OCBC 360 Account Review: Earn Up To 4.65% Interest Per Year On Your Savings

The OCBC 360 Account is one of the best savings accounts for consistent savers as it gives an effective interest rate (EIR) of up to 4.65% a year on your first S$100,000 when you credit your salary, spend on your OCBC credit card, and save, and a maximum interest of 7.65% p.a. when you invest and insure with the bank.  

This is a great option for those looking for a low-barriers-to-entry savings account that encourages good financial habits. But is this savings account a good option for you? Read on to find out. 

In essence, the OCBC 360 Account pays a base interest of 0.05% p.a. on your total account balance.

As you can see from the above table, you can earn a bonus interest of up to 7.65% p.a. on your first S$100,000, and up to 4.65% p.a. on your first S$75,000 should you fulfil the following five categories:

• Salary: Credit a minimum salary of S$1,800 per month through GIRO
• Save: Increase your average daily balance by at least S$500 every month
• Spend: Charge at least S$500 to your OCBC 365 Credit Card each month
• Insure: Purchase an eligible insurance product from OCBC to earn this bonus interest rate for 12 months after the effective date of purchase
• Invest: Purchase an eligible investment product from OCBC to earn this bonus interest rate for 12 months after the effective date of purchase

Additionally, you can earn a further 2.40% p.a. if you have at least S$200,000 in your account:

• Grow: Maintain an average daily balance of at least S$200,000 to earn this extra 2.40% p.a. bonus each month

However, realistically speaking, not everyone can hit the maximum interest of 4.65% p.a. or 7.65% p.a. because the Insure and Invest categories are tougher to meet.

Suppose that you have S$20,000 in your OCBC 360 Account, and you fulfil these categories each month:

• Credit at least S$1,800 of your salary;
• Increase your account balance by at least S$500, and;
• Spend at least S$500 on your OCBC credit card

Here's the realistic interest rate you'll earn on your first S$75,000:

Note that eligible OCBC Cards include the OCBC 365, OCBC NXT, OCBC 90°N or OCBC Rewards Credit Card. 

In my humble opinion, I would rather much stick to the UOB One Account which gives you 3.85% p.a. interest on your first S$30,000 when you simply 1) credit a minimum salary of S$1,600 and 2) spend S$500 on eligible UOB credit cards a month.

Note that the effective interest rate (EIR) offered by the OCBC 360 Account on your first S$100,000 is:

Salary + Save: You will earn a maximum EIR of 4.05% a year.
Salary + Save + Spend: You will earn a maximum EIR of 4.65% a year.
Salary + Save + Spend + Insure / Invest: You will earn a maximum EIR of 6.15% a year.
Salary + Save + Spend + Insure + Invest: You will earn a maximum EIR of 7.65% a year.

The interest you earn from your OCBC 360 account will be reflected in your e-statement, Online Banking and Mobile Banking transaction history as: 360 SALARY BONUS, 360 SAVE BONUS, 360 GROW BONUS, 360 INSURE BONUS, 360 INVEST BONUS or 360 GROW BONUS. However, if you close your account before the bonus interest crediting date, the bonus interest for the previous month will be forfeited.

OCBC 360 product summary:

• Base interest rate: 0.05% p.a.
• Maximum interest rate: Up to 7.65% p.a.
• Minimum average daily balance for automatic waiver of monthly fall-below fee: S$3,000
• Minimum initial deposit: S$1,000

Pros of OCBC 360 account 

• Earn up to 4.65% p.a. and 7.65% p.a. on account balances of S$75,000 and S$100,000, respectively.
• While bonus interest has a few tiers, they're not difficult to achieve 
• First year fall below fee waived

Cons of OCBC 360 account

•  Requires tracking of multiple bonus categories on a monthly basis
• Insurance or investment products require a minimum qualifying amount to be eligible for the bonus interest (e.g. annual premium for insurance from S$2,000 and S$20,000 for unit trusts)
• Closing the account before the bonus interest crediting date will see the bonus interest for the previous month forfeited
• Initial deposit of S$1,000 required
• Minimum average daily balance must be S$3,000, waived for the first year. After that, fall-below fee of S$2 will be deducted

The OCBC 360 account rewards you for good financial habits, such as increasing your savings, insuring, or investing in products to grow your wealth. It is also one of the few high-yield savings accounts that grant a bonus interest rate if you maintain at least S$200,000 in your account balance.

Benefit #1: Low-income requirement of S$1,800 each month

Credit your monthly salary of at least S$1,800 into the OCBC 360 Account and earn 2.00% p.a. on your first S$75,000 and 4.00% on your next S$25,000. 

The minimum salary crediting requirement of S$1,800 is lower than the S$2,000 required by most savings accounts, making it more attainable for those that earn less.

Benefit #3: Rewards you for saving

With ‘Save’ as a category for you to earn higher interest, you are encouraged to save up each month continuously. By increasing your average daily balance by at least S$500 from the previous month, you can get up to 0.60% p.a. in interest. This helps you to forge a good savings habit.

Benefit #4: Perks to store cash in the account

If you have more than S$200,000 in savings, you can consider parking this cash in the OCBC 360 account. Under ‘Grow’ you earn an extra 0.60% p.a. in interest each month just by maintaining an average daily balance of at least S$200,000 in the account.

Benefit #5: Bonus interest for insuring yourself

If you were already planning to insure yourself, purchase a policy via OCBC and score a bonus interest rate of up to 2.40% p.a. while you're at it. With more than 15 policies across three categories and two premium types, you should find one that covers the gaps in your current portfolio.

Benefit #6: Encourages you to grow your wealth

If you plan on getting a decent interest on your savings while investing your money, you can kill two birds with one stone. Park some of your money in either a unit trust, structured deposit, or bonds and other structured products to snag a bonus interest rate of up to 2.40% p.a.

• Minimum initial deposit: S$1,000
• Fall below fee (fee incurred if you fail to meet the minimum average daily balance of S$3,000): S$2 (first year waived) 
• Cheque book fee (optional): S$10

To apply for an OCBC 360 account, you first have to be at least 18 years of age. During the application process, you will need to provide:

• NRIC for Singaporeans and Singapore PRs 
• Passport and a valid pass (e.g. Employment Pass (EP) or S-Pass or Student Pass) for foreigners

You will also require additional documents (any of the following that shows your residential address)

• Phone Bill
• Half-yearly CPF statement
• Any bank statement