OCBC-NTUC Starter Account Reviews and Comparison - Seedly
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OCBC-NTUC Starter Account

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  • Reviews (2)
  • Questions (0)
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NTUC-OCBC Starter Account

Up to 1% p.a.
INTEREST RATES
None
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE

    NTUC-OCBC Starter Account

    Up to 1% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    $0
    MIN. AVG DAILY BALANCE

Details

OCBC NTUC Starter Savings Account Review

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 0.10% p.a. With the first S$500,000 in account balance, account holders can earn 1.00% p.a. by crediting their salary of at least S$1,000/month and making 3 transactions via their NTUC Plus! Card. The highest possible interest rates you can earn goes up to 1.25% p.a.

Summary:

  • Highest possible interest rates accruable can go up to 1.25% p.a.
  • The base interest rate per annum for NTUC-OCBC starter savings account is 0.10% p.a.
  • To enjoy bonus interest rates for the NTUC starter savings account, you can choose to:
    i. Simply increase your entire account balance to earn up to 0.35%p.a. or
    ii. Credit your salary of minimum S$1,000 via GIRO and make 3 transactions on the NTUC Plus! Visa Credit/Debit Card to enjoy up to 1.25% p.a.
Read More about OCBC-NTUC Starter Account
Reviews (2)

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2 Reviews

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  • Updated on 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 comments
    0
  • Updated on 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 comments
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Interest Rates for NTUC OCBC Starter Savings Account

Balances in NTUC-OCBC Starter Account

Base Interest Rates

Bonus Interest Rates (when salary crediting + 3 GIRO transactions are fulfilled)

Total

S$0 - S$50,000

0.10% p.a.

0.90% p.a.

1.00% p.a.

S$50,001 - S$500,000

0.15% p.a.

-

1.15% p.a.

Above S$500,000

0.10% p.a.

-

1.25% p.a.

How to Maximise Interest Rates for OCBC NTUC Starter Savings Account?

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 1.00% p.a.

Cons

  • The interest rates offered are not the most competitive
  • If your account balance is unable to hit a high tier of S$500,000, you only get to enjoy a maximum of 1.00% p.a.
  • NTUC membership fees apply
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?

Want to know how OCBC NTUC Starter Savings Account compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020.