facebookOCBC FRANK Account Reviews and Comparison - Seedly

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

Claimed

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
...see more

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 (203)

4.7

203 Reviews

5
161
4
29
3
12
2
0
1
1

Service Rating

Customer Support

4.7

Ease of online banking

4.8
      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 fee

      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?

      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?

      Posted 07 Jan 2022

      Purchased

      OCBC FRANK Account

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

      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 balance

      0

      What are your thoughts?

      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.

      0

      What are your thoughts?

      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

      0

      What are your thoughts?

    Discussions (0)

      No Posts Found.

      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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