The OCBC 360 Account is one of the few bank accounts out there that pairs well with a miles collecting strategy. By crediting their salary, spending on an OCBC credit card, and growing their average daily balance, account holders can earn 3.3% p.a. interest on up to S$100,000, without the need to buy overpriced insurance or investment products.
Unfortunately, less than two months after the last cut to its interest rates, OCBC has announced a further nerf to the 360 Account that takes effect from 1 August 2025.
This will reduce the realistic interest rate from 3.3% to 2.45% p.a., and at some point they really need to stop calling these โhigh yield savings accountsโ.
OCBC 360 Account cuts interest rates (again!)
Hereโs the OCBC 360 Accountโs current interest rate structure, which is valid till 31 July 2025.
๐ฆ Current OCBC 360 Structure (Till 31 Jul 25) |
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First S$75K | Next S$25K | |
Salary | 1.6% | 3.2% |
Save | 0.6% | 1.2% |
Spend | 0.5% | 0.5% |
Wealth (Insure) | 1.2% | 2.4% |
Wealth (Invest) | 1.2% | 2.4% |
Base Interest | 0.05% | |
Max EIR | 6.30% | |
Additional Grow bonus of 2.2% p.a. available if minimum ADB at least S$250,000 |
From 1 August 2025, the interest rate structure will be revised as follows.
๐ฆ Revised OCBC 360 Structure (From 1 Aug 25) |
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First S$75K | Next S$25K | |
Salary | 1.2% | 2.4% |
Save | 0.4% | 0.8% |
Spend | 0.4% | 0.4% |
Wealth (Insure) | 1.2% | 2.4% |
Wealth (Invest) | 1.2% | 2.4% |
Base Interest | 0.05% | |
Max EIR | 5.45% | |
Additional Grow bonus of 2% p.a. available if minimum ADB at least S$250,000 |
With the revised structure, account holders can earn a maximum EIR of 5.45% p.a. on the first S$100,000 in the account, though keep in mind that figure can only be attained if you buy insurance or investment products from the bank.
Salary: Up to 1.5% p.a.
Up till 31 Jul 25 | From 1 Aug 25 | |
Salary | 2% p.a. | 1.5% p.a. |
Min. Salary | S$1,800 p.m. |
Customers who credit a monthly salary of at least S$1,800 to the OCBC 360 Account will earn up to 1.5% p.a., down from the current 2% p.a.
As before, your salary must be credited via one of the following methods:
- GIRO / PayNow via GIRO with transaction description โGIRO โ SALARYโ printed on the
monthly statement - FAST / PayNow via FAST with transaction code โSALโ or transaction description โSALARY /SALA / SALโ
Save: Up to 0.5% p.a.
Up till 31 Jul 25 | From 1 Aug 25 | |
Save | 0.75% p.a. | 0.5% p.a. |
Min. Increase of ADB | S$500 p.m. |
Customers who increase their average daily balance (ADB) by at least S$500 in a month will earn up to 0.5% p.a., a 33% reduction from the current 0.75% p.a.
While this sounds relatively easy to do on paper, it can actually require a fair bit of finessing, especially if you use the OCBC 360 Account as your daily driver, with funds flowing in and out all the time.
Spend: Up to 0.4% p.a.
Up till 31 Jul 25 | From 1 Aug 25 | |
Spend | 0.5% p.a. | 0.4% p.a. |
Min. Credit Card Spend | S$500 p.m. |
Customers who spend at least S$500 per month on eligible credit cards will earn up to 0.4% p.a., down from the current 0.5% p.a.
The list of eligible credit cards remains the same:
- OCBC 365 Card
- OCBC 90ยฐN Visa
- OCBC 90ยฐN Mastercard
- OCBC Infinity Cashback Card
- OCBC NXT Card
- OCBC Rewards Card
Both the OCBC 90ยฐN Visa/Mastercard and OCBC Rewards Cards are viable options for miles chasers, and Iโve been regularly maxing 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). This is currently scheduled to end on 30 June 2025, but maybe we can pray for an extension?
Wealth (Insure): Up to 1.5% p.a.
Up till 31 Jul 25 | From 1 Aug 25 | |
Wealth (Insure) | 1.5% p.a. | 1.5% p.a. |
Min. Purchase |
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There is no change to the Wealth (Insure) category, which remains the same at 1.5% p.a.
However, do note that bonus interest is only 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.
Up till 31 Jul 25 | From 1 Aug 25 | |
Wealth (Invest) | 1.5% p.a. | 1.5% p.a. |
Min. Purchase |
|
Likewise, there is no change to the Wealth (Invest) category, which remains the same at 1.5% p.a.
Again, do note that bonus interest is only 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 (not enough margin!).
Grow interest cut, minimum balance increased
Up till 31 Jul 25 | From 1 Aug 25 | |
Grow | 2.2% p.a. | 2% p.a. |
Minimum MAB | S$250,000 | S$250,000 |
Cap | S$100,000 | S$100,000 |
The Grow category has never been particularly attractive, since the minimum MAB required is 2.5X that of the interest cap.
For example, those with a minimum MAB of S$250,000 currently earn an extra 2.2% 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 will get even worse from August, when the bonus interest is cut from 2.2% p.a. to 2% p.a.
How much less will you earn?
Under the current OCBC 360 interest structure, an account holder with a balance of S$100,000 could realistically look forward to S$3,300 of interest per year (assuming he/she meets the Salary, Save and Spend criteria).
Following the changes, the realistic interest falls to S$2,450 per year, a drop of roughly 25%.
๐ฆ OCBC 360 โRealisticโ Interest (Based on S$100,000 balance) |
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Up till 31 Jul 25 | From 1 Aug 25 | |
Salary | S$2,000 | S$1,500 |
Save | S$750 | S$500 |
Spend | S$500 | S$400 |
Base Interest | S$50 | S$50 |
Total Interest | S$3,300 | S$2,450 |
Alternatives for miles chasers
If youโre pursuing a miles collection strategy and donโt want to take up a mortgage or buy insurance or investment products, hereโs a quick rundown of the alternatives on the market:
Account | Max. Interest* | Cap |
Maybank SaveUp | 1.17% p.a. | S$75K |
DBS Multiplier | 1.8-2.2% p.a. | S$50K |
BOC SmartSaver | 3.25% p.a. | S$100K |
OCBC 360 | 2.45% p.a. | S$100K |
UOB One | 3.3% p.a. | S$150K |
*Assumptions: Max out salary credit and bill payment bonuses, where applicable, and spending only on miles-earning cards. |
Iโm still sticking to the UOB One Account, which offers a very easy 3.3% p.a. on up to S$150,000- just 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 Ladyโs Cards).
Despite swearing off BOC several years back, I have to admit that the BOC SmartSaver is starting to look more and more attractive, especially with the upcoming enhancements to the BOC Elite Miles Card. From 1 July 2025, this card will earn an uncapped 1.4/2.8 mpd on local/FCY spend, and by adding on salary crediting and bill payments, you could earn 3.25% p.a. on up to S$100,000. But do I dare deal with BOC again? Hmmmm.
Of course, now that OCBC has lowered its rates, it remains to be seen whether the rest of the banks monkey see, monkey do. Iโd wait a couple of months more before making any big changes.
Conclusion
The OCBC 360 Account will be cutting its interest rates again from 1 August 2025, just a few months after the previous round of reductions on 1 May 2025.
This will reduce the maximum realistic interest rate from 3.3% to 2.45% p.a., and with this monthโs SSB offering an average return of 2.49% p.a. over 10 years (starting at 2.06% in year 1), it might be better to just park money there and save yourself the hassle.
The CPF OA account is looking pretty good again. And the CPF SA account is outstanding
I am on UOB ONEโฆ guess nerf is coming soon too.