Guide: What “OCBC 360 Resetting” Is and Why, How, Where and When to Do It

If you are an OCBC 360 user for a bit, you would be familiar with the Save component that requires you to increase your average daily balance of the account by S$500 each month. It’s a reasonably easy requirement that gives an effective interest rate of 1.50% p.a. on S$100,000 of average daily balance. Without it, the OCBC 360’s overall interest suffers and drops to a relatively poor 3.15% p.a., so it’s important to keep this going each month.

What is resetting OCBC 360?

“OCBC 360 resetting” is more relevant to people who have hit S$100,000 of average daily balance within their OCBC 360 account. Or it could also be for those who find themselves having their OCBC 360 funds basically locked up because they have to fulfil the Save requirement monthly. It’s my term for the action of emptying your OCBC 360 account so that you can “reset” the requirement and free up money beyond the S$100,000 balance.

This involves shifting funds out of the OCBC 360 for at least a month so that your monthly balance is S$0 for that month. Doing so allows you to “reset” your OCBC 360 balance so that you can free up amounts above S$100,000.

1st Month2nd Month3rd Month4th Month
Average Daily BalanceS$100,000S$100,500S$0
Save RequirementN/AYesNoYes

Obviously, you want the funds to be somewhere else that generates interest on the month your OCBC 360 sits empty.

Why reset OCBC 360?

Because amounts above S$100,000 get only 0.05% p.a. interest, accomplishing the Save requirement each month results in more and more money generating nearly no interest at all. While the interest is negligible when the amounts are small, the opportunity cost starts to become significant.

Beyond just lost interest, the Save requirement is effectively a “soft lock” on your funds. You can’t use your OCBC 360 funds – at least not without replacing it – without losing the interest from the Save category. Resetting your OCBC 360 hence frees up some cashflow while avoiding losing interest if done properly.


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When to reset OCBC 360?

For those who have hit the S$100,000 cap, you should reset your OCBC 360 when you have significant amount of money beyond the S$100,000 cap. As the amount in excess of S$100,000 grows as the months pass by, the potential interest lost correspondingly becomes larger, particularly in the high interest environment we are in. Assuming a modest 3.5% p.a. interest, here are the opportunity costs over the months:

MonthAmount in Excess of S$100,000Monthly Interest Lost
1st monthS$500S$1.46 
2nd monthS$1,000S$2.92 
3rd monthS$1,500S$4.38 
4th monthS$2,000S$5.83 
5th monthS$2,500S$7.29 
6th monthS$3,000S$8.75 
7th monthS$3,500S$10.21 

By the end of the 7th month, your opportunity cost is more than S$10 each month, and it continues to grow as the excess amount accumulates. I imagine this is still small change to some while being unacceptable to others, so when to reset your OCBC 360 is something you should answer yourself.

How to reset OCBC 360

One could withdraw the excess amount for a month, but that would entail losing 1.5% p.a. of interest within the month for your entire S$100,000 balance. That’s around S$125 of interest which isn’t ideal. You should thus empty the account for at least a single month and place the funds elsewhere where it’d generate interest.

So the gist of it is:

1st Month2nd Month3rd Month
OCBC 360Alternate Account/InstrumentOCBC 360

When it’s time to place funds back, you may want to consider putting in slightly less than S$100,000 so that the problem of having funds in excess of S$100,000 is pushed back.

Player 2 Strategy

As described in my OCBC 360 guide, there is a Player 2 strategy where you could have second OCBC 360 account under someone else you trust. In such an arrangement, the funds are transferred between both accounts each month. Doing so “permanently resets” both accounts in alternate months, thus negating the need to increase the monthly balance each month and removes the “soft lock” that the Save requirement imposes. This strategy essentially sidesteps the Save requirement altogether.

There are some issues to this arrangement. Even when successfully set up, there’s an issue with credit card rewards being split across at least two cards. It is not that much of an issue with cashback cards, but probably annoying for miles card when your points end up in two separate accounts. Of course, it may not be possible for many to have a second account so this might not work.

Where to reset OCBC 360

Here are some tools that would be useful to reset OCBC 360 outside of having a second account. Given that many are time-limited promos, the list is subject to change and it’s best to stay subscribed to be in the know on the latest savings updates and promos.

As of 31st October 2023, some of the things that would be useful to reset OCBC 360:

InstrumentMy Comments
Webull Moneybull PromoProbably the highest returns now, although S$137,042.62 is required. You also need to be a new Webull user.
moomoo’s 5.8% p.a. PromoNot too shabby, but S$80,000 only so you have to deal with the remaining S$20,000+ separately.
OCBC 360As described above, you can consider a Player 2 strategy
UOB OneIf you can indeed use the UOB One, why are you using OCBC 360? Just switch to this if you can. (Personally I’m using OCBC 360 because I have already maxed out my UOB One.)
HSBC EGA Top-up Promo4.5% p.a. for one month is almost as much as OCBC 360’s 4.65% p.a. S$100,000 is just right
T-BillsNot a bad choice but might not get at least 4% p.a.
Syfe Cash+ Guaranteed3.8% is a little low. Funds is locked up for 3 months.
StanChart e$aver3.5% p.a. is a bit low
Maybank iSavvy3.5% p.a. is a bit low
CIMB 3.5% p.a. promo3.5% p.a. is a bit low
Singapore Savings Bond3.21% p.a. is quite low. Subscription and redemption each costs S$2.

Why even use OCBC 360?

If you’re wondering why someone would go through all the hassle with OCBC 360 when UOB One is less troublesome and yet gives more interest – you’re right that UOB One has been better than OCBC 360 for the past year or so now.

There are, however, a variety of reasons why people are still using OCBC 360. It could be a secondary account after one’s UOB One account is maxed. Or it may be a work requirement to have an OCBC account (this is apparently a thing). Perhaps some are just procrastinating on the switch to UOB One, and this article might just nudge them into action. There is also no guarantee that UOB One continues to rule the roost, so this guide could come in handy in future.

Whatever the reason, if you needed a guide to “reset” your OCBC 360, hopefully this has been a helpful read. Stay subscribed for more deals and personal finance updates!

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