OCBC 360 Savings Account: Is it Worth Applying?
OCBC 360 Savings Account: Is it Worth Applying?
ValueChampion Rating 
Pros
- Average consumers with a predictable monthly budget
- Salaried individuals who can save S$500+/month
- People interested in OCBC banking products
Cons
- Consumers with variable spending and saving habits
- People on a tight budget with little room to save or invest
- Wealthy individuals who maintain a balance of S$100k+
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$1.8k+ salary, spend S$500+/month on an OCBC credit card, and increase their balance size by at least S$500 monthly–all fairly reasonable criteria for the average consumer–quickly accrue bonus interest on up to S$75k 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 7.65% 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.
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| Pros: on_current="true" High EIR of up to 7.65% p.a. Bonus rewards for consistent saving Peak interest attainable at S$75k balance | |
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Cons:
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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 7.65% 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 increasing their average daily balance by at least S$500/month, without having to worry about withdrawal limits or long-term requirements. In addition, consumers are rewarded for crediting a S$1.8k+ monthly salary, spending S$500/month with an OCBC credit card, investing and 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$100k 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. |
| Grow Bonus |
| +2.40% p.a. on first S$100k |
| Save Bonus |
| +1.20% p.a. on first S$75k |
| +2.40% p.a. on next S$25k | ||
| Spend Bonus |
| +0.60% p.a. on first S$100k |
| Salary Bonus |
| +2.00% p.a. on first S$75k |
| +4.00% p.a. on next S$25k | ||
| "Invest" Bonus |
| +1.20% p.a. on first S$75k |
| +2.40% p.a. on next S$25k | ||
| "Insure" Bonus |
| +1.20% p.a. on first S$75k |
| +2.40% p.a. on next S$25k | ||
| Max Effective Interest Rate: | 7.65% p.a. (at S$75k balance) | |
| OCBC 360 Account Interest Rates |
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Base Rate: No requirements (applied to entire balance)
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Grow Bonus: Maintain a balance of at least S$200k (bonus interest added to base rate)
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Save Bonus: Increase the average daily balance by at least S$500/month (bonus interest added to base rate & applied to specific band of balance)
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Salary Bonus: Credit S$1.8k+ salary to account via GIRO (bonus rates added to base rate & applied to specific band of balance)
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"Invest" Bonus: Purchase an eligible investment product from OCBC(bonus rates added to base rate & applied to specific band of balance)
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"Insure" Bonus: Purchase an eligible insurance product from OCBC(bonus rates added to base rate & applied to specific band of balance)
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Max Effective Interest Rate:
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| OCBC 365 Credit Card | |
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| OCBC Titanium Rewards Card | |
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| OCBC Frank Card | |
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OCBC 365 Credit Card
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OCBC Titanium Rewards
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OCBC Frank Card
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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$1.8k 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$3,000 |
| Fall-Below Fee |
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How Does OCBC 360 Savings Account Compare to Other Accounts?
Read our comparisons of OCBC 360 Savings Account with other savings accounts and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.
OCBC 360 Savings Account v. Standard Chartered Bonus$aver Account
- Min. Age Requirement
- 18
- Min. Initial Deposit
- S$0
- Min. Balance Requirement
- S$3,000
Standard Chartered Bonus$aver Account offers affluent consumers the chance to earn the highest effective interest rate on the market. Account-holders who can credit a S$3k+/month salary, buy a S$12k+ insurance policy or make a S$30k unit trust subscription, spend S$2k+/month on a Bonus$aver credit or debit card and pay 3+ monthly bills via GIRO can earn up to an incredible 2.38% p.a. interest. This rate is achieved at S$100k balance, and given the bonus criteria, high spenders and high earners are most likely to qualify. It's worth mentioning that there's a S$3k minimum balance requirement and S$5 fall below fee, both of which are relatively high, but those most likely to benefit from SC Bonus$aver Account are unlikely to be affected.
| Rate Type | Details & Requirements | Interest Rate |
|---|---|---|
| Base Rate |
| 0.05% p.a. |
| Credit/Debit Bonus |
| +0.21% p.a. w/ S$500-S$1.99k spend |
| +0.41% p.a. w/ S$2k+ spend | ||
| Salary Credit Bonus |
| +1.00% p.a. on 1st S$100k |
| Invest Bonus |
| +0.90% p.a. on 1st S$80k |
| Insure Bonus |
| +0.90% p.a. on 1st S$80k |
| Bill-Pay Bonus |
| +0.07% p.a. on first S$80k |
| Max Effective Interest Rate: | 2.38% p.a. (at S$80k balance) | |
| SC Bonus$aver Account Interest Rates |
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Base Rate: No requirements (applied to entire balance)
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Spend Bonus: Spend monthly on a Bonus$aver credit or debit card (bonus added to base rate)
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Salary Credit Bonus: Credit S$3k+ salary to account (bonus added to base rate)
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Invest Bonus: Invest with Standard Chartered (bonus added to base rate)
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Insure Bonus: Buy an eligible insurance plan from Standard Chartered (bonus added to base rate)
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GIRO Bill-Pay Bonus: Pay 3+ bills online via GIRO (bonus added to base rate)
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Max Effective Interest Rate:
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OCBC 360 Savings Account v. DBS Multiplier Account
- Min. Age Requirement
- 18
- Min. Initial Deposit
- S$0
- Min. Balance Requirement
- S$3,000
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 3.00% 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.
| DBS Multiplier Interest Rate Grid | |||
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| Transactions/Mo |
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| < S$2k | 0.05% | 0.05% | 0.05% |
| S$2k – below 2.5k | 0.40% | 0.60% | 1.20% |
| S$2.5k – below S$5k | 0.40% | 0.70% | 1.40% |
| S$5k – below S$15k | 0.50% | 0.80% | 1.60% |
| S$15k – below S$30k | 0.50% | 1.00% | 1.70% |
| S$30k+ | 0.60% | 2.00% | 3.00% |
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| Max Effective Interest Rate: | 3.00% p.a. (at S$100k balance) | ||
| DBS Multiplier Interest Rate Grid | |||
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| Transactions/Mo |
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| < S$2k | 0.05% | 0.05% | 0.05% |
| S$2k – below 2.5k | 0.40% | 0.60% | 1.20% |
| S$2.5k – below S$5k | 0.40% | 0.70% | 1.40% |
| S$5k – below S$15k | 0.50% | 0.80% | 1.60% |
| S$15k – below S$30k | 0.50% | 1.00% | 1.70% |
| S$30k+ | 0.60% | 2.00% | 3.00% |
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| Max Effective Interest Rate: | 3.00% p.a. (at S$100k balance) | ||
OCBC 360 Savings Account v. Maybank SaveUp Savings Account
- Min. Age Requirement
- 16
- Min. Initial Deposit
- S$500 for Singaporeans & PR, S$1,000 for foreigners
- Min. Balance Requirement
- S$1,000
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.
| Rate Type | Details & Requirements | Interest Rate |
|---|---|---|
| Base Rate |
| 0.15% p.a. on 1st S$3k |
| 0.25% p.a. on next S$47k | ||
| 0.25% p.a. beyond S$50k | ||
| Product Bonus |
| +0.10% p.a. for 1 product |
| +0.7% p.a. for 2 products | ||
| +2.75% p.a. for 3+ products | ||
| Max Effective Interest Rate: | 3.00% p.a. (at S$50k balance) | |
| Maybank SaveUp Savings Account Interest Rates |
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Base Rate: No requirements (rate varies according to band of balance)
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Product Bonus: Use at least 1 Maybank service or product, ie loan, insurance, investment, credit card etc. (bonus interest based on number of products & applied to entire balance, up to 1st S$50k)
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OCBC 360 Savings Account v. UOB One Savings Account
- Min. Age Requirement
- 18
- Min. Initial Deposit
- S$1,000
- Min. Balance Requirement
- S$1,000
UOB One Savings Account stands out as one of the easiest-to-use multi-product accounts, while also maintaining a reasonably competitive maximum EIR of 5.00% p.a.. Account holders earn interest based on just 3 criteria: their balance size, credit card use, and salary crediting or making 3 GIRO debit transactions.
Those who spend a minimum of $500 on an eligible UOB card, automatically credit a salary of S$1.6k+/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 (+3.80% p.a. bonus applied to the 1st S$30k of a balance, +3.85% p.a. applied to the next S$30k of the balance, and so on). For consumers who opt to simply at least S$500/month on a UOB credit card without crediting their salary or making 3 GIRO debit transactions, they can also earn a bonus +0.60% p.a. Interest.
Overall, credit card users who credit their salary can easily earn competitive 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.
| Rate Type | Details & Requirements | Interest Rate |
|---|---|---|
| Base Rate | No Requirements; applied to entire balance | 0.05% p.a. |
| Credit Card Bonus |
| +0.60% p.a. |
| Salary/GIRO Bonus |
| GIRO:+2.00% p.a. on first S$30k Salary:+ 3.80% p.a. on the first S$30k |
| GIRO:+ 2.45% p.a. on next S$30k Salary:+ 3.85% p.a. on next S$30k | ||
| GIRO:+3.95% p.a. on next S$15k Salary:+ 4.80% p.a. on next S$30k | ||
| Salary:+7.75% p.a. on next S$25k | ||
| Max Effective Interest Rate: | 5.00% p.a. (at S$100k balance) | |
| UOB One Account Interest Rates |
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Base Rate: No requirements (applied to entire balance)
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Credit Card Bonus: Spend S$500/month on UOB One, UOB YOLO, or UOB Lady's Card (bonus interest added to base rate)
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Salary/GIRO Bonus: Credit S$1.6k+ salary to account or make 3 GIRO debit transactions per month (bonus rates added to base rate & applied to specific band of balance)
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Consumers who want to find out more about other bank accounts before making a decision can read check out our other reviews on bank accounts to find the one best fit for your needs.
