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OCBC 360 Account Review (March 2023): Earn Up To 4.65% Interest & The Return Of “Spend” Category

Kendra Tan

Kendra Tan

Last updated 13 March, 2023

With revised interest rates, you can expect to earn up to 4.65% in interest a year for your OCBC 360 savings account.

From 1 March 2023, OCBC 360 Account will allow you to earn an effective interest rate (EIR) of up to 4.65% a year on your first S$100,000. 

And like most other savings accounts, you will earn a base interest of 0.05% p.a. on your entire account balance. 

This is a great option for those looking for a low-barriers-to-entry savings account that encourages good financial habits.

The change is in line with the account revisions of other local banks such as DBS and UOB, which have seen increased interest rates of their savings accounts since August 2022.

DBS Bank increased the interest rates for its Multiplier account from 3% to 3.5%, for balances of more than S$50,000 and up to S$100,000.

On the other hand, UOB increased the rates on its One Account for a new tier of balances above S$75,000 and up to S$100,000. Customers banking with UOB can now earn up to 3.6% in interest if they spend at least S$500 on an eligible UOB card and credit their salary via Giro.

Exclusive Interest Rates for New Customers: Get 2.00% a year on your first S$100,000
Get an extra 1.50%* p.a. when you open a new 360 Account and 0.50% p.a. when you apply for a new OCBC credit card by 31 March 2023.

*Additional interest will only be paid for 2 months. Only the following cards are eligible for the promotion: OCBC 365, OCBC NXT, OCBC 90°N and OCBC Titanium Rewards. 

 


What happened previously

Prior to the change, you could only earn up to 2.38% a year on the first S$75,000.

Let's take a look at OCBC 360 Account's previous interest rates:

Source: OCBC

In order to earn the 2.38% interest, you had to fulfil the following conditions:

  • Salary: Credit a minimum salary of S$1,800 per month through GIRO
  • Save: Increase your average daily balance by at least S$500 every month
  • Insure: Purchase an eligible insurance product from OCBC to earn this bonus interest rate for 12 months after the effective date of purchase
  • Invest: Purchase an eligible investment product from OCBC to earn this bonus interest rate for 12 months after the effective date of purchase
  • Grow: Maintain an average daily balance of at least S$200,000 to earn this extra 0.4% p.a. bonus each month

OCBC 360's revised interest rates & the return of Spend category

In addition to earning up to 4.65% interest, OCBC will also reinstate the bonus interest category for credit card spending.

Account holders who spend at least S$500 each month on the OCBC 365 credit card can earn up to 0.35% a year of bonus interest.

The bank had previously paused the bonus for credit card spending in July 2020, amid the weakened interest rate environment.

Here is OCBC 360's revised interest rates, which took effect from 1 March 2023 onwards:

OCBC 360 Account
Source: OCBC

To earn yourself bonus interest on the first S$100,000 of your account balance, you will need to fulfil these categories:

  • Salary: Credit a minimum salary of S$1,800 per month through GIRO
  • Save: Increase your average daily balance by at least S$500 every month
  • Spend: Charge at least S$500 to your OCBC 365 Credit Card each month
  • Insure: Purchase an eligible insurance product from OCBC to earn this bonus interest rate for 12 months after the effective date of purchase
  • Invest: Purchase an eligible investment product from OCBC to earn this bonus interest rate for 12 months after the effective date of purchase
  • Grow: Maintain an average daily balance of at least S$200,000 to earn this extra 0.6% p.a. bonus each month

Realistically speaking, not everyone will be able to hit the maximum interest of 4.05%, because the Insure, Invest and Grow categories are tougher to meet.

In my humble opinion, I would rather much stick to the UOB One Account which gives you 3.6% interest when you simply 1) credit a minimum salary of S$1,600 and 2) spend S$500 on eligible UOB credit cards a month.


What else to note about earning interest from OCBC 360 account

The interest you earn from your OCBC 360 account will be reflected in your e-statement, Online Banking and Mobile Banking transaction history as: 360 SALARY BONUS, 360 SAVE BONUS, 360 GROW BONUS, 360 INSURE BONUS, 360 INVEST BONUS or 360 GROW BONUS. However, if you close your account before the bonus interest crediting date, the bonus interest for the previous month will be forfeited.


Pros and cons of the OCBC 360 account 

OCBC 360 product summary:

  • Base interest rate: 0.05% p.a.
  • Maximum interest rate: Up to 4.65% p.a.
  • Minimum average daily balance for automatic waiver of monthly fall-below fee: S$3,000
  • Minimum initial deposit: S$1,000

Pros of OCBC 360 account 

  • Currently the highest interest rates offered compared to DBS Multiplier and UOB One
  • Earn bonus interest for on the first S$100,000 of your account balance
  • First year fall below fee waived

Cons of OCBC 360 account

  •  Requires tracking of multiple bonus categories on a monthly basis
  • Insurance or investment products require a minimum qualifying amount to be eligible for the bonus interest (e.g. annual premium for insurance from S$2,000 and S$20,000 for unit trusts)
  • Closing the account before the bonus interest crediting date will see the bonus interest for the previous month forfeited
  • Initial deposit of S$1,000 required
  • Minimum average daily balance must be S$3,000, waived for the first year. After that, fall-below fee of S$2 will be deducted

Why should you choose the OCBC 360 Account?

The OCBC 360 account rewards you for good financial habits, such as increasing your savings, insuring, or investing in products to grow your wealth. It is also one of the few high-yield savings accounts that grant a bonus interest rate if you maintain at least S$200,000 in your account balance.

Benefit #1: Low-income requirement of S$1,800 each month

Credit your monthly salary of at least S$1,800 into the OCBC 360 Account and earn 0.6% p.a. on your first S$25,000, 1.2% on your next S$25,000 and 2% on the following S$25,000.

The minimum salary crediting requirement of S$1,800 is lower than the S$2,000 required by most savings accounts, making it more attainable for those that earn less.

Benefit #3: Rewards you for saving

With ‘Save’ as a category for you to earn higher interest, you are encouraged to save up each month continuously. By increasing your average daily balance by at least S$500 from the previous month, you can get up to 0.6% p.a. in interest. This helps you to forge a good savings habit.

Benefit #4: Perks to store cash in the account

If you have more than S$200,000 in savings, you can consider parking this cash in the OCBC 360 account. Under ‘Grow’ you earn an extra 0.6% p.a. in interest each month just by maintaining an average daily balance of at least S$200,000 in the account.

Benefit #5: Bonus interest for insuring yourself

If you were already planning to insure yourself, purchase a policy via OCBC and score a bonus interest rate of up to 2% p.a. while you're at it. With more than 15 policies across 3 categories and 2 premium types, you should find one that covers the gaps in your current portfolio.

Benefit #6: Encourages you to grow your wealth

If you were planning to grow your wealth quicker, especially in the current low interest rate environment, you can kill two birds with one stone. Park some of your money in either a unit trust, structured deposit, or bonds and other structured products to snag a bonus interest rate of up to 2% p.a.


What charges or fees should you look out for?

  • Minimum initial deposit: S$1,000
  • Fall below fee (fee incurred if you fail to meet the minimum average daily balance of S$3,000): S$2 (first year waived) 
  • Cheque book fee (optional): S$10

How to apply?

To apply for an OCBC 360 account, you first have to be at least 18 years of age. During the application process, you will need to provide:

  • NRIC for Singaporeans and Singapore PRs 
  • Passport and a valid pass (e.g. Employment Pass (EP) or S-Pass or Student Pass) for foreigners

You will also require additional documents (any of the following that shows your residential address)

  • Phone Bill
  • Half-yearly CPF statement
  • Any bank statement

Read these next: 
Endowment vs Insurance Savings vs Bank Savings: What’s The Difference?
Insurance Savings Plans: Singlife Account vs Etiqa Elastiq vs SingTel Dash EasyEarn
Best Short & Long Term Endowment Plans in Singapore (2023)
OCBC FRANK Revamp: 5 Reasons To Sign Up For This Newly Relaunched Card
OCBC 365 Credit Card Review (2023): A Cashback Card For Day-To-Day Spending
Best OCBC Credit Cards in Singapore

Avid promo code hunter and haggler. Kendra doesn’t like paying full price for anything. She’s the best person to bring along if you’re travelling on a budget. Have an interesting story to tell? E-mail her at kendra.tan@singsaver.com.sg