OCBC Bonus+ Savings Account
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3.9
11 reviews
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Summary
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 0.95% p.a. on your total account balance. This includes a bonus of 0.50% p.a. if you do not make any withdrawals, and another bonus 0.40% p.a. if you grow your account balance by S$500 a month.
Account Features & Details
1) Key Features
- Base interest rate of 0.05% p.a
- Earn bonus interest of up to 0.90% p.a on your entire account balance when you fulfil two criteria:
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2) Interest Rates
- Base interest rate: 0.05% p.a
- Max interest rate: 0.95% p.a
3) Eligibility
- Age: 16 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: S$5,000
4) Fees
- Minimum average daily balance: S$3,000
- Fall below fee: S$2
5) Application Process
How to apply?
- Apply online through OCBC’s website or in-person at any OCBC branch
- For new customers, open your account instantly when apply via an online application form or with MyInfo if you have SingPass
- For existing OCBC customers, apply instantly via internet banking
Supporting documents
- Singaporeans & PRs
- NRIC
- Additional document: Phone bill/ Half-yearly CPF Statement/ Any bank statement - Foreigners
- Passport
- Valid pass (e.g Employment Pass, S Pass, Student Pass)
- Additional document: Phone bill/ Half-yearly CPF Statement/ Any bank statement
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Summary
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 0.95% p.a. on your total account balance. This includes a bonus of 0.50% p.a. if you do not make any withdrawals, and another bonus 0.40% p.a. if you grow your account balance by S$500 a month.
Account Features & Details
1) Key Features
- Base interest rate of 0.05% p.a
- Earn bonus interest of up to 0.90% p.a on your entire account balance when you fulfil two criteria:
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2) Interest Rates
- Base interest rate: 0.05% p.a
- Max interest rate: 0.95% p.a
3) Eligibility
- Age: 16 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: S$5,000
4) Fees
- Minimum average daily balance: S$3,000
- Fall below fee: S$2
5) Application Process
How to apply?
- Apply online through OCBC’s website or in-person at any OCBC branch
- For new customers, open your account instantly when apply via an online application form or with MyInfo if you have SingPass
- For existing OCBC customers, apply instantly via internet banking
Supporting documents
- Singaporeans & PRs
- NRIC
- Additional document: Phone bill/ Half-yearly CPF Statement/ Any bank statement - Foreigners
- Passport
- Valid pass (e.g Employment Pass, S Pass, Student Pass)
- Additional document: Phone bill/ Half-yearly CPF Statement/ Any bank statement
OCBC Bonus+ Savings Account
OCBC Bonus+ Savings Account
Up to 0.95% p.a.
INTEREST RATES
$5,000
MIN. INITIAL DEPOSIT
$3,000
MIN. AVG DAILY BALANCE
Reviews (11)
3.9
11 Reviews
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High to Low
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
What are your thoughts?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
What are your thoughts?Posted 08 Sep 2022
Purchased
OCBC Bonus+ Savings Account
Account is good fr adults starting off first when they commence the saving journey. Quite easy to understand.0
What are your thoughts?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
What are your thoughts?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.0
What are your thoughts?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
What are your thoughts?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
What are your thoughts?Posted 26 Nov 2019
Opened this account for my back-up savings (which means I never ever touch this money at all unless some emergency happens). I usually just leave it alone and it generates an interest of 1.05% pa as I don't withdraw any money at all. Occasionally I will transfer $500 over to this account and that gives me an interest of 1.45% pa. Interest rates are- Base interest rate: 0.05% Monthly No Withdrawal Bonus interest rate: 1.00% Monthly Save ($500) and No Withdrawal Bonus interest rate: 0.40% However, from 2 December 2019 they have made changes to their interest rates. Revised interest rates from 2 Dec 2019- Base interest rate: 0.05% Monthly No Withdrawal Bonus interest rate: 0.70% Monthly Save ($500) and No Withdrawal Bonus interest rate: 0.70% This means that now I will only get an interest of 0.75% pa instead of the 1.05% pa I have been getting in the past which is quite a bummer. On the bright side, It's still an interest of 1.45% if I increase my savings balance by $500. Maybe some motivation to save more often for more interest haha.0
What are your thoughts?Posted 18 Nov 2019
Opened the account a few years back Process was straightforward and simple (only a trip to the bank) Mainly used this for money that I won't be touching anytime soon Pro - Earn interest as long as no withdrawal made and amount deposit monthly1
What are your thoughts?Reply
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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.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. | 0.50% p.a. | 0.40% p.a. | 0.95% 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. 050% p.a. bonus when you do not make any withdrawals
ii. Additional 0.40% 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 0.95% per year on your entire account balance.
Is OCBC Bonus Plus the Best Savings Account for you in 2022?
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 0.95% 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 2022.
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.
As of 2023 the base interest is 0.05%p.a, no withdrawal bonus 2%p.a, and save bonus (save $500 every month) is 0.75%p.a.