What is the Minimum Balance for an OCBC 360 Account?
As of March 8, 2023, the minimum balance for an OCBC 360 Account is S$0. This means that you can open and maintain an OCBC 360 Account without having to keep any money in it.
This is a significant change from the previous minimum balance requirement of S$1,000. The change was made to make the OCBC 360 Account more accessible to everyone, regardless of their financial situation.
Why is There No Minimum Balance Requirement?
OCBC has removed the minimum balance requirement for the 360 Account to make it easier for customers to manage their finances. With no minimum balance, customers can avoid paying monthly account fees and can access their money whenever they need it.
This is especially beneficial for customers who are just starting out or who have irregular income. It also makes it easier for customers to save money, as they can deposit any amount of money into their account without having to worry about meeting a minimum balance requirement.
Benefits of an OCBC 360 Account with No Minimum Balance
There are several benefits to having an OCBC 360 Account with no minimum balance, including:
- No monthly account fees: You will not be charged a monthly account fee, regardless of how much money you have in your account.
- Easy access to your money: You can access your money whenever you need it, through online banking, mobile banking, or at any OCBC ATM.
- No restrictions on deposits or withdrawals: You can deposit or withdraw money from your account as often as you need, without having to worry about meeting a minimum balance requirement.
- Earn interest on your savings: You will earn interest on your savings, even if you only have a small amount of money in your account.
How to Open an OCBC 360 Account with No Minimum Balance
Opening an OCBC 360 Account with no minimum balance is easy. You can apply online, in person at an OCBC branch, or by calling OCBC customer service.
The application process is simple and straightforward. You will need to provide your personal information, such as your name, address, and date of birth. You will also need to provide your financial information, such as your income and employment status.
Once your application is approved, you will be able to open your OCBC 360 Account. You will be given a debit card that you can use to access your money.
Tips for Managing Your OCBC 360 Account with No Minimum Balance
Here are a few tips for managing your OCBC 360 Account with no minimum balance:
- Set up a budget: Create a budget to track your income and expenses. This will help you stay on track and avoid overspending.
- Use online banking: Online banking is a convenient way to manage your account and track your transactions.
- Set up automatic transfers: Set up automatic transfers from your other accounts to your OCBC 360 Account. This will help you save money and avoid overdraft fees.
- Take advantage of the OCBC 360 app: The OCBC 360 app is a mobile banking app that allows you to manage your account on the go.
Alternatives to OCBC 360 Account with No Minimum Balance
If you are not interested in an OCBC 360 Account with no minimum balance, there are other options available to you. Here are a few alternatives:
- OCBC Everyday Account: The OCBC Everyday Account has a minimum balance requirement of S$1,000. However, you can waive this requirement by setting up a monthly GIRO arrangement.
- DBS Basic Savings Account: The DBS Basic Savings Account has no minimum balance requirement. However, you will be charged a monthly account fee of S$2 if you do not maintain a balance of S$500.
- UOB One Account: The UOB One Account has a minimum balance requirement of S$500. However, you can waive this requirement by setting up a monthly GIRO arrangement.
- CIMB FastSaver Account: The CIMB FastSaver Account has no minimum balance requirement. However, you will only earn interest on balances of S$1,000 or more.
- Maybank eSavings Account: The Maybank eSavings Account has no minimum balance requirement. However, you will be charged a monthly account fee of S$1 if you do not maintain a balance of S$1,000.
Conclusion
The OCBC 360 Account is a great option for anyone who wants to save money without having to worry about meeting a minimum balance requirement. With its no monthly account fees, easy access to your money, and no restrictions on deposits or withdrawals, the OCBC 360 Account is a convenient and affordable way to manage your finances.
