Accounts

Accounts - 360 Account - General

Frequently asked questions
  • How different is the 360 Account from other savings or current accounts?

    The 360 Account is a deposit account that pays you bonus interest when you do all or any of these:

    • Credit your salary through GIRO
    • Save and increase your account balance
    • Insure with OCBC
    • Invest with OCBC

    The account comes with e-statements and you can choose to have a cheque book.

  • How is the interest calculated?

    You get 2 types of interest on your account balance every month.

    Base interest:
    This interest is accrued daily based on your account's day-end balance and you will receive this at the end of the month.

    Bonus interest:
    For the FIVE types of bonus below, you will earn bonus interest on 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’s average daily balance by at least 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
    • Earn up to 1.2% a year for 12 consecutive months when you purchase an eligible investment product from OCBC and/or
    • Earn 0.4% a year if your account's average daily balance is at least S$200,000.

    For illustration purpose:

    Bonus Interest Categories Maximum interest earned a year1
    SALARY S$600
    SAVE S$175
    INSURE S$600
    INVEST S$600
    GROW S$300
    TOTAL S$2,275

    1 The maximum interest earned is computed based on the effective interest rate of the respective bonus interest categories and the bonus interest balance cap.

    Please refer to the calculator to find out more.

  • How am I able to earn an effective interest rate of 2.68% a year with the 360 Account?

    The effective interest rate of 2.68% a year can be earned on your account balance up to S$75,000, provided you meet the bonus criteria for Salary Credit, Save, Insure and Invest.

  • How will I know that the bonus interest is credited to my 360 Account?

    Your bonus interest will be reflected in your e-statement, Online Banking and Mobile Banking transaction history as follows

    • 360 SALARY BONUS
    • 360 SAVE BONUS
    • 360 INSURE BONUS
    • 360 INVEST BONUS
    • 360 GROW BONUS

    If you close your account before the bonus interest crediting date, the bonus interest for the previous month will be forfeited.

  • How will customers with existing eligible insurance and/or investment products be affected with the new rate changes from 1 October 2020?

    Customers’ bonus interest will be revised according to the 3 scenarios illustrated below:

    • Scenario 1 – Customer with 1 existing insurance and 1 existing investment
    • Scenario 2 – Customer with 1 existing insurance and bought an eligible investment after 1 October 2020
    • Scenario 3 – Customer with 1 existing insurance and bought another eligible insurance after 1 October 2020

    Scenario 1, for illustration purposes:

    Mr Koh currently has 1 insurance (effective purchase month in January 2020) and 1 investment (effective purchase month in March 2020).

    Mr Koh will be receiving receiving bonus interest for both his Insurance and Investment separately for the remaining respective cycles from October onwards.

    Bonus interest for Insurance purchase From Jan 2020 to Sep 2020

    First S$35,000 at 0.60%
    Next S$35,000 at 1.20%
    From Oct 2020 to Dec 2020

    First S$25,000 at 0.40%
    Next S$25,000 at 0.80%
    Next S$25,000 at 1.20%
    Bonus interest for Investment purchase From Mar 2020 to Sep 2020

    N.A.
    From Oct 2020 to Feb 2021

    First S$25,000 at 0.40%
    Next S$25,000 at 0.80%
    Next S$25,000 at 1.20%

    Scenario 2, for illustration purposes:

    Mr Koh currently has 1 insurance (effective purchase month in August 2020) and purchased another eligible investment in November 2020.

    Mr Koh’s bonus interest will be awarded individually for his Insurance and Investment purchase in each of its 12-month period.

    Bonus interest for Insurance purchase From Aug 2020 to Sep 2020

    First S$35,000 at 0.60%
    Next S$35,000 at 1.20%
    From Oct 2020 to Jul 2021

    First S$25,000 at 0.40%
    Next S$25,000 at 0.80%
    Next S$25,000 at 1.20%
    Bonus interest for Investment purchase From Aug 2020 to Oct 2020

    N.A.
    From Nov 2020 to Oct 2021

    First S$25,000 at 0.40%
    Next S$25,000 at 0.80%
    Next S$25,000 at 1.20%

    Scenario 3, for illustration purposes:

    Mr Koh currently has 1 insurance (effective purchase month in September 2020) and purchased another eligible insurance in October 2020.

    Mr Koh will enjoy 1 set of bonus interest till September 2021, following the 12-month period of his most recent purchase in October 2020.

    Bonus interest for Insurance purchase In Sep 2020

    First S$35,000 at 0.60%
    Next S$35,000 at 1.20%
    From Oct 2020 to Aug 2021

    First S$25,000 at 0.40%
    Next S$25,000 at 0.80%
    Next S$25,000 at 1.20%
    Bonus interest for 2nd Insurance purchase From Sep 2020 to Aug 2021

    N.A.
    In Sep 2021

    First S$25,000 at 0.40%
    Next S$25,000 at 0.80%
    Next S$25,000 at 1.20%
  • Can I open more than one 360 Account?

    Each customer is only allowed to open one 360 Account where he/she is the Primary Account holder. The signing mandate can be either signed singly or joint alternate.

  • Can I use the money in my 360 Account?

    Yes you can. There is no lock-in period for this account. You can withdraw money with a debit card and/or access your money through OCBC Online Banking.