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OCBC Bonus+ Savings Account

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  • Reviews (9)
  • Discussions (0)
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OCBC Bonus+ Savings Account

Up to 1.45% p.a.

INTEREST RATES

$5,000

MIN. INITIAL DEPOSIT

$3,000

MIN. AVG DAILY BALANCE

OCBC Bonus+ Savings Account

Up to 1.45% p.a.

INTEREST RATES

$5,000

MIN. INITIAL DEPOSIT

$3,000

MIN. AVG DAILY BALANCE

Details

OCBC Bonus+ Savings Account Review

OCBC Bonus+ is a simple, "stash-and park" type of savings account. On top of the base interest rate of 0.05% p.a., stand to earn up to 1.45% p.a. on your total account balance. This includes a bonus of 0.75% p.a. if you do not make any withdrawals, and another bonus 0.70% p.a. if you grow your account balance by S$500 a month.

Interest Rates for OCBC Bonus+ Savings Account:

  • 0.75% p.a. bonus if you do not make any withdrawals
  • 0.70% p.a. bonus if you save at least S$500 each month
  • Base interest rate at 0.05% p.a.
Read More about OCBC Bonus+ Savings Account
Reviews (9)

4.1

9 Reviews

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    Most HelpfulMost RecentLow to HighHigh to Low
      12 May 2021

      Purchased

      OCBC Bonus+ Savings Account

      Used to offer a lot of bonus interest in order to attract customers during the inception of the 360 account. All form of banking services provided is fuss free. The only shortfall is that I am unable to activate an online token since I am stuck in Malaysia making it impossible to complete certain transaction (eg. adding payees). However DBS/POSB account allows me to activate my token even when I am overseas by just answering security questions and confirming with OTP sent to my phone.

      0

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      03 Feb 2021

      Purchased

      OCBC Bonus+ Savings Account

      This account is suitable for my mother who is unable to hit the salary credit criterion for other savings accounts. However, OCBC has been slashing the interests on the entire balance for a couple of times. It would be nice if the interest rates remained higher for the first $X.

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      11 Oct 2020

      Purchased

      OCBC Bonus+ Savings Account

      This account is suitable for my mother who is unable to hit the salary credit criterion for other savings accounts. However, OCBC has been slashing the interests on the entire balance for a couple of times. It would be nice if the interest rates remained higher for the first $X.

      0

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      24 Jun 2020

      Purchased

      OCBC Bonus+ Savings Account

      Not the highest interest savings account. The interest terms keeps decreasing and the bank keeps changing the requirment needed to earn the extra bonus interest. This account is good for people who wants to keep increasing savings of $500. My wife and I treat this as our emergency joint savings account. No Withdrawals : 0.45% p.a. - No withdrawals during the month (Bonus interest added to base rate & applied to entire balance) Take note! *** 1) The no withdrawals rule includes FAST to other banks... unlike DBS Debit card previously, where the no withdrawal rule equates to withdrawing cash from ATM. 2) When signing for this account, bank officer will try to push for the Great Eastern endowment plan... so if it is only the savings account that you want, be firm and know your goals and purpose.

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      24 Jun 2020

      Purchased

      OCBC Bonus+ Savings Account

      Very Safe..every online Purchase u buy from every online platforms of Singapore u get to received a OTP.Been in Ocbc Savings for 7years and my Pay Salary and all Government Top ups in Cash are always first to received compare to other banks.Never will want to Open other bank Accounts.E statements are clear..Consolidated Statements are clear too.

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      How to get the highest interest rates for OCBC Bonus+ Savings Account?

      Base Interest Rate

      No-withdrawal bonus interest

      Savings bonus interest

      Total Interest Rate

      0.05% p.a.

      0.70% p.a.

      0.70% p.a.

      1.45% p.a.

      • The base interest rate per annum for OCBC Bonus+ Savings Account is 0.05%
      • The bonus interest rate per annum for OCBC Bonus+ Savings Account comes with a few criteria:
        i. 1.0% p.a. bonus when you do not make any withdrawals
        ii. Additional 0.4% p.a. bonus when you do not make any withdrawals AND deposit at least S$500

      Given that you deposit a minimum of S$500 monthly and refrain from withdrawing your funds, you can earn 1.45% per year on your entire account balance.

      Is OCBC Bonus Plus the Best Savings Account for you in 2021?

      Pros

      • Good for people looking for a simple savings account
      • Does not require salary crediting, just a minimum of S$500 a month
      • A decent bonus rate of 1.00% p.a. is given for increasing your monthly average daily balance by a small amount. Other Savings Account offer either the same interest or lower for deposits of a larger amount.

      Cons

      • High initial deposit of S$5,000
      • High minimum average daily balance to maintain at S$3,000
      • Does not incentivise spendings hence not for those who intend to spend from this account
      • Not ideal for people who are not committed to saving at least S$500 regularly

      Want to know how OCBC Bonus Plus compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020.

      Terms and fees for OCBC Bonus Plus Savings Account

      • Initial deposit: S$5,000 in fresh funds (funds that are not transferred or withdrawn from existing OCBC Bank deposit accounts and re-deposited or funds in the form of OCBC Bank cheque/ cashier's order/ demand drafts)
      • Minimum Average Daily Balance: S$3,000
      • Fall below fee: S$2
      • Early closure fee: None

      Eligibility: who can apply for OCBC Bonus Plus?

      • Minimum age to open an account: 16 years old
      • Citizenship status: Singaporeans, PRs and foreigners

      How to apply for OCBC Bonus Plus?

      • Apply Online on OCBC's website or Visit OCBC branches
      • Contact OCBC: +65 6363 3333

      Contact us at [email protected] should you require any assistance or spot any inaccuracies.

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