OCBC 360 Account Reviews and Comparison - Seedly
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OCBC 360 Account

  • Overview
  • Reviews (147)
  • Questions (43)
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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

Details

Highest Interest Rates for OCBC 360 Savings Account Review 2020

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 3.45% EIR depending on your total account balance. On your first S$35,000, stand to earn up to 2.20% p.a. of bonus interest rates which, prior to 2 May 2020, was 2.40% p.a. And earn up to 4.40% p.a. of bonus interest rates for your next S$35,000, capped at S$70,000.

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

As of 2 May 2020, OCBC Singapore will be changing their interest rates for their popular OCBC 360 Savings Account. The changes will be explained in the next section.

Read More about OCBC 360 Account
Reviews (147)

4.4

147 Reviews

  • 5
    84
  • 4
    42
  • 3
    17
  • 2
    4
  • 1
    0

Read Review About...

salary account

ocbc 360

online banking

minimum spend

account salary

customer service

fuss free

credit account

account balance

dbs multiplier

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  • Multiple tier approach for a good high interest rate savings account, with just a salary crediting of min $2000 for a interest rate of 1.25% for starters. DBS Multiplier is a new player that conveniently matches this saving account, a few months back.
    0 comments
    0
  • Updated 3w ago

    Purchased

    OCBC 360 Account

    May 2020 Update: I decided to change my high interest bank account in 2019. 1 reason was the change of rules of earning interests. The tiered interest and stricter rules made it confusing for me. Also, the 365 card rules also changed to have minimum spend raised to $800. Makes no sense to stay on, and rhe continuous nerfing of the perks makes me discouraged to stay on. I still use OCBC 360 account with 365 Card combo to maximise the cashback I earn despite the competition. I credit my salary to get 1.2% interest instantly. The Giro payments can be achieved by paying your own OCBC credit card or other credit cards and tax giro payments, so it's another 0.3%. Lastly I put my telephone bills on credit card and mostly spend on food and online, where 365 card gives pretty good cashback (3 - 6%) with minimum spending of $600, which is a minus. With this combo I'm earning more cashback on both saving and spending Another plus is the ATM network (together with UOB) is huge with lesser queues and their popular branches are open on Sundays too.
    0 comments
    0
  • Updated on 19 Apr 2020
    Updated: This has become my main savings account and salary crediting account. Really easy to use and FAST transfers, recurring transfers and app are always good to have and improving features. I have been using the OCBC360 immediately after I graduated around 3 years back. Pros: - ATMs are islandwide, and best part is usually the queue is shorter - The base interest with the minimum $2k salary credit is actually quite good - So far, per year I am able to get back around close to $400 on just bonus interest alone - The web internet banking and mobile app does its job really well and easy to transfer money at no fees etc. Cons: - The 365 card wasn't very appealing to me as some of the rebates for it was not the most ideal - Hence, I am unable to get the additional interest on this. - Instead, now I am using the OCBC 90N card as my main card for mile and Travel$
    0 comments
    1
  • Updated on 01 Apr 2020

    Purchased

    OCBC 360 Account

    I have been using OCBC 360 account since its inception. Personally I liked it very much as it offers competitive interest rates for crediting salary, credit card spend & incremental average daily balance vis-a-vis last month. An average household maybe able to spend SGD 500 per month towards groceries, utilities bills & other expenses. I liked this feature the most as along with interest, we could also earn bonus miles or cash back depending on the card we choose. Also, it is easy to meet the interest on the incremental average daily balance vis-a-vis last month criteria......just requires a little bit of extra tracking :-)
    0 comments
    0
  • Updated on 01 Apr 2020

    Purchased

    OCBC 360 Account

    [Interest] Unlike UOB ONE, OCBC 360 offers decent interest without having the need to hit a few categories (like min spending on credit card/invest with them). It's not a must to hit different categories. As long as you credit salary to your OCBC 360, you get min 1.2-2.0% pa which is pretty good for a savings account. Grow your account balance and earn even more (0.3-0.6% pa). I've been banking with OCBC 360 and it has been a pleasant banking experience. Would stick to them until there's a better one.
    0 comments
    0
Questions (43)
Recent ActivityUnansweredTrending

Robo-Advisors

StashAway

Savings

Savings Accounts

Interest Rates

DBS Multiplier Account

OCBC 360 Account

UOB One Account

I already have a "general investing" portfolio with SRI 16% and an "income" portfolio with SRI 12%. Should I also use Stashaway Simple with non-guaranteed returns of 1.9%?
SW
Shaun Wq Lim
Level 7. Grand Master
Answered 2d ago
Depends on how liquid you want your money to be. The last time I tried StashAway Simple, there was a lag time of a few business days before I can get my money out. Otherwise you can funnel your investment amount into StashAway Simple as a holding area to earn some interest before transferring into your other portfolios.
👍 1

OCBC 365 Credit Card

MileLion

OCBC 360 Account

Credit Cards

OCBC 90 Degrees N Credit Card

Should I cancel my ocbc 365 CC and sign up for ocbc 90°N CC to hit my ocbc 360 credit card spending?
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.
👍 1

Savings Accounts

Interest Rates

UOB One Account

OCBC 360 Account

Is it worth it to switch from UOB One to OCBC 360 given the recent changes in interest rates?
S
Suraiinsos
Level 2. Rookie
Answered 4d ago
Today, I will be also showing you why choosing OCBC 360 Account over UOB One Account is the way to go for 2020!! With so many different savings accounts that market themselves as having the ‘highest interest guaranteed!’ It is no wonder we are spoiled for choices. Not to worry because today I will be sharing my analysis of OCBC 360 account and UOB One account. This article will provide how each account works and how interest is calculated as well as relatable scenarios to better understand and help us make these difficult choices. Click the Link Below To Find Out More!!! https://www.theastuteparent.com/2020/05/ocbc-360-account-over-uob-one-account/?fbclid=IwAR2GFXqeFAXrZc5UNANcjN1Tb77ep1tQHLeVSMnOD7SEGwowcZHava8Ehk
👍 0

OCBC 360 Account

Account balance exceed max amount with special interest?
Before you move on to the next account, it will be best to evaluate whether you need so much liqudity in the short-term. Otherwise, your money could be working harder for you in other financial instruments. If you are between 18 to 26 years old, then you should consider Standard Chartered JumpStart account. This is because it gives an interest rate of 2% per annum for your first $20k balance. Furthermore, there is no fees and minimum balance required in order to maintain the account. Moreover, it comes with a debit card that gives you 1% cashback on eligible spending. With this in mind, it is certainly a worthy account for a start. Alternatively, you may consider CIMB FastSaver. This is because it gives an interest rate of 1% per annum for the first $50k account balance. In like manner, there is no monthly fee associated with maintaining the account. Hence, it is worth taking a look as well. Finally, for OCBC 360, interest is credited at the end of each month. Thus you may withdraw the excess funds at the start of next month. Here is everything about me and what I do best.
👍 0

OCBC 360 Account

Standard Chartered Bonus$aver Account

Interest Rates

Savings Accounts

Salary

Supplementary Retirement Scheme (SRS)

DBS Multiplier Account

Best Salary account in terms of interest rates, ETFs investing and SRS? Considering spending only via credit/debit cards, is ETFs investing viable?
Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Updated on 21 Apr 2020
Hi there KB, hope to answer your questions here together. I will answer them one by one so that it is clearer for you to understand them! Starting my job soon (salary~ 4k+SRS) and looking for bank account that is best in terms of interest rate, long term investing (Ireland domicile ETFs) and investing SRS funds. - I would say that you should consider getting a high yield salary crediting account, which will either be the following: DBS Multiplier, OCBC 360 or UOB ONE. Highly suggest you use this simple savings account calculator here! https://seedly.sg/tools/savings-account-calculator ! For the topic on SRS account opening - You can only open up a SRS account with any of the three local players, I have written about it at length at this post here: https://blog.seedly.sg/supplementary-retirement-scheme-account-opening/ - Inside, I have also added a Step-by-step guide to opening up your SRS account. I did it in less than 5 minutes on my iBanking site, which I am currently using DBS now. It is really simple and easy to do. Considering OCBC 360 or Standard Chartered Bonus saver or DBS Multiplier. I am inclined to SCB as it gives option to invest in LSE ETFs at low cost even though additional interest rate on investments doesn't apply to ETFs. Any suggestions? - I have used both the OCBC360 (Which is my main salary crediting account now) and DBS multiplier which I have since reduced and closed. - I use the OCBC360 paired with my OCBC 90N miles card which allows me to collect more miles and also - I invest in ETFs using my VICKERS account tied to my DBS account, and my own online brokerage (FSM) and robo-advisors on the side for US and international exposure Is SRS a separate account that can only be used to invest within SG market? - Yes it is a seperate account which will be created as an "Investment" account which will exist in your own iBanking portal!
Answer image preview
👍 1

Savings Accounts

Interest Rates

DBS Multiplier Account

OCBC 360 Account

UOB One Account

With the latest changes to the savings account interest rates, what are you doing differently to work around this?
Junus Eu
Junus Eu
Top Contributor

Top Contributor (Apr)

Level 9. God of Wisdom
Updated on 02 Apr 2020
Timely question! I was just at the banks today to move some cash around. If you know me, you would know that I have been quite a big fan of high i/r savings accounts for the remaining cash. The accounts that I had were: Citi Maxigain, CIMB and SC BonusSaver 1. First things first, CIMB . CIMB Starsaver and CIMB Fastsaver are two different accounts. One account change that i just made today was to move 100k from my CIMB Starsaver to CIMB Fastsaver. Note that while CIMB Fastsaver advertises up to 1.8% p.a., the true effective blended rate for S$100k is really 1.325% , and post which its 0.6%. First S$50,000 - 1.00% p.a. Next S$25,000 - 1.50% p.a. Next S$25,000 - 1.80% p.a. Above S$100,000 - 0.60% p.a. Pro-tip: If you really really like CIMB so much, you can even open another FastSaver-I ON TOP OF FastSaver, to max out 200k with 1.325%. This was the option given to me by the CIMB banker, but not so interesting for me as I am thinking about other options still. Second, Citibank. I am still contemplating my Citi Maxigain account - which was giving some no-frills interest rates of c.2%. Am speaking to the dedicated banker today - since she said 'might have some ideas for you which may meet what you’re looking for; maybe something conservative with higher interest.' No idea what that means, but in any case 1.5% is still higher than 1.325%, both for no frills accounts. If anyone has good things to say about Citibank Priority or Citigold, please let me know! Third - Standard Chartered BonusSaver. I have this, but I am not fully maximizing because I dont even have 3 bill payments to make online. Admittedly I need to look more into this. OCBC looks nice, but its the hassle of moving accounts again. Singlife first 10k for 2.5% is nice, but not guaranteed, and only for first $10k.
👍 4

OCBC 360 Account

OCBC

Savings

Lifestyle

Savings Accounts

What are your thoughts after ocbc announced that there will be some interest rate adjustment for ocbc 360 account?
I dont really see a point of switching as it is too troublesome. They can be changing it monthly and you will be wasting time on moving it here and there. Focus on the changes that make the biggest impact. I make videos about interesting stuff at youtube here
👍 0

OCBC 360 Account

Savings

Savings Accounts

Salary credit is below 2k, should I still open ocbc 360?
If you are between 18 to 26 years old, then you should consider Standard Chartered JumpStart account. This is because it gives an interest rate of 2% per annum for your first $20k balance. Furthermore, there is no fees and minimum balance required in order to maintain the account. Moreover, it comes with a debit card that gives you 1% cashback on eligible spending. With this in mind, it is certainly a worthy account for a start. Alternatively, you may consider CIMB FastSaver. This is because it gives an interest rate of 1% per annum for the first $50k account balance. In like manner, there is no monthly fee associated with maintaining the account. Hence, it is worth taking a look as well. By the way, yes, it is possible to get a debit card instead of a credit card for OCBC 360. Since the card is standard, there is nothing to choose. Here is everything about me and what I do best.
👍 0

OCBC Best Denki Credit Card

OCBC

OCBC FRANK Credit Card

OCBC 365 Credit Card

OCBC 360 Account

Rebates

OCBC Titanium Rewards Card

Payments

Savings

Credit Cards

How does the STACK feature on OCBC credit cards work?
Kathlyn Laiu
Kathlyn Laiu, Community Associate at Seedly
Level 6. Master
Answered on 10 Mar 2020
The STACK rewards programme is a multi platform loyalty platform that brings all your rewards points together on a single platofrm so you can track and exchange points. STACK allows you to combine points from multiple rewards systems. STACK has a feature called STACK marketplace where you get to access a catalogue of deals and rewards listed. As long as you are a member of at least 2 of the participating members, you can use STACK. Partners of OCBC are: Robinsons, Millennium Hotels and Resorts, UPGREAT, AsiaMalls
👍 2

BOC SmartSaver

Savings

OCBC 360 Account

OCBC

Savings Accounts

How does the BOC SmartSaver compare to the OCBC 360 savings account?
Andy Sim
Andy Sim, HR Professional at a Financial Institution
Level 7. Grand Master
Answered on 04 Mar 2020
Interest rates of BOC might be comparable or abit better than OCBC 360 depending on how you are able to meet the criteria. But there have been reviews/feedback that BOC online banking is not too good compared to OCBC and there are fewer ATMs available for BOC. Ultimately ocbc is still a local bank so I'll still bank with them.
👍 0
Load more questions

Revised Interest Rates for OCBC 360 Savings Account from May 2020

OCBC will begin charging its revised interest rates for the 360 Savings Account from 2 May 2020 onwards.

The changes will affect, all 6 categories of Salary, Spend, Step-Up, Grow, Boost and Wealth Bonus. All of which are summarised in the image above and thoroughly illustrated in the table below.

Salary Bonus:

  • 1.20%p.a. for the first S$35,000, no change
  • 2.40% p.a. for the next S$35,000 , previously 2.0%
  • Additionally, the salary requirement to achieve the salary bonus has been reduced by S$200. The minimum monthly income crediting required will be changed from S$2,000 to S$1,800.

Spend & Step-Up Bonus:

  • 0.20% p.a. for the first S$35,000, previously 0.3%
  • 0.40% p.a. for the next S$35,000, previously 0.6%

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. , previously 1.00%

Boost Bonus: No longer available, previously 1.00%

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.

Bonus categories

First S$35,000

Next S$35,000

Salary

1.20%

2.40%

Spend

0.20%

0.40%

Step-up

0.20%

0.40%

Wealth

0.60%

1.20%

Growth

0.80%

0.80%

Boost

-

-

How OCBC 360 Savings Account will work from 2 May 2020

How to get the highest Interest Rates for OCBC 360 Savings Account?

  • Bonus interest rates you get to enjoy goes up to 2.20%-5.20% p.a. depending 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$2,000

  • 1.20% p.a. on the first S$35,000
  • 2.40% p.a. on the next S$35,000

2. Spend Bonus: when you spend at least S$500 on OCBC Credit Cards

  • 0.20% p.a. on the first S$35,000
  • 0.40% p.a. on the next S$35,000

3. Step-up 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

4. Wealth Bonus: insuring or investing with OCBC

  • 0.60% p.a. on the first S$35,000
  • 1.20% p.a. on the next S$35,000

5. 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 in 2020?

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?