OCBC Frank Account Reviews and Comparison - Seedly
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OCBC Frank Account

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  • Reviews (36)
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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 (36)

4.6

36 Reviews

  • 5
    26
  • 4
    6
  • 3
    4
  • 2
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  • Updated 2d ago

    Purchased

    OCBC Frank Account

    [Fuss Free] Super easy account to deal with! a very transparent bank account. when they say no initial deposit, it's really no initial deposit! [Customer Service] Just a call away or even walking to the branch, I can get help from the officers or ambassadors. They were always so patient with all the questions I have to throw them. [Interest] One of the best "student" account offering rates I would say! [Online Banking] Super easy to use especially the app! They are offering more services on the app right now like example if I lose my card I can actually block it just in case somebody picks it up and went ahead swiping my money away! [Application Process] I applied the account in the FRANK store but they are offering the service of opening the account online as well. So convenient these days :) [Others] they have so many card designs to choose from.. I had a hard time picking hahaha
    0 comments
    0
  • Updated 2d ago

    Purchased

    OCBC Frank Account

    FRANK Account are popular among student as it does not require any minimum amount to start with hence it is easy to manage! What's interesting is that they have a variety of cards to choose from! It is easy to manage saving account to start with for students!
    0 comments
    0
  • Updated 2d ago

    Purchased

    OCBC Frank Account

    [Interest] I created a Frank account during my secondary school because I realized the interest rate is higher than my kids account. Comparing to most, it has an interest rate of 0.2% as compared to 0.05% of any kids account. [Application Process] Frank stores around Singapore looks and feels amazing, it felt like I was joining a "cool kids" club. I remember paying $10 more for the debit card design, but now it's free. [Terms and Conditions] No fall-below fee below 26 years old as compared to most other banks which will stop waiving fall-below fees after 21 years old. In my opinion, this is the best feature of the card as I'm unable to maintain minimum account balances, especially after big-ticket item payments. [Online Banking] One of the best banking apps, alongside with DBS/POSB. There are some functions that seem confusing and foreign. Would appreciate it if there was a sort of tutorial or video to illustrate the benefits of using them. [Others] To be honest, the most attractive part about getting the Frank account is its cool designs. I remember using it as a conversation starter ("Hey, did you get a Frank card too? Which design did you pick?") and it gives us a sense of exclusivity that no other banks can give.
    0 comments
    0
  • Updated 3d ago

    Purchased

    OCBC Frank Account

    I am currently still a student and I have been using FRANK 2-3years now and it has definitely been my go to! Of course i got to talk about their AMAZING card designs and not to leave out their variety of selections if them! Online banking with Frank has been so easy and fuss free! Trust me i have sign with few other banks too but i honestly feel OCBC has been my go to and one of my favourites! Reliability and Convenience are the words to describe FRANK!
    0 comments
    0
  • Updated 3d ago

    Purchased

    OCBC Frank Account

    Online banking is very convenient. Also when I visit the bank for any query they are really helpful and hear my questions and inquiries very carefully Nd response according to it.
    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?