OCBC 360 Account Offers The Best Fixed Deposit Rates

OCBC 360 Account

This is a contribution by Alison, who blogs at www.heartlandboy.com

Readers may be surprised that Heartland Boy is suggesting that an actual banking account, as opposed to some plain-vanilla fixed deposit schemes, offers the best fixed deposit rates in town currently. Ever since DBS launched its DBS Multiplier Programme with headline grabbing interest rates, it has forced its key competitors to react accordingly. As a result, this has spawned a new type of hybrid savings account which typically rewards account holders with significantly higher  interest rates than the moribund 0.05%. OCBC has its own OCBC 360 Account while UOB has its UOB One Account.  After comparing the various bank offerings, Heartland Boy chose the OCBC 360 Account as he thinks it offers the best fixed deposit rates amongst the local banks.


OCBC rewards account holder bonus interests for completing a myriad of tasks. This is in addition to a base interest of 0.05% per annum. The respective bonus interests applicable to the first $60,000 of the account holder balances are:

  1. 1.2% per annum when your credit your salary of at least S$2,000 through GIRO
  2. 0.5% per annum when you pay any 3 bills online or though GIRO
  3. 0.5% per year when you spend at least S$500 monthly on OCBC Credit Cards
  4. 1% per annum when you purchase a new insurance (eg: Policies of at least S$2,000 in annual premium) or investment product (Unit Trusts or Structured Deposits of at least S$40,000) with OCBC

Source: http://www.ocbc.com/personal-banking/accounts/360-account.html

The bonus interest accumulates and pays when you do all of the above of any of the following. As an illustration, if you satisfy only criteria 1 and 2, you would still be eligible for 1.7% bonus interest per annum.


  • Make sure that the salary credited into your OCBC 360 Account uses a code recognised and approved by OCBC in order to earn the 1.2% bonus interest.
  • A working adult should easily satisfy the criteria of paying 3 bills online (mobile phone, credit cards, insurance premiums etc). If you do not meet the criteria of paying 3 bills online, offer to help pay some of the household bills, such as broadband or utility charges, online.
  • Whenever possible, apply for GIRO so that the bill payments are automated. This ensures that you will never forget and are guaranteed to complete that task.
  • OCBC offers plenty of attractive credit cards, such as the OCBC 365, OCBC FRANK, OCBC Robinsons etc. Choose a credit card that is most compatible to your spending habits. For instance, if you enjoy dining out on weekends, you may apply for the OCBC 365 credit card to earn 6% cashback. If you are an online shopaholic, you can earn 6% rebate on OCBC Frank credit card.OCBC Credit Cards
  • If you are paying bills to an organisation which OCBC Credit Card has a partnership with, you can apply to pay through GIRO for greater bang on your buck. For instance, Heartland Boy’s M1 bills are deducted monthly via GIRO on his OCBC 365 credit card. He gets a 3% cashbackfor setting up a recurring telco bill, as well as becoming closer to achieving the S$500 minimum spending on an OCBC credit card as required by the OCBC 360 Account. That is equivalent to killing 2 birds with 1 stone.
  • If you are capable of making your own investments, you may consider forgoing the 1% bonus interest applicable for new insurance or investment products. That is because the expenses and fees that these products typically charge may well exceed the incremental 1% bonus interest that you earn.
  • The bonus interest is calculated based on average daily balance, so you cannot “game” the system by withdrawing money at the beginning of the month and depositing money at the end of the month and still hope to get the full interest over the month.


  • Previously, Heartland Boy was using the POSB Savings Account, an account his parents set up for him after he got tired of playing with his piggy bank. This account was paying a miserable 0.05% per annum and yet Heartland Boy continued using it out of habit and convenience. This was despite Heartland Boy knowing that he was actually losing money in real terms as Singapore’s historical average inflation was probably 2% per annum. However, since switching over to OCBC 360 Account, Heartland Boy feels awesome whenever he sees the bonus interest roll into his OCBC 360 Account. It was the same feeling he had when he was a small kid collecting candies after accumulating a series of stamps at the funfair.
  • There is no lock-in period and you are free to utilize the savings inside the OCBC 360 Account whenever you need to. This is in contrast to the traditional fixed deposit schemes whereby there is a lock-in period.
  • Informing Heartland Boy’s Human Resources Department to change his salary crediting account was surprisingly straightforward. All it took was an email instruction and he only had to do it once!

If you are unconvinced and still fret over the hassle of changing your monetary habits, Heartland Boy can assure you that once you have done it, it will become habitual eventually and you will thank yourself for having done so!


Leading Fixed Deposit Rates In Singapore

First, you must know the nature of fixed deposits (FD), its advantages, and disadvantages. A fixed deposit is a financial tool offered by the bank, which, provides clients (like YOU) with a higher rate of interest than a savings account.

In Singapore, a minimum deposit of S$1, 000 is required to open an account. The fixed deposit rate will only be given within a maturity term. The term ranging from 1 to 36 months depends upon your bank here. Once the money matures, you will get back your initial deposit with the interest.



Fixed deposit is a more stable and safe route than other investments. Since not everyone is willing to risk it all with bonds and property investments, fixed deposits offer guaranteed money back.


Because the rates vary based on the time on hold, the amount you put in, and the bank you chose…there is a good chance to get the highest interest rate possible. All you have to do is to research and compare the workability or flexibility of the FDs available.


Your money that resides in a fixed deposit account is a surefire liquid asset (i.e., can be converted to cash). So, after the money matures, you can withdraw cash for any purpose such as weddings or medical emergencies.



If you invest all of your wealth to FDs then, you will not indulge on the benefits of diversification. Diversification is having investments in real estate, gold, and stock markets.


The returns of the FDs are lower if the inflation is very high. To put it in perspective, the interest rate may not change but you will still lose money if the Singapore dollar significantly drops.

To the most exciting part, we shall go…


Here are the banks that provides the best interest rates if your savings is S$10, 000 within an annum:

1. RHB Singapore Dollar Time Deposit

Interest Rate: 0.63%

Returns: S$63

2. CIMB Why Wait Fixed Deposit-i Account

Interest Rate: 0.50%

Returns: S$50

3. UOB Grand Senior Citizens Fixed Deposit

Interest Rate: 0.38%

Returns: S$38

4. Standard Chartered Singapore Dollar Time Deposits

Interest Rate: 0.35%

Returns: S$35

Here are the banks that provides the best interest rates if your savings is S$100, 000 within an annum:

1. CIMB SGD Fixed Deposit

Interest Rate: 1.30%

Returns: S$1,300

2. Maybank iSaVvy Time Deposit

Interest Rate: 0.85%

Returns: S$850

3. Maybank Singapore Dollar Time Deposit

Interest Rate: 0.70%

Returns: S$700

4. Bank of China SGD Time Deposit Account

Interest Rate: 0.60%

Returns: S$600

Image Credits: Will Clayton via Flickr

Image Credits: Will Clayton via Flickr

The data above goes to show that the strength of the fixed deposit rate truly varies upon the amount you saved and the bank you chose. Hence, it is important to educate yourself first before diving in. ☺

Sources: 1, 2, & 3


The Lure Of Income Investing

We have often heard of the term “Income Investing”, but what is it and why it should concern you? Income investing is essentially investing into assets that produce income for you. This could range from investing in stocks that reward investors with dividends, purchasing a residential property and renting it out, etc. I particularly want to zoom into the stocks side because that’s what I have been doing and more people can benefit from this article because owning a property requires a good amount of capital, which not everyone may have at their dispense. 

Why Income Investing?

What if I told you that your money has the capacity to grow at a “fixed” rate irregardless of market conditions. Would you be interested? I want to introduce you to dividend stocks where companies pay out dividends that could range all the way to double digit dividend yields if bought at low prices. The benefits of investing in dividend stocks is that you enjoy potential capital growth as well as get to take home some cash every year or even every 3 months. 

Picture this, you bought Stock X at $1.00 and based on past dividend history, it has consistently given off $0.05 of dividend per year. This translates to 5% dividend yield per year. What it means is that even if the stock price goes to $1.10(Scenario A) or $0.90(Scenario B), you’ll still get your $0.05 per year. If you consider in terms of returns, for Scenario A, it would mean that you made a 15% return for the year and for Scenario B, it would mean just a 5% loss (-10% + 5%). Your capital gain/loss is amplified or mitigated by your dividend yield. 

Fixed Deposit or Dividend Investing?

Some of you may be contemplating between FDs and Dividend Investing. I will leave it up to you to decide at the end of the day, but I will show a comparison between the two. 

Fixed Deposit

  1. Lump sum/Progressive capital investment with a minimum lock-in period. 
  2. Principle amount usually guaranteed. 
  3. Some allow you to take home a small sum every year while deducting it away from your principle amount. Meaning less compounding power. 
  4. Fixed but relatively low interest rates and long lock-in period with penalties for early surrender. 

Dividend Stocks (Increase risk, increase return)

  1. Increased risk, although not necessarily high if due diligence is conducted. 
  2. Potential capital gains. 
  3. Possibility of increasing dividend yields through increased dividends or averaging down the share price. 
  4. No lock-in period, no minimum sum. 

For people who aren’t interested with stock markets at all or don’t know how to select companies may prefer the fixed deposit option. However consider this, when you take on a little more risk and spend time to learn and understand companies, you can mitigate the risks you take. There may be losses, but for the same period of say, 25 years, with dollar-cost averaging or other strategies that you may apply, you’ll likely see returns that fixed deposits can never offer you. And besides, have you ever heard of anyone getting rich by putting their money in fixed deposits alone?


Which Bank To Deposit Your Ang Bao Money?

Banks Deposit

After days of Chinese New Year, many of us feel “richer” after collecting red packets from your parents and relatives. (For those that gave out red packets, i hope your rubbed shoulder with God of Fortune and got your windfall) Now as you hold and sniff your stacks of new notes, you may be thinking of the best place to put away this sum of money other than your tin can or under your pillow. Should you just deposit these money to your standard POSB/DBS account?

We take a look at the banks you should be putting away your money with, which includes fixed deposits and your daily saving accounts.

1. POSBPOSB 1.88

If you are not aware, POSB launched a cash gift promotion of 1.88% for 12 months on 23 January 2015. What this means is that any single sum deposit between SGD 1,000 to SGD 1,000,000 to your saving account will earn you an interest of 1.88% for 12 months. The catch is you cannot withdraw these top-up amount during this 12-month period.

Note: You must sign up before 28 February 2015 to be eligible for the promotion.

For more info and terms: http://goo.gl/0YxWqk

2. DBS

DBS 3.96

DBS launched the same promotion earlier this month for customers who deposit SGD 1,000 to SGD 3,000,000 can earn an additional 1.88% p.a for 3 months on top of the 2.08% of their DBS Multiplier Account. Likewise, you need to register with them by 28 February 2015 and make a one-time top-up to be eligible for the promotion. You will need to hold on to the fund for 3 months.

For more info and terms: http://goo.gl/ZaUqht


OCBC Saving

For those who makes a larger deposit of fresh funds of SGD 10,000 and more can consider OCBC Bonus+ Savings Account with up to 2.35% p.a. All funds will earn a base interest rate of 0.05% p.a if no withdrawals are made. If no withdrawals are made in a month, you get an additional 0.55% p.a. Get an additional 0.55% p.a if you do not withdraw in that calendar quarter and a whopping 1.20% p.a top-up bonus if you deposit $10,000 of fresh funds. (0.05% + 0.55% + 0.55% + 1.20% = 2.35%)

For Premier customers, you get an additional 0.05% p.a on each tiers which means you could earn up to 2.50% p.a.

OCBC Bonus

For a 12 month Time Deposit, earn up to 1.40% when you deposit a minimum of $20,000 in fresh funds.

For more info and terms: http://goo.gl/0qx9YC

4. UOBUOB Bonus Rates

Enjoy bonus rates of 0.8% p.a when you deposit fresh funds of at least $15,000. If you deposit fresh funds of $50,000, you will get 1.0% p.a bonus rates and 1.2% p.a if you deposit $100,000 and more. Get an additional 0.1% if your account balance is above S$350,000.

Receive a limited edition 24K Gold-Plated RISIS Magnificent Goat Figurine (valued at S$238) with S$108,000 fresh funds deposit*.

Goat Figurine

This UOB Lunar New Year Savings Promotion ends on 28 February 2015. 
For more info and terms: http://goo.gl/f53ncU
* For those who want a higher rate can opt for their SGD Fixed Deposit, where you can get up to 1.30% p.a with a 13 month tenor and a minimum of SGD 20,000. Promotion ends 28 Feb 2015.
More info here: http://goo.gl/gOZIF

5. Maybank

Maybank Time Deposit

Maybank offers more choices for their Time Deposit plans and the interest rate varies depending on the amount and tenure of your deposit. From S$25,000, you can get 1.10% p.a if you can lock away for 12 months and can go up to 1.28% p.a if you can stretch longer to 24 months. If you have double the amount (S$50,000 and above), you fall into the higher tier and can receive up to 1.55% p.a for a 24-month Time Deposit.


If you deposit S$150,000 for 24 months, you stand to receive a Corningware 6-piece Meal Maker Set “Dancing Floral” worth S$145.

More info and details: http://goo.gl/5n4oyN


CIMB Time Deposit

Deposit a minimum of $25,000 to get an interest rate of 1.25% p.a for their 12-Month SGD Fixed Deposit Account. For larger amount deposit of $250,000 and more, you will receive 1.30% p.a. That’s not all, depending on the amount of fresh funds you deposit, you stand to receive a New Moon Abalone Set.

CIMB Abalone Set

Register no later than 5 March 2015 to be eligible for the promotion.

For more info and terms: http://www.cimbbank.com.sg/promo/cny2015/

7. SCB

SCB Time Deposit

Deposit a minimum of S$25,000 and get up to 1.40% p.a for 6-months and 1.35% p.a for 12 months. For larger amount of S$128,000 and more, you stand to receive a choice of two 24K Gold-Plated Goat Medallion coins OR a Coin Set. Promotion ends 28 February 2015.

More info and details: http://goo.gl/GYWzxy

* For those who want to deposit a smaller amount (with no min deposit) and no tenure can opt for their e$aver Account where you stand to earn an interest rate of 1.35% p.a until 31 March 2015. More info: http://goo.gl/18oKdx

8. Citibank

Citibank Fixed Deposit

Want time deposit with a shorter tenor? Then go for Citibank’s 9-month Time Deposit and receive an interest rate of 1.18% p.a. You will need to deposit a minimum of S$50,000 and up to a maximum of S$5,000,000 of fresh funds. Promotion ends on 28 February 2015.

More info and details: http://goo.gl/1VfPsT