SINGAPORE: OCBC Bank will raise interest rates again for its flagship 360 savings account, following a similar move in August.
Customers will be able to earn an interest of 4.65 per cent per year from Tuesday (Nov 1) on the first S$100,000 in their account – an increase from the current 1.85 per cent – when they credit their salary, save and spend with the bank.
This is the highest level of interest in the history of the 360 savings account, said OCBC in a media release on Monday.
The criteria in the three categories – salary, save and spend – remain unchanged.
To qualify for the higher interest rates, customers must credit a salary of at least S$1,800 through GIRO, increase their account balance by at least S$500 a month, as well as spend at least S$500 on selected OCBC credit cards.
The pool of eligible cards will be widened for the spend category, to include the OCBC Titanium Rewards credit card, OCBC 90°N Visa card and OCBC 90°N Mastercard.
Those who meet the requirements for two more categories – Wealth (Insure) and Wealth (Invest) – can earn an interest of 7.65 per cent per annum on the first S$100,000 in their bank account from Nov 1, an increase from the current rate of 4.05 per cent.