RSS/RSP)

Loans

Property

DBS Multiplier Account

OCBC 360 Account

Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/ Next, use the respective bank's online calculator to have an estimation on the potential interest to be earned from each account. Accordingly, it gives you an idea on what to expect from each account. Personally, I will prefer UOB One over the other two accounts mentioned - simpler criteria with similar yield. For your second question, it will require a more in-depth calculation to determine if the switch is worth the interest earned - use an excel to help you. Finally, before you start investing, it will be best to understand your objective. Here are some questions to help you: 1. What is your capital? 2. How will you want to invest your capital? E.g. lump sum or an amount on a regular basis 3. How long will you want to stay invested? E.g. 10 years 4. What is your risk appetite? E.g. How do you feel about short-term volatility? 5. What is your objective for investing? There are many investment tools available in the market to help you achieve your goals. Instead of focusing on the solutions, spend more time to understand yourself and your objectives. At the end of the day, these tools are to help you achieve your goals, rather than to create a goal to use the tool. Here is everything about me and what I do best.

Savings

Bank Account

Insurance

Endowment Policies

OCBC 360 Account

The worth of the plan lies in its ability to fulfil your financial objectives and needs. One of the key points to note is the following: You will only earn a mere 0.6% or 1.2% extra interest for the first year while having to commit for 15 years for the endowment plan. As a result, one question to ask yourself is: does the 15 year commitment fulfil any of your financial goals for the future? Additionally, who is going to help you with the policy servicing in the future? If not, I am pretty certain that there many other tools in the market that is able to help you grow your money at a more attractive rate. Here is everything about me and what I do best.
Load more questions

How to maximise the interest rate for OCBC 360 Savings Account?

Base interest rate(%) p.a.

The base interest rate per annum for OCBC 360 savings account is 0.05%

Bonus Interest Rate(%) p.a

The bonus interest rate per annum for OCBC 360 savings account comes with a few criteria:

  • 1.2% p.a. bonus for crediting salary of at least S$2,000 through GIRO
  • 0.3% p.a. bonus for paying at least 3 bills adding up to more than S$150 in total
  • 0.3% p.a. bonus for spending at least S$500 on credit card
  • 1% p.a. bonus if you have at least S$200,000 balance amount
  • Up to 1.2% p.a. bonus for spendings on investment or insurance, depending on the product

*Bonus interest only applies to the 1st S$70,000

Terms and fees for OCBC 360 Savings Account

  • Initial deposit: S$1,000
  • Citizenship status: Singaporeans, PRs and foreigners
  • Minimum age to open account: 18
  • Minimum Average Daily Balance: S$3,000
  • Fall below fee: S$2 (waived for first year)
  • Early closure fee: None

For more information, you can check out their website here.