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OCBC 360 Savings Account: Is it Worth Applying?

Consistent Savers with a Stable Budget
PROMO: Get up to S$50 cash rebate for new OCBC debit card holder

OCBC 360 Savings Account: Is it Worth Applying?

Consistent Savers with a Stable Budget

4.5/5.0

ValueChampion Rating ValueChampion Icon

Pros

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

Cons

  • 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+
PROMO: Get up to S$50 cash rebate for new OCBC debit card holder

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$1.8k+ 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$75k 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 2.38% 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 2.38% p.a.
  • Bonus rewards for consistent saving
  • Peak interest attainable at S$75k balance
  • Balance amts > S$75k earn base rate
  • Balance amts < S$25k earn lower bonus rates
  • A minimum initial deposit of S$1k
Promotion:
  • Spend at least S$500 by the last day of the following month from when your application is approved to earn up to S$40 cash rebate for new OCBC debit card users
  • New OCBC Pay Anyone can get an additional S$10 rebate. Promotion valid for individuals who sign up between 1 Oct 2021 & 31 Jan 2022.
  • Pros & Cons
    Pros: on_current="true" High EIR of up to 2.38% p.a. Bonus rewards for consistent saving Peak interest attainable at S$75k balance
    Promotion:
    • Spend at least S$500 by the last day of the following month from when your application is approved to earn up to S$40 cash rebate for new OCBC debit card users
  • New OCBC Pay Anyone can get an additional S$10 rebate. Promotion valid for individuals who sign up between 1 Oct 2021 & 31 Jan 2022.
  • Cons:
    • Balance amts > S$75k earn base rate
    • Balance amts < S$25k earn lower bonus rates
    • A 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 2.38% 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$1.8k+ monthly salary, spending S$500/month with an OCBC credit card, investing and 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$75k 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)
    +0.40% p.a. on first S$75k
    Step-Up Bonus
    • Deposit at least S$500/month (Bonus interest added to base rate & applied to specific band of balance)
    +0.10% p.a. on first S$25k
    +0.20% p.a. on next S$25k
    +0.40% p.a. on next S$25k
    Salary Bonus
    • Credit S$1.8k+ salary to account via GIRO (Bonus rates added to base rate & applied to specific band of balance)
    +0.30% p.a. on first S$25k
    +0.60% p.a. on next S$25k
    +1.20% p.a. on next S$25k
    "Invest" Bonus
    • Purchase an eligible investment product from OCBC (Bonus rates added to base rate & applied to specific band of balance)
    +0.30% p.a. on first S$25k
    +0.60% p.a. on next S$25k
    +1.20% p.a. on next S$25k
    "Insure" Bonus
    • Purchase an eligible insurance product from OCBC (Bonus rates added to base rate & applied to specific band of balance)
    +0.30% p.a. on first S$25k
    +0.60% p.a. on next S$25k
    +1.20% p.a. on next S$25k
    Max Effective Interest Rate:2.38% p.a. (at S$75k balance)
    Max EIR is one of the highest at a S$75k balance even with the Grow Bonus left inactive. Promotional rates, if any, are not included
    OCBC 360 Account Interest Rates
    Base Rate: No requirements (applied to entire balance)
    • 0.05% p.a.
    Grow Bonus: Maintain a balance of at least S$200k (bonus interest added to base rate)
    • +0.40% p.a. on first S$75k
    Step-Up Bonus: Deposit at least S$500/month (bonus interest added to base rate & applied to specific band of balance)
    • +0.10% p.a. on first S$25k
    • +0.20% p.a. on next S$25k
    • +0.40% p.a. on next S$25k
    Salary Bonus: Credit S$1.8k+ salary to account via GIRO (bonus rates added to base rate & applied to specific band of balance)
    • +0.30% p.a. on first S$25k
    • +0.60% p.a. on next S$25k
    • +1.20% p.a. on next S$25k
    "Invest" Bonus: Purchase an eligible investment product from OCBC(bonus rates added to base rate & applied to specific band of balance)
    • +0.30% p.a. on first S$35k
    • +0.60% p.a. on first S$25k
    • +1.20% p.a. on next S$25k
    "Insure" Bonus: Purchase an eligible insurance product from OCBC(bonus rates added to base rate & applied to specific band of balance)
    • +0.30% p.a. on first S$35k
    • +0.60% p.a. on first S$25k
    • +1.20% p.a. on next S$25k
    Max Effective Interest Rate:
    • 2.38% p.a. (at S$75k balance)
    Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive
    OCBC 365 Credit Card
    OCBC 365 Credit Card
    OCBC 365 Credit Card
    • Annual Fee: S$192.60 (waived w/ S$10k annual spend)
    • Stand-Out: Rebates on essentials with easy fee-waiver
    • Promotion:
    • Read Our Full Review

    OCBC Titanium Rewards Card
    OCBC Titanium Rewards Credit Card
    OCBC Titanium Rewards Credit Card
    • Annual Fee: S$192.60 (waived w/ S$10k annual spend)
    • Stand-Out: 4 miles per S$1 on fashion & select retail
    • Promotion:
    • Read Our Full Review

    OCBC Frank Card
    OCBC FRANK Credit Card
    OCBC FRANK Credit Card
    • Annual Fee: S$80 (waiver w/ S$10k annual spend)
    • Stand-Out: Up to 6% rebate online, S$400 min. spend requirement
    • Promotion:
    • Read Our Full Review

    OCBC 365 Credit Card

    OCBC 365 Credit Card
    OCBC 365 Credit Card
    • Annual Fee: S$192.60 (waived w/ S$10k annual spend)
    • Stand-Out: Rebates on essentials with easy fee-waiver
    • Promotion:
    • Read Our Full Review

    OCBC Titanium Rewards

    OCBC Titanium Rewards Credit Card
    OCBC Titanium Rewards Credit Card
    • Annual Fee: S$192.60 (waived w/ S$10k annual spend)
    • Stand-Out: 4 miles per S$1 on fashion & select retail
    • Promotion:
    • Read Our Full Review

    OCBC Frank Card

    OCBC FRANK Credit Card
    OCBC FRANK Credit Card
    • Annual Fee: S$80 (waiver w/ S$10k annual spend)
    • Stand-Out: Up to 6% rebate online, S$400 min. spend requirement
    • Promotion:
    • 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$1.8k 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
      • 18
      • 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 2.38% 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)
          +0.21% p.a. w/ S$500-S$1.99k spend
          +0.41% 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
          Invest Bonus
          • Invest with Standard Chartered
          • (Bonus added to base rate)
          +0.90% p.a. on 1st S$80k
          Insure Bonus
          • Buy an eligible insurance plan from Standard Chartered
          • (Bonus added to base rate)
          +0.90% p.a. on 1st S$80k
          Bill-Pay Bonus
          • Make 3+ bill payments via GIRO
          • (Bonus added to base rate)
          +0.07% p.a. on first S$80k
          Max Effective Interest Rate:2.38% p.a. (at S$80k balance)
          Promotional rates, if any, are not included
          SC Bonus$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)
          • +0.21% p.a. w/ S$500-S$1.9k spend
          • +0.41% p.a. w/ S$2k+ spend
          Salary Credit Bonus: Credit S$3k+ salary to account (bonus added to base rate)
          • +0.10% p.a. on first S$80k
          Invest Bonus: Invest with Standard Chartered (bonus added to base rate)
          • +0.90% p.a. on first S$80k
          Insure Bonus: Buy an eligible insurance plan from Standard Chartered (bonus added to base rate)
          • +0.90% p.a. on first S$80k
          GIRO Bill-Pay Bonus: Pay 3+ bills online via GIRO (bonus added to base rate)
          • +0.07% p.a. on first S$80k
          Max Effective Interest Rate:
          • 2.38% p.a. (at S$80k 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 3.00% 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 Categories
                • (first S$50k)
                • 3 Categories
                • (S$50k-S$100k)
                < S$2k0.05%0.05%0.05%
                S$2k – below 2.5k0.40%0.60%1.20%
                S$2.5k – below S$5k0.40%0.70%1.40%
                S$5k – below S$15k0.50%0.80%1.60%
                S$15k – below S$30k0.50%1.00%1.70%
                S$30k+0.60%2.00%3.00%
                • 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:3.00% 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 Categories
                • (first S$50k)
                • 3 Categories
                • (S$50k-S$100k)
                < S$2k0.05%0.05%0.05%
                S$2k – below 2.5k0.40%0.60%1.20%
                S$2.5k – below S$5k0.40%0.70%1.40%
                S$5k – below S$15k0.50%0.80%1.60%
                S$15k – below S$30k0.50%1.00%1.70%
                S$30k+0.60%2.00%3.00%
                • 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:3.00% p.a. (at S$100k balance)
                Promotional rates, if any, are not included

                OCBC 360 Savings Account v. Maybank SaveUp Savings Account

                Maybank SaveUp Account
                Maybank SaveUp 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)
                      0.15% p.a. on 1st S$3k
                      0.25% p.a. on next S$47k
                      0.25% 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)
                      +0.10% p.a. for 1 product
                      +0.7% 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)
                      • 0.15% p.a. on 1st S$3k
                      • 0.25% p.a. on next S$47k
                      • 0.275% 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)
                      • +0.10% p.a. for 1 product
                      • +0.7% p.a. for 2 products
                      • +2.75% p.a. for 3+ products

                      OCBC 360 Savings Account v. UOB One Savings Account

                      Win up to S$1,880 when you deposit fresh funds
                      UOB One Account
                      UOB One 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 2.50% p.a.. Account holders earn interest based on just 3 criteria: their balance size, credit card use, and salary crediting or making 3 GIRO debit transactions.

                            Those who spend a minimum of $500 on an eligible UOB card, 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 (+0.50% p.a. bonus applied to the 1st S$15k of a balance, +0.55% p.a. applied to the next S$15k of the balance, and so on). For consumers who opt to simply at least S$500/month on a UOB credit card without crediting their salary or making 3 GIRO debit transactions, they can also earn a bonus +0.25% p.a. Interest. 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)
                            +0.25% 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)
                            +0.50% p.a. on first S$15k
                            +0.55% p.a. on next S$15k
                            +0.65% p.a. on next S$15k
                            +0.80% p.a. on next S$15k
                            +2.50% p.a. on next S$15k
                            Max Effective Interest Rate:2.50% 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)
                            • +0.25% 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)
                            • +0.50% p.a. on first S$15k
                            • +0.55% p.a. on next S$15k
                            • +0.65% p.a. on next S$15k
                            • +0.80% p.a. on next S$15k
                            • +2.50% p.a. on next S$15k

                            Consumers who want to find out more about other bank accounts before making a decision can read check out our other reviews on bank accounts to find the one best fit for your needs.

                            Read Also:

                            Carrie Arndt

                            Carrie is a Senior Analyst at ValueChampion, helping consumers find the best credit cards and other financial products based on quantitative and qualitative analysis. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research, and led development & operations and BellaVetro. She attended Duke University and Penn State University, graduating with a degree in Political Science and Government. Her work has been featured on a variety of major media such as Yahoo Finance, Asia One, Buro, Zuu Online and more.