Bank Account of the Year 2024: OCBC 360

After a couple of years of elevated interest rates where even bank accounts can give as much as 5% p.a. interest, 2024 has seen rates retreat. As rate cuts from the Federal Reserve loom, various popular bank accounts have lowered their interest rates over the past year.

A notable exception, OCBC 360 has somehow maintained its 4.65% p.a. rate throughout the year. OCBC’s flagship bank account therefore gets my Star for Bank Account of the Year 2024.

Top Spot: OCBC 360 offers up to 4.65% p.a. with very few gimmicks

In late 2022, OCBC was the first major bank to raise interest rates in response to the increasing rate environment back then. The bank more than doubled its effective interest rates and has been very competitive since then.

My review of the current iteration of OCBC 360 is more than 2 years old at this point, and I think OCBC should be commended for maintaining its rates for as long as they have. The conditions aren’t overly onerous and the various requirements should be relatively easy for many working adults to meet.

The account does have some gotchas here and there – such as the Save requirement being a “soft lock” of your funds such that a “reset” should be performed every now and then – but it is otherwise a high-yield savings account that most can leave their funds in and receive reasonable interest for completing the requirements.

In all likelihood, OCBC 360’s rates are probably going to decline soon after this post goes out (knock on wood) but it’s been a good couple of years so far and it deserves top spot this year in my books. Stay subscribed to get updated if anything does change.

Runner-up: UOB One slips to second place

Last year’s winner, UOB One savings account dropped rates earlier this year, going from a handsome 5% p.a. for a S$100,000 balance to a less attractive 4% p.a. for a higher amount of S$150,000. It’s by no means a terrible rate, but a pretty steep drop it was, which is why it ends up at number 2 this year.

The fact that it happened several months before the Federal Reserve actually dropped rates made it a lot more unpalatable too. At the same time, the UOB EVOL was unceremoniously nerfed quite badly just a few months later. These factors significantly dampened the overall attractiveness of the UOB ecosystem in the second half of 2024.

Despite the various nerfs, the bank account does remain viable, and UOB has continued to offer “earmark promos” that can dramatically boost the effective yield an account holder can enjoy. It does take some effort since the promos are meant for fresh funds, but those who can indeed take advantage of such promos will UOB One a great account for their needs. Stay subscribed to be updated of future earmark promos and other savings-related news.

Honourable Mention: HSBC EGA continues to give cashback on GIRO transactions

It would be remiss to talk about top bank accounts without also mentioning the HSBC EGA. On the other hand, with a base interest of just 0.05% p.a, it is also very difficult to tell the world that it’s the best bank account they can have.

The allure of HSBC EGA lies in 2 parts. Firstly, the account has the unique ability to give 1% cashback on GIRO transactions through the HSBC Everyday+ programme. This is achieved by setting up GIRO arrangements with the bank account, then meeting the requirements of HSBC Everyday+ which is simply to transfer in S$2,000 (or S$5,000 for Premier accounts) and make 5 transactions (credit, debit, or even FAST/PayNow transactions).

The second feature would be the promotional rates that the bank doles out each month (which you might have seen if you are subscribed to the Telegram). While rates are on the decline lately, it still offers pretty decent interest for fresh funds you put into your HSBC EGA.

Given that it’s not quite a traditional bank account where one can leave funds in for months on end, HSBC EGA may never be a mainstream bank account. Optimisers, of course, will probably see this as the top bank account even without receiving a single cent of interest.

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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.

He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.

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