OCBC FRANK Account
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This product is managed by OCBC Bank.
Summary
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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
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
4.7
203 Reviews
Service Rating
Customer Support
Ease of online banking
- [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 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? - [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 25 Dec 2021
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?
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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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