UOB One Account vs OCBC 360 Account
| First S$75k |
 |
 |
| Salary auto credit | 3% | 2.6% |
| S$500 credit card spend | ||
| Increase average daily balance by at least S$500 monthly | - | 1.2% |
| Total: | 3% | 3.8% |
| Next S$25k |
|
|
| Salary auto credit | 4.5% | 4.6% |
| S$500 credit card spend | ||
| Increase average daily balance by at least S$500 monthly | - | 2.4% |
| Total: | 4.5% | 7% |
If you’re able to increase the average daily balance by at least S$500 each month, the OCBC 360 account offers higher interest rates for the first S$100k.
Keep in mind that the average daily balance is calculated by dividing the total of daily balances by the number of days in the month, which is different from the month-end balance.
The S$500 credit card spend requirement applies only to these specific credit cards:
- UOB One Card
- UOB Lady’s Card (all card types)
- UOB EVOL Credit Card
- Lazada-UOB Card
- OCBC 365 Credit Card
- OCBC Infinity Cashback Card
- OCBC NXT Credit Card
- OCBC 90°N Card
- OCBC Rewards Card
When interest rates are tiered based on varying deposit amounts, a practical way to compare them is by using the Effective Interest Rate (EIR). This is calculated by dividing the total interest earned by the total amount deposited. By doing so, you get a more accurate view of the real return on your deposits.
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|
|
|
| First S$75k | 3% | 3.8% |
| Next S$25k | 4.5% | 7% |
| Next S$25k | 4.5% | 0.05% |
| Next S$25k | 6% | 0.05% |
| Next S$25k | 0.05% | 0.05% |
| EIR |
|
|
| S$100k | 3.38% | 4.6% |
| S$125k | 3.6% | 3.69% |
| S$150k | 4% | 3.08% |
| S$175K | 3.44% | 2.65% |
By comparing the Effective Interest Rates (EIR), we can see that UOB’s effective rate begins to outshine OCBC’s once your deposit hits S$125,000. This happens because OCBC drops its interest rate to 0.05% for deposits above S$100,000, while UOB maintains a higher rate, only reducing it to 0.05% after deposits exceed S$150,000.
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|
|
|
| Mini salary: | S$1,600 | S$1,800 |
| Mini age: | 18 | 18 |
| Initial deposit: | S$1,000 | S$1,000 |
| Minimum average balance: | S$1,000 | S$3,000 |
| Fall below fee: | S$5 | S$2 |
If you open an OCBC 360 account before August 31, you can take advantage of a special promotion that offers an additional 2.6% interest for the first two months after the month of account opening. This brings your total interest rate to an impressive 6.4%.
| First S$75k | Original | Promo |
| Salary auto credit | 2% | 4% |
| S$500 credit card spend | 0.6% | 1.2% |
| Increase average daily balance by at least S$500 monthly | 1.2% | 1.2% |
| Total | 3.8% | 6.4% |
Additionally, from now until August 31, if you apply for an OCBC 365 credit card or OCBC 360 account using the referral code 7K0S37JB, you’ll be eligible to participate in a lucky draw hosted by OCBC. The grand prize is two round-trip business class tickets to Tokyo, Japan with Singapore Airlines, valued at S$12,000.
The lucky draw will be held on October 11, 2024, from 2 PM to 6 PM at OCBC Headquarters, with an independent auditor present to supervise the event. The winner will be notified via letter and email within 7 business days.
Requirements:
- OCBC 365 Credit Card : Must ensure you have not previously held the card.
- OCBC 360 Account: Must deposit at least S$3,000.