She added that the reinstatement of the bonus category for expenditure on the 365 credit card marks a tighter integration between its two flagship products. These rates are the highest in almost 24 years.
Ms Tan Siew Lee, OCBC's head of wealth management for Singapore, said: 'In a rising interest rate environment, we want to reward our OCBC 360 account customers for their savings and banking behaviours, and for doing more with us, to enable them to grow their wealth and savings.' Other options from OCBC, UOB, RHB, HSBC and Standard Chartered Bank range from 2.65 per cent to 2.9 per cent. OCBC said that since 2020, at least one in five OCBC 360 account holders have average account balances exceeding $75,000, and these customers could immediately stand to earn higher interest with the changes taking effect next month. Customers earn 3 per cent interest on this balance tier if they spend at least $500 on an eligible UOB card and credit their salary via Giro, up from 0.05 per cent previously for all balances above $75,000. UOB also increased rates on its One Account for a new tier of balances above $75,000 and up to $100,000. All three local banks had cut interest rates on their flagship savings accounts several times over the past two years amid the Covid-19 pandemic.Įarlier this month, DBS Bank increased rates for its Multiplier account, which means that its customers can now earn a maximum of 3.5 per cent a year, up from 3 per cent previously, for balances of more than $50,000 and up to $100,000.
