OCBC will offer lower bonus interest on its 360 Account from 1 May, as Singapore banks continue to reprice savings products in a softer rate environment.
The change was reported by Channel News Asia after the bank notified customers that the maximum effective rate on the first S$100,000 in the account will fall to 4.45 percent a year from 5.45 percent.
Customers will still need to meet the same broad conditions to earn the top rate.
These include crediting a monthly salary of at least S$1,800, increasing their account balance by at least S$500 a month, spending at least S$500 on selected OCBC credit cards, and buying eligible insurance and investment products from the bank.
OCBC’s updated notice says the qualifying criteria for the bonus interest categories remain unchanged even as the rates are revised lower.
The latest revision follows two earlier cuts to the 360 Account that took effect on 1 May and 1 August last year.
The revised OCBC table shows lower bonus interest across the salary, save and spend categories, while the bank continues to offer insure and invest bonuses under the same structure.
Featured image: Edited by Fintech News Singapore, based on image by wavebreakmedia_micro via Freepik
