Oversea-Chinese Banking Corporation (OCBC), on Oct 31, announced that it will raise its interest rates for its flagship OCBC 360 account from Nov 1.
The revised rates are said to be at an all-time high for the bank.
Under the revised rates, the average account holder can earn 4.65% per annum on the first $100,000 in his or her bank account by crediting his salary of at least $1,800 a month, saving, as well as making charges to certain credit cards.
The revised rate marks a significant jump from the 1.85% p.a. rate for account holders doing the same three things.
Including investing as well as having insurance coverage with OCBC, OCBC 360 account holders will be able to earn up to 7.65% p.a. in terms of their interest coverage.
In addition, OCBC has widened the pool of credit cards cardholders can use to unlock the bonus interest under the bank’s “Spend” category.
See also: OCBC shares open higher following Sunday’s disruption
From Nov 1 onwards, the following cards — the OCBC Titanium Rewards credit card, OCBC 90°N Visa card and OCBC 90°N Mastercard — will be eligible for OCBC account holders to earn bonus interest, in addition to the OCBC 365 card.
The move by OCBC comes after the bank raised its fixed deposit interest rates to match UOB’s on Oct 5.
Tan Siew Lee, head of OCBC’s wealth management department in Singapore says, “The OCBC 360 Account has always been about meeting the ever-changing needs of our customers, and it must continue to do so, especially in today’s rising interest rate environment.”
She adds: “This round of enhancements will immediately benefit the seven in 10 OCBC 360 Account holders who already earn bonus interest from at least one category, and our move to bring a wider range of OCBC credit cards into the OCBC 360 Account construct will enable more customers to benefit from the Spend category without any additional effort on their part. This simplicity is at the heart of the OCBC 360 Account, and even through subsequent rounds of enhancements, this proposition is something that we will preserve.”
OCBC will release its business update for the 3QFY2022 ended Sept 30 on the morning of Nov 4.
Shares in OCBC closed 13 cents higher or 1.08% up at $12.12 on Oct 31.
