OCBC FRANK Savings Account Review (2021): This Student-Friendly Account With 0.35% Interest Gets ‘A’ For Effort

Marissa Saini
Last updated May 31, 2021
ocbc-frank-savings

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 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. 

Source: OCBC

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
ProsCons
No minimum initial depositMinimum 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 oldMonthly 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

Read these next:
Top Credit Card Promotions And Deals On SingSaver
Best OCBC Credit Cards In Singapore (2021)
Credit Card Comparison: DBS Live Fresh vs UOB YOLO vs OCBC FRANK
OCBC FRANK Revamp: 5 Reasons To Sign Up For This Newly Relaunched Card
DBS, OCBC or UOB: Which Bank Gives You The Greatest Dividend Yield?


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.


Marissa Saini May 31, 2021 71312