As you can see, the maximum interest rate that you can now get from the 360 Account has fallen by a total of 0.50%p.a. This is unlike OCBC 360 which applies across whichever amount you put in up to $50,0000 (same) If you have less money and able to satisfy the requirements, OCBC 360 looks better If you have less than $10k or at most $10k, yet able to meet the requirements on both sides, you can at most hit 1% or 1.5% interest on your deposit, however with the OCBC 360 you can hit 2%. This rate varies from person to person, so it's difficult to predict upfront how accessible rates will be. Cardholders can also enjoy perks like free dining credits, complimentary WiFi and even room upgrades through the Visa Luxury Hotels programme. Access to customer service is limited to Capital One 360’s business hours. Earn 0.60% p.a. This fee is waived just 1 year (rather than 2), and there is no subsequent spend-based waiver option. Find out how you can be smart about your money with the FRANK Account and Debit Card. We (OCBC Bank), and any of our related and connected companies, and their directors and employees (known as ‘related people'), may have interests in, and may make transactions in, the products mentioned in this document. You should speak to a financial adviser before you buy an investment product. OCBC Savings Account Compare OCBC Savings Account interest rates to other bank rates Top 3 reasons to apply for OCBC Savings Account Suitable for students Base rate: 0.05% First $10,000: 0.2% $10,001 to $100,000: 0.3% $100,001 to $500,000: 0.4% Funky card designs to choose from Actual events or results may differ materially. Credit your salary of at least S$1,800 into the 360 Account. It must be noted that FRANK doesn't add recurring bill payments to the minimum spending. Windows. DBS Multiplier vs OCBC 360 account — which is better? After careful analysis, we've identified exactly how these cards compare and have provided a detailed breakdown in the sections below. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). Our site may not feature every company or financial product available on the market. You will only need to do it once. While both are quite strong, these cards cater to very different types of spenders however. Interest: Account balance: Interest rate: Base interest: Entire account balance: 0.05% a year: Salary bonus interest: Up to S$75,000: Up to 1.20% a year: Save bonus interest: Up to S$75,000: Learn more. ValuePenguin is not in control of, or in any way affiliated with, the content displayed on this website. Young adults on a limited budget are more likely to benefit from OCBC Frank Card, while household spenders looking for an everyday card might prefer OCBC 365 Card. If new OCBC customer. They can aid you by performing a Financial Needs Analysis (FNA) to ensure that the product you purchase meets your financial needs. Carrie is a Senior Analyst at ValueChampion, helping consumers find the best credit cards and other financial products based on quantitative and qualitative analysis. OCBC Frank's minimum refers to offline spend only. DBS Multiplier and OCBC 360 basically offer the same set of benefits: fewer fees, waivable fall-below fees, and easy application processes. Past performance figures are not necessarily indicative of future or likely performance. Your Microsoft account comes with 5GB of storage and the option to add more when you need it. when you transact 3 bill payments or 1 BOC Mortgage Repayment from your BOC MCS Account. Don't forget your savings! We may have connections with, and may receive a fee from, the product providers. But, you can still e arn bonus interest on the first $75,000 of your account balance if you fulfil the requirements across any or all of these categories: OCBC 360 Salary Bonus: Credit your salary of at least S$1,800 through GIRO. Overall, UOB YOLO Card provides cardholders with more substantial budgets the opportunity to earn at higher rates on their social spend. DBS Live Fresh is easier to use than OCBC Frank or OCBC 365 because there's no need for day, category or merchant tracking. Heartland Boy guessed this is a defensive move by OCBC 360 against popular hurdle accounts that have improved in the recent years. Monthly fees. Yet what happens…. High overdraft charges. Conditions of Access | Policies | Security | Notices, Terms and conditions governing OCBC 360 Online Account Opening Promotion from January to March, Terms and conditions governing Electronic Banking, Terms and conditions governing OCBC Electronic, Terms and conditions governing Automatic Standing, Speak to our Personal Financial Consultants, Earn bonus interest when you save, invest and insure, Earn up to 1.2% a year for crediting your salary of at least S$1,800 through GIRO and/or, Earn up to 0.4% a year for increasing your account average daily balance by S$500 from the previous month and/or, Earn up to 1.2% a year for 12 consecutive months when you purchase an eligible insurance product from OCBC and/or, Earn up to 1.2% a year for 12 consecutive months when you purchase an eligible investment product from OCBC and/or. The S$800 minimum spend requirement and S$80/month earnings cap roughly align with the market standard for everyday cards. This plan is protected under the Policy Owner's Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). ! You further understand that you will bear any costs and charges associated with such early withdrawal of the Structured Deposits. The OCBC 360 account is a savings account that starts with a low base (0.05% p.a. While a young adult may not need to worry about many of these categories, they form a core part of the average established Singaporean's budget. OCBC Bank may have the right to terminate the Structured Deposits and return an amount in cash to you from the due settlement of the Structured Deposits before the maturity date. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg). The information provided herein is intended for general circulation and/or discussion purposes only. 0.10% APY on balances of less than $15,000. For Regular Premium Insurance Categories, the minimum qualifying amount refers to the annual premium of the policy. Fast tracking your career? If the document becomes out of date, we do not have to replace it. At this level, cardholders can earn up to S$240 more within a year than possible with OCBC Frank. A 360 CD is a type of savings account that also earns interest, but when you deposit your money, you agree to keep it there for a specific amount of time, called a term. It is $500 on the FRANK with rates falling back to 0.5% otherwise. Ally vs. Capital One 360: Checking accounts. Microsoft accounts. This document may be translated into the Chinese language. We stream … Savings. If new OCBC customer and mailing in application, Passport with 6 months' validity Our partners cannot pay us to guarantee favorable reviews of their products or services. Get a snapshot of your Capital One Bank account info on your Capital One 360® ‘Account Summary’ page. Some of the offers that appear on this website are from companies which ValueChampion receives compensation. Find the latest information on which deposit accounts offer the highest interest rates and strongest promotional offers in Singapore. Compare it with UOB One account. How will I know that the bonus interest is credited to my 360 Account? The most comprehensive In-Play service. In the event that you choose not to seek advice from a financial adviser, you should consider whether the product in question is suitable for you. The site does not review or include all companies or all available products. As young professionals hoping to make a mark in the world, we carry with us ambitions that are more often than not fuelled by passion. Find, lock, or erase a lost or stolen Windows 10 device, schedule a repair, and get support. every month when you deposit a minimum of RM500 to OCBC 360 Account; 0.90% p.a. As a note, dollar value is heavily dependent on spending habits; intangible benefits (like free travel insurance and airport lounge access) are valuable but difficult to quantify. See sections below or card websites for a further breakdown of information. The proposed transaction(s) herein (if any) is/are subject to the final expression of the terms set forth in the definitive agreement(s) and/or confirmation(s). OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. Unlike most bonus offers that are one-and-done, the Regions LifeGreen Savings account earns an annual 1% saving bonus up to $100. For every month that you complete a certain action, you receive bonus interest. As a result, more established individuals looking for special perks on their vacations may prefer the benefits offered by OCBC 365 Card. Scroll for More. Watch Live Sport. The joint accountholder’s debit card spending is recognised (but must be tagged to the same OCBC 360 account as the Fast Cash account). If more than $50,000 in your account, you will still enjoy an unchanged 1.2 per cent p.a. This presentation and its contents are considered proprietary information and may not be reproduced or disseminated in whole or in part without our written consent. OCBC 365 Card, in this case, appeals more to travellers. An early termination of the policy usually involves high cost and the surrender value payable may be less than the total premiums paid. Prime View benefits and payment settings. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein. Both OCBC Frank and OCBC 365 Card have great merit amongst cashback cards. 360 Account. Based on an average monthly spend of S$2,000, we analysed some of the most competitive rebate cards on the market to estimate returned value-to-consumer after 2 years, accounting for rebates and netting out annual fees. We and our related people may also carry out or try to carry out broking and other financial services for the product providers. While OCBC Frank Card is a great option for lower-spending young adults, Citi SMRT rebates are merchant-restricted. Oversea-Chinese Banking Corporation Limited ("OCBC Bank") and OCBC Securities Private Limited ("OCBC Securities") are related but separate entities. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. Purchase any one of the eligible investment products from OCBC of at least the minimum amount as follows: Exclude Unit Trusts investments into money market funds, Systematic Investment Programme (OCBC Momentum) and Unit Trusts transferred in from other financial institutions. Purchase any one of the eligible insurance products from OCBC of at least the minimum amount as follows: Note: The minimum placement amount to qualify for the insure bonus may differ from the minimum premiums required for the insurance products. The specific terms and conditions of the plan are set out in the policy documents. Terms and fees for DBS Multiplier Account. Surface. Get an account that earns a higher interest when you credit your salary, insure or invest and more. (previously 0.40% ). Save for that home renovation or next vacay. Pros : High EIR of up to 3.35% p.a. Deposit Bonus for New Customers. Any reference to any specific company, financial product or asset class is used as an example only. Despite the changes made last year, the OCBC 360 Account still offers pretty attractive interest rates in return for some simple everyday transactions. Additionally, some categories are merchant restricted while others aren't, and some categories have capped rewards while others don't (this shifts with promotional changes). Finally, UOB YOLO Card has a significantly higher fee at S$192.6. It is not a contract of insurance or an offer to buy an insurance product or service. These cards allow consumers to earn top cashback rates in common spend categories while avoiding paying an annual fee–which is great for cost-conscious spenders. Hence, if we solely focused on the interest rates alone, the pros of OCBC 360 savings account are limited. Base interest is also significantly higher. Without prejudice to the generality of the foregoing, please seek advice from a financial adviser regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase the investment product. Learn how you can fast track your money with the OCBC 360 Account and FRANK Credit Card. Note: Speak to our Personal Financial Consultants for more details. If there is any difference between the English and Chinese versions, the English version will prevail. Breaking into the real world? Please do not reproduce or share any of the information in this document without our written permission. While UOB One gives 1.5% interest if you can … Credit your salary of at least S$1,800 a month via GIRO, Increase your average daily balance by at least S$500 monthly, Purchase an eligible insurance product from OCBC, Purchase an eligible investment product from OCBC, Maintain an average daily balance of at least S$200,000, Earn this base interest on your entire account balance, Singaporean / Singapore PR / Foreigners with a valid Employment pass, S-Pass or Student Pass, NRIC Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. One of the world's leading online gambling companies. The financial adviser will look at your specific investment aims, financial situation and particular needs before advising you on whether the product is suitable for you. All information presented is subject to change without notice. It is also not meant to provide any insurance or financial advice. Its very low S$400 offline minimum spend requirement is just half that of OCBC 365 Card, making it easier for those with limited budgets to unlock higher rates. We are not responsible for any direct or indirect loss or damage arising in connection with, or as a result of, any person acting on any information provided in this document. Speak to our Personal Financial Consultants for more details. All you need to do to earn it is receive an automatic transfer of funds of at least $10 from a Regions checking account to your LifeGreen Savings account in at least 10 of the calendar months in the year before your account opening anniversary. We strive to have the most current information on our site, but consumers should inquire with the relevant financial institution if they have any questions, including eligibility to buy financial products. This minimum requirement may, however, still be a bit out of reach for young adults on a limited budget. Rise - individual account vs team. By Michael Sim. 0.90% p.a. OCBC 360 Save Bonus: Increase your average daily balance by at least $500 from the previous month. No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OCBC Bank and it should not be relied upon as such. APY. You can also view orders and find quick links to support. That’s not all. The 360 Account is a deposit account that pays you bonus interest when you do all or any of these: The account comes with e-statements and you can choose to have a cheque book. Your Google Account automatically protects your personal information and keeps it private and safe. Gift cards View balance or redeem a card. OCBC Frank Card and OCBC 365 Card also offer slightly different perks. See card websites for further details, {"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis. If you don’t enroll in any of its overdraft protection programs, you can pay as much as $35 for overdrafting your account. Buying a life insurance policy is a long-term commitment. If you choose to not seek advice from a financial adviser, you should consider if the product is suitable for you. Comparison of Competitive Rebate Cards in Singapore by Estimated 2-Year Dollar Value, OCBC Frank Card's minimum requirement refers to offline spend. This averages out to about S$833/month, which is quite reasonable for the average consumer–especially for an OCBC 365 cardholder, who would already need to spend S$800+/month to unlock its higher rates. Save up to $50,000 in this account to get 3.05%!0.05% - Fixed for all Singapore banks Additional 1% - Get salary credited into OCBC instead of the usual POSB Additional 1% - Pay 3 bills via Giro (OCBC 365 / FRANK + other credit cards bill or hdb parking or insurance payment) Even though OCBC Frank Card and OCBC 365 Card are extremely competitive, there are still a few additional options on the market worth considering. Login & security Edit login, name, and mobile number. However, DBS Live Fresh's rebate structure limits its profitability. Get in touch with us1800 363 3333 (local) +65 6363 3333 (overseas)Contact Us, Copyright © 2021 OCBC Bank. Instead, you just pick from salary credit, insurance, investment, and/or increasing your monthly balance. You need to be the primary account holder of the 360 Account as well as the policyowner of the eligible insurance product. FRANK to OCBC 360 Account Conversion. Additional details apply. You may wish to seek advice from a licensed of an exempt financial adviser before making a commitment to purchase this product. OCBC Frank Card does, however, have a special feature worth mentioning. Grow: Maintain at least $200,000 of the average daily balance in your account and earn 0.4% p.a. ... 360 Account. Product providers may also be related people, who may receive fees from investors. Earn up to 2.38% interest a year and more when you credit your salary, save, insure and invest with us. Only salary credit through GIRO with the transaction description "GIRO - SALARY" in your statements will qualify for this bonus. The initial investment amount of a Structured Deposit will be returned to you only if you hold it until maturity date. As you can see above, the OCBC 360 Account gives different level of bonus interest for the first $25,000, next $25,000 ($25,001 to $50,000) and amount between $50,001 to $75,000. The best time to save is now. Despite its accessibility, OCBC Frank Card isn't quite as straightforward as OCBC 365 Card. Any of these documents that shows your residential address: Valid government correspondence or notice that shows your residential address from last 3 months. While monthly rewards are capped at a slightly lower S$60/month, this is still quite competitive and can be maxed out with as little as S$1k monthly spend. Pay your bills, get cash, make deposits, and transfer money–all without monthly fees … Next time you sign in to our website, you’ll see the account name, number and balances for Capital One Bank accounts (along with your 360 account info). OCBC 365 Card's categories are also a bit more well-rounded. Bonus+ Savings Account. Find, lock, or erase a lost or stolen Windows 10 device, schedule a repair, and get support. For the FIVE types of bonus below, you will earn bonus interest at 3 tiers based on your account balance, up to the first S$75,000: Earn up to 1.2% a year for crediting your salary of at least S$1,800 through GIRO and/or; Earn up to 0.4% a year for increasing your account average daily balance by S$500 from the previous month and/or Your Microsoft account comes with 5GB of storage and the option to add more when you need it. 360 Checking is a checking account that comes with everything you need and without everything you don’t. To set up your OCBC 360 Account as your salary crediting account, please inform your HR department of your new account number. They can aid you by performing a Financial Needs Analysis (FNA) to ensure that the product you purchase meets your financial needs. $0. Do note that you will earn a base interest of 0.05% a year on your entire account balance regardless of whether you fulfil the above categories. If you close your account before the bonus interest crediting date, the bonus interest for the previous month will be forfeited. All information may change without notice. This bonus interest is accorded for 12 months after the effective date of purchase, post the free look/cancellation period or 14 days, whichever is longer. Unlike traditional deposits, Structured Deposits have an investment element and returns may vary. How different is the 360 Account from other savings or current accounts? While the former favours young adults, the latter is ideal for household spenders.
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