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OCBC 360 account interest rate at up to 7.65% p.a. Best deposit account in Singapore?

31 Oct 2022

OCBC raised interest rates on the OCBC 360 savings account to up to 7.65% a year!
OCBC 360 November.jpeg

OCBC announced that it is raising interest rates on the OCBC 360 savings account again. The headlines show that you can earn up to 7.65% a year!

Let’s explore the following questions:

Is OCBC 360 better than DBS Multiplier? Is OCBC 360 better than UOB One?

Is OCBC 360 the best deposit account in Singapore?

Read on to find out more!

How to earn an interest rate of 7.65% per annum on the OCBC 360 deposit account?

For the uninitiated, you can refer to my past article to understand how OCBC 360 works in detail.

Other than the increase in interest rates offered, OCBC has reduced their number of tiers and the number of qualifying credit cards.

  1. The interest rate is drastically increased after the first $75,000 instead of $50,000.
  2. The qualifying credit card now extends to the OCBC 90N and OCBC Titanium Rewards credit cards, instead of the usual OCBC 365 credit card.
Source: OCBC

Is the OCBC 360 better than the DBS Multiplier?

In a silent move, DBS also updated their website and increased the interest rates paid on DBS Multiplier to 4.1% a year.

(Update on 1st November 8pm: CNA reported DBS has raised interest rate on their DBS Multiplier savings account to  up to 4.1% per annum. But you heard it first from me yesterday ;))

Other than the increase in interest rates offered, DBS also made changes to the reward structure.

  1. DBS has removed the first $25,000 tier. You will earn the same interest rate on your first $50,000 across all lees of total eligible transactions.
  2. You will not earn additional interest on the second $50,000 (out of $100,000) if you only have transactions in one category.

In my opinion, DBS made it harder for us to earn the interest rate.

The harsh truth is, not everyone will be able to have transactions in two categories. This is  explained in my previous article.


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Source: DBS


OCBC 360 vs DBS Multiplier. Who is the winner?

Once again, I reiterate that it is difficult to qualify for the insurance and/or investment criteria, as the requirements are demanding. 

Let us use the same set of assumptions as the previous time. 

Assuming an average Singaporean (like me) who -

(1) does not buy insurance/investment products from the bank

(2) saves and spends at least $500 respectively a month, and 

(3) has total eligible transactions per month of more than $5000 but less than $15,000

(4) credit monthly salary into the bank.

Available for depositMaximum interest rate to be earned (including base interest rate of 0.05%)Winner 
Less than $50,000OCBC 3.85%OCBC
DBS 1.85%
More than $50,000OCBC 3.85%OCBC
Less than $75,000DBS 1.85%
More than $75,000OCBC 4.65%OCBC
Less than $100,000DBS 1.85%

The clear winner? Definitely OCBC

OCBC 360 offers an absurdly awesome amount as compared to DBS. 

I did not expect these numbers until I went to compute them. 

Oh. My. 

OCBC’s 4.65% is more than double of DBS’s 1.85%.

OCBC 360’s interest rates are more attractive even at lower deposit amounts.

Unsurprisingly, OCBC 360 is better than both DBS Multiplier because of DBS Multiplier’s new reward structure.

Am I biased? No. 

Let’s assume that you have transactions in 3 categories and you make at least $30,000 in transactions per month.

The interest rate you get is 4.10%, below OCBC’s 4.65%. 

I didn’t make up the story!

OCBC 360 beats DBS Multiplier.

How much more interest get will you get on the OCBC 360 account? 

Assuming you have $100,000 and the interest rate differential is 2.80%, you will potential earn an extra S$2,800 per year!

That is more than an iPhone or 560 plates of expensive chicken rice (assuming no inflation) 

To stretch this a little further, the interest rate on the OCBC 360 is even better than the T-Bill and Singapore Savings Bond (SSB).

Is OCBC 360 the best deposit account in Singapore?

I think UOB will follow suit and increase the interest rate paid on deposit accounts.

This will not be the end.

You should bookmark this article as I will be sure to update it when it happens.

Do not rejoice too quickly because the next thing that may go up is your housing loans.

But you should take full use of this opportunity and earn the high-interest rates on your deposits.

More updates on Beansprout’s Telegram group😊 

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