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OCBC 360 Account

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Savings Accounts/OCBC 360 Account
Savings Accounts/OCBC 360 Account

OCBC 360 Account

4.3
170 reviews

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This product has not been claimed by the company yet.

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Customer Support

4.4

Ease of online banking

4.7
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OCBC 360 Account

Up to 2.68% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$3,000
MIN. AVG DAILY BALANCE

    OCBC 360 Account

    Up to 2.68% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE

Details

OCBC 360 Savings Account Review 2020

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.

Read More about OCBC 360 Account
Reviews (170)

4.3

170 Reviews

  • 5
    96
  • 4
    46
  • 3
    20
  • 2
    7
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    1

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  • Christopher Quek

    Christopher Quek

    Level 4. Prodigy

    Updated 4w ago

    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 comments
    0
    Post
  • Cedric Jamie Soh

    Cedric Jamie Soh

    Level 9. God of Wisdom

    Updated on 21 Sep 2020

    Purchased

    OCBC 360 Account

    Just cancelled all my OCBC saving accounts and credit card. Not only is the saving account removing most of the good benefits it used to have, it is now more tedious to enjoy the current benefits that UOB, DBS or SCB accounts would have provided. Credit card is worse, don't have good rewards points nevermind, refuse to waive off any late fees, interest or charges. All these are easily waived off in all the other banks.
    0 comments
    1
    Post
  • Jesalin Thian

    Jesalin Thian

    Level 3. Wonderkid

    Updated on 25 Aug 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 comments
    0
    Post
  • Jayden

    Jayden

    Level 5. Genius

    Updated on 11 Aug 2020

    Purchased

    OCBC 360 Account

    [Fuss Free] [Online Banking] [Salary Crediting] Good to have a salary crediting account at OCBC 360. So far have reaped at least $100 interest monthly (estimate), with credit card spend etc. However, the customer service is slow.
    0 comments
    0
    Post
  • Ng Peng

    Ng Peng

    Level 2. Rookie

    Updated on 08 Jul 2020

    Purchased

    OCBC 360 Account

    I use the 360 for my salary crediting, and payment of bills. The bonus interest can be quite significant, especially for consecutive months where there was overall increase in my savings. Although the interest rate has been adjusted down recently, it definitely remains competitive compared to other accounts out there in the market. OCBC banking app is easy and convenient to use as well
    0 comments
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How does OCBC 360 Savings 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

Newest Interest Rates for OCBC 360 Savings Account

  • 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.

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. 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

How to Earn OCBC 360 Account highest interest rates

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 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)

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 interest rate up to 1.20% p.a.
  • Rewards your continued growth

Cons:

  • Balance amounts exceeding S$75,000 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
  • 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