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OCBC 360 Account Review: How Good Is It For Earning Interest?, Money News


If you are going to open a primary savings account in Singapore, you will most likely go to one of the three local banks (DBS, UOB and OCBC). But how good is an OCBC savings account for earning interest?

Let’s see the characteristics of the OCBC 360 Account to help you assess whether it offers the best savings account interest rate. Also find out how it performs against the competition.

What is the interest rate structure of the OCBC 360 account?

The OCBC 360 account is a savings account that starts with a low base (0.05% per year), but can potentially offer you higher returns.

For each month you reach a goal, you receive additional interest. This makes it ideal as your main savings account – the account where you regularly transact the most.

Expect to earn bonus interest on the first $75,000 of your account balance if you do any or all of these things:

  • Credit your salary with at least $1,800 via GIRO
  • save at least $500 more than the previous month
  • Maintain $200,000 or more in total savings
  • Get insured with OCBC
  • Invest with OCBC

Here is the new bonus interest structure of the OCBC 360 account:

action 1st $25,000 $25,001 to $50,000 $50,001 to $75,000
None (basic interest) 0.05% per year 0.05% per year 0.05% per year
Salary credit by GIRO (minimum initial deposit $1,800) 0.3% per year 0.6% per year 1.2% per year
Increase monthly account balance (min. $500) 0.1% per year 0.2% per year 0.4% per year
Insure and/or invest with OCBC (minimum amount varies by product) 0.3% per year 0.6% per year 1.2% per year
Insure and/or invest with OCBC (minimum amount varies by product) 0.3% per year 0.6% per year 1.2% per year

How to calculate the realistic interest rate on your OCBC 360 account?

If you are a regular someone with less than $25,000 in savings, your interest rates would be lower and uncompetitive.

Assuming you regularly do the following:

  • Credit your salary with at least $1,800 (0.3% per year)
  • Continue to increase your monthly account balance by at least $500 (0.1% per year)

You can expect to earn 0.45% per year on your savings – or more if you save enough to get to the second tier.

The good thing about the OCBC 360 account is that none of the bonus interest actions are compulsory. Plus, the extra 0.1% per year to grow your account balance each month can motivate you to grow your savings.

The OCBC 360 account offers you higher interest if you invest, but…

To really maximize your interest rate, you should also insure or invest with OCBC to increase your interest.

However, it is certainly not for small investors – this table of rather high minimum investment amounts should give you an idea:

Eligible financial products Minimum allowable amount
Category 1 regular premium insurance $4,000
Category 2 regular premium insurance $2,000
Single premium insurance $20,000
Mutual fund $20,000
Structured deposits $20,000
Bonds and structured products $200,000

In addition, the interest bonus is only valid for the first 12 months.

For a more accurate projection of interest rates, use the OCBC 360 Interest Rate Calculator on their page.

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OCBC 360 account against UOB One

Structurally, the UOB One account is somewhat similar to OCBC 360. Salary credit is not mandatory, so it is also a good option for freelancers, freelancers, retirees or people on passive income.

There are three ways to earn bonus interest:

  1. Spend at least $500 per month with UOB credit cards (0.25% per year)*
  2. Spend at least $500 per month with UOB credit cards + monthly salary credit of at least $1,600 (0.5% per year)*
  3. Spend at least $500 per month with UOB credit cards + three monthly GIRO bill payments (0.5% per year)*

*Based on the first $15,000.

Notice something here? Credit card spending is mandatory for UOB One account. If you don’t want to be stuck spending that amount every month to earn interest, you’re probably better off with OCBC.

OCBC 360 Multiplier Account vs DBS

If you are an employee, the main rival of the OCBC 360 account would be the DBS Multiplier account.

As long as your salary credit + POSB/DBS credit card spend totals at least $2,000, you can earn 0.4% per year. It’s quite easy. (If you have a DBS home loan, you can unlock the top tier which is 0.6% per annum or more.)

That said, the DBS Multiplier account does not reward you for saving more each month.

If you don’t have a regular salary, you can still earn bonus interest with DBS, but you must either:

  • Credit your income + make PayLah! transactions totaling at least $500
  • Do PayLah! Transactions if you are 29 and under with no qualifying income

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OCBC 360 Account Opening Information

Minimum age: 18 years old

Nationality: Singaporeans, PRs, E-Pass and S-Pass holders

Initial deposit: $1,000

Minimum balance (monthly): $3,000

Lower fees: $2 (waived for 1st year)

Bonus interest cap: $75,000

Click here for more information and to open a OCBC 360 Account.