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OCBC FRANK Account

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  • Reviews (186)
  • Questions (0)
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Savings Accounts/OCBC FRANK Account
Savings Accounts/OCBC FRANK Account
4.8
186 reviews
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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 (186)

4.8

186 Reviews

  • 5
    154
  • 4
    22
  • 3
    9
  • 2
    0
  • 1
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    pinned

    Pinned by OCBC Bank

      Updated on 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

      0

      Post

      Updated on 11 Mar 2021

      Purchased

      OCBC FRANK Account

      Very good savings account for students. No minimum balance, no fall below fee and other hidden charges. The trade off is the low interest but for the convenience I don't mind.

      0

      Post

      Updated on 27 Dec 2020

      Purchased

      OCBC FRANK Account

      Still a decent product. No longer using OCBC though, streamlined by number of bank accounts. Was initially good because only OCBC had access to google pay, but no longer so.

      0

      Post

      Updated on 28 Nov 2020

      Purchased

      OCBC FRANK Account

      [Fuss Free] Easy and convenient usage. [Interest] Low interest rate, hence I personally didn't stay long in it. [Others] No minimum to stay in.

      0

      Post

      Updated on 05 Nov 2020

      Purchased

      OCBC FRANK Account

      Been using FRANK for 4 years now. FRANK is good for students who just need an account to manage their daily spending. The interest rate is low but it doesn't matter since students are probably going to transfer to a high-interest savings account once they graduate. The app is quite easy to use except that this one time I lost my debit card and was not able to block it from the app and had to wait very long for the customer service agent on the phone.

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      Post

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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.