OCBC 360 Account Review (2021)

With no minimum spend on a credit card required, the OCBC 360 account is a great option for those looking for a low-barriers-to-entry savings account that encourages good financial habits. 

OCBC 360 Account allows you to earn up to 2.68% a year on your first $75,000. And like most other savings accounts, you will earn a base interest of 0.05% p.a. on your entire account balance. 

How the OCBC 360 account works

To earn yourself bonus interest on the first $75,000 of your account balance, you can consider fulfilling these categories:

• Salary: Credit a minimum salary of $1,800 per month through GIRO
• Save: Increase your average daily balance by at least $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 $200,000 to earn this extra 0.8% p.a. bonus each month.

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 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 2.68% p.a.
• Minimum average daily balance for automatic waiver of monthly fall-below fee: $3,000
• Minimum initial deposit: $1,000

Pros	Cons
No minimum credit card spend required to earn bonus interest	Initial deposit of $1,000 required
Earn bonus interest for on the first $75,000 of your account balance	Requires tracking of multiple bonus categories on a monthly basis
Insure or invest bonus interest of up to 1.2% per annum	Insurance or investment products require a minimum qualifying amount to be eligible for the bonus interest (e.g. annual premium for insurance from $2,000 and $20,000 for unit trusts)
First year fall below fee waived	Closing the account before the bonus interest crediting date will see the bonus interest for the previous month forfeited

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 for amounts above $100,000.

Benefit #1: Does not require you to spend on a credit card

Many high-yield savings accounts require you to spend on your credit card in order to earn higher interest rates. Some of these even impose a minimum credit card spend amount. However, with the OCBC 360, you can earn interest without having to make the effort to spend on your credit card.

Benefit #2: Low income requirement of $1,800 each month

Credit your monthly salary of at least $1,800 into the OCBC 360 Account and earn 0.4% p.a. on your first $25,000, 0.8% on your next $25,000 and 1.2% on the following $25,000. The minimum salary crediting requirement of $1,800 is lower than the $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 continuously save up each month. By increasing your average daily balance by at least $500 from the previous month, you can get up to 0.4% 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 $200,000 in savings, you can consider parking this cash in the OCBC 360 account. Under ‘Grow’ you earn an extra 0.4% p.a. in interest each month just by maintaining an average daily balance of at least $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 1.2% 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 1.2% p.a.

What charges or fees should you look out for?

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

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