OCBC Bonus+ Savings Account Reviews and Comparison - Seedly
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OCBC Bonus+ Savings Account

  • Overview
  • Reviews (7)
  • Questions (0)
  • More Details

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 (7)

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7 Reviews

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  • Updated on 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

    Post
  • Updated on 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.

    0

    Post
  • Updated on 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.

    0

    Post
  • Updated on 19 Jun 2020

    Purchased

    OCBC Bonus+ Savings Account

    The best savings account to park your money when you have exceeded the high-interest account maximum limit for bonus interest! The highest interest amongst these kind of savings account! It provides high interest AND liquidity!

    0

    Post
  • Updated on 27 Mar 2020

    Purchased

    OCBC Bonus+ Savings Account

    [Interest] Base rate : 0.05% p.a. No Withdrawals : 0.70% p.a. - No withdrawals during the month (Bonus interest added to base rate & applied to entire balance) Savings bonus interest : 0.70% p.a. - Deposit at least S$500 and make no withdrawals in the same month (Bonus interest added to base rate & applied to entire balance) [Deposit Requirements] Initial deposit - S$5,000 in fresh funds Minimum average daily balance for the month - S$3,000 Decided to open the OCBC Bonus + Saving Account as the account suit me for the benefit of :- - Earn up to 1.45% p.a. on your total account balance - Bonus awarded on monthly basis and also the promotion of S$20 cash bonus with S$10,000 fresh fund deposited to account when I opened on February 2020. (Currently the promotion on March is get $10 NTUC FairPrice Vouchers for every S$8,000 in fresh funds deposited to account).

    0

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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 2020?

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?