Not one to bait you into more transactions to achieve bonus interest, the OCBC FRANK account is ideal if you’re a student who’s eager to start building up your savings.
Unlike the convoluted nature of its peers, the OCBC FRANK account does not play the bonus interest game. Popular with those who are still hitting the books and have yet to earn an income, this account has comparatively low barriers to entry (read: zero initial deposit, zero fall below fee) and a relatively decent interest rate.
- How OCBC FRANK account works
- Pros and cons
- Why you should choose OCBC FRANK account
- Charges or fees to look out for
- How to apply
How the OCBC FRANK account Works
The OCBC FRANK account is a breath of fresh air in the savings account scene as it does not reward you by the number of different transaction types you have with OCBC. Instead, you can unlock higher interest rates simply by growing your account balance to hit the qualifying amount.
Pros and cons of the OCBC FRANK account
OCBC FRANK account summary:
- Base interest rate: 0.1% p.a.
- Maximum interest rate: 0.35% p.a.
- Minimum average daily balance for automatic waiver of monthly fall-below fee: S$1,000 (this only applies if the account holder is above 26 years old)
- Minimum initial deposit: S$0
|No minimum initial deposit||Minimum interest rate of 0.1% p.a. is not as competitive as other saving accounts|
|No fall-below fee if you’re below 26 years old||Monthly service fee of S$2 will be payable once you’re over 26 years old|
|Decent interest rate of up to 0.35% p.a.|
|Open your account online|
Why should you choose the OCBC FRANK account?
#1: Benefits of the account appeal to students who need to park their money somewhere
True to its student-friendly claim to fame, the OCBC FRANK account allows you to open an account with as little as S$1. This is ideal for those who are just starting out on their savings journey. Moreover, there’s no fall-below fee or monthly service fees to chip away at your savings, allowing you to focus on your academic pursuits without being caught off guard by pesky hidden fees.
#2: Develop key savings skills with the Savings Goal app feature
To be a habitual saving machine takes time and practice. The OCBC FRANK app lets you hone that essential life skill with the introduction of their Savings Goal feature. This app feature allows you to set your target amount, indicate how much money you wish to set aside automatically each month and manage your progress till you’ve crossed the finish line.
#3: Enjoy the convenience of OCBC Pay Anyone and QR Code Cash Withdrawal
Ever dream of going out without your wallet? With OCBC Pay Anyone, transferring money is a breeze as all you need is a mobile number or email address. That being said, one downside to going wallet-free is when you need to withdraw cash or if you prefer cash over credit.
However, you can simply scan a QR code to get access to your money at any OCBC ATM through the QR Code Cash Withdrawal feature.
What charges or fees should you look out for?
- Minimum initial deposit: S$0
- Fall-below fee: S$0 (unless you’ve turned 26 years old)
- Early account closure fee: NA
- Cheque book fee: NA
How to apply?
To apply for an OCBC FRANK savings account, you will need to meet the minimum age requirement of 16 years old.
If you’re a Singapore citizen and you’re at or above the eligible age, you will need to prepare your NRIC as well as any of these documents to apply:
- Utilities bill
- Phone bill
- Bank statement
- Income Tax Notice of Assessment
In addition, foreigners can also apply for an OCBC FRANK account. Apart from meeting the age requirement, you need to prepare the following documents for the application:
- Valid government correspondence or notice that shows your residential address for three months; or
- Original faculty or hall residence letter with valid residential address
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By Marissa Saini
Your friendly neighbourhood cat enthusiast who enjoys not being broke. Spend less, save more is the name of the game. Firm believer that being financially savvy is not about the destination, but the friends you make along the way.