When the OCBC 360 was launched, it was one of the hottest bank accounts in Singapore. In late 2016, there were reports of a 30% year-on-year rise in deposits in the account. The bank basically started the trend of offering better benefits on a savings account to a customer, based on their relationship with the bank, changing the focus of deposits from money to loyalty.
Now you have accounts such as UOB One, Standard Chartered Bonus$aver, BOC SmartSaver, and DBS Multiplier, all of which have adapted to the relationship concept. But the OCBC 360 Account remains one of our favourites.
All about OCBC 360
For those who don’t know what this account is all about, consider this: OCBC 360 offers you a higher interest rate based on the strength of your relationship with the bank, and not based on the amount you have in the account. The base interest is 0.05% per year, but if you do the following activities aligned with the account, you can earn additional interest:
So, the total interest rate you could earn on your OCBC 360 Account is 3.05% if you are adding more money to your account every month. You could get 4.05% on the first S$70,000 if your account has S$200,000 or more in it, but this may be a criterion not all of us would find easy to match.
Plus, the 0.6% to 1.2% p.a. extra interest on the investment component can be enjoyed only if you buy an insurance policy or invest in an OCBC product. Additionally, you will get the extra interest only for a period of 12 months from the date of purchase of the product.
Anyhow, you will earn at least 1.85% interest with just your salary deposit, bill payments and credit card transactions. This is way better than the 0.10% to 0.80% that other banks offer on a normal savings account.
How much do you actually earn?
Let us take a look at how much interest you would get if you have S$70,000 in the account and do at least 3 activities – credit your salary into the account, make 3 bill payments above S$150, and spend a minimum of S$500 on your OCBC credit card. This screenshot from OCBC’s 360 Account Interest Calculator gives you an easy breakdown:
Other advantages of having an OCBC 360 Account are as follows:
- Online security guarantee: If you are attacked by a cyber-criminal while using the OCBC internet or mobile banking, the bank will refund the money that you lose. Of course, this is subject to you following all the necessary online transaction directives. Now you can stop being fidgety about banking online and click away in peace.
- Money In$ights: Forget downloading money management apps and try OCBC’s Money In$ights, which tracks your spending on your debit and credit cards, categorises it, and suggests saving modes. This will help you understand your expense patterns and manage your money effectively. It is like having a personal accountant in your pocket.
- Sundays open: OCBC’s 19 branches remain open all days, including Sundays, from 11am to 7pm. So if you can’t find time during the weekdays to finish some banking work, do it on the weekend!
- Deposit insurance: Your Singapore dollar deposits of up to S$50,000 are protected by law, under the deposit insurance scheme of Singapore Deposit Insurance Corporation. This means that even if the bank goes bust, your money will come back to you unharmed.
If you don’t have an OCBC account yet, we just told you why you should get one. If you’re an existing OCBC 360 customer, tell us about your experience in the comments below!