Menu
 

OCBC 360 Account Review 2019

OCBC 360 Account allows you to earn a tiered bonus interest of 2.4% per annum* on the first $35,000 in your account on top of the base interest rate of 0.05% per annum. If your account balance is between $35,001 to $70,000, stand to earn a bonus interest of up to 4.4% per annum. The tiered bonuses are dependent on performing the following monthly transactions:

  • Spend at least $500 per month using the OCBC credit card
  • Credit a minimum salary of $2,000 per month through GIRO
  • Increase your account balance by at least $500 every month
  • Purchasing eligible financial products from OCBC

Pros:

  • Salary bonus interest of up to 2% per annum
  • Wealth bonus interest of up to 1.2% per annum
  • Low account balance eligible for bonus interest
  • Wide coverage of ATM network islandwide (>1,200 ATMs) + withdraw cash at either UOB or OCBC ATMs with no additional fees

Cons:

  • Requires tracking of multiple bonus categories on a monthly basis
  • Initial deposit of S$1,000 required
OCBC 360 Account - Product Summary
Base Interest Rate: 0.05% per annum
Max Interest Rate: Up to 4.40% per annum*
Fall below fees: $2 per month (First Year Waived)
Good for: Salary credit of $2,000 per month through GIRO and the first $35,000 earns 1.2% while the next $35,000 earns 2%
Minimum Initial Deposit: $1,000

Table of Content

1. Why should you choose the OCBC 360 Account?

With the introduction of new categories and higher bonus interest, account holders can now take advantage of a two-tier bonus interest based on your account balance (Tier 1: $35,000, Tier 2: $35,001 to $70,000). OCBC 360 Account continues to offer generous bonus interest with an additional 1% per annum on your first $70,000 if your account balance is at least $200,000. Earn another 1% per annum on the incremental increase in your account balance, capped at $1 million. Despite the removal of the Payment bonus interest of 0.3% per annum, the pros outweigh the cons, especially with the new categories and higher bonus interest, which are permanent features rather than promotional offers.
Requirement First $35,000 Next S$35,000
Salary: Credit Salary of at least S$2,000 through GIRO 1.2% 2.0%
Spend: Spend at least S$500 on OCBC Credit Cards 0.3% 0.6%
Step Up: Increase your account balance by S$500 compared to the previous month 0.3% 0.6%
Wealth: Insure or invest with OCBC and earn bonus interest for 12 months 0.6% 1.2%
Grow: Extra bonus if your account balance is at least S$200,000 1.0% 1.0%
Boost: Increase your account balance from the previous month's balance (up to S$1m) 1.0% 1.0%
Prevailing Interest Rate 0.05% 0.05%
Key Benefit #1
Credit your monthly salary of at least $2,000 into the OCBC 360 Account and earn 1.2% per annum for account balance of $35,000 and 2% per annum for account balance between $35,001 to $70,000.
Key Benefit #2
Purchase any new eligible financial product from OCBC and earn 0.6% per annum for account balance of $35,000 and 1.2% per annum for account balance between $35,001 to $70,000.
Key Benefit #3
Earn an additional bonus interest of 1% on the incremental balance (difference between the average daily balance in the current month and the previous month) in your account balance, capped at $1 million. For example, if your average daily balance increased to $80,000 in the current month from $70,000 in the previous month then you will earn an additional bonus interest of 1% on the incremental balance of $10,000.

What Charges or Fees should you look out for?

Minimum Initial Deposit: NIL
Minimum Balance Fee: $2
Early Account Closure Fee: $30 (within 6 months of opening)

How to apply?

Here is what you will need during the application process:
  • Front and back of NRIC/Passport/Employment Pass
  • Additional Documents (any of the following)
    • Phone Bill
    • Half-yearly CPF statement
    • Any bank statement