facebookOCBC FRANK Account Ratings Jul 2024

OCBC FRANK Account

  • Key Features
  • Reviews (211)
  • Discussions (0)
  • More Details
OCBC FRANK Account Logo
4.7
211 reviews
claimed
Claimed

This product is managed by OCBC Bank.

Summary

OCBC FRANK Savings Account Review 2024

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
...see more

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Summary

OCBC FRANK Savings Account Review 2024

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
...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 (211)

4.7

211 Reviews

5
164
4
33
3
13
2
0
1
1

Service Rating

Customer Support

4.6

Ease of online banking

4.8

      Posted 30 Dec 2023

      [Others] So I just need a loan of 1000$ is there any chance your bank will me toh get it can you contact me ASAP

      0

      What are your thoughts?

      Posted 02 Jun 2023

      Purchased

      OCBC FRANK Account

      [Customer Service] Very friendly and kind, always looking out for anyone in need [Fuss Free] Nothing to worry about [Application Process] Overall a smooth process

      0

      What are your thoughts?

      Posted 28 Mar 2023

      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 tbh

      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 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 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 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 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!

      0

      What are your thoughts?

      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

      0

      What are your thoughts?

      06 Jun 2021

      Purchased

      OCBC FRANK Account

      The revised rules for cashback rebates is great! I've been receiving $40-$50 on my spendings. To maximise the rebates, I will keep track of my online spending to make sure that I don't exceed $416, due to the cap of $25 (6%). Anything above that, it's only 0.3%. Then I will switch to other cards e.g. Amex True Cashback for 1.5%

      0

      What are your thoughts?

    Discussions (0)

      No Posts Found.

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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.