OCBC-NTUC Starter Account
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Summary
OCBC NTUC Starter Savings Account Review 2024
NTUC-OCBC Starter Account is a savings account exclusively for NTUC Union members, offering no minimum balance requirements and lock-in period. The base interest rate for NTUC-OCBC Starter Account is 0.05% p.a. With the first S$50,000 in account balance, account holders can earn an extra 0.40% p.a. by crediting their salary of at least S$1,000/month and making 3 transactions via their NTUC Plus! Card.
Summary:
- Highest possible interest rates accruable can go up to 0.40% p.a. on your first S$50,000
- The base interest rate per annum for NTUC-OCBC starter savings account is 0.05% p.a.
- To enjoy bonus interest rates for the NTUC starter savings account, you need to:
i. Credit your salary of minimum S$1,000 via GIRO AND
ii. Make 3 transactions on the NTUC Plus! Visa Credit/Debit Card
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Summary
OCBC NTUC Starter Savings Account Review 2024
NTUC-OCBC Starter Account is a savings account exclusively for NTUC Union members, offering no minimum balance requirements and lock-in period. The base interest rate for NTUC-OCBC Starter Account is 0.05% p.a. With the first S$50,000 in account balance, account holders can earn an extra 0.40% p.a. by crediting their salary of at least S$1,000/month and making 3 transactions via their NTUC Plus! Card.
Summary:
- Highest possible interest rates accruable can go up to 0.40% p.a. on your first S$50,000
- The base interest rate per annum for NTUC-OCBC starter savings account is 0.05% p.a.
- To enjoy bonus interest rates for the NTUC starter savings account, you need to:
i. Credit your salary of minimum S$1,000 via GIRO AND
ii. Make 3 transactions on the NTUC Plus! Visa Credit/Debit Card
NTUC-OCBC Starter Account
NTUC-OCBC Starter Account
Up to 1% p.a.
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
4.0
2 Reviews
High to Low
25 Mar 2020
Purchased
NTUC-OCBC Starter Account
I have had this accounts for many years now. This was one of the first accounts to offer a higher interest rate for less face-to-face interactions. It works perfectly for me as I prefer to use online banking anyway. Given that, it is not a trade-off and I am in fact enjoying a higher interest rate as a bonus. The sign up was fuss free and it has been a trusted yet simple savings account for me through the many years that I have used it. While the customer service has always been helpful and friendly, one suggestion is to also provide 24/7 customer service, perhaps via a chatbot function that will increase interactions without added costs, so that we can still enjoy better than average interest rates. [Fuss Free] [Online Banking] [Interest]0
What are your thoughts?30 Mar 2020
Purchased
NTUC-OCBC Starter Account
[Application Process] Impressed that they offer to send a courier for additional doc/ signing of doc. [Salary Crediting] To enjoy higher interest, minimum 1k salary credit via giro [Interest] 1% interest for the first 50k with 1) minimum 1k salary credit via giro 2) make at least 3 visa transaction with NTUC plus! visa debit/credit card Otherwise, should be 0.05% p.a. There are higher interest savings account with somewhat more complex conditions. If you are below 27, sign up for SCB jumpstart account - 2% interest for first 20k, no other conditions. [Customer Service] Besides calling in phone hotline, there is no live chat on ibanking, use ibanking secure inbox if you can wait. Or the ocbc chatbot in mobile app.0
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Interest Rates for NTUC OCBC Starter Savings Account
Account Balance | Prevailing Interest Rates per annum |
|---|---|
Any amount of account balance | 0.05% p.a. |
Base prevailing interest rates for NTUC OCBC Starter Savings Account
Account balance | Bonus Interest Rates |
|---|---|
First S$50,000 | 0.40% p.a. |
Bonus interest rates for NTUC OCBC Starter Savings Account
How does OCBC NTUC Starter Savings Account work?
To get the most out of your NTUC-OCBC Starter Account, simply:
1. Credit your salary of S$1,000 or more per month via GIRO and
2. Make 3 transactions on your NTUC Plus! Visa Credit/Debit card to enjoy 1.00% per year interest rate on your first S$50,000 deposits
Other Features of OCBC NTUC Starter Savings Account
- No minimum balance requirement
- No lock-in period
- Exclusively for NTUC Union members
Is OCBC NTUC Starter Savings Account the Best Savings Account for you in 2020?
Pros
- Doable criteria to obtain a bonus interest rate of 0.40% p.a.
Cons
- The interest rates offered are not the most competitive
- You need to apply for NTUC membership, which requires you to pay fees, to qualify for the bonus interest rates
Want to know how OCBC NTUC Starter compares with other savings accounts? Check out our compilation of The Best Savings Account in 2020
Terms and fees for OCBC NTUC Starter Savings Account
- Initial deposit: None
- Monthly Fees: None
- Minimum balance requirement: 0
- Card Fees: Free but prevailing NTUC membership fees apply
Eligibility: who can apply for NTUC Starter Savings Account?
- Exclusively for NTUC members only and holders of either NTUC Plus! Credit or Debit cards
- Minimum age to qualify for NTUC Plus! Debit card: 16 years old
- Minimum age to qualify for NTUC Plus! Credit card: 21 years old
- With a minimum annual income of (for credit card):
S$30,000 for Singaporeans and Singapore PRs
S$45,000 for foreigners
How to apply for NTUC Starter Savings Account?
- Get the NTUC-OCBC Starter Account by applying for NTUC Plus! Visa Credit or Debit Card.
- Apply online by visiting the OCBC NTUC Starter Savings' Account website or Visit OCBC branches
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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