For this, you could earn i to 3.05% on our savings account! This is even higher than a typical 12 month fixed deposit nowadays. A maximum of 3.05% is also comparable to some of the bonds listed on SGX.
How to earn the bonus interest
1) Salary credit
- Credit your salary through GIRO.
- The minimum salary amount to credit is S$2,000.
- Only direct salary credits through GIRO with the description “GIRO – SALARY” in your statements will qualify for this bonus.
- Make 3 unique bill payments from this account with OCBC Online Banking using Pay Any Bill and Pay Any Card services or use GIRO.
- Payment must be made through OCBC Online Banking or GIRO in the calendar month.
- Payments made via AXS, SAM, ATMs do not qualify for this interest.
- Spend a minimum of S$400 in total across your OCBC Credit Cards.
- You would need to be the Primary Account Holder of the 360 Account as well as the Principal Cardmember of the eligible OCBC Credit Card(s).
- Your spending on these cards do not qualify for this bonus :
• Debit cards
• ATM cards
• Corporate cards
• Business cards
• Private label cards
- These transactions do not qualify for this bonus:
• Balance transfers
• Cash advance
• Fund transfers
• Fees and charges
The bonus interest is only on the first 50k in the account.
My thoughts on this product:
The interest rate is quite attractive. Most of the criteria are also not too hard to hit. You also do not need to fulfill all the 2 criteria to earn bonus interest. For each criteria fulfilled, you gain a 1% bonus interest.
If you can deposit 50k in the account, you will earn an additional $500 per year for every 1% bonus interest earned. If you can hit the maximum 3% bonus interest, it is an additional $1500 per year!