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OCBC FRANK Account

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  • Reviews (195)
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Savings Accounts/OCBC FRANK Account
Savings Accounts/OCBC FRANK Account
4.7
195 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
  • Pays to access additional features

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 (195)

4.7

195 Reviews

  • 5
    158
  • 4
    26
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    pinned

    Pinned by OCBC Bank

      11 Aug 2020

      Purchased

      OCBC FRANK Account

      Im just a polytechnic student and I recommend everyone to get this OCBC FRANK ACCOUNT. Not only it allows you to spend money easily with just 1 tap, it also allows you to save up and earn an interest on top of that! Personally using this frank account have helped me save up so much that Im really grateful for! Although i did spend money, it helped me in ever way as it was so convenient to use with just 1 tap and it can be used any where any time ! Its really very convenient for students and i highly recommend it as not only the account is easy to use, the customer service is also on top as they will help you with all your needs!! Im very satisfied that i was able to start an account with OCBC and build a good relationship with OCBC

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      Posted 11d ago

      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 12d ago

      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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      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.