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The last update to the OCBC 360 account was in Apr 2017, when the cap went up to $70k, bill payment bonus got cut from 0.5% to 0.3% with a minimum payment size of $150, credit card spend interest cut from 0.5% to 0.3%, and wealth insurance to be split into 2 tiers of either 0.6% to 1.2%.

Now, since 1 Nov 2018, this OCBC 360 account has been revised again, the 4th time since its inception.

As can be seen in the diagram above, the cap is still at $70k.

However, there are some important differences to highlight:

1. Tiered interest rate

So the interest rate will be accrued at 2 different rates based on the quantum of money deposited into the bank. Anything less than $35k will earn a maximum of 2.4%, but at $70k, the effective interest rate is actually 3.15%, not 3.9%.

2. No more bill payment

It’s disappointing that the bill payment has been removed from this bonus interest programme. It was an easy way for anyone to accrue that extra 0.3% of interest with $150 of bill payment per month.

3. New step up tier

Instead of the bill payment, now OCBC rewards you with bonus interest between 0.6%-1.2% when you credit $500 to the account each month so that your average balance is $500 higher than the previous month. On top of that, you get a bonus 1% on the amount that is incremental difference compared to the previous month.


Bottom line

I’ve not been a big fan of the OCBC 360 account since the last update. The Wealth bonus is only possible for those who have wish to purchase new insurance or investment products, which is not what most people will do anyway. As such, by removing that, the maximum interest one can accrue will be 2.25% bonus interest + 0.05% base=2.3% (effective) provided there is a $70k balance. However, this account may not be suitable for those who have $70k already since the step-up account will not be yielding good interest. There are some other accounts in this review that may be more suitable depending on your savings or spending habits.

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