OCBC S'pore slashes 360 account interest rates, 4th time in 8 months

The salary bonus is now 0.3 per cent instead of 0.4 per cent.

Joshua Lee | January 05, 2021, 02:10 PM

OCBC will once again lower the interest rates on its OCBC 360 account -- the fourth time in just eight months, since May 2020.

Starting February 1, 2021, OCBC 360 account's salary bonus interest will be revised downwards according to balances in the account:

  • Balances up to S$25,000: Drops to 0.3 per cent (previously 0.4 per cent)
  • Balances between S$25,000 and S$50,000: Drops to 0.6 per cent (previously 0.8 per cent)
  • Balances between S$50,000 and S$75,000: Remains at 1.2 per cent.

OCBC account holders will also earn a base interest of 0.05 per cent a year on their entire account balance.

Interest rates for other bonus components of the OCBC accounts have also been revised. You can read about all the revisions here.

OCBC said in a statement that it would adjust its product offerings accordingly when the interest rate situation improves.

OCBC is not the only one to cut interest rates.

Standard Chartered and DBS recently slashed interest rates to 0.4 per cent on the Jumpstart savings accounts and Multiplier accounts respectively for the lowest balance tiers.

Top image by Joshua Lee.