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Savings Accounts/OCBC FRANK Account
Savings Accounts/OCBC FRANK Account
4.7
198 reviews
claimed

Claimed

This product is managed by OCBC Bank.

USER RATINGS

Customer Support

4.7

Ease of online banking

4.8

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

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  • 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
Read More about OCBC FRANK Account
Reviews (198)

4.7

198 Reviews

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    160
  • 4
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      Posted 11d ago

      Purchased

      OCBC FRANK Account

      It’s a great alternative of master or Visa card. Easy application process. It’s the best option for students .

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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 balance

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      Posted 30 Sep 2021

      Purchased

      OCBC FRANK Account

      Good starting account for students as an alternative to the likes of DBS and UOB. They also have their outlets in schools so easy to access.

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      Posted 14 Sep 2021

      Purchased

      OCBC FRANK Account

      It's a student card. And there are atms in smu so it's rather convenient. I remembered there are no min account balance which is good when balance is running low haha

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      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.

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      Posted 12 Aug 2021

      Purchased

      OCBC FRANK Account

      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!!

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      Posted 12 Aug 2021

      Purchased

      OCBC FRANK Account

      Love the frank account, it offers higher interest rates than the POSB kids savings account which many of us 90 kids have haha. App is also user-friendly and offers personalised money insights!

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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 using

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      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!

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      12 Jul 2021

      Purchased

      OCBC FRANK Account

      Best account for students together with jumpstart. However, once you reach 26 and started working full time, you will lose all your privileges for your FRANK

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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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