OCBC Frank Account Reviews and Comparison - Seedly
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OCBC Frank Account

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  • Reviews (186)
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Savings Accounts/OCBC Frank Account
Savings Accounts/OCBC Frank Account
4.8
186 reviews
claimed

Claimed

This product is managed by OCBC.

USER RATINGS

Customer Support

4.7

Ease of online banking

4.8

OCBC Frank Account

Up to 0.2% p.a.

INTEREST RATES

None

MIN. INITIAL DEPOSIT

None

MIN. AVG DAILY BALANCE

[EXCLUSIVE] Up to $20 cash credit for new sign-ups through the "Visit Site" link or "Apply Now" button.

OCBC Frank Account

Up to 0.2% p.a.

INTEREST RATES

None

MIN. INITIAL DEPOSIT

None

MIN. AVG DAILY BALANCE

[EXCLUSIVE] Up to $20 cash credit for new sign-ups through the "Visit Site" link or "Apply Now" button.

Details

OCBC FRANK Savings Account Review 2020

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
    156
  • 4
    21
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Pinned by OCBC

  • 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 comments
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    Post
  • Updated on 01 Sep 2020

    Purchased

    OCBC Frank Account

    [Application Process] Easy application process especially for students, with a plus point of having several card designs to choose from. [Customer Service] I have faced several issues with my online banking over circuit breaker but the customer service has been patient and helpful. Although, I still did not get the problem resolved. [Online Banking] App interface is easy to use and straightforward Overall it was a good card to start out with as a student, but I personally felt that the benefits of the card did not resonate with me and my bad experience with the online banking has affected my experience with the use of this card now.
    0 comments
    0
    Post
  • Updated on 31 Aug 2020

    Purchased

    OCBC Frank Account

    No minimum amount to be put in the account, meaning i could have an existent account even with $3. User-friendly and free application for university students
    0 comments
    0
    Post
  • Updated on 25 Aug 2020

    Purchased

    OCBC Frank Account

    OCBC Frank's card has very unique designs you can choose from. The perks they offer caters to the youth in general. The OCBC app also helps you to keep track of your monthly spending and savings which is good for financial planning.
    0 comments
    0
    Post
  • Updated on 22 Aug 2020

    Purchased

    OCBC Frank Account

    Switched over to using OCBC’s FRANK account due to multiple fraudulent activities on my account with previous bank. My first time making bigger purchases (>$200+) on my FRANK card, I made 2-3 big purchases within 5 mins by quick checkouts across different sites. OCBC locked my card immediately and had customer support contacted me shortly after to clarify that those purchases were made by me. FRANK account also has the goals setting which has helped with savings allocation for different goals/purchases that I was saving up for. Would highly recommend the FRANK account to young adults learning to manage their money with a trusted bank.
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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 current rates (before 2 May 2020)

  • First S$10,000: 0.20% p.a.
  • S$10,001 - S$100,000: 0.30% p.a.
  • S$100,001 - S$500,000: 0.40% p.a.

OCBC FRANK Revised Interest Rates from 2 May 2020

  • 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

FRANK Account Current Rates

New FRANK Account Rates from 2 May 2020

0.20% p.a. for the first S$10,000

0.10% p.a. for the first S$25,000

0.30% p.a. for $10,001 - S$100,000

0.20% p.a. for the next S$25,000

0.40% p.a. for $100,001 - S$500,000

0.05% p.a. for any amount above S$50,000

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 or
  • Visit OCBC branches