OCBC 360 Reviews and Comparison - Seedly
 

OCBC 360

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  • Reviews (68)
  • Questions (20)
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OCBC 360

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

    OCBC 360

    Up to 3.45% p.a.
    INTEREST RATES
    $1,000
    MINIMUM INITIAL DEPOSIT
    $3,000
    MIN. AVE DAILY BALANCE
Reviews (68)

4.0

68 Reviews

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

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salary account

ocbc 360

minimum spend

dbs multiplier

higher rate

rate good

good account

earn rate

account earn

queue shorter

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  • Posted 2d ago

    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 2w ago

    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
  • 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
  • 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
  • I'm using this to park my emergency fund and get slightly higher interest to hedge inflation. The only issue is I need to make sure I hv enough expenses to get the tiered interest
    0 comments
    0
Questions (20)

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Credit Card

OCBC 360

Citi Cash Back Visa Card

SG Budget Babe

Cashback

It depends on your usage and spending habit. For OCBC 365 card, you need to spend a minimum of $800 in a calendar month. Otherwise, a nominal 0.3% cashback will be awarded instead of the advertised rate, e.g. 6% for dining. As a result, the only way to maximise the cashback is when you plan the expenses properly every month, in whichever category that you spend on. For Citibank Cash Back card, you need to spend a minimum of $888 in a statement month in order to enjoy the optimal cashback. Otherwise, you will receive a nominal cashback of 0.25%. This is not too different from the OCBC 365 card. Personally, I find such cards more stressful and confusing than it needs to be. Therefore, I avoided both. Instead, I use UOB One, Standard Chartered Manhattan or Standard Chartered Unlimited Cashback card for cashback rewards. Here is everything about me and what I do best.

Savings

OCBC 360

DBS Multiplier

R
Rohith, M.Tech at University
Level 2. Rookie
Answered 1w ago
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.

Savings

Bank Account

DBS Multiplier

OCBC 360

Hi Cassandra, Quite a number of differences, and they do make you jump through several criteria before giving the bonus interest, but 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 - 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. Those are the key considerations, in my view.

OCBC 360

OCBC

Savings

Hi anon, If you qualify for the criteria, then the interest should be calculated on your average daily balance and paid monthly. So, if you've already credited your salary of more than $2000/mth, then you will be eligible for the 1.2% and they'll calculate accordingly and credit it next month. The issue then is how to calculate your average daily balance. Most of the bonus categories are quite straight forward. The only tricky bit is the step up interest, because I use OCBC 360 myself, and I can neve quite get the figure for the 'increase' in average daily balance (which must be more than $500). So to make things safe, I just increase my balance by at least $1000 a month.

Grab

Cashback

OCBC 360

OCBC 365 Credit Card

Royalchem
Royalchem
Level 5. Genius
Answered on 05 Nov 2019
Cashback no. Minimum spend i think yes.

Bank Account

OCBC 360

OCBC FRANK Credit Card

Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Answered on 13 Sep 2019
Definitely OCBC 360! On the bank side, they are focusing on the interest tiers to be on this account. FRANK was more for a student or undergraduate segment. The war is always between OCBC360 vs DBS Multiplier vs UOB ONE which caters towards the working adult segment.

Bank Account

DBS Altitude Visa Signature Card

DBS

DBS Multiplier

OCBC 360

OCBC

Credit Card

Savings

Family

Expenses

XY
Xue Yi Hang
Level 3. Wonderkid
Answered on 13 Aug 2019
It won't affect your credit score. Personally I keep multiple bank accounts as it 1. Makes it easy to segregate my money so I only touch what is in my spending account 2. DBS ATMs often have long queues so I just draw money at OCBC ATMs which usually have nobody and then ibank money between my own accounts lol

Savings

Bank Account

OCBC 360

Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 8. Wizard
Answered on 05 Jun 2019
My guess is it will work at the start. Just read the terms and conditions, it didn't say the money must not be from another OCBC account. https://www.ocbc.com/assets/pdf/accounts/termsandconditionsgoverning360accountwitheffectfrom1nov2018.pdf?v=6 So technically it will work. Do leave a minimum amount for any credit card bill, other bonus, etc etc
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.