OCBC 360 Savings Account: Is it Worth Applying?

OCBC 360 Savings Account: Is it Worth Applying?

Consistent Savers with a Stable Budget

Good for

  • Average consumers with a predictable monthly budget
  • Salaried individuals who can save S$500+/month
  • People interested in OCBC banking products

Bad for

  • Consumers with variable spending and saving habits
  • People on a tight budget with little room to save or invest
  • Wealthy individuals who maintain a balance of S$100k+

Editor's Rating

4.5/5.0

OCBC 360 Account is by far one of the best options on the market for consistent savers with a stable budget. Individuals who credit a S$2k+ salary, spend S$500+/month on an OCBC credit card, and increase their balance size by at least S$500 monthly–all fairly reasonable criteria for the average consumer–quickly accrue bonus interest on up to S$70k of the balance. Consumers can also earn bonus rates for engaging with OCBC products like insurance or investments. Altogether, account holders can earn an effective interest rate [EIR] of up to 3.35% p.a.–one of the highest on the market. If you're open to such products and also consistently save, OCBC 360 Account could easily max out interest on your funds.

ProsCons
  • High EIR of up to 3.35% p.a.
  • Bonus rewards for consistent saving
  • Peak interest attainable at S$70k balance
  • Balance amts > S$70k earn base rate
  • Balance amts < S$35k earn lower bonus rates
  • Minimum initial deposit of S$1k
Promotion: Receive S$20 Grab Vouchers (via our partnership w/ SGSaver)
Pros & Cons
Pros:
  • High EIR of up to 3.35% p.a.
  • Bonus rewards for consistent saving
  • Peak interest attainable at S$70k balance
  • Promotion: Receive S$20 Grab Vouchers (via our partnership w/ SGSaver)
Cons:
  • Balance amts > S$70k earn base rate
  • Balance amts < S$35k earn lower bonus rates
  • Minimum initial deposit of S$1k

What Makes OCBC 360 Savings Account Stand Out

If you're an average consumer seeking rewards for both consistent saving and product engagement, OCBC 360 Account could very well maximise interest on your funds. By continually growing your account balance, crediting your salary, and using OCBC banking products, you can ultimately earn an EIR of up to 3.35% p.a. While there's a S$1k minimum initial deposit and S$3k minimum balance requirement, the fall-below-fee (S$2) is waived for the 1st year. Therefore, maintaining an account is fairly easy.

OCBC 360 Account primarily stands out because unlike most other accounts on the market, consumers earn bonus rates both for consistent saving and for engaging with bank products. To begin with, account holders earn bonus interest for depositing S$500/month, without having to worry about withdrawal limits or long-term requirements. In addition, consumers are rewarded for crediting a S$2k monthly salary, spending S$500/month with an OCBC credit card, and investing or taking out insurance through OCBC bank. It's also possible to earn a boost by maintaining a large balance, though peak effective interest is achieved with a S$70k balance.

OCBC 360 Savings Account Interest Rates

Rate TypeDetails & RequirementsInterest Rate
Base RateNo Requirements; applied to entire balance0.05% p.a.
Grow Bonus
  • Maintain balance of at least S$200k
  • (Bonus interest added to base rate)
+0.80% p.a. on first S$70k
Step-Up Bonus
  • Deposit at least S$500/month
  • (Bonus interest added to base rate & applied
  • to specific band of balance)
+0.20% p.a. on first S$35k
+0.40% p.a. on next S$35k
Spend Bonus
  • Spend S$500/month on OCBC credit card
  • (Bonus interest added to base & applied to
  • specific band of balance)
+0.20% p.a. on first S$35k
+0.40% p.a. on next S$35k
Salary Bonus
  • Credit S$2k+ salary to account via GIRO
  • (Bonus rates added to base rate & applied
  • to specific band of balance)
+1.20% p.a. on first S$35k
+2.40% p.a. on next S$35k
"Wealth" Bonus
  • Insure or invest with OCBC Bank
  • (Bonus rates added to base rate & applied
  • to specific band of balance)
+0.60% p.a. on first S$35k
+1.20% p.a. on next S$35k
Max Effective Interest Rate:3.35% p.a. (at S$70k balance)
Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive
OCBC 360 Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Grow Bonus: Maintain balance of at least S$200k (bonus interest added to base rate)
  • +0.80% p.a. on first S$70k
Step-Up Bonus: Deposit at least S$500/month (bonus interest added to base rate & applied to specific band of balance)
  • +0.20% p.a. on first S$35k
  • +0.40% p.a. on next S$35k
Spend Bonus: Spend S$500/month on OCBC credit card (bonus interest added to base & applied to specific band of balance)
  • +0.20% p.a. on first S$35k
  • +0.40% p.a. on next S$35k
Salary Bonus: Credit S$2k+ salary to account via GIRO (bonus rates added to base rate & applied to specific band of balance)
  • +1.20% p.a. on first S$35k
  • +2.40% p.a. on next S$35k
"Wealth" Bonus: Insure or invest with OCBC Bank (bonus rates added to base rate & applied to specific band of balance)
  • +0.60% p.a. on first S$35k
  • +1.20% p.a. on next S$35k
Max Effective Interest Rate:
  • 3.35% p.a. (at S$70k balance)
Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive
OCBC 365 Credit Card
  • Annual Fee: S$192.6 (waived w/ S$10k annual spend)
  • Stand-Out: Rebates on essentials with easy fee-waiver
  • Promotion: Free S$100 Grab Food Voucher (new customers) via our partnership with SGSaver
  • Read Our Full Review

OCBC Titanium Rewards Card
  • Annual Fee: S$192.6 (waived w/ S$10k annual spend)
  • Stand-Out: 4 miles per S$1 on fashion & select retail
  • Promotion: Free S$100 Grab Food Voucher (new customers) via our partnership with SGSaver
  • Read Our Full Review

OCBC Frank Card
  • Annual Fee: S$80.0 (waiver w/ S$10k annual spend)
  • Stand-Out: Up to 6% rebate online, S$400 min. spend requirement
  • Promotion: Receive & use card instantly when you apply via MyInfo
  • Read Our Full Review

OCBC 365 Credit Card

  • Annual Fee: S$192.6 (waived w/ S$10k annual spend)
  • Stand-Out: Rebates on essentials with easy fee-waiver
  • Promotion: Free S$100 Grab Food Voucher (new customers) via our partnership with SGSaver
  • Read Our Full Review

OCBC Titanium Rewards

  • Annual Fee: S$192.6 (waived w/ S$10k annual spend)
  • Stand-Out: 4 miles per S$1 on fashion & select retail
  • Promotion: Free S$100 Grab Food Voucher (new customers) via our partnership with SGSaver
  • Read Our Full Review

OCBC Frank Card

  • Annual Fee: S$80.0 (waiver w/ S$10k annual spend)
  • Stand-Out: Up to 6% rebate online, S$400 min. spend requirement
  • Promotion: Receive & use card instantly when you apply via MyInfo
  • Read Our Full Review

Unlike competitor accounts, OCBC 360 Account rewards bonuses on an individual basis, rather than basing interest on the intersection of multiple factors. Bonuses are activated by crossing a threshold–in other words, you'll earn a bonus if you spend S$500/month on your credit card; if you spend less, you won't earn the bonus at all. This is great for people with a stable, predictable budget. However, consumers with varying incomes, spending levels, or saving behaviour are less likely to consistently unlock bonuses. Such consumers will therefore run the risk of earning at much lower interest rates.

Nonetheless, OCBC 360 Savings Account is still an exceptional option for the average consumer because rewards criteria are quite accessible. Most consumers earn at least S$2k monthly and spend at least S$500/month on a credit card, making it easy to meet such bonus requirements. Overall, average consumers with a stable budget can truly maximise interest with OCBC 360 Account.

OCBC 360 Savings Account Details & Requirements

Details & Requirements
Minimum Age Requirement18
Minimum Initial DepositS$1,000
Minimum Balance RequirementS$3,000
Fall-Below Fee
  • S$2 (Waived the 1st year)

How Does OCBC 360 Savings Account Compare to Other Accounts?

Read our comparisons of OCBC 360 Savings Account with other savings accounts and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

OCBC 360 Savings Account has one of the highest maximum effective interest rates on the market

OCBC 360 Savings Account v. Standard Chartered Bonus$aver Account

Consider this if you're a high-earner open to a banking relationship with Standard Chartered

Min. Age Requirement 21
Min. Initial Deposit S$0
Min. Balance Requirement S$3,000

Standard Chartered Bonus$aver Account offers affluent consumers the chance to earn the highest effective interest rate on the market. Account holders who can credit a S$3k+/month salary, buy a S$12k+ insurance policy or make a S$30k unit trust subscription, spend S$2k+/month on a Bonus$aver credit or debit card and pay 3+ monthly bills via GIRO can earn up to an incredible 3.88% p.a. interest. This rate is achieved at S$100k balance, and given the bonus criteria, high spenders and high earners are most likely to qualify. It's worth mentioning that there's a S$3k minimum balance requirement and S$5 fall below fee, both of which are relatively high, but those most likely to benefit from SC Bonus$aver Account are unlikely to be affected.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No Requirements
  • (Applied to entire balance)
0.05% p.a.
Credit/Debit Bonus
  • Spend/mo on Bonus$aver card
  • (Bonus added to base rate)
+0.50% p.a. w/ S$500-S$1.99k spend
+1.50% p.a. w/ S$2k+ spend
Salary Credit Bonus
  • Credit S$3k+/month salary
  • (Bonus added to base rate)
+1.00% p.a. on 1st S$100k
Product Bonus
  • Invest with or buy SC insurance
  • (Bonus added to base rate)
+1.28% p.a. on 1st S$100k
Bill-Pay Bonus
  • Make 3+ bill payments via GIRO
  • (Bonus added to base rate)
+0.10% p.a. on first S$100k
Max Effective Interest Rate:3.88% p.a. (at S$100k balance)
Promotional rates, if any, are not included
SC Bonus$aver Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Spend Bonus: Spend monthly on a Bonus$aver credit or debit card (bonus added to base rate)
  • +0.50% p.a. w/ S$500-S$1.9k spend
  • +1.50% p.a. w/ S$2k+ spend
Salary Credit Bonus: Credit S$3k+ salary to account (bonus added to base rate)
  • +1.00% p.a. on first S$100k
Product Bonus: Invest with or buy insurance with SC (bonus added to base rate)
  • +1.28% p.a. on first S$100k
GIRO Bill-Pay Bonus: Pay 3+ bills online via GIRO (bonus added to base rate)
  • +0.10% p.a. on first S$100k
Max Effective Interest Rate:
  • 3.88% p.a. (at S$100k balance)
Promotional rates, if any, are not included

OCBC 360 Savings Account v. DBS Multiplier Account

Consider this if you're a high-earning DBS loyalist with financial savvy

Min. Age Requirement 18
Min. Initial Deposit S$0
Min. Balance Requirement S$3,000

DBS Multiplier Account is an exceptional option for high-income earners and spenders who feel very comfortable managing their personal finances. Consumers accrue bonus interest by engaging with DBS products such as credit cards, insurance, home loans and investments, as well as by crediting their monthly salary to the account. Interest rates are ultimately determined by monthly transaction volume with these products, with higher volumes tied to higher interest rates, as well as by the account's overall balance size. The maximum EIR at which consumers can earn is 3.65% p.a., which is the highest on the market. However, enjoying such a rate requires substantial activity and tracking of said activity, which can be overwhelming for some. Consumers looking for an easier-to-manage account that still offers high rates might prefer OCBC 360 Savings Account.

DBS Multiplier Interest Rate Grid
Transactions/Mo
  • 1 Category
  • (first S$25k)
  • 2-3+ Categories
  • (first S$50k)
  • 3+ Categories
  • (S$50k-S$100k)
< S$2k0.05%0.05%0.05%
S$2k – below 2.5k1.40%1.80%2.00%
S$2.5k – below S$5k1.60%2.00%2.20%
S$5k – below S$15k1.80%2.20%2.40%
S$15k – below S$30k1.90%2.30%2.50%
S$30k+2.00%3.50%3.80%
  • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
  • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
  • Salary and/or dividends must be credited to account to qualify for bonus interest
Max Effective Interest Rate:3.65% p.a. (at S$100k balance)
Promotional rates, if any, are not included
DBS Multiplier Interest Rate Grid
Transactions/Mo
  • 1 Category
  • (first S$25k)
  • 2-3+ Categories
  • (first S$50k)
  • 3+ Categories
  • (S$50k-S$100k)
< S$2k0.05%0.05%0.05%
S$2k – below 2.5k1.40%1.80%2.00%
S$2.5k – below S$5k1.60%2.00%2.20%
S$5k – below S$15k1.80%2.20%2.40%
S$15k – below S$30k1.90%2.30%2.50%
S$30k+2.00%3.50%3.80%
  • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
  • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
  • Salary and/or dividends must be credited to account to qualify for bonus interest
Max Effective Interest Rate:3.65% p.a. (at S$100k balance)
Promotional rates, if any, are not included

OCBC 360 Savings Account v. Maybank SaveUp Savings Account

Consider this if you're a moderate saver in charge of the household

Min. Age Requirement 16
Min. Initial Deposit S$500 for Singaporeans & PR, S$1,000 for foreigners
Min. Balance Requirement S$1,000

Maybank SaveUp Savings Account is a great match for moderate savers who are in charge of their households. Consumers are rewarded for everyday activities like salary crediting, spending with a Maybank credit card, and paying monthly loan instalments. Engaging in 1 or more of these activities–which is fairly reasonable for the average consumer–earns an interest boost ranging from +0.30% p.a. up to +2.75% p.a. on top of the base rate. Ultimately, account holders can earn an EIR of 3.00% p.a., with interest peaking at just S$50k balance–yet another reason why Maybank SaveUp Account is ideal for moderate savers. Consumers who consistently grow their balance, however, may be able to earn more interest with OCBC 360 Account.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
0.1875% p.a. on 1st S$3k
0.25% p.a. on next S$47k
0.3125% p.a. beyond S$50k
Product Bonus
  • Use at least 1 Maybank service or product,
  • ie loan, insurance, investment, credit card etc.
  • (Bonus interest based on number of products
  • & applied to entire balance, up to 1st S$50k)
+0.30% p.a. for 1 product
+0.8% p.a. for 2 products
+2.75% p.a. for 3+ products
Max Effective Interest Rate:3.00% p.a. (at S$50k balance)
Promotional rates, if any, are not included
Maybank SaveUp Savings Account Interest Rates
Base Rate: No requirements (rate varies according to band of balance)
  • 0.1875% p.a. on 1st S$3k
  • 0.25% p.a. on next S$47k
  • 0.3125% p.a. beyond S$50k
Product Bonus: Use at least 1 Maybank service or product, ie loan, insurance, investment, credit card etc. (bonus interest based on number of products & applied to entire balance, up to 1st S$50k)
  • +0.30% p.a. for 1 product
  • +0.8% p.a. for 2 products
  • +2.75% p.a. for 3+ products

OCBC 360 Savings Account v. UOB One Savings Account

Consider this if you're interested in a UOB credit card in addition to your savings account

Min. Age Requirement 18
Min. Initial Deposit S$1,000
Min. Balance Requirement S$1,000

UOB One Savings Account stands out as one of the easiest-to-use multi-product accounts, while also maintaining a reasonably competitive maximum EIR of 1.80% p.a.. Account holders earn interest based on just 3 criteria: their balance size, credit card use, and salary crediting. Those who automatically credit a salary of S$2k+/month–or alternatively, make 3 GIRO debit transactions monthly–earn an incremental boost to their base rate, with total amount varying by the 'band' of the balance (+0.75% p.a. bonus applied to the 1st S$15k of a balance, +0.80% p.a. applied to the next S$15k of the balance, and so on). Consumers also earn a bonus +0.45% p.a. interest just for spending at least S$500/month on a UOB credit card. Overall, credit card users who credit their salary can easily earn competitive interest rates without additional tracking or finance management. Consumers who are comfortable with a bit more tracking and who engage with several banking products may prefer OCBC 360 Savings Account.

Rate TypeDetails & RequirementsInterest Rate
Base RateNo Requirements; applied to entire balance0.05% p.a.
Credit Card Bonus
  • Spend S$500/month on UOB One,
  • UOB YOLO, or UOB Lady's credit card
  • (Bonus interest added to base rate)
+0.45% p.a.
Salary/GIRO Bonus
  • Credit S$2k+ salary to account or
  • make 3 GIRO debit transactions per month
  • (Bonus rates added to base rate &
  • applied to specific band of balance)
+0.75% p.a. on first S$15k
+0.80% p.a. on next S$15k
+0.85% p.a. on next S$15k
+0.90% p.a. on next S$15k
+3.18% p.a. on next S$15k
Max Effective Interest Rate:1.80% p.a. (at S$75k balance)
Promotional rates, if any, are not included
UOB One Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Credit Card Bonus: Spend S$500/month on UOB One, UOB YOLO, or UOB Lady's Card (bonus interest added to base rate)
  • +0.45% p.a.
Salary/GIRO Bonus: Credit S$2k+ salary to account or make 3 GIRO debit transactions per month (bonus rates added to base rate & applied to specific band of balance)
  • +0.75% p.a. on first S$15k
  • +0.80% p.a. on next S$15k
  • +0.85% p.a. on next S$15k
  • +0.90% p.a. on next S$15k
  • +3.18% p.a. on next S$15k
Carrie Arndt

Carrie is a Senior Analyst at ValueChampion, specialising in credit cards in Singapore. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research.

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