OCBC 360 Reviews and Comparison - Seedly
 

OCBC 360

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  • Reviews (69)
  • Questions (26)
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OCBC 360

Up to 3.45% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$3,000
MIN. AVG DAILY BALANCE

    OCBC 360

    Up to 3.45% p.a.
    INTEREST RATES
    $1,000
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE
Reviews (69)

4.0

69 Reviews

  • 5
    19
  • 4
    32
  • 3
    15
  • 2
    3
  • 1
    0

Read Review About...

salary account

ocbc 360

minimum spend

dbs multiplier

higher rate

atm uob

rate good

good account

queue atm

ocbc credit

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  • Posted 4w ago

    Purchased

    OCBC 360

    They kept changing the scheme of the saving plan. The interest rate change without prior warnings and it is getting lesser and lesser. Internet banking interface is wonky too. Can use UOB ATM to use, and it is usually available or little queue compared to DBS
    0 comments
    0
  • Posted on 10 Dec 2019

    Purchased

    OCBC 360

    Was using OCBC 360 account for quite a while due to the high bonus interest rate and good infrastructure. However, was quite disappointed when the bonus interest rate decreased. Will go back if it is updated again.
    0 comments
    0
  • Posted on 03 Dec 2019

    Purchased

    OCBC 360

    It is the best saving account for a fresh grad for me 10yrs back, and when it is first launch during that time, the incentives are really great for me. Fast forward 10yrs, the incentives are revised and probably it is dropping down the pecking order in terms of best saving account, probably people like me(lazy) to change the saving account still uses it, since the impact is not going to be great as you won’t have too big a nest in a saving account. For younger generation, probably can look at other account that suits your saving needs and style.
    0 comments
    0
  • Posted on 26 Nov 2019
    Used as my primary saving account - salary credit and meeting credit card spend. Higher interest rate is earned if account has more than $35K.
    0 comments
    0
  • Posted on 24 Nov 2019
    My default savings account to gain more interest. Generally ok, but the boost and step up bonus calculations are a bit complicated. Bear in mind that the higher interest is cap at $70k savings.
    0 comments
    0
Questions (26)

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OCBC 360

Savings

Bank Account

Family

In order earn consistent interest for this tier, you will need to purchase a new eligible product every 12 months! Furthermore, each product comes with its own set of timeframe and opportunity cost. With this in mind, I will not suggest for you to do it unless you are very certain that the product suits your needs and you do not mind locking your money for a number of years. That being said, is the opporunity cost to lock up your money worth the little extra interest? Here is everything about me and what I do best.

Investments

OCBC 360

Savings

Stocks Discussion

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

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

OCBC 360

DBS Multiplier

Regular Shares Savings Plans (RSS/RSP)

Loans

Property

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

OCBC 360

Insurance

Endowment Policies

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.

Credit Card

OCBC 360

Citi Cash Back Visa Card

SG Budget Babe

Cashback

I use OCBC for its dining a lot as the cashback is great for dining outside. 6% cashback. Do note you have to spend at least $800 per mth Currently OCBC has a promotion, for registered customers to spend at least $2000 in 2 periods and get extra $40, or spend $2500 in 2 periods and get extra $90 kinda extra fun ;)

SG Budget Babe

Credit Card

Bank Account

Savings

ShopBack GO

OCBC 360

Choon Yuan Chan
Choon Yuan Chan
Top Contributor

Top Contributor (Dec)

Level 9. God of Wisdom
Answered on 19 Dec 2019
You have the key card there - UOB one card, channel at least $500 a month into that by using Grabhitch and topping up into youtrip to pay for EZ link and for contactless mastercard tapping at brick and mortar stores. if your hawker centre allows for grabpay/fave pay use it to pay for the hawker food The rest CIMB signature would be okay.

Savings

OCBC 360

DBS Multiplier

R
Rohith, M.Tech at University
Level 2. Rookie
Answered on 04 Dec 2019
I think it qualifies! It's better to ask the customer service for better understanding for no issues.

Savings

Bank Account

OCBC 360

CIMB FastSaver

OCBC

CIMB

Hi Anon, When you log in to your OCBC internet banking and go to your account details, you'll see a "Average daily balance increase vs. last month". As long as this amount is at least $500, you will get the step up bonus. So time your transaction from OCBC to CIMB carefully. To be safe, aim to increase your OCBC balance by around $600 a month, as I've found out the hard way that trying to increase it by exactly $500 is almost impossible; the problem lies with the fact that OCBC calculates average daily balance and reports the number to you, I can never find a way to get the number I see. Hence i figured I'll just increase my balance by at least $600 a month to avoid the problem.

Savings

OCBC 360

DBS Multiplier

Hi Kenny, Quite a number of differences between both accounts, so it does depend on whether you bank with OCBC or DBS, if your home loan is with any of the banks, etc. I will highlight the key points here. - OCBC 360 can award bonus interest just by the crediting of your salary, whereas DBS cannot - OCBC 360 needs $2000/mth salary credit as a minimum. DBS requires your 'transactions' with them to be more than $2000/mth to get the first layer of bonus interest - OCBC 360 bonus interest caps at $70K spread over the first $35K and the next $35K, DBS is $100K over the first $50K and the next $50K - The theoretical maximum interest is higher on DBS - Husband and wife can credit salary to a joint DBS account which will trigger the multiplier bonuses on their individual accounts (no word from OCBC on this) - OCBC award extra interest just by ensuring you increase your account balance. DBS does not - Both award interest if you get insurance or investment products from them, but I would caution against it. - OCBC needs a minimum spend of $500 on thier credit cards, DBS just needs you to spend any amount Those are the key considerations, in my view. So keep them in mind when deciding which would suit you better.
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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.