OCBC Frank Account Reviews and Comparison - Seedly
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OCBC Frank Account

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  • Reviews (177)
  • Questions (0)
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OCBC Frank Account

Up to 0.3% p.a.
INTEREST RATES
None
MIN. INITIAL DEPOSIT
None
MIN. AVG DAILY BALANCE

    OCBC Frank Account

    Up to 0.3% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    None
    MIN. AVG DAILY BALANCE

Details

OCBC FRANK Savings Account Review 2020

OCBC FRANK is a simple "stash-and-park" type of Savings Account, suitable for students or individuals with no income.

The base interest rate per annum for OCBC FRANK savings account is 0.05% p.a. The highest possible interest rate accrueable goes up to 0.30% p.a. (previously 0.40% ). To be eligible for the bonus interest rates on top of the base, account holders should save up to a maximum of S$50,000 total in their FRANK account.

As of 2 May 2020, OCBC has revised their interest rates for FRANK Savings Account, the changes will be further explained in the section below

Summary:

  • OCBC FRANK suitable for individuals with no income
  • Base interest rate for OCBC FRANK is 0.05% p.a.
  • Highest Possible Bonus you can enjoy is 0.30% p.a. for account balances between S$25,001 to S$50,000
Read More about OCBC Frank Account
Reviews (177)

4.8

177 Reviews

  • 5
    150
  • 4
    19
  • 3
    7
  • 2
    0
  • 1
    1

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Most HelpfulMost RecentLow to HighHigh to Low
  • Updated 23h ago

    Purchased

    OCBC Frank Account

    [Customer Service] Thank you for good quality banking. I hope you service we'll be continue for good servicing for the people.
    0 comments
    0
  • Updated 2d ago

    Purchased

    OCBC Frank Account

    Have been using the Frank account since the start of university and I think it is very good! Customer service is also good and there is one station in NTU North Spine.
    0 comments
    0
  • Updated 2d ago

    Purchased

    OCBC Frank Account

    [Application Process] really quick and simple [Fuss Free] it did not require a minimum amount and was very friendly for a student like me [Others] really elegant card design
    0 comments
    0
  • Updated 3d ago

    Purchased

    OCBC Frank Account

    Application process was very simple. Happenned fast and quick. Even though my card design was the free one, I would rate it 10/10. Being a teen, not having to have a minimun amount is great for various reasons. Would recommend 100%.
    0 comments
    0
  • Updated 3d ago

    Purchased

    OCBC Frank Account

    The application process was really simple, it could be done on the day itself and i received my card immediately! It was fuss free and the customer service was on point too :)
    0 comments
    0
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Change of Interest Rates for OCBC FRANK Savings Account

OCBC will be charging its revised rates for OCBC FRANK Savings Account from 2 May 2020. This change will affect the range of total account balance and interest rates for the highest tier balance amount.

OCBC FRANK current rates (before 2 May 2020)

  • First S$10,000: 0.20% p.a.
  • S$10,001 - S$100,000: 0.30% p.a.
  • S$100,001 - S$500,000: 0.40% p.a.

OCBC FRANK Revised Interest Rates from 2 May 2020

  • First S$25,000: 0.20% p.a.
  • Next S$25,000: 0.30% p.a.
  • Above S$50,000: 0.05% p.a.

All these changes are illustrated in the table below

FRANK Account Current Rates

New FRANK Account Rates from 2 May 2020

0.20% p.a. for the first S$10,000

0.20% p.a. for the first S$25,000

0.30% p.a. for $10,001 - S$100,000

0.30% p.a. for the next S$25,000

0.40% p.a. for $100,001 - S$500,000

0.05% p.a. for any amount above S$50,000

How to maximise the interest rate for OCBC Frank Account?

  • Get 0.20%p.a. for the first S$25,000
  • Get 0.30% p.a. for the next S$25,000
  • Get 0.05% if your total account balance is above S$50,000
  • To enjoy the best interest rates offered, it will be ideal to keep your account balance within S$50,000

Other Features of OCBC FRANK:

  • Best Suited for Students who has yet to have an income
  • FRANK is an all-in-one card that can multitask as your debit card, transport card and ATM card.
  • Additional Promotion: Enjoy 1.0% rebate when you spend on shopping, food or transport with the OCBC FRANK Debit Card
  • 120 unique card designs for 120 different personalities
  • Contactless payment using mobile payments and Visa PayWave

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

Terms and fees for OCBC FRANK Account

  • Initial deposit: none
  • Annual fees: waived
  • Minimum Income: none
  • Monthly Service Fee: Free if you are below 26 years old; S$2 per month if average daily balance for the month falls below S$1,000, if your are 26 years old and above

Eligibility: who can apply for OCBC Frank?

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

How to apply for OCBC Frank?