Monthly Savings Account

The simplest way to kickstart a monthly savings habit

Why you will love this

Earn up to 0.10% a year

Earn more interest when you save without making any withdrawals

Earn higher interest when you save regularly

Who can apply

Anyone above 16 years old

Singaporean, Singapore PR or foreigner with a valid pass

Simply save monthly, without making any withdrawals - and watch your interest grow!

How it works

Earn additional 0.05% bonus interest when you deposit at least S$50 and make no withdrawals in the same month.

  • Total interest earned
  • How to gain interest

Earn up to 0.10% a year

on your entire account balance

0.05% a year

Bonus interest

0.05% a year

Base interest

Highlights for you
mother and child

Exclusively for OCBC Child Development Account Holders

Earn up to 0.20% a year when you save regularly for your child with the additional CDA Advantage Bonus Interest of 0.10% a year.

*Not applicable to new accounts opened from 2 May 2018.

  • Interest rate for OCBC CDA holders

    For OCBC CDA holders, earn an additional 0.10% CDA Advantage bonus.

    • Total interest earned
    • How to gain interest

    Earn up to
    0.20% a year

    0.10% a year

    CDA Advantage bonus interest

    OCBC CDA holders enjoy an additional bonus interest

    0.05% a year

    Bonus interest

    0.05% a year

    Base interest

    Note: Bonus interest is earned when you deposit at least S$50 and make no withdrawals in the same month. To enjoy the additional 0.10% a year CDA Advantage Bonus Interest, the account must be jointly held with your child. This exclusive bonus interest is applicable for up to two accounts.

before you apply

Eligibility requirements

Minimum age

16 years old

Documents required

NRIC for Singaporeans and Singapore PRs

Passport and a valid pass (e.g. Employment Pass (EP) or S-Pass or Student Pass) for foreigners

Additional document

Include any one of the following documents that shows your residential address

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


Fees

Fall below fee

S$2 (Waived for first year)


Deposit requirements

Initial deposit

S$0

Minimum average daily balance for the month

S$500


Statement

Monthly statements

e-Statement only




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.


ways to apply

Open your OCBC Monthly Savings Account today

FAQs
Common questions
If I contribute using GIRO, when will my contributing account be deducted?
If your contributing account is not in OCBC, that account will be deducted 1 business day before your contribution date. Otherwise, your account will be deducted on your contribution date itself.
What happens if I do not contribute a minimum of S$50 a month into my Monthly Savings Account?
You will not receive any bonus interest but you will still receive base interest.
1
For Singaporeans and Permanent Residents:

NRIC

For foreigners:

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

2
Initial deposit:

S$0

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 open your account instantly via Internet Banking with only a few clicks.