in

Is The OCBC 360 Savings Account Right For You?

ocbc 360 account

Parking your money in a savings account will not make you rich. But here’s the thing — having an account with good interest rates goes a long way. So how does the OCBC 360 Savings account fair? Is it worth considering against savings accounts from DBS and UOB?

How does it work?

If you’re familiar with the DBS Multiplier account, you’ll roughly understand how the OCBC 360 Savings account works.

To start off, the OCBC Savings account has a pretty low base rate of just 0.05% p.a. It’s nothing impressive, but there are many ways you can earn more interest rates. There are mainly 2 tiers based on the balance you have in your account.

$35 000 or below

  • Crediting your salary (min. $2000) —1.2% p.a
  • Spending with OCBC cards (min $500) —0.3% p.a
  • Increase monthly account balance (min $500) — 0.3% p.a
  • Increase monthly account balance (any amount) — additional 1% of amount increased (up to $1m)
  • Invest with OCBC — 0.6% p.a
  • Insure with OCBC — 0.6% p.a

$35 001 to $70 000

  • Crediting your salary (min. $2000) —2% p.a
  • Spending with OCBC cards (min $500) —0.6% p.a
  • Increase monthly account balance (min $500) — 0.6% p.a
  • Increase monthly account balance (any amount) — additional 1% of amount increased (up to $1m)
  • Invest with OCBC — 1.2% p.a
  • Insure with OCBC — 1.2% p.a
  • Maintain account balance at $200 000 and above — 1% p.a

Here’s an important point to note — interest rates in your account are tiered accordingly. Suppose you have $60 000 in your account. The first $35 000 will get you a lower interest rate, while the sum from $35 001 to $60 000 will get you a higher interest rate.

Who should sign up for this account?

The great thing about the OCBC 360 Savings account is that none of these transaction categories are compulsory. Minimum amounts are attainable which means you can easily ramp up your interest rates!

If you’re a fresh graduate with an entry level job, or if you earn at least $2000 a month, this savings account is perfect for you. There’s no pressure to fulfil multiple requirements for you to earn interest rates.

However, if you’re just crediting your salary to your account and increasing your balance as and when possible, you’re not going to make full use of the OCBC 360 Savings account.

A few things to note…

However, if you’re looking to maximise the interest rates, you’ll need to invest a significant amount with OCBC. Only selected products can allow you to earn increased interest rates with the OCBC 360 account:

OCBC 360 Eligible Products

Seeing that interest rates are tiered, it would mean that you’ll have to be at least be part of the middle-class to fully maximise this account. To earn the most out of the account, you should also be an existing customer of OCBC investment/ insurance products. If you’re not, you should at least be interested in them if you want to earn more interest rates.

So is the OCBC 360 Savings account worth a shot? In many ways, the OCBC 360 Savings account is friendly and accessible to a wide range of income groups. There’s no pressure in fulfilling a host of requirements and you just need to credit your salary of at least $2000 to your account!

However, that’s only going to increase your interest rates marginally, especially if you have less than $35 000 in your account. To fully maximise the account, you’ll definitely need to invest and get insurance products with OCBC.

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0
POSB Everyday Card

POSB Everyday Card Review: Is It Really For Everyday Spending?