OCBC Bonus+ Savings Account: Flexible Rewards for Growth
OCBC Bonus+ Savings Account: Flexible Rewards for Growth
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Pros
- People who save somewhat regularly
- Consumers who can maintain a S$3k balance
- Individuals who make small-to-moderate deposits
Cons
- People who cannot commit to extended saving
- Individuals who make very large deposits
- Consumers who can't afford a large initial deposit
OCBC Bonus+ Savings Account is a competitive option for consumers who can often make deposits and forgo withdrawals, but don't want to be bound by long commitments in order to unlock bonuses. Account holders always earn a standard base rate of 0.05% p.a., but this can easily be boosted by +0.10% p.a. on months where no withdrawal is made. Even further, depositing at least S$500 that same month gains an extra +0.25% p.a., for a potential effective interest rate [EIR] of up to 0.40% p.a. OCBC Bonus+ Savings Accounts is best for more established individuals, however, as it requires a S$5k minimum initial deposit and maintenance of a S$3k minimum balance.
| Pros | Cons |
|---|---|
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| Promotion: Earn 0.25% p.a. interest on your balance with a min deposit of S$500 and no withdrawal in the same month | |
| Pros & Cons |
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Pros:
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Cons:
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What Makes OCBC Bonus+ Savings Account Stand Out
OCBC Bonus+ is a great option for consumers who can–for the most part–make monthly deposits while forgoing withdrawals, but can't commit to such behaviour for an extended period of time. Account holders unlock bonus rates on a month-to-month basis, earning +0.10% p.a. when they don't make a withdrawal and another +0.25% p.a. if they also make a S$500+ deposit. Taking into account the 0.05% p.a. base rate, it's possible to earn an EIR of up to 0.40% p.a. Few competitor accounts reward consistent growth in such a flexible way.
OCBC Bonus+ Savings Account Interest Rates
| Rate Type | Details & Requirements | Interest Rate |
|---|---|---|
| Base Rate |
| 0.05% p.a. |
| No Withdrawals |
| +0.10% p.a. |
| Extra Deposit |
| +0.25% p.a. |
| Max Effective Interest Rate: | 0.40% p.a. | |
| OCBC Bonus+ Savings Account Interest Rates |
|---|
Base Rate: No requirements (applied to entire balance)
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No Withdrawals: No withdrawals during month (bonus interest added to base rate & applied to entire balance)
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Extra Deposit: No withdrawals + deposit at least S$500 (bonus interest added to base rate & applied to entire balance)
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While such competitors only provide bonuses for those who grow their month-on-month balance for 6–24 months, they also offer substantially higher rates. Consumers who can commit to forgoing withdrawals and growing their account 24 months can earn an EIR of up to 2.25% p.a., in fact. It's also worth mentioning that some savings accounts, like CIMB FastSaver, offer 1.00% p.a. base interest without any additional requirements or qualifications. Finally, OCBC Bonus+ also has a high initial deposit requirement of S$5k+ and high minimum balance requirement of S$3k+.
Max EIR Based on Duration of Incremental Growth with No Withdrawals
| Duration | OCBC Bonus+ | MB iSAVvy Plus | POSB SAYE |
|---|---|---|---|
| 1 Month | 0.40% p.a. | 0.38% p.a. | 0.25% p.a. |
| 6 Months | 0.40% p.a. | ~1.94% p.a. | 0.25% p.a. |
| 24 Months | 0.40% p.a. | ~1.94% p.a. | 2.25% p.a. |
Overall, OCBC Bonus+ is best fit for consumers who often save, but can't make a long-term commitment. Established individuals with a stable balance are most likely to qualify and avoid fall-below fees. If flexibility and rewards for incremental growth are a priority, OCBC Bonus+ Savings Account may be a great fit for you.
OCBC Bonus+ Savings Account Details & Requirements
| Details & Requirements | |
|---|---|
| Minimum Age Requirement | 16 |
| Minimum Initial Deposit | S$5,000 |
| Minimum Balance Requirement | S$3,000 |
| Fall-Below Fee | S$2 |
How Does OCBC Bonus+ Savings Account Compare to Other Accounts?
Read our comparisons of OCBC Bonus+ 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 Bonus+ Savings Account v. Maybank iSAVvy Plus Savings Account
- Min. Age Requirement
- 16
- Min. Initial Deposit
- S$500
- Min. Balance Requirement
- S$500
Consumers who can commit to at least 6 months of substantial incremental growth with no withdrawals may want to consider Maybank iSAVvy Plus Savings Account. Account holders earn above-standard base rates, based on their balance size, reaching 0.38% p.a. for balances of S$50k+.
The account's real competitive edge comes from its bonus structure. Month-on-month growth without withdrawals for 6 months earns 1.56% p.a. bonus interest–though this is applied only to incremental gains. As a result, Maybank iSAVvy Plus Savings Account is most rewarding for consumers who can make consistently large deposits for an extended period of time. Those making smaller deposits with varying regularity will likely earn more with OCBC Bonus+ Savings Account.
| Rate Type | Details & Requirements | Interest Rate |
|---|---|---|
| Base Rate |
| 0.1875% p.a. if < S$5k |
| 0.30% p.a. if S$5k–below S$50k | ||
| 0.38% p.a. if S$50k+ | ||
| Consistent Increase |
| 1.56% p.a. (on increase) |
| Max Effective Interest Rate: | 1.94% p.a. (at S$50k balance) | |
| Maybank iSAVvy Plus Savings Account Interest Rates |
|---|
Base Rate: No requirements (rate varies according to balance size)
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Consistent Increase: Monthly deposit + no withdrawals for 6 mo (bonus rate applied to incremental increase only)
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OCBC Bonus+ Savings Account v. POSB SAYE Savings Account
- Min. Age Requirement
- 16
- Min. Initial Deposit
- S$0
- Min. Balance Requirement
- S$50
Current POSB/DBS banking customers looking for a passive, supplementary account may be interested in POSB Save As You Earn (SAYE) Savings Account. Account holders simply link an existing POSB/DBS account, to which they're crediting their salary, to their POSB SAYE Account, and funds are auto-transferred every month. This fixed amount is considered a deposit, and after 24 months of such deposits without withdrawals, consumers can earn an EIR up to 2.25% p.a.–which is remarkably high, considering the account is maintenance-free.
Nonetheless, POSB SAYE Account does require an extended commitment, and isn't suited for individuals seeking an account they can interact with more frequently. Such consumers, who save but with less regularity, may prefer OCBC Bonus+ Savings Account.
| Rate Type | Details & Requirements | Interest Rate |
|---|---|---|
| Base Rate |
| 0.05% p.a. if no deposit made |
| 0.05% p.a. for S$50–290 deposit | ||
| 0.20% p.a. for S$300–790 deposit | ||
| 0.25% p.a. for S$800–3k deposit | ||
| 0.05% p.a. for S$3k+ deposit | ||
| No Withdrawals + Deposit |
| +2.00% p.a. |
| Max Effective Interest Rate: | 2.25% p.a. (at S$800–3k deposit) | |
| POSB SAYE Account Interest Rates |
|---|
Base Rate: No requirements (applied to entire balance)
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No Withdrawals + Deposit: Bonus interest added to base rate and applied to entire balance
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| Max EIR: 2.25% p.a. (at S$800–3k deposit) |
OCBC Bonus+ Savings v. UOB Stash Savings Account
- Min. Age Requirement
- 15
- Min. Initial Deposit
- S$1,000
- Min. Balance Requirement
- S$1,000
UOB Stash Savings Account is worth considering for consistent savers with large balances, but who tend to make deposits that are small or irregular in size. Account holders earn a standard base rate of 0.05% p.a., and earn a boost on months where they increase their balance size (regardless of the amount of increase). Altogether, it's possible to earn an EIR of up to 1.00% p.a., achieved at a S$100k balance. Consumers who can consistently make S$500+ deposits, however, can likely earn at higher rates with OCBC Bonus+ Savings Account, regardless of their balance size.
| Rate Type | Details & Requirements | Interest Rate |
|---|---|---|
| Base Rate |
| 0.05% p.a. |
| Balance Increase |
| (base rate on 1st S$10k) |
| +0.60% p.a. on next S$40k | ||
| +1.00% p.a. on next S$50k | ||
| Max Effective Interest Rate: | 1.00% p.a. (at S$100k balance) | |
| UOB Stash SA Interest Rates |
|---|
Base Rate: No requirements (applied to entire balance)
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Balance Increase: Balance is greater than previous month's (bonus added to base rate & applied to specific bands of balance)
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| Max EIR: 1.00% p.a. (at S$100k balance) |