Introduction
OCBC, one of Singapore’s leading banks, offers a variety of savings accounts with different features and benefits. However, it’s important to be aware of the fees associated with these accounts, especially if your balance falls below a certain threshold. In this article, we’ll delve into the details of OCBC’s savings account fees and provide tips on how to avoid falling below the fee threshold.
OCBC Savings Account Fees
OCBC charges a monthly fee of S$2.00 for its Basic Savings Account if the average daily balance falls below S$500. For its 360 Savings Account, a monthly fee of S$1.50 is charged if the average daily balance falls below S$3,000. These fees can add up over time, especially if you’re not careful about managing your account balance.
How to Avoid Falling Below the Fee Threshold
There are several ways to avoid falling below the fee threshold for your OCBC savings account:
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Maintain a minimum balance: Ensure that your average daily balance stays above the required threshold (S$500 for Basic Savings Account and S$3,000 for 360 Savings Account).
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Set up automatic transfers: Set up recurring transfers from another account to your OCBC savings account to maintain the minimum balance.
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Use salary crediting: If possible, have your salary credited directly into your OCBC savings account. This will help you maintain a higher balance throughout the month.
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Consolidate your accounts: If you have multiple savings accounts, consider consolidating them into a single account to increase your balance.
Benefits of Avoiding Savings Account Fees
Avoiding savings account fees can save you money in the long run. Additionally, it can help you build good financial habits by encouraging you to be mindful of your spending and saving.
Tips for Saving with OCBC
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Take advantage of interest rates: OCBC offers competitive interest rates on its savings accounts. Take advantage of these rates to grow your savings over time.
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Use the OCBC mobile app: The OCBC mobile app allows you to easily monitor your account balance and track your spending. This can help you stay on top of your finances and avoid falling below the fee threshold.
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Explore other OCBC products: OCBC offers a variety of other products and services, such as credit cards, loans, and investments. Explore these options to find the best fit for your financial needs.
Conclusion
OCBC savings accounts offer a convenient and simple way to save money. However, it’s important to be aware of the fees associated with these accounts and to take steps to avoid falling below the fee threshold. By following the tips outlined in this article, you can keep your savings account free of fees and start growing your wealth.
