OCBC FRANK Account
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- Reviews (207)
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4.7
207 reviews
Claimed
This product is managed by OCBC Bank.
Summary
OCBC FRANK Savings Account
OCBC FRANK is a simple "stash-and-park" type of Savings Account, suitable for students or individuals with no income.
Product Page Transparency
- Claimed in October 2020
Account Features & Details
1) Key Features
- Earn up to 0.30% p.a interest rate
- Instant sign-up when you apply online with MyInfo
- 60 funky OCBC Frank Debit Card designs to choose from
- Earn up to 1.00% cashback on selected merchants for fast food, online shopping, convenience stores, and transportation
2) Interest Rate
- Base interest rate: 0.05% p.a
- Maximum interest rate: 0.30% p.a
- First S$25,000: 0.10% p.a
- Next S$25,000: 0.20% p.a
- Above S$50,000: 0.05% p.a
3) Eligibility
- Age: 16 to 26 years old
- Citizenship: Singaporeans, PRs, and Foreigners
- No minimum initial deposit
4) Fees
- Initial deposit: S$0
- Minimum average monthly balance: S$0
- Fall below fee: S$0
- Monthly service fees: S$0
5) Application Process
How to apply?
- Apply online through OCBC’s website
- For Singaporeans and PRs, you may apply through SingPass
- For Foreigners or customers who do not have SingPass, complete an online form to apply
Supporting documents
- Singaporeans or PRs
- NRIC
- Documents that prove residential address: Phone bills/ Utilities bills/ Bank statement/ Income Tax Notice of Assessment - Foreigners
- Passport with 6 months validity
- Employment Pass, S Pass, or Student Pass
- Documents that prove residential address or valid government correspondence showing your residential address from last 3 months
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4.7
207 reviews
Claimed
This product is managed by OCBC Bank.
Summary
OCBC FRANK Savings Account
OCBC FRANK is a simple "stash-and-park" type of Savings Account, suitable for students or individuals with no income.
Product Page Transparency
- Claimed in October 2020
Account Features & Details
1) Key Features
- Earn up to 0.30% p.a interest rate
- Instant sign-up when you apply online with MyInfo
- 60 funky OCBC Frank Debit Card designs to choose from
- Earn up to 1.00% cashback on selected merchants for fast food, online shopping, convenience stores, and transportation
2) Interest Rate
- Base interest rate: 0.05% p.a
- Maximum interest rate: 0.30% p.a
- First S$25,000: 0.10% p.a
- Next S$25,000: 0.20% p.a
- Above S$50,000: 0.05% p.a
3) Eligibility
- Age: 16 to 26 years old
- Citizenship: Singaporeans, PRs, and Foreigners
- No minimum initial deposit
4) Fees
- Initial deposit: S$0
- Minimum average monthly balance: S$0
- Fall below fee: S$0
- Monthly service fees: S$0
5) Application Process
How to apply?
- Apply online through OCBC’s website
- For Singaporeans and PRs, you may apply through SingPass
- For Foreigners or customers who do not have SingPass, complete an online form to apply
Supporting documents
- Singaporeans or PRs
- NRIC
- Documents that prove residential address: Phone bills/ Utilities bills/ Bank statement/ Income Tax Notice of Assessment - Foreigners
- Passport with 6 months validity
- Employment Pass, S Pass, or Student Pass
- Documents that prove residential address or valid government correspondence showing your residential address from last 3 months
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
Reviews (207)
4.7
207 Reviews
5
163
4
30
3
13
2
0
1
1
Service Rating
Customer Support
4.7
Ease of online banking
4.8
Most Helpful
- Posted 5d ago
Purchased
OCBC FRANK Account
This has worked for me really well i think it's a very good website tbh it's a very good website tbh0
What are your thoughts? - Posted 16d ago
Purchased
OCBC FRANK Account
easy for application and easy to maintain Account… interest rate not as attractive as their other accounts such as the Bonus+, customer service is alright and responsive would recommend for starters 🤗0
What are your thoughts? - Posted 20 Feb 2023
Purchased
OCBC FRANK Account
[Fuss Free] No frills account. Much better than a usual ocbc account as it is expected to maintain at least $1000.0
What are your thoughts? - Posted 10 Feb 2023
Purchased
OCBC FRANK Account
Has cool features like using QR code to withdraw from ATM. Very useful if you don't bring card outside. [Customer Service] 👎👎👎👎👎 Send secured mail via the banking app and then takes many many weeks (1month or more) to receive a non-automated reply.0
What are your thoughts? - Posted 16 May 2022
Purchased
OCBC FRANK Account
[Interest] Interest rates are not as high as other available options such as SCB Jumpstart or insurance savings plans from Singlife/Singtel Dashpet. [Online Banking] Personally the app always lags when I try to open it, but otherwise navigation within the app itself seems alright. [Others] Mainly use this account to invest in OCBC blue chip and OCBC unit trusts, but my main spending account remains with DBS, and saving account remains with SCB.0
What are your thoughts? - Posted 12 May 2022
Purchased
OCBC FRANK Account
Easy to setup, especially if u are a student with Singapore poly or NTU it’s easy and has no minimum fall below fee0
What are your thoughts? - Posted 16 Apr 2022
Purchased
OCBC FRANK Account
Personally, this is my 2nd bank account after my POSB account. Sometimes, its easier to queue at OCBC atm machine as its much shorter. And I get to customize my debit card with the cool designs.0
What are your thoughts? - Posted 06 Mar 2022
Purchased
OCBC FRANK Account
[Fuss Free] Have been using this card since I was a polytechnic student. Had not much issues and works just like any other debit card. [Salary Crediting] No issues here as well. Am using this card/account for salary crediting for almost 4 years now. [Interest] Not the best but I don't pay close attention to this either way.0
What are your thoughts? - Posted 03 Mar 2022
Purchased
OCBC FRANK Account
A perfect banking account for teens and young adult. Many benefits such as cash backs under the Frank card with no minimum amount of money to be in bank required proves to be good for people of all income groups.0
What are your thoughts? - Posted 02 Mar 2022
Purchased
OCBC FRANK Account
User interface is easy to navigate, ATM is easily accessible and shorter queue compared to DBS. However, their customer service can be upsetting sometime.0
What are your thoughts?
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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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