The OCBC 360 Account stands out in the banking landscape, offering a unique blend of features that reward account holders for their everyday financial activities. At its core, this account provides two types of interest: base interest and bonus interest.
Base interest is straightforward. It’s calculated on your account's day-end balance and accrues daily, ensuring you earn something just by keeping your money in the bank. This amount is credited to your account at the end of each month—simple enough!
But here’s where it gets interesting: bonus interest. To qualify for this additional perk, you need to engage with various services offered by OCBC throughout the month. The first S$60,000 in your balance can earn up to 1.2% per annum if you credit a salary of at least S$2,000 through GIRO—a direct deposit method that many employers use.
You can also boost your earnings by paying bills online or via GIRO; specifically, making payments for three different bills will net you an extra 0.5% p.a.. If you're using an OCBC Credit Card and spend at least S$500 within a calendar month across eligible cards (like Titanium or Platinum), that's another opportunity for bonus interest.
Moreover, investing in eligible insurance or investment products with OCBC could yield an impressive 1% p.a., while simply increasing your overall savings balance brings yet another layer of potential rewards—an extra 1% on incremental balances.
It’s important to note that these bonuses are not guaranteed every month; they fluctuate based on how actively you participate in these activities. So if one month sees fewer transactions than usual? You guessed it—you’ll likely see less bonus interest as well.
When all calculations are done each month, any earned bonus interests will be reflected clearly in e-statements under specific labels like '360 SALARY BONUS' or '360 PAYMENT BONUS.' Just keep track because if you decide to close your account before receiving those credits? They’re forfeited!
In essence, managing an OCBC 360 Account isn’t just about depositing funds—it encourages proactive engagement with multiple facets of personal finance.
