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Oversea-Chinese Banking Corporation (OCBC) announced on Oct. 31 that it will raise interest rates to an all-time high for its flagship OCBC 360 account from Nov. 1, 2022.
The average account holder can earn 4.65 per cent per annum on the first S$100,000 in the bank account under the revised rates.
Conditions apply, such as having to credit a salary of at least S$1,800 a month, as well as making charges to certain credit cards.
The revised rate marks a significant jump from the 1.85 per cent per annum rate for account holders doing the same three things.
OCBC 360 account holders will be able to earn up to 7.65 per cent per annum in terms of interest by investing, as well as having insurance coverage with OCBC.
OCBC has also widened the pool of credit cards to use to unlock the bonus interest under the bank’s spending category.
Together with the OCBC 365 card, the OCBC Titanium Rewards credit card, OCBC 90°N Visa card and OCBC 90°N Mastercard will all be eligible for OCBC account holders to earn bonus interest from Nov. 1.
The move by OCBC comes after the bank raised its fixed deposit interest rates to match UOB’s on Oct. 5.
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