OCBC 360 Review: Is it worth making this your main savings account?

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Savings Account

By Beansprout • 01 Jul 2025

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The OCBC 360 account offers an effective interest rate of up to 3.30% per annum for your first S$100,000 of deposits. Read our comprehensive review to find out if the OCBC 360 account is the right savings account for you.

ocbc 360 account review
In this article

What is the OCBC 360 account?

The OCBC 360 account is one of Singapore’s most popular high-yield savings accounts, offering up to 3.30% p.a. effective interest on the first S$100,000 of your deposits when you credit your salary, save, and spend.

However, from 1 August 2025, OCBC will be revising the interest rates, and the effective interest on S$100,000 will be reduced to 2.45% p.a. under the same conditions.

As OCBC’s flagship savings account, the 360 Account rewards you for everyday banking behaviour but you’ll need to meet certain criteria to unlock the higher interest rates.

Let’s take a closer look at how the OCBC 360 Account works, and how you can make the most of it.

ocbc 360 account review 2025

What is the interest rate on the OCBC 360 account?

The OCBC 360 Account offers an interest rate of up to 3.30% p.a. on the first S$100,000 of your deposits when you credit your salary, save, and spend.

But from 1 August 2025, OCBC will be revising the interest rates, and the effective interest will be reduced to 2.45% p.a. under the same conditions. Read more about the change here

You can earn an additional 3.00% a year when you insure and invest with your OCBC 360 account. 

Note that you will earn a base interest of 0.05% a year on your entire account balance regardless of whether you fulfil the below categories.

OCBC 360 Interest Rates May 2025.jpg

Like the UOB One account and DBS Multiplier account, the OCBC 360 account offers a tiered interest rate depending on the amount of deposit in the account and your ability to meet different categories. 

These categories include the following:

  • Salary: Credit your salary of at least S$1,800 through Giro

  • Save: Increase your average daily balance by at least S$500 monthly

  • Spend: Charge at least S$500 to selected OCBC credit cards each month

  • Insure: Purchase an eligible insurance product from OCBC

  • Invest: Purchase an eligible investment product from OCBC

  • Grow: Maintain an average daily balance of at least S$250,000

The interest rate you are able to earn on the OCBC 360 account will then depend on how many of these categories you are able to meet. 

We can look at the effective interest rate (EIR) earned on the OCBC 360 account across various tiers. To calculate the effective interest rate, we can add the total interest received across different tiers.

The effective interest rate is the average interest rate you would get by dividing the total interest earned by your average balances.

Below is the maximum EIR until 31 July 2025:

OCBC 360 Maximum Effective Interest Rates (until 31 July 2025)
Categories MetMaximum EIR (p.a.)
Salary + Save2.80%
Salary + Save + Spend3.30%
Salary + Save + Spend + Insure / Invest4.80%
Salary + Save + Spend + Insure + Invest6.30%

If you meet all three common categories (crediting your salary, increasing your account balance by S$500, and spending at least S$500 on an eligible OCBC credit card), you can earn up to 3.30% p.a. on the first S$100,000 of your deposits.

However from 1 August 2025, OCBC will revise the bonus interest rates for the 360 Account. 

You will still earn a base interest of 0.05% p.a. on your account balance regardless of bonus category fulfilment.

Bonus CategoryCriteriaBonus Interest (p.a.)
SalaryCredit ≥ S$1,800 via GIRO/FAST/PayNow

1.20% (first S$75k), 

2.40% (next S$25k)

SaveIncrease balance by ≥ S$500 monthly

0.40% (first S$75k), 

0.80% (next S$25k)

SpendSpend ≥ S$500 on selected OCBC cards0.40% (first S$75k)
InsureBuy eligible insurance1.20% (on first S$100k for 12 months)
InvestBuy eligible investment1.20% (on first S$100k for 12 months)
GrowMaintain ≥ S$250k avg. daily balance2.00% (on first S$100k)

This would mean that the maximum effective interest rates for meeting each criteria will change from 1 August 2025:

OCBC 360 Maximum Effective Interest Rates (from 1 August 2025)
Categories MetEstimated Max EIR (p.a.)
Salary + Save2.00%
Salary + Save + Spend2.45%
Salary + Save + Spend + Insure / Invest3.65%
Salary + Save + Spend + Insure + Invest4.85%

Most users may only meet the first three categories. 

If that’s the case, your EIR will fall from 3.30% to 2.45% p.a. from August onwards.

If you only meet Salary + Save, the EIR will decrease from 2.80% to 2.00% p.a. on your first S$100,000 of deposits.

How do I earn the maximum interest rate of 6.30% per annum on the OCBC 360 account?

If you are able to hit the salary, save, spend, insure and invest categories and have S$100,000 of deposits in the OCBC 360 account, you will earn the maximum effective interest rate of 6.30% per annum.

The insure and invest categories will be harder to hit, which is why you get a much higher interest rate if you are able to fulfil them!  

To qualify for the insurance and/or investment interest rate, you will need to purchase an eligible product from OCBC. The keyword here is eligible and it comes with a price tag.

For insurance, you need to purchase a minimum amount of S$2,000 for Regular Premium: Protection/Legacy product, S$4,000 for Regular Premium: Endowment/Retirement product or S$20,000 for Single Premium Insurance product.

For Investment, you need to purchase a minimum amount of S$20,000 for Unit trusts and structured deposits or S$200,000 for bonds and structured products.

You should note that the financial products you buy will only qualify for 12 months of bonus interest. 

This means that you will need to buy another financial product after the 12 months is up. The question you’ll have to ask yourself is whether you’d want to buy another insurance product next year.

What are the requirements for the OCBC 360 account?

To apply for the OCBC 360 account, you will need to be at least 18 years old. 

You will need to make an initial deposit of S$1,000. and maintain a minimum average daily balance of S$3,000. 

A fall-below fee of S$2 will be imposed if your minimum average daily balance falls below S$3,000. However, the good news is that the fall-below fee will be waived for the first year.

UOB One vs OCBC 360 vs DBS Multiplier – Which is the best savings account in Singapore? 

Many of you are probably wondering if the OCBC 360 account is better than the UOB One account and DBS Multiplier account.

This is especially so after the DBS Multiplier account was made simpler with effect from 1 August 2023. 

As there are many tiers involved, we have done the math to find out which is the best savings account in Singapore.

Our calculation is based on a few assumptions – 

  1. You do not buy insurance/investment products from the Bank
  2. You save and/or spend at least S$500 respectively a month and
  3. You credit your monthly salary into the bank
  4. You spend the minimum amount with their credit cards

Here, we  can see which bank offers the best interest rate across the various balance amount shown below. 

Account monthly average balance

Maximum effective interest rate (per annum)

Winner 

First S$75,000

  • DBS - 1.22%

  • UOB - 2.30%

  • OCBC - 2.75%

OCBC

More than S$75,000

Less than S$100,000

  • DBS - 0.93%

  • UOB - 2.68%

  • OCBC - 3.30%

OCBC

 

More than S$100,000

Less than S$150,000

  • DBS - 0.64%

  • UOB - 3.30%

  • OCBC - 2.26%

UOB

More than S$150,000

Less than S$250,000

  • DBS - 0.40%

  • UOB - 2.00%

  • OCBC - 1.38%

UOB
S$250,000
  • DBS - 0.40%

  • UOB - 2.00%

  • OCBC - 2.27%

OCBC
Source: Various bank websites, Beansprout Compare Savings Accounts tool, as of 1 July 2025

 

Are there any sign-up promos for the OCBC 360 account?

Sign up for the OCBC 360 Account by 31 July 2025 and credit a salary of at least S$1,800 via GIRO or PayNow FAST by 31 August 2025 to receive a 1-year Disney+ Premium subscription. This offer is limited to the first 2,000 new sign-ups.

Read the full T&Cs here

Final verdict on OCBC 360 account

The OCBC 360 account offers an attractive interest rate of up to 3.30% per annum if you are able to credit your salary into the OCBC 360 account, increase your average daily balance by $500 and spend at least $500 on an OCBC 365 credit card every month.

However, the hurdle is fairly high to get to the interest rate tier of 6.30% per annum unless you invest and insure with OCBC. 

That said, it still offer one of the highest interest rates for savings accounts in Singapore if you are able to meet the salary credit criteria. 

The interest rate offered by the OCBC 360 account is also higher than the latest T-bill and it has the higher rate than the latest Singapore Savings Bond.

But do keep in mind that the rates on OCBC 360 Account will be revised from 1 August 2025, where your maximum effective interest rate on a S$100,000 will fall from 3.30% per annum to 2.45% per annum if you fulfil just the salary credit, spend, and save criteria. 

Like many other savings accounts in Singapore, the interest rate on the OCBC 360 accounts falls to 0.05% per annum for the portion of your monthly average balances above S$100,000. 

To maximise your interest earned, you might want to consider another high yield savings account for balances above S$100,000. 

Join the Beansprout Telegram group and Facebook group to get the latest tips on making your savings work harder. 

How to open a OCBC 360 Account

You can open a savings account online here, or head down to a OCBC branch.

To apply you will require the following:

  • Singaporeans and Singapore PRs: NRIC and an image of your signature
  • Foreigners: Passport and a valid pass (e.g. Employment Pass (EP) or S-Pass or Student Pass) 

In addition, you will need any one of the following documents that shows your residential address

  • Phone bill
  • Half-yearly CPF statement
  • Any bank statement
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Questions and Answers

2 questions


  • wong C • 03 May 2025 04:10 AM
  • landi • 07 Nov 2024 03:42 AM
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