OCBC Frank Savings Account: An Ideal Starter Account?

OCBC Frank Savings Account: An Ideal Starter Account?

Fee-Free Starter Account for Young Adults

Good for

  • Young adults seeking a starter account
  • Consumers interested in maintenance-free savings
  • People who want to avoid requirements and fees

Bad for

  • Adult consumers over 26 years old
  • Individuals who maintain a moderate or large balance
  • People seeking an account offering bonus rates

Editor's Rating

4.0/5.0

Young consumers looking to avoid minimum requirements and fees should should definitely consider OCBC Frank Account. Account holders earn according to one of the simplest rate structures on the market: the 1st S$25k of a balance earns 0.20% p.a., the next S$25k (up to the S$50k mark) earns 0.30% p.a., and any remaining amount (beyond S$50k) earns 0.05% p.a. While these rates aren't particularly competitive, with a maximum effective interest rate [EIR] of just 0.25% p.a., this account is by far one of the most accessible options on the market. Consumers as young as 16 years old can apply, and there's no initial deposit requirement. Even better, the minimum balance requirement is waived for individuals younger than 26 years old. Overall, young adults seeking a starter account may want to consider OCBC Frank Account.

ProsCons
  • No minimum initial deposit requirement
  • Minimum balance req. waived for consumers below 26 years old
  • Low minimum age req. of just 16 years old
  • Low EIR, max 0.25% p.a.
  • No bonus rates offered
  • People above 26 years old must maintain S$1k balance or pay S$2 fee
Promotion: None currently available
Pros & Cons
Pros:
  • No minimum initial deposit requirement
  • Minimum balance req. waived for consumers below 26yo
  • Low minimum age req. of just 16yo
  • Promotion: None currently available
Cons:
  • Low EIR, max 0.25% p.a.
  • No bonus rates offered
  • People above 26yo must maintain S$1k balance or pay S$2 fee

What Makes OCBC Frank Savings Account Stand Out

If you're a young adult looking for a starter account without requirements or extra fees, OCBC Frank Savings Account may be the best option for you. Consumers as young as 16 years old can apply, which is one of the youngest age requirements on the market. In addition, there's no initial deposit requirement; many accounts require at least S$500 upfront. Another benefit of OCBC Frank Account is that individuals below 26 years old don't need to maintain a minimum balance, which is quite rare amongst competitors. This allows younger individuals to begin saving without having to worry about risk or maintenance.

However, it's worth mentioning that OCBC Frank Account's rates aren't especially competitive. While base rates–which range up to 0.30% p.a. (applied to the band of balance between S$25k and $50k)–are significantly higher than the 0.05% p.a. market norm, the account does not offer bonus rates at all. OCBC Frank Account's maximum EIR is just 0.25% p.a., achieved at a S$50k balance–which may be out of reach for younger consumers. For reference, a S$20k balance would earn an EIR of 0.20% p.a., equivalent to S$3.40 earned in interest for the month.

OCBC Frank Savings Account Interest Rates

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
0.20% p.a. on 1st S$25k
0.30% p.a. on next S$25k
0.05% p.a. beyond S$50k
Max Effective Interest Rate:0.25% p.a. (at S$50k balance)
Promotional rates, if any, are not included
OCBC Frank Savings Account Interest Rates
Base Rate: No requirements (rate varies according to band of balance)
  • 0.20% p.a. on 1st S$25k
  • 0.30% p.a. on next S$25k
  • 0.05% p.a. beyond S$50k
OCBC Frank Credit Card
  • Annual Fee: S$80.0
  • Stand-Out: Up to 6% rebate online, S$400 min. spend req.
  • Promotion: New cardholders will receive S$50 cashback & S$50 Grab Vouchers
  • Read Our Full Review

OCBC Frank Credit Card

  • Annual Fee: S$80.0
  • Stand-Out: Up to 6% rebate online, S$400 min. spend req.
  • Promotion: New cardholders will receive S$50 cashback & S$50 Grab Vouchers
  • Read Our Full Review

Nonetheless, very few savings accounts waive fees and minimums, making OCBC Frank Account a great, low-risk starter account. While it's likely not the best option for mature adults–who must maintain a S$1k balance or pay a S$2 fall-below fee–it should definitely be considered by those taking their first steps toward managing their personal finances.

OCBC Frank Savings Account Details & Requirements

Details & Requirements
Minimum Age Requirement16
Minimum Initial DepositS$0
Minimum Balance RequirementS$0 if younger than 26 years old, S$1,000 for 26+
Fall-Below FeeS$2 (Waived if less than 26 years old)

How Does OCBC Frank Savings Account Compare to Other Accounts?

Read our comparisons of OCBC Frank 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 Frank Savings Account offers a maximum effective interest rate below the market average, but higher than some competitor accounts offering no fees or requirements

OCBC Frank Savings Account v. CIMB FastSaver Savings Account

Consider this if you want a simple account with top interest rates

Min. Age Requirement 16
Min. Initial Deposit S$1,000
Min. Balance Requirement N/A

CIMB FastSaver Savings Account is an excellent starter account for young adults, as long as they can afford to make a S$1k initial deposit. Consumers as young as 16 years old can apply, and there's no minimum balance requirement, which makes the account nearly risk-free. Consumers also earn at market-leading, requirement-free base rates of 1.00% p.a. (applied to 1st S$50k of balance), 1.50% p.a. (applied to amount between S$50k–S$75k), and 0.60% p.a. (applied to amounts above S$75k). Overall, consumers can achieve an EIR of up to 1.17% p.a. at S$75k balance. While these rates are attractive, young adults who cannot afford the S$1k initial deposit requirement may prefer OCBC Frank Account.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
  • (Rate varies according to band of balance)
1.00% p.a. on 1st S$50k
1.50% p.a. on next S$25k
1.80% p.a. on next S$25k
0.60% p.a. beyond S$100k
Max Effective Interest Rate:1.33% p.a. (at S$100k balance)
Promotional rates, if any, are not included
CIMB FastSaver SA Interest Rates
Base Rate: No requirements (rate varies according to band of balance)
  • 1.00% p.a. on 1st S$50k
  • 1.50% p.a. on next S$25k
  • 1.80% p.a. on next S$25k
  • 0.60% p.a. beyond S$100k
Max EIR: 1.33% p.a. (at S$100k balance)

OCBC Frank Savings Account v. OCBC Monthly Savings Account (MSA)

Consider this if you're opening a first account and can save a little every month

Min. Age Requirement 16
Min. Initial Deposit S$0
Min. Balance Requirement S$500

OCBC Monthly Savings Account is an easy option for young savers looking to open their first account. To begin with, individuals as young as 16 years old are eligible for approval, and there's no minimum initial deposit requirement. Furthermore, consumers earn 0.05% p.a. on their entire balance, with a +0.10% p.a. boost if they make no withdrawals and deposit S$50+ that month. Overall, individuals can earn an EIR of up to 0.15% p.a.. Even still, account holders must keep in mind that there's a S$500 minimum balance requirement and S$2 fall below fee. While the fee is waived for the 1st year, young adults can avoid fees all the way up to age 26 with OCBC Frank Savings Account.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No Requirements; applied to entire balance
0.05% p.a.
No Withdrawals + Deposit
  • No withdrawals + deposit at least S$50
  • (Bonus interest added to base rate & applied to
  • entire balance)
+0.10% p.a.
Max Effective Interest Rate:0.15% p.a. at any balance size
Promotional rates, if any, are not included
OCBC MSA Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
No Withdrawals + Deposit: No withdrawals + deposit of at least S$50 (bonus added to base rate & applied to entire balance)
  • +0.10% p.a. on next S$40k
Max EIR: 0.15% p.a. at any balance size

OCBC Frank Savings Account v. POSB Everyday Savings Account

Unemployed individuals may be able to benefit from POSB Everyday Savings Account. This account caters to individuals who may have a hard time qualifying for or maintaining most other savings accounts on the market. Eligible consumers don't need to make a minimum initial deposit, and a wide variety of people are exempt from average minimum balance requirements: individuals younger than 21 years old, older than 60 years old, full-time NSF, public assistance recipients, and even people who are simply opening their first POSB account online. While this waiver makes POSB Everyday Savings Account more accessible, effective interest rates aren't very competitive. Young adults below 26 years old can earn more interest with OCBC Frank Account.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements
0.05% p.a. on entire balance
Max Effective Interest Rate:0.05% p.a. (at any balance)
Promotional rates, if any, are not included
POSB Everyday Interest Rates
Base Rate: No requirements
  • 0.05% p.a. on entire balance
Max EIR: 0.50% p.a. (at any balance)
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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