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OCBC 360 Review Singapore 2024: An Unbiased Look at Features and Benefits

Key Takeaways

  • The OCBC 360 account offers tiered interest rates for various banking activities.
  • Salary crediting, spending, and increasing savings can enhance interest earned.
  • Eligibility includes a minimum initial deposit of S$1,000 and being over 18.
  • No monthly fees, but a fall-below fee applies if the balance drops under S$3,000.


Maximize your savings with OCBC 360’s tiered interest rates, rewarding everyday banking activities.

Question: What are the benefits of using the OCBC 360 account in Singapore?
Answer: The OCBC 360 account benefits users with tiered interest rates that increase with specific banking activities such as salary crediting, bill payments, and credit card spending. There’s no monthly fee, and the account offers additional interest for growing your savings and engaging with OCBC’s financial products. However, to avoid a fall-below fee, a minimum balance is required.

Managing personal finances effectively is crucial, and selecting the right bank account is a fundamental part of this process. As an account holder of the OCBC 360 account in Singapore, I’ve experienced firsthand the benefits and drawbacks of this savings instrument. This scheme is tailored to reward users with higher interest rates for accomplishing specific banking tasks, such as crediting salaries, paying bills, and making investments. The flexibility in managing one’s finances while incentivising essential banking transactions is a defining feature of this savings account.

The OCBC 360 account targets individuals seeking to maximise their savings through daily banking activities. Depending on the account holder’s financial behaviour, the interest rates can be significantly enhanced, which can be an attractive feature for strategic savers. For instance, the interest rates are structured in tiers, escalating with each additional banking task performed, thus encouraging a more engaged banking relationship. It is important to maintain a close eye on the requirements to ensure the maximisation of returns on one’s savings.

One must also consider the potential downsides to this system such as the need to meet monthly criteria to earn bonus interest, which may not suit everyone’s banking habits. It’s vital to assess personal financial activities against the account’s criteria to establish if the OCBC 360 account aligns with one’s financial objectives. Understanding the fine print and adapting to the conditions set forth can help account holders make an informed decision and potentially reap the benefits of this savings account.

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Overview of OCBC 360 Account

The OCBC 360 Account stands out for its tiered interest rate structure that rewards customers with higher interest rates for fulfilling specific criteria related to account activity and balance.

Features and Benefits

The OCBC 360 Account offers several features designed to maximise savings for account holders. Customers can enjoy a base interest rate and additional interest when they credit their salary, pay bills, or spend on their OCBC credit cards. Here’s a condensed list of the benefits:

  • Base Interest: Earn a competitive base interest rate on account balances up to S$100,000.
  • Salary Credit: Additional interest is rewarded for salary crediting of at least S$1,800 monthly.
  • Save: Increase your average daily balance by at least S$500 monthly.
  • Credit Card Spending: Additional interest for spending a minimum amount on OCBC credit cards each month.

Eligibility Criteria

To open an OCBC 360 Account, certain criteria must be met:

  • Age: Must be at least 18 years old.
  • Citizenship: Singaporeans, Singapore Permanent Residents, or foreigners with a valid work permit or student pass.
  • Initial Deposit: A minimum of S$1,000 to start the account.

Note that terms and conditions apply and interest rates are subject to change. It’s important to review the current details on the OCBC website or by contacting the bank directly.

Account Opening Process

Opening an OCBC 360 Account is streamlined and user-friendly. I will guide you through the necessary documents you need to have ready, and the steps to apply online.

Required Documents

To open an OCBC 360 Account, I ensure that the following documents are prepared:

  • Proof of Identity: NRIC for Singaporeans and PRs, or Passport and Employment Pass for foreigners.
  • Proof of Address: A recent utility bill, bank statement, or a government-issued letter dated within the last 3 months.

Online Application Steps

I follow these steps when applying online for an OCBC 360 Account:

  1. Visit the Official OCBC Website: Look for the OCBC 360 Account opening page.
  2. Fill in the Application Form: Enter all my personal details accurately.
  3. Upload the Required Documents: I must upload clear copies of my proof of identity and address.
  4. Review and Submit: Before submission, I double-check the details I’ve entered.

After submitting the application, I typically receive an acknowledgment and further instructions from OCBC regarding the next steps for account verification and activation.

Interest Rates Analysis

The OCBC 360 Account offers a competitive range of interest rates structured to reward customers based on various banking activities.

Base Interest Rates

The base interest rate for the OCBC 360 Account is fairly modest. I hold an account, and currently, it stands at 0.05% p.a. for balances up to S$75,000, which is consistent with many basic savings accounts.

Bonus Interest Criteria

To maximise earnings for the first $75,000, a series of bonus interest opportunities are offered to me and other accountholders that meet specific criteria:

  • Salary Crediting: Crediting a monthly salary of at least S$1,800 via GIRO earns me an additional 2% p.a.
  • Increase Monthly Balance: Increasing my account balance from the previous month rewards me with an additional 1.2% p.a., encouraging regular savings.
  • Credit Card Spend: Spending a minimum of S$500 on OCBC credit cards monthly adds on an additional 0.60% p.a.
  • Insure : Purchase an eligible insurance product from OCBC earns me an additional 1.2% p.a.
  • Invest : Purchase an eligible investment product from OCBC earns me an additional 1.2% p.a.

These rates are tiered, thus my interest rate grows with each criterion met.

Interest Calculation Method

Interest calculation on the OCBC 360 Account is done on a daily basis. The total eligible balance for the interest calculation is capped at S$75,000. Here’s how it’s typically broken down:

  1. Determine daily balance
  2. Apply relevant interest rates based on qualifying activities
  3. Sum up daily interest earned in a month to get the monthly interest amount

If at any time my balance exceeds S$75,000, I earn a lower interest rate on the excess balance, maintaining the account’s focus on rewarding active financial management.

Fees and Charges

In reviewing the OCBC 360 Account, it’s vital for me to consider the various fees and charges that apply. These can affect the overall benefits of the account, so I am detailing them below for clarity.

Account Service Fees

Monthly Account Fee: The OCBC 360 account has no monthly account fee, which makes it an attractive option for savers.

Minimum Average Daily Balance (ADB): There’s a requirement to maintain a minimum ADB of S$3,000. If my balance falls below this, a fall-below fee of S$2 is charged.

Account Closure Fee: If I choose to close my account within 6 months of opening, a S$30 closure fee is applicable.

Overseas Transaction Fees

Foreign Currency Transactions: For transactions in foreign currency, there is a charge of 1.5% of the transaction amount, which includes a conversion factor that OCBC may determine.

Overseas ATM Withdrawal: When using an ATM overseas, I’ll incur a withdrawal fee of S$5 per transaction. Additionally, some local ATM operators may impose additional charges.

Overseas Fund Transfer: Sending money abroad incurs a fee, which depends on the amount and destination. Telegraphic transfer fees typically range from S$20 to S$30, but exact costs can be verified on the OCBC website or by contacting customer service.

Online Banking Experience

The OCBC 360 Account offers a seamless online banking experience catered to the needs of the modern customer. Through the mobile app and internet banking services, I have access to a range of convenient features.

Mobile App Features

  • Quick Balance: I can check my balance without logging in, using a quick glance feature.
  • Pay Anyone: Sending money is straightforward with OCBC Pay Anyone — I can transfer funds using just a mobile number.
  • Bill Payments: Paying my bills is efficient and hassle-free; I am able to manage and pay them all within the app.
  • E-Statements: I receive my monthly statements directly in the app, saving me a trip to the mailbox.

Internet Banking Services

  • Funds Transfer: I find transferring money to other banks both local and overseas very straightforward via online banking.
  • Customisable Dashboard: My internet banking homepage is customisable, allowing me to prioritise features I use frequently.
  • Investment Tracking: I can track my investments and even trade online, which is quite a valuable service for keeping an eye on my portfolio.
  • Security Management: The platform offers robust security settings that I can manage, including alerts and limits on transactions for added safety.

Customer Service Quality

Evaluating customer service quality is crucial when considering banking options. OCBC has specifically tailored their services to ensure customer satisfaction and efficient resolution of queries through their branch services and call centre support.

Branch Services

In my experience with OCBC’s branch services, I’ve found the staff to be attentive and well-informed. Queuing times are often reasonable, especially considering the utilisation of a queue management system that allows visitors to be served in a timely manner. Personalised assistance is available for more complex transactions or enquiries, fostering a more tailored banking experience for customers.

Call Centre and Support

The call centre and support services are robust, with availability round the clock for urgent assistance. I’ve noted that the average wait time to speak to a representative is relatively short. Additionally, there is an option for a call-back service to avoid waiting on hold. My interactions have generally been positive, with clear communication and resolution-focused support from their team.

Comparative Review

I am providing a focused comparative review of the OCBC 360 Account based on its features relative to its competitors and a balanced view of its advantages and disadvantages. For most folks, we shall focus only on when you credit your salary, save and spend.

Comparison With Competitors

OCBC 360 Account vs DBS Multiplier

FeatureOCBC 360 AccountDBS Multiplier
Interest RatesUp to 4.65% p.a.Up to 2.20% p.a.
Requirement for Max RateSalary crediting, bills payment, saveSalary crediting + Credit card spend
Minimum BalanceS$3,000S$3,000
Fall-below FeeS$2 (waived with min deposit)S$5 (waived with min deposit)
Bonus Interest Categoriesinvest, insureInvest, insure, borrow

The OCBC 360 Account provides competitive interest rates that can be maximised through various actions such as credit card spending and salary crediting. When compared to DBS Multiplier, it typically offers much higher maximum interest rates, but the conditions to earn interest are more explicit with categorised requirements. The DBS Multiplier offers higher potential rates but could require more complex account activity to maximise earnings.

OCBC 360 Account vs UOB One Account

FeatureOCBC 360 AccountUOB One Account
Interest RatesUp to 4.65% p.a.Up to 4.85 % p.a.
Quarterly RebateNoYes, up to S$300
Min. Card Spend RequirementS$500 (for additional interest)S$500 for up to 15% cashback, higher spend required for higher interest rates
Maximum Account BalanceInterest for up to S$100,000Interest for up to S$100,000

The OCBC 360 Account and UOB One Account are quite similar in interest rate offerings, with UOB potentially offering a slightly higher rate. However, UOB One includes a quarterly rebate feature for card spend which is not available with OCBC 360. The OCBC 360 Account also has a lower cap on the account balance that can earn the maximum interest rate.

Pros and Cons


  • Multiple Channels to Earn Interest: My savings can grow through interest from salary crediting, spending, saving, and investing.
  • Waivable Fall-below Fee: A S$2 fall-below fee is easily waived by maintaining the minimum balance, making it relatively low risk for fees accruing.
  • Straightforward Categories: The requirement categories are clear, which can simplify financial planning.


  • Lower Maximum Interest Rates: The maximum interest rates are lower when compared to some competitors, potentially impacting long-term savings.
  • Higher Spend Requirement for Full Benefits: To fully take advantage of the interest rates, significant spending through OCBC credit cards is required.
  • Interest Cap: The interest benefits cap at S$100,000, which may not be ideal for those with higher balances.

Saving Strategies with OCBC 360

I will focus on practical tips for maximising savings through the OCBC 360 account, aligning interest-earning opportunities to one’s financial activities.

Optimising Bonus Interest

To optimise bonus interest rates with my OCBC 360 account, I must meet specific criteria that range from crediting my salary to increasing my account’s average balance each month. Here’s a breakdown of actions I can take:

  • Salary Credit: By crediting a salary of at least S$1,800 monthly through GIRO, I earn an additional interest rate.
  • Increase Account Balance: If I increase my account’s average balance by $500 from the previous month, the bank offers further bonus interest on the increased amount.
Criteria for Bonus InterestInterest Rate (p.a.)
Credit Salary of at least S$2,000Earn up to 2.0% additional interest (subject to change)
Increase Monthly Account BalanceEarn up to 1.2% additional interest (subject to change)

Discipline in maintaining or growing my balance monthly can significantly boost the interest earned.

Integrating with Budgeting Tools

Integrating my OCBC 360 account with budgeting tools is key in managing my finances effectively. These tools allow me to track my expenses, set budget goals, and ensure that I maintain the balances needed for bonus interest rates. I use these strategies with budgeting tools to stay on top of my savings:

  1. Regular Monitoring: I keep a daily check on my account activities which helps me identify unusual expenses or opportunities for savings.
  2. Setting Up Alerts: I set alerts for when my account balance dips below a certain figure, ensuring I don’t miss out on the bonus interest.

By consistently using these methods, I align my saving habits with the bonus interest criteria, streamlining my finances towards better savings outcomes.

Testimonials and User Reviews

In assessing the OCBC 360 Account, I have gathered insights from a range of users and experts to present a comprehensive review.

Customer Feedback

Customers frequently mention the high-interest rates of the OCBC 360 Account as a major draw. Many note the ease of meeting the criteria for bonus interest, which includes salary crediting, bill payments, and investment or insurance purchases.

  • Salary Crediting: Users appreciate the bonus interest earned simply by crediting their monthly salary into the account.
  • Bill Spends: The convenience of OCBC’s bill payment system is often praised for its efficiency and the additional interest gained.
  • Investment and Insurance: Customers engaging with OCBC’s investment and insurance services have reported satisfaction with the extra gains on their funds.

A common observation is OCBC’s user-friendly mobile app. However, some users suggest there is room for improvement in customer service response times.

Expert Opinions

Financial analysts commend the OCBC 360 Account for its competitive interest rates, especially when compared to other banks in Singapore.

  • Competitive Rates: Experts point out that the tiered interest rate system incentivises customers to use multiple banking services, maximising their returns.
  • Account Features: The flexibility and numerous features of the OCBC 360 Account, including the step-up bonus interest, are highlighted as attractive options for savers looking to optimise their finances.
  • Long-term Benefits: Financial advisors often recommend the OCBC 360 Account for long-term savers due to the potential for significant interest accrual over time.

Notably, some experts advise potential users to consider the minimum balance requirements to avoid monthly fees and to look at the entire package to ensure it fits their financial behaviour and needs.


In my assessment of the OCBC 360 Account, I’ve highlighted its multifaceted interest rate structure, which has the potential to benefit diligent savers. Customers stand to gain a more attractive interest rate when they fulfil certain criteria, like crediting their salary, paying bills, or investing.

CriteriaInterest Rate Bonus
Salary CreditingEncourages salary transfer
Credit Card SpendingRewards daily expenditure
Increase Monthly BalanceMotivates saving habit
Bill PaymentsSimplifies finance management
Investment & InsuranceProvision for long-term goals

These tiers encourage a holistic approach to managing finances, encompassing daily transactions and long-term financial planning. Moreover, the OCBC 360 Account integrates seamlessly with digital banking services, enhancing user experience and convenience.

Potential account holders should consider their financial habits against the stipulated requirements before opening an account. The benefits are maximised when one fully utilises the account features. It is also wise to monitor any changes in the terms, which may affect the interest rates and benefits associated with the account.

In summary, the OCBC 360 Account may be a viable option for individuals seeking an interest-generating savings account that rewards regular banking activities. My take is that its tiered interest system and the convenience of digital banking facilities represent an amalgamation of innovation with savings.

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