OCBC Frank was an attractive account for students like me, looking to save up money as what this product is specifically targeted at. Although, there are other better savings accounts out there in the market, there are still perks that Frank offers that makes it an above average account.
Application process is the same as any other savings account, either through online or physically visit a Frank branch. Pretty quick and simply process.
The online and mobile banking experience has been good so far with very modern user interface and intuitive layout. For what I do with the account, I would say the features and services it provides is sufficient.
What I like about this account is it offers higher than normal interest rates of 0.2% for the first $10k and up to 0.4% with more fund in the account. As a student, 0.2% is quite a good amount and of course there are better accounts offering better rates. However, this is targeted at students so it would make some sense with the rates given.
Good thing about this account, there is no fall below fees or any account fees if you are 26 years old and below which makes sense. If you are a working adult, there are better products out there then this account.
One of the plus points of this account is the debit gives 1% cashback on minimum spend of S$400 but it is only for certain spending e.g. fast food, selected convenience stores, selected online merchants and selected transport merchants. No annual fees for the card too which is great.
Another plus point is the customization of debit card design which has lots of very cool designs which was a tough choice for me as I can only have one card. HAHAHA. But do note that there might be fees for the designed debit card so do check their website for promotions or waiver of card design fees.
On a side note, since OCBC is the only bank is Singapore currently that support Garmin Pay, anyone with a Garmin watch with Garmin Pay, can consider this account with the debit card for contactless payment or using it with SimplyGo.
I wish they updated this savings account to have more perks and deals that targets students which is what this product is all about.
Overall, I would say that this is a good entry level savings account targeted are students with above average interest rates and decent debit card for daily spending. However, it would be better if it had more perks and deals for students.