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OCBC Bank to raise flagship OCBC 360 account interest rates to all-time high

OCBC Bank to raise flagship OCBC 360 account interest rates to all-time high

  • 31 Oct 2022

From 1 November 2022, OCBC Bank will again raise interest rates across the OCBC 360 Account’s entire suite of bonus interest categories – this time, to the highest levels in the flagship account’s history.

The OCBC 360 Account has six bonus interest categories – Salary, Save, Spend, Wealth (Insure), Wealth (Invest) and Grow. By tapping on just three of these categories – Salary, Save and Spend – customers will be able to earn interest of 4.65% p.a. on the first S$100,000 in their bank account. This is a significant jump compared to the current interest of 1.85% p.a. earned on their first S$100,000, if they leverage these same three categories.

The 4.65% p.a. interest rate is impressive even when compared to the OCBC 360 Account’s interest rates in 2018 and 2019, which was a similar period characterised by a rising interest rate environment. Back then, even if customers qualified for all four of the bonus interest categories available, they would have earned interest of 3.45% p.a. – and only on their first S$75,000 as that was the maximum amount eligible for bonus interest at the time.

Moreover, this interest rate of 4.65% p.a. can be attained with relative ease. The criteria to unlock the bonus interest in the Salary, Save and Spend categories will remain unchanged – crediting salary of at least S$1,800 through GIRO, increasing of account balance by at least S$500 monthly, and spending at least S$500 on selected OCBC credit cards. For many individuals, the criteria can be fulfilled by their everyday actions and as a result, these are the three most common categories that OCBC 360 Account customers currently earn bonus interest on.

Customers who go beyond the basic Salary, Save and Spend categories will be further rewarded. By meeting the requirements for two more categories – Wealth (Insure), Wealth (Invest) – they can earn 7.65% p.a. interest on the first S$100,000 in their bank account from 1 November, compared to the current 4.05% p.a. interest rate that they would earn.

A more comprehensive Spend bonus interest category

To help even more customers earn bonus interest, this round of enhancements will widen the pool of eligible cards for the Spend category.

Currently, OCBC 365 credit card holders who spend at least S$500 can earn bonus interest on their OCBC 360 Account, but come 1 November, payments made using the OCBC Titanium Rewards credit card, OCBC 90°N Visa card and OCBC 90°N Mastercard will also count towards the S$500 spend. These four cards are popular amongst OCBC 360 Account holders; 2 in 3 OCBC 360 Account holders who are eligible for credit cards already have at least one of these cards, making it fuss-free for them to start earning bonus interest from the Spend category.

Ms Tan Siew Lee, Head of Wealth Management Singapore, said, “The OCBC 360 Account has always been about meeting the ever-changing needs of our customers, and it must continue to do so, especially in today’s rising interest rate environment. This round of enhancements will immediately benefit the 7 in 10 OCBC 360 Account holders who already earn bonus interest from at least one category, and our move to bring a wider range of OCBC credit cards into the OCBC 360 Account construct will enable more customers to benefit from the Spend category without any additional effort on their part. This simplicity is at the heart of the OCBC 360 Account, and even through subsequent rounds of enhancements, this proposition is something that we will preserve.”

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