OCBC 360 Account — OCBC Savings Account Review

If you’re gonna open a primary savings account in Singapore, you’re most likely going to go with one of the 3 local banks (DBS, UOB and OCBC). But how good is an OCBC 360 savings account for earning interest?

Let’s look at the features of the OCBC 360 account to help you assess if it offers the best savings account interest rate. Also, check out how it fares against the competition. 

OCBC 360 account interest rates 

The OCBC 360 account is a savings account that starts with a low base (0.05% p.a.), but that can potentially give you higher returns if you meet the requirements of its additional categories. 

For every month that you hit a target, you receive bonus interest. This makes it ideal as a primary savings account — the account where you’re performing the most transactions regularly.

Expect to earn bonus interest on the first $75,000 of your account balance if you do any or all of these:

• credit your salary of at least $1,800 through GIRO
• save at least $500 more from the previous month
• maintain $200,000 or more in total savings
• insure with OCBC
• invest with OCBC

Here is the OCBC 360 account’s bonus interest new structure:

Action	1st $25,000	$25,001 to $50,000	$50,001 to $75,000
None (base interest)	0.05% p.a.	0.05% p.a.	0.05% p.a.
Salary credit by GIRO (min. initial deposit $1,800)	0.3% p.a.	0.6% p.a.	1.2% p.a.
Increase monthly account balance (min. $500)	0.1% p.a.	0.2% p.a.	0.4% p.a.
Insure and/or invest with OCBC (min. amount varies depending on product)	0.3% p.a.	0.6% p.a.	1.2% p.a.
Insure and/or invest with OCBC (min. amount varies depending on product)	0.3% p.a.	0.6% p.a.	1.2% p.a.

How to calculate the realistic interest rate on your OCBC 360 account?

When we say realistic, we mean the average person with less than $25,000 in savings who also does not have the financial capabilities to insure or invest with OCBC. If you find yourself in this demographic, the interest rates would be in the lower tier and not very competitive. 

Assuming you regularly do the following:

• Credit your salary of at least $1,800 (0.3% p.a.) 
• Keep increasing your monthly account balance by at least $500 (0.1% p.a.)

You can expect to earn 0.45% p.a. on your savings (including the 0.05% base interest) — or more if you save up enough to get into the second tier.

The good thing about OCBC 360 account is that none of the bonus interest actions are compulsory. They are also independent of each other, which is to say if you can only meet the requirement of crediting your salary of at least $1,800, you will still be awarded the bonus interest rate for meeting the requirements of just that category. 

In addition, the extra 0.1% p.a. for increasing your account balance each month can help motivate you to grow your savings.

The OCBC 360 account gives you higher interest if you invest, but…

To really maximise your interest rate, you also need to insure or invest with OCBC to bring your interest up. Insuring and investing are two of the higher bonus interest rate earning categories. 

However, it’s definitely not for small-time investors — this table of the rather hefty minimum investment amounts should give you an idea:

Eligible financial products	Minimum qualifying amount
Regular Premium Insurance Category 1	$4,000
Regular Premium Insurance Category 2	$2,000
Single Premium Insurance	$20,000
Unit trusts	$20,000
Structured deposits	$20,000
Bonds and structured products	$200,000

In addition, the 0.3% bonus interest for each category is valid only for the first 12 months.

For a more accurate projection of interest rates, use the OCBC 360 interest rate calculator on their page.

OCBC 360 account vs UOB One account 

Structurally, the UOB One account is a little similar to the OCBC 360. Salary credit is not mandatory, so it’s also a good option for the self-employed, freelancers, retirees or people making passive income. 

 There are 3 ways to earn bonus interest:

1. Spend at least $500 a month with UOB credit cards (0.25% p.a.)*
2. Spend at least $500 a month with UOB credit cards + monthly salary credit of at least $1,600 (0.5% p.a.)*
3. Spend at least $500 a month with UOB  credit cards + 3 monthly GIRO bill payments (0.5% p.a.)*

*Based on the first $15,000.

Notice something here? Credit card spending is compulsory for the UOB One account. If you don’t want to be forced to spend that amount every month to earn interest, you’re probably better off with OCBC.

Read our review to find out more about the UOB One Account.

OCBC 360 account vs DBS Multiplier account 

If you’re a salaried worker, the OCBC 360 account’s main rival would be the DBS Multiplier account.

As long as your salary credit + POSB/DBS credit card spending add up to at least $2,000, you can earn 0.4% p.a. If you’re spending for your family, that’s a pretty easy target. (If you have a DBS home loan, you can unlock the higher tier which is 0.6% p.a. or more.)

That said, the DBS Multiplier account does not reward you for saving more each month.

If you don’t draw a regular salary, you can still earn bonus interest with DBS, but you have to either:

• Credit your income + make PayLah! transactions that add up to at least $500
• Make PayLah! Transactions if you’re 29 years old and below with no eligible income

Check out our in-depth review of the DBS Multiplier on how to get the most out of it.

OCBC 360 account minimum balance, fall below fee & more

Minimum age: 18 years old

Nationality: Singaporeans, PRs, E-Pass & S-Pass holders

Initial deposit: $1,000

Minimum balance (monthly): $3,000

Fall-below fee: $2 (waived for the 1st year)

Bonus interest cap: $75,000

Click here for more information and to open an OCBC 360 account.

Do you have the OCBC 360 account? What do you think of it? Tell us in the comments!