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 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 3.48% 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.
|Promotion: Open your 1st OCBC 360 Account & receive S$20 cash reward|
|Pros & Cons|
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 3.48% 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, and earn an extra 1% p.a. on incremental balance increases. 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 Type||Details & Requirements||Interest Rate|
|Base Rate||No Requirements; applied to entire balance||0.05% p.a.|
|Boost Bonus||+1.00% p.a. (on increase)|
|Grow Bonus||+1.00% p.a. on first S$70k|
|Step-Up Bonus||+0.30% p.a. on first S$35k|
|+0.6% p.a. on next S$35k|
|Spend Bonus||+0.30% p.a. on first S$35k|
|+0.6% p.a. on next S$35k|
|Salary Bonus||+1.20% p.a. on first S$35k|
|+2.00% p.a. on next S$35k|
|"Wealth" Bonus||+0.60% p.a. on first S$35k|
|+1.20% p.a. on next S$35k|
|Max Effective Interest Rate:||3.48% p.a. (at S$70k balance)|
|OCBC 360 Account Interest Rates|
|Base Rate: No requirements (applied to entire balance)
|Boost Bonus: Increase balance size from previous month (bonus interest applied to increase only)
|Grow Bonus: Maintain balance of at least S$200k (bonus interest added to base rate)
|Step-Up Bonus: Deposit at least S$500/month (bonus interest added to base rate & applied to specific band of balance)
|Spend Bonus: Spend S$500/month on OCBC credit card (bonus interest added to base & applied to specific band of balance)
|Salary Bonus: Credit S$2k+ salary to account via GIRO (bonus rates added to base rate & applied to specific band of balance)
|"Wealth" Bonus: Insure or invest with OCBC Bank (bonus rates added to base rate & applied to specific band of balance)
|Max Effective Interest Rate:
|OCBC 365 Credit Card|
|OCBC Titanium Rewards Card|
|OCBC Frank Card|
OCBC 365 Credit Card
OCBC Titanium Rewards
OCBC Frank Card
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 Requirement||18|
|Minimum Initial Deposit||S$1,000|
|Minimum Balance Requirement||S$3,000|
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 v. DBS Multiplier Account
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.
OCBC 360 Savings Account v. Maybank SaveUp Savings Account
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.
OCBC 360 Savings Account v. UOB One Savings Account
UOB One Savings Account stands out as one of the easiest-to-use multi-product accounts, while also maintaining a very high maximum EIR of 2.44% 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 (+0.35% p.a. bonus applied to the 1st S$15k of a balance, +0.50% p.a. applied to the next S$15k of the balance, and so on). Consumers also earn a bonus +1.45% 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 top 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.