Nerfed: OCBC 360 Account Reduces Interest Rates Slightly, Removes Boost Bonus
Well, jinx. I just mentioned that OCBC 360 remains the same for now, and OCBC has now announced revisions to their 360 Account.
| Current | From 2nd May | |
| Salary | 1.2% / 2% | 1.2% / 2.4% (increase!) |
| Spend | 0.3% / 0.6% | 0.2% / 0.4% |
| Step-up | 0.3% / 0.6% | 0.2% / 0.4% |
| Grow | 1.0% | 0.8% |
| Boost | 1.0% | Removed (!) |
| Wealth | 1.2% | 1.2% |
Interestingly, Salary category has actually increased quite a nice bit. A $70,000 balance now gets 1.8%. This means that just crediting salary gets you 1.8%, which is UOB One’s maximum interest rate on $75,000 which requires $500 spend and a salary/GIRO arrangement.
Most of the other categories have seen a drop in rates across the board. Spend and Step-up used to give a blended 0.45% pa each on a $70,000 balance. They have both fallen to 0.3% pa each.
Wealth and Grow categories aren’t really relevant for most people, and they have remain largely unchanged.
Currently, the interest on the first $35,000 is 1.85% pa for Salary, Spend, and Step-up categories. It’ll now fall to 1.65% pa.
The maximum interest for the same categories is 2.55% pa on $70,000. The new maximum will be 2.45% pa.
Thankfully, that’s not too much of a difference.
FINAL call for Webull’s account opening promo! Get easy US$50 to US$500 worth of shares when you open an account and fund any amount. Deal is changing after 31st May 2023 4PM!
Game over for Boost
Boost was a really… interesting category. I’m sure it was always meant for OCBC to attract fresh funds, but people ended up gaming it by alternating their funds with other accounts. Well, game’s over.
This is perhaps the biggest change, since alternating accounts boosts the interest to about 3.55% on alternate months, resulting in an average 3% pa. People who have been doing this will find the biggest drop in their monthly returns, but it has always been a loophole of sorts.
Keep up to date on the best cashback/mile cards, financial products, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.
Subscribe to the channel, then join the group chat. You would often benefit from the tips shared exclusively in the group chat!
Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!
Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opnion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).