OCBC 360 Account cutting interest rates from May 2025

There aren’t a lot of bank accounts that pair well with a miles collecting strategy, but the OCBC 360 is one of them. By simply meeting the Salary, Save and Spend categories, accountholders can earn 4.65% p.a. interest on up to S$100,000 each year— no overpriced insurance or investment products necessary!

However, with interest rates declining worldwide, we’ve seen other banks like Standard Chartered and UOB cutting back on their flagship accounts. OCBC, to their credit, has maintained the 360’s current interest structure since November 2022, but now it’s been forced to follow suit.

In short, from 1 May 2025, the “realistic” interest rate for most customers will max out at 3.3% p.a., applicable to the first S$100,000.

OCBC 360 Account cuts interest rates

Here’s the OCBC 360 Account’s current interest rate structure, which is valid till 30 April 2025.

From 1 May 2025, the interest rate structure will be changed as follows.

With the revised structure, account holders can earn a maximum EIR of 6.30% p.a. on the first S$100,000 in the account.

Salary: Up to 2% p.a.

Customers who credit a monthly salary of at least S$1,800 to the 360 Account will earn up to 2% p.a., down from the current 2.5% p.a..

As before, your salary must be credited via one of the following methods:

• GIRO / PayNow via GIRO with transaction description “GIRO – SALARY” printed on the
  monthly statement
• FAST / PayNow via FAST with transaction code “SAL” or transaction description “SALARY /SALA / SAL”

Save: Up to 0.75% p.a.

Customers who increase their average daily balance (ADB) by at least S$500 monthly will earn up to 0.75% p.a., a 50% cut from the current 1.5% p.a..

Spend: Up to 0.5% p.a.

Customers who spend at least S$500 per month on eligible credit cards will earn up to 0.5% p.a., down from the current 0.6% p.a..

If it’s any consolation, the list of eligible credit cards remains the same:

• OCBC 365 Card
• OCBC 90°N Visa
• OCBC 90°N Mastercard
• OCBC Infinity Cashback Card
• OCBC NXT Card
• OCBC Rewards Card

Both the OCBC 90°N and OCBC Rewards Cards are viable options for miles chasers, and I’m conscientiously trying to max out the S$1,000 monthly bonus cap on the latter thanks to the ongoing 6 mpd promotion on department store spending (extendable to many other categories via HeyMax). 

Wealth (Insure): Up to 1.5% p.a.

There is no change to the Wealth (Insure) category, which remains the same at 1.5% p.a..

Do note that bonus interest is accorded for 12 months after the effective date of purchase, post the free look cancellation period or 14 days, whichever is longer. 

Wealth (Invest): Up to 1.5% p.a.

Likewise, there is no change to the Wealth (Invest) category, which remains the same at 1.5% p.a..

Do note that bonus interest is accorded for 12 months after the effective date of purchase, post the free look cancellation period or 14 days, whichever is longer. 

Unfortunately, OCBC RoboInvest is not considered an eligible investment product. 

Grow interest cut, minimum balance increased

The Grow category has never been particularly attractive, since the minimum MAB required is 2X that of the interest cap.

For example, those with a minimum MAB of S$200,000 earn an extra 2.4% p.a., but only on the first S$100,000. The next S$100,000 only earns the regular base interest of 0.05%, p.a., which pulls down the weighted average significantly. 

That’s only going to worsen from May, when the bonus interest is cut from 2.4% p.a. to 2.2% p.a., and the minimum MAB increased from S$200,000 to S$250,000.

How much less interest will you earn?

Under the current OCBC 360 interest structure, an accountholder with a balance of S$100,000 could realistically look forward to S$4,650 of interest per year (assuming he/she meets the Salary, Save and Spend criteria).

Following the changes, the realistic interest falls to S$3,300 per year, a drop of roughly 30%. 

Alternatives for miles chasers

If you’re pursuing a miles collection strategy and don’t want to take up a mortgage or buy insurance or investment products, here’s a quick rundown of the alternatives on the market: 

My personal preference is to max out the UOB One Account first before looking anywhere else, since it’s incredibly simple to do. All you need to do is credit a salary of at least S$1,600 per month, and spend at least S$500 on an eligible UOB card (including all three UOB Lady’s Cards).

Conclusion

The OCBC 360 Account will be cutting its interest rates from 1 May 2025, reducing the maximum realistic interest rate from 4.65% to 3.3% p.a..

It’s unfortunate, but probably inevitable given what’s happening in the broader macroenvironment. OCBC has been maintaining its current interest rates since November 2022, and many other banks have already made their cuts.

Any other bank accounts that pair well with a miles chasing strategy?