Revision of interest rates on 360 Account

LATEST UPDATE

Over the years, we have dedicated ourselves to providing value to and supporting our customers through our 360 Account.

Unfortunately, interest rates have trended lower as central banks around the world ease monetary policy to support economic growth. The Federal Reserve, in particular, had cut US interest rates to close to zero in March to mitigate the economic impact of the COVID-19 pandemic.

While we had hoped to continue offering our customers the best proposition possible, the current low interest rates have made it impossible to do so. This is why we will be making changes to the 360 Account on 1 July 2020 (see details below).

We will continue to monitor the interest rates situation and improve our product offerings once it is viable to do so.

We thank you for your support and look forward to serving you through these exceptional times.

Interest rates from 1 July 2020

Earn bonus interest (% a year) on the first S$70,000 of your account balance if you fulfil the requirements across any or all of these categories:

First S$35,000

Next S$35,000

0.6%

1.2%

Salary  

Credit your salary of at least S$1,800 through GIRO.

First S$35,000

0.6%

Next S$35,000

1.2%

0.2%

0.4%

Save  

Increase your average daily balance by at least S$500 from the previous month.

First S$35,000

0.2%

Next S$35,000

0.4%

0.6%

1.2%

Wealth  

Insure or invest in eligible OCBC wealth products to earn this bonus interest for 12 months.

First S$35,000

0.6%

Next S$35,000

1.2%

0.8%

Grow  

Maintain an average daily balance of at least S$200,000 to earn this extra bonus each month.

First S$35,000

0.8%

Next S$35,000

0.8%


You will earn a base interest of 0.05% a year on your entire account balance regardless of whether you fulfil the above categories.

Important notices

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. 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. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.


FAQs
Why has the Salary Credit bonus interest been decreased?

Our customers have entrusted us with their salary relationships, and we want to continue supporting customers who have chosen to bank with OCBC.

While we had hoped to continue offering our customers the best proposition possible, the current macro-economic environment has made it impossible to do.

We will continue to monitor the macro-economic environment and we hope to improve the product offering in the future.

Will the Credit Card Spend bonus interest category be re-introduced in the future?

Our credit card propositions continue to benefit our customers with the various cashback, airmiles, STACK$ and LinkPoint programmes.

Although the Credit Card Spend bonus interest category is no longer available, we will continue to improve our product offering and may re-introduce this in the future.

Why is the Save bonus interest category not removed?

More than half of our 360 Account customers are able to benefit from this bonus interest category by saving and growing their account balances monthly. In these difficult times, with customers saving more each month, we want to continue to support them in their savings behaviour.

Will there be further changes in the 360 Account interest rates?

The macro-economic environment is evolving very rapidly. We will continue to monitor its progress and we hope to improve our product offering in the future.

More questions and answers
1
For Singaporeans and Permanent Residents:

NRIC

For foreigners:

Passport
Employment Pass (EP) or S-Pass or Student Pass

2
Initial deposit:

S$1,000

3
Include any one of the following documents:

Phone bill
Half-yearly CPF statement
Any bank statement

For new customers

Open your account instantly when you apply with MyInfo via SingPass login.

If you do not have SingPass, you can apply online with these documents  

For Singaporeans and Permanent Residents:

NRIC


Additional documents
Include any one of the following documents:

  • Phone bill
  • Half-yearly CPF statement
  • Any bank statement
Fill application form 
or

For OCBC customers

If you have a current or savings account with us, you can apply instantly via Internet Banking with only a few clicks.