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# OCBC 360 Account – Here's The best way to Maximise The Interest You get On This Checking account

After entering the working world, one of the first financial decisions you should make would be to choose and open a high-interest checking account, and begin utilizing it regularly to maximise the eye you can earn by using your savings account.

High-interest savings accounts are particularly relevant for working adults because they pay account holders bonus interest for fulfilling an easy group of criteria every month. These criteria include crediting your monthly salary to the account, achieving a minimum monthly invest in your charge card, and saving more each month.

One of the most popular savings accounts in Singapore is the OCBC 360 Account. This account is popular not just because it has existed for a while, but also because it's simple to use.

### How Will the OCBC 360 Account Work?

Let's start off by focusing on how the OCBC 360 Account works.

As of 1 February 2021, the OCBC 360 Account allows account holders to earn bonus interest on the first $75,000 in five areas: **Salary**, **Save**, **Insure, Invest and Grow. Additionally, you will earn basics interest rate of 0.05% a year in your entire account.**

One thing that we like concerning the **OCBC 360 Account is the fact that bonus interest in each area can be earned independently**. This means you don't need to complete any particular area to become eligible for the power interests in other locations. You can easily complete the four areas, depending on your choice.

**Salary: **Credit your monthly salary of at least $1,800. With this, you earn an added bonus interest of 0.3% p.a. on the first $25,000 of your balance. You'll earn 0.6% p.a. on your next $25,000 (i.e. between $25,001 and $50,000) and 1.2% for amount between $50,001 to $75,000. If you have $75,000 in your account, your effective rate of interest will be 0.7% with this category.

**Save:** You will earn between 0.1 to 0.4% p.a. if you increase your account's average daily balance in the previous month's balance by at least $500.

**Insure: **Purchase any new eligible financial product from OCBC. With this, you earn a bonus interest of 0.3% p.a. on the first $25,000 of the balance. You'll earn 0.6% p.a. in your next $25,000 (i.e. between $25,001 and $50,000) and 1.2% for amount between $50,001 to $75,000. Bonus interest is going to be accorded for a period of Twelve months.

**Invest: **Invest in any new unit trusts ($20,000), structured deposits ($20,000) or bonds and structured products ($200,000). For this, you earn a bonus interest of 0.3% p.a. around the first $25,000 of the balance. You'll earn 0.6% p.a. on your next $25,000 (i.e. between $25,001 and $50,000) and 1.2% for amount between $50,001 to $75,000. Bonus interest will be accorded for Twelve months.

**Grow: **Maintain at least $200,000 of the average daily balance inside your account and earn 0.4% p.a. on your first $75,000.

As you can see above, the OCBC 360 Account gives different level of bonus interest for that first $25,000, next $25,000 ($25,001 to $50,000) and amount between $50,001 to $75,000.

### How Much (More) Can You Earn Compared To A Basic Checking account?

If you have **$50,000 inside your OCBC 360 Account **and fulfil the **Salary**, **Save** and **Invest **criteria, you will earn an interest of $46.68 every month.

In comparison, should you leave your money in a regular savings account (at 0.05% p.a.), you will only receive $2.08 of interest every month – a positive change of approximately $44 each month! This difference becomes even higher once your savings grow.

**Who Would Find The OCBC 360 Account Useful?**

In the competitive banking world that people live in today, there's also other high-interest savings account that you could also consider. So what provides the OCBC 360 Account its advantages?

#### # 1 Convenience

With a large network of ATMs and typically shorter queues*(remember, you can use UOB ATMs too!)*, the OCBC 360 Account is an ideal choice for many working adults in Singapore to credit their monthly salary to. The power interest that it gives (0.6% to at least one.2%) is among the highest that you could earn, just by crediting your salary.

We also like the fact that account holders can decide which of the bonus interest criteria they would like to fulfil. Each criteria could be fulfilled independently.

For example, even if you don't credit your monthly salary via GIRO to your OCBC 360 Account but could improve your account balance every month, and also have bought an eligible OCBC wealth product, you may still earn bonus interests in these other locations.

#### # 2 Rewards You For Building Up Your Savings

The OCBC 360 Account allows you to earn bonus interest should you increase the monthly average daily balance of the account by $500, compared to the previous month.

If you are looking to build up your savings (which is what you should do when you initially begin working), the OCBC 360 Account rewards you for doing so.

According to OCBC, about 70% of their existing OCBC 360 Account users are saving and increasing their account balance by $500 or more each month. So it appears like the majority of customers would benefit from this.

#### # 3 Those Who Have Bought Wealth Products From OCBC

If you have bought a good investment or insurance product from OCBC, there will be a natural advantage to use the OCBC 360 Account, since you will automatically earn bonus interest from **Invest** and **Insure**.

### The OCBC 360 Account: A Useful Tool For Young Working Adults

To conclude, receiving your **monthly salary through GIRO**, **saving more every month, buying insurance ****and ****investing in our future** are things that most working adults will already be doing every month once they start work.

The idea here is the fact that by consolidating each one of these activities with an OCBC 360 Account, you can earn higher interest in your savings.