OCBC 360 Account

Starting sometime in April this year, OCBC has revamped its 360 savings account making it more attractive and easier to understand for depositors in a bid to increase its market share in preparation for the rising interest rate environment.

There are 3 conditions to be met to get up to 3.05% per year on a maximum deposit balance of S$50,000. That will mean S$1,525 of interest per year or S$127 per month which is great given that this is extremely low risk and not forgetting that OCBC is twice ranked by Bloomberg as the World's Safest Bank in 2011 and 2012. It is now World no. 2 in 2013 after Qatar National Bank.

So, how does it work? You can earn 0.05% per year base interest for account balances of up to S$200,000 or base interest of 0.15% per year on balances above S$200,000.

Bonus interest of extra 1% per year can be earned each when you do all or any of the following:
When you
1. Credit your salary every month by GIRO of at least S$2,000 - at the bank site, there is actually a weblink with an email already drafted addressed to your HR to change the banking instructions. You just need to include your 360 account no. It is that easy.
2. Pay any 3 bills every month either through internet banking or GIRO
3. Spend at least S$400 on your OCBC Credit Cards every month - you need to be the Principal Cardmember and the Primary Account Holder for the 360 account

With conditions that are quite easy to achieve, I believe that OCBC will be a big winner with this product. The other similar products DBS multiplier and Stanchart Bonus Saver will have a tougher time attracting deposits.

Please refer to the website for more details.