Starting from Sep. 1, OCBC will raise the interest rates for its 360 account in all existing bonus interest categories – Salary, Save, Wealth (Insure), Wealth (Invest) and Grow.
In addition, the "Spend" bonus interest category has been reinstated for customers who spend S$500 on the OCBC 365 credit card.
First time since Jan. 2021
The "Spend" category was removed from the 360 account in July 2020, according to The Straits Times.
This marks the first time OCBC has raised interest rates since Jan. 2021, after it cut the rates four times in eight months.
The bank's Head of Wealth Management Singapore, Tan Siew Lee, was quoted as saying:
"The OCBC 360 Account is compelling not just because of its competitive rates but the ease with which our customers can enjoy these rates – they can earn bonus interest just by going about their daily lives, with no conscious effort needed."
Changes taking effect from Sep. 1
According to OCBC, customers can earn bonus interest on individual banking transactions.
For example, crediting their salary into the account will now earn up to 1.1 per cent interest per annum, while saving S$500 more a month will earn up to 0.35 per cent per annum.
Customers are also not required to "bundle" these transactions together to start earning bonus interest.
As for customers who perform transactions in the bonus interest categories of Salary, Save, Wealth (Insure), Wealth (Invest) and Spend, they can earn bonus interest of up to 4.05 per cent per annum on the first S$100,000 in their bank account.
OCBC also highlighted that for customers who continue to credit a salary of at least S$1,800 into their account by GIRO and saving at least S$500 more than the previous month, customers can earn bonus interest of up to 1.5 per cent per annum, up from 0.98 per cent per annum previously.
A new account balance tier has also been included and the maximum account balance that customers can earn bonus interest rates on has been increased from S$75,000 to S$100,000.
OCBC further highlighted that the banking criteria for the existing bonus interest categories have remain unchanged.
With regard to the reinstatement of the "Spend" category, OCBC said that customers can earn interest rates of up to 0.35 per cent annually by spending at least S$500 on their OCBC 365 credit cards.
Here are the tables for the full changes:
Top image by Joshua Lee