OCBC FRANK Account
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- Reviews (198)
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This product is managed by OCBC Bank.
USER RATINGS
Customer Support
Ease of online banking
OCBC FRANK Account
Up to 0.2% p.a.
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
OCBC FRANK Account
Up to 0.2% p.a.
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
Details
Product Page Transparency
- Claimed in October 2020
OCBC FRANK Savings Account Review 2021
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 accruable goes up to 0.20% 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 0.20% p.a. for account balances between S$25,001 to S$50,000
4.7
198 Reviews
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- Posted 24d ago
Purchased
OCBC FRANK Account
[Application Process] The application process was rather smooth and easy [Interest] It is average and there are still better offerings [Online Banking] The online banking was good but not so outstanding [Others] It is good for student as there are no minimum balance0
What are your thoughts?Reply
- Posted 13 Sep 2021
Purchased
OCBC FRANK Account
really great for students as it offers cashback and a variety of designs for you to choose from for your card. It is my go-to card for online shopping.0
What are your thoughts?Reply
- Honestly no complaints about their online banking. However, without an official letter or consent from me, they switched my OCBC Frank account to OCBC 360 account. Only after realising that the bank has been charging me service charges $2 each month and calling them did I realise it. When all the way back to find the email they claimed to have sent and it turns out to be a "happy graduation class of 2020" promotional email. I feel that this isn't proper as customers don't always check their promotion emails and such an important change should at least be accompanied by a letter and in-app notifications. Also, not sure where did they get the information that I graduate in 2020 as I am just graduating this year... Awful and sneaky move to earn service charges!!
0
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- Posted 31 Jul 2021
Purchased
OCBC FRANK Account
Frank was my first ever bank account and debit card that i applied for 4 years ago and it was definitely something all 16-year-olds should do to begin learning how to manage their money online and earn some interest(despite the low rates). Card has no fees for youths below 26 (Time to change account if you are 26) and 1% cashback for selected spending. Comes with over 60 designs so you can express yourself xD. Definitely no regrets using0
What are your thoughts?Reply
- 15 Jul 2021
Purchased
OCBC FRANK Account
OCBC Frank is really a good savings account for students - as long as you don't cross the age of 26. Once you're at that age, a fall below fee is charged if you balance goes beneath $1,000. Overall would still highly recommend for all students!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 Newest Interest Rates for 2021
- First S$25,000: 0.10% p.a.
- Next S$25,000: 0.20% p.a.
- Above S$50,000: 0.05% p.a.
All these changes are illustrated in the table below
Account Balance | FRANK Account Interest Rates |
|---|---|
First S$10,000 | 0.10% p.a. |
Next S$25,000 | 0.20% p.a. |
Amount above S$50,000 | 0.05% p.a. |
How to maximise the interest rate for OCBC Frank Account?
- Get 0.10%p.a. for the first S$25,000
- Get 0.20% 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?
- Apply Online via OCBC FRANK's website or Visit OCBC branches
- For Singaporeans or PR, Prepare relevant documents of NRIC. For foreigners, documents like passport, and Employment Pass/ Special Pass / Student Pass.
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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