OCBC Frank Account Reviews and Comparison - Seedly
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OCBC Frank Account

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  • Reviews (12)
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Savings Accounts/OCBC Frank Account
Savings Accounts/OCBC Frank Account

OCBC Frank Account

4.3
12 reviews
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Savings Accounts/OCBC Frank Account

OCBC Frank Account

4.3
12 reviews

OCBC Frank Account

Up to 0.4% p.a.
INTEREST RATES
None
MIN. INITIAL DEPOSIT
None
MIN. AVG DAILY BALANCE

    OCBC Frank Account

    Up to 0.4% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    None
    MIN. AVG DAILY BALANCE
Reviews (12)

4.3

12 Reviews

  • 5
    2
  • 4
    2
  • 3
    1
  • 2
    0
  • 1
    0

Read Review About...

low barrier

frank ocbc

debit card

application process

customer service

online banking

card design

mobile banking

online mobile

fees account

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  • Jo
    Jo
    Level 2. Rookie
    Updated 1d ago

    Purchased

    OCBC Frank Account

    Having an OCBC FRANK account is really just - Convenience at every possible avenue, from the application process to daily banking and even at the customer service level. Initially attracted by the custom card designs, I applied for the FRANK account back when I was still studying, with the crucial benefit of not having to maintain any minimum fees in the account till a certain age. Since then, my banking issues has been a thing of the past. As a result of not having experienced any problems throughout the years, I am extremely confident in OCBC’s ability to handle key Banking features such as salary crediting and funds transfer. All correspondence and customer service is communicated in an accurate & timely fashion with no confusion. This is even reflected in the UI for both online/mobile banking, making it easy to use, with the bonus of a pretty outlook for its platforms. The other benefits for the FRANK debit card Include coverage of many merchant discount/cash-back programs and not to mention, the availability of use for it as an EZ-Link card - no more top-up issues! P.S. A benefit I’m always thankful for: If the queue gets long at an OCBC ATM, you can always choose to withdraw from the UOB ATM (which is usually without a queue). :D
    0 comments
    0
  • GK
    Gan Kai Xian
    Level 3. Wonderkid
    Updated 2d ago

    Purchased

    OCBC Frank Account

    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] Application process is the same as any other savings account, either through online or physically visit a Frank branch. Pretty quick and simply process. [Online Banking] 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. [Interest] 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. [Others] 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.
    0 comments
    0
  • Aden Yeoh
    Aden Yeoh
    Level 2. Rookie
    Updated 2d ago

    Purchased

    OCBC Frank Account

    Good design, great internet banking service and great upgrade on the ability to transfer more than 1000 sgd
    0 comments
    0
  • BT
    Barry Tan
    Level 3. Wonderkid
    Updated 3d ago

    Purchased

    OCBC Frank Account

    [Terms and Conditions] Most lax terms and conditions, can just head down to the nearest frank office which are in the local universities in Singapore and inquire for more information. There is also no minimum deposit required and will charge additional fees when you fall below a certain quantum. [Customer Service] Kind of great as you often speak to personnels of the same wavelength and speak your lingo as you converse. Able to sieve out the main concerns
    0 comments
    0
  • CL
    CL
    Level 2. Rookie
    Updated 3d ago

    Purchased

    OCBC Frank Account

    [Fuss Free] + [Online Banking] + [Customer Service] OCBC Frank is very convenient to use, especially when it comes to iBanking. Since I track my spendings and earnings on the Seedly app, I appreciate how accessible the OCBC app is for me to check my funds and also for any transfer of money.
    0 comments
    0
Questions (2)

Recent Activity

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Savings

OCBC

Standard Chartered

DBS Multiplier Account

OCBC Frank Account

Savings Accounts

2 answers
Lky
Lky
Level 4. Prodigy
Updated on 25 Jan 2020
You should move all your funds out of OCBC. You can consider keeping most of your savings in SCB JumpStart if it gives a higher interest than your DBS Multiplier and use DBS as the current account. You can always do instant FAST transfer between them! I keep my FRANK account with little to no balance as my savings like you are in accounts with higher interests, most likely to be cancelled before I turn 26. I use it mainly for withdrawals without my debit cards using the PayAnyone app
👍 0

Investments

ETF

POSB

Unit Trust

Blue Chips

OCBC Frank Account

2 answers
Elijah Lee
Elijah Lee, Independent Financial Advisor at Phillip Securities (Jurong East)
Top Contributor

Top Contributor (Feb)

Level 10. Unicorn
Answered on 10 Jan 2020
Hi anon, You'll want to understand your motive for investing. Whether or not to keep the Nikko ETF is depending on whether you feel that there is a better option. If there is, then yes, drop it and go on to the alternative. In fact, STI tends to be a very poor performer relative to a lot of other indexes out there, and I am still puzzled as to why many people think it's the best thing since sliced bread. Your motives will guide your decision. Looking for growth? Other markets like US have done better in the long run. Looking for dividend? Blue chips give 4+% and REITs 5+%. It's really not hard to see why STI isn't really here nor there. I'm sure you'll be able to find better options. Lastly, blue chips are basically stocks of big companies with good reputations. It doesn't mean that if a company is on the STI and is a blue chip, it is safe. Examples include Noble and Swiber. Unit trusts, however, are a collective investment whereby they have a lot of holdings and hence work similarly to an ETF. The difference is that the ETF just replicates whatever benchmark, but a UT aims to beat the benchmark and hence will be more selective in their holdings.
👍 2
Similar Products

How to maximise the interest rate for OCBC Frank Account?

  • 0.2% p.a. if your account balance is between S$1 to S$10,000
  • 0.3% p.a. if your account balance is between S$10,001 to S$100,000
  • 0.4% p.a. if your account balance is between S$100,001 to S$500,000
  • 0% p.a. if your account balance is above S$500,000, because your money can earn better interest in other higher-yielding OCBC accounts

What OCBC Frank Offers

Best Suited for Students who has yet to have an income

  • 120 unique card designs for 120 different personalities
  • Contactless payment using mobile payments and Visa PayWave

Terms and fees for OCBC FRANK Account

  • Initial deposit: NIL
  • Citizenship status: Singaporeans, PRs and foreigners, age 16 to 25 years old
  • Minimum age to open account: 16
  • Minimum Average Daily Balance: NIL
  • Minimum Income: NIL
  • 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

PROMOTION - 1st November 2019 to 31st January 2020

  • Enjoy S$10 cash credit when you apply for the FRANK Account and FRANK Debit Card online via MyInfo or at any FRANK Stores.
  • Win 2x Cathay Pacific return tickets to Seoul, Tokyo or Taipei in our #FRANKTravels giveaway each month