Here’s Our Secret to Growing Our Money the Fast & Fuss-Free Way: OCBC 360 Account

Hate jumping through hoops just to earn greater returns on your savings? With the OCBC 360 Account, you can earn up to 7.65% p.a. interest on the first S$100,000 with a few simple steps.

Nowadays, many of us prioritise seeking ways to earn the highest returns (as straightforward as possible). Whether it’s pursuing low-risk investment tools like Singapore Savings Bonds and T-Bills or owning high-risk portfolios through online brokerages and robo-advisors, it’s easy to become complacent and neglect the fundamentals – our savings.

A common misconception about savings accounts is that they earn the bare minimum interest, but that couldn’t be further from the truth. A closer inspection reveals that now, you can earn more than 7% p.a. interest on just your savings account alone, with the OCBC 360 Account being one of them!

Curious to know how? Keep on reading.

Table of contents

• How to grow your money with the OCBC 360 Account?
• How to maximise interest earned?

  • Up to 4.65% p.a.
  • Up to 7.65% p.a.
• Other reasons to open an OCBC 360 Account
• Who is the OCBC 360 Account best suited for?

Overview: OCBC 360 Account

The OCBC 360 Account offers account holders multiple ways to qualify for higher interest rates (up to 7.65% p.a. EIR on the first S$100,000). This flexibility allows you to tailor your banking habits to best suit your preferences and lifestyle, making it easier to earn higher interest rates from the bank.

Although the interest rates might seem complicated initially, they’re quite simple once we break them down – and maximising your returns becomes effortless.

How to maximise your interest with the OCBC 360 Account?

Here are 4 scenarios for you to consider:

As seen above, the maximum possible EIR you can earn on the first S$100,000 balance is 7.65% p.a.; but this is assuming you fulfil all the relevant actions. 

Before we can jump right into calculating the rates, we have to address a few OCBC 360 Account ground rules:

Firstly, it’s important to note that regardless of your bank balance or action taken, all OCBC 360 Accounts begin with a base 0.05% p.a. interest. This is a pretty standard base rate offered across most bank savings accounts.

Secondly, crediting a salary of at least S$1,800 per month through GIRO or PayNow via GIRO is a common denominator for the interest rates mentioned above. For most first jobbers and young adults, this should be a feasible target to reach, even after adjusting for take-home pay. Assuming you’ve hit the first S$100,000 on your bank balance, you’ll be able to earn 2.50% p.a. EIR. For balances between S$0.01 to S$75,000, you still enjoy an interest rate of 2% p.a.

Thirdly, each scenario is calculated based on the first S$75,000 balance and the next S$25,000 balance – with the maximum interest being attained on balances S$75,001 ≥ S$100,000.

While all scenarios offer good returns with manageable expectations, we personally recommend aiming for either the second or fourth scenario. Allow us to illustrate why below.  

Salary + save + spend: Up to 4.65% p.a. interest

For young working adults and first jobbers, the interest rate of 4.65% p.a (on the first S$100,000) is the most reasonably attainable rate out of the bunch. 

If you want to earn up to 4.65% p.a. EIR on your first S$100,000 bank balance, this can be achieved with three easy steps (that you probably already do): Saving, spending, and crediting your salary.

All you have to do each month is credit your salary, save at least S$500, and spend a minimum of S$500 using selected OCBC credit cards too. Although everyone’s saving and spending habits differ, a S$500 monthly requirement for each action is feasible for many young adults. So why not just apply these same habits to an OCBC 360 Account and an eligible OCBC card, right?

Eligible OCBC credit cards compatible with the OCBC 360 Account are as follows:

Fees & charges apply.

Credit card	Key benefits	Requirements
OCBC 365 Card	5% cashback on dining worldwide and online food delivery   6% cashback on all petrol   3% cashback on groceries worldwide, online groceries, ride-hailing services, public transport, utilities, EV charging, pharmacies, and streaming services	Min. S$800 spend per month, capped at S$80 cashback   Min. S$1,600 spend per month, capped at S$160 cashback   Read our OCBC 365 Card review here
OCBC INFINITY Cashback Card	1.6% unlimited cashback on all spend	No min. spend   No cashback cap   Read our OCBC INFINITY Cashback Card review here
OCBC NXT Card	Fuss-free auto-instalments 0% instalments with rebates	Transactions between S$100 and S$1,000: Split across 3 months   > S$1,000 transactions: Split across 6 months   Up to S$100 in cash rebates every month. Monthly bills less than S$1,000: 0.5% cash rebates. Monthly bills equal or greater than S$1,000: 1% cash rebates
OCBC 90°N Card Apply Now Apply Now	1.3 Miles per S$1 on local spend   2.1 Miles per S$1 on foreign spend   Up to 7 Miles per S$1 on Agoda bookings	No min. spend   No cap on Miles   90°N Miles never expire   Read our OCBC 90°N Card review here
OCBC Rewards Card	15 OCBC$ (6 mpd) per S$1 spent at Watsons and selected popular retailers per quarter   10 OCBC$ (4 mpd) per S$1 spent at selected retail categories both online and in-stores   Bonus 2% cash rebate on electronic purchases at BEST Denki	Earn up to 15,000 bonus OCBC$ per month and a total of up to 180,000 bonus OCBC$ per year.    Read our OCBC Rewards Card review here
Disclaimer: Fees & charges apply.

Suppose you diligently follow these monthly requirements and have an account balance of S$10,000, you would have about S$32.68 in interest that month.

Source: OCBC

Disclaimer: The amount is calculated on a per-month basis (31 days). This is for illustration purposes only.

Salary + save + spend + insure + invest: Up to 7.65% p.a. interest

Now, for those aiming higher and are striving for the 7.65% p.a interest rate (on the first S$100,000), you only need to perform two extra steps to maximise your returns in no time – that is, purchasing an eligible insurance and investment product with OCBC.

OCBC offers a wide range of insurance products, spanning various categories, such as Protection or Legacy policies, Endowment or Retirement plans, and more. Visit the OCBC 360 Account website for more details.

Meanwhile, they also provide a multitude of investment options through Unit Trusts, Structured Deposits, Bonds, and other structured products (Better yet, some of these investments can be conveniently done within the OCBC banking app itself!).

But essentially, once you purchase an eligible insurance and investment OCBC product, you’ll qualify for 1.20% p.a. interest each, totalling 2.40% p.a. interest on the first S$75,000 of your balance. From the next S$25,000 onwards, this interest doubles to 2.40% p.a. each, amounting to an overall 4.80% p.a. interest. This bonus interest is accorded for 12 months after the effective date of purchase.

Hence, each product yields 1.50% p.a. EIR, resulting in a more realistic additional 3.00% p.a. EIR; this is how your maximum EIR totals up to 7.65% p.a. overall.

Once again, assuming you fulfil all these requirements and have a bank balance of S$10,000, you would earn around S$53.06 in returns that month.

Source: OCBC

Disclaimer: The amount is calculated on a per-month basis (31 days). This is for illustration purposes only.

4 more reasons why you should open an OCBC 360 Account 

#1: You don’t need to jump through “complicated hoops”

At first glance, the various interest rates might seem complicated, but actually, they’re fairly straightforward.

Unlike other savings accounts where you have to jump through multiple hoops to reap higher returns, the OCBC 360 Account lets you earn bonus interest from singular actions alone. Plus, you also have the flexibility to choose which categories to earn.

For instance, the DBS Multiplier Account requires you to credit your salary and fulfil at least one criterion (card spend, home loan, insurance, or investment) to start earning accelerated interest on your balance. You’d need at least S$500 in combined eligible transactions to start earning 1.80% p.a. interest on your first S$50,000 balance.

In contrast, the OCBC 360 Account doesn’t need you to fulfil a chain of requirements like this; you can choose to satisfy actions individually. For example, if you only want to credit your salary, you’re already entitled to up to 2.50% p.a. EIR on your first S$100,000 balance. Alternatively, if you only spend with an OCBC credit card, that’s still a bonus 0.60% p.a. EIR on your balance regardless.

The bottom line is, such flexibility enables you to accumulate bonus interest on your savings in your preferred way or current financial habits without the need to strictly adhere to a specific sequence of requirements.

#2: One of the highest-yield savings accounts

Another strong reason to opt for the OCBC 360 Account in general, is that it’s one of the highest-yielding savings accounts available, both in projected and realistic rates. On average, most savings accounts offer meagre returns on your money, averaging under 2% p.a. interest.

Meanwhile, the OCBC 360 Account offers a maximum of 7.65% p.a. EIR on the first S$100,000 balance. Even if we extrapolate this to the scenario of a first jobber with a S$10,000 balance and satisfying the Salary + Saving + Spend scenario, their account would qualify for 3.85% p.a. effective interest rate. 

#3: Consolidate your finances all in one place

That said, managing finances across different channels can be confusing and tough to monitor. Unless you’re among the ultra-rich with the luxury of engaging a personal relationship manager, the next best solution would be to centralise your finances under one roof where possible.

In addition to savings accounts like the OCBC 360, OCBC also provides essential products for insurance and investments. Thus, it makes sense to make OCBC your one-stop solution for consolidating the majority of your finances – especially if you’ve chosen the OCBC 360 Account as your main savings account.

#4: Enjoy 2x interest rate on your savings upon sign-up

Last but not least, want to double your bonus interest rate easily? Fulfil the Salary and/or Spend criteria for the first two months of account opening and you’ll receive twice the interest rate on the first S$75,000 balances. Valid from 1 April to 31 May 2024. 

Yes, it’s that simple! Here’s what it’ll look like:

Who is best suited to open an OCBC 360 Account?

Disregarding the alluring appeal of welcome promotions, is the OCBC 360 Account really worth opening? Well…

If you’re a fresh grad or first jobber

A survey conducted from November 2022 to March 2023 indicated that the gross monthly median salary in 2022 started from S$3,175. In other words, most fresh grads can expect to earn an entry-level salary of at least S$3,000. This easily fulfils the salary crediting requirement of S$1,800 per month which earns you 2.00% p.a. projected interest (on the first S$75,000) with the OCBC 360 Account.

Moreover, spending S$500 and above per month as a young adult in Singapore is quite feasible – notwithstanding the recent 9% GST hike. But of course, this largely depends on one’s budgeting and spending preferences too. Assuming you also apportion a minimum of S$500 to save per month, both spending and saving will allow you an additional projected interest of 1.80% p.a. (on the first S$75,000).

If you’re a working PMET

At this life stage, you’ve probably acquired a decent amount of savings to also dabble in investments and buying more insurance coverage. As a result, this puts you in a more advantageous position to strive for the highest 7.65% p.a. EIR on the OCBC 360 Account. Plus, with a higher bank balance accumulated, this will naturally translate to greater returns than before.

If you’ve accumulated savings

But hey, who said OCBC 360 Account is only valid for youngsters? If you’re looking to retire soon, you might have accumulated sufficient wealth and savings to hit the final interest bonus — 2.40% p.a. EIR on S$200,000 balances and above. 

Read these next:
OCBC 360 Account Review: Earn Up to Maximum 7.65% p.a. Interest
Hate the 9% GST Hike? Beat The GST Hike With OCBC 360 Account
Best Savings Accounts in Singapore to Stash Your Cash

Disclaimer: T&Cs, fees and charges apply.

Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$100,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

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