Earn up to 3.05% in interest with OCBC 360

OCBC recently came up with this new savings account : OCBC 360.
For this, you could earn up to 3.05% on our savings account! This is even higher than a typical 12 month fixed deposit nowadays. A maximum of 3.05% is also comparable to some of the bonds listed on SGX.

How to earn the bonus interest
1) Salary credit

• Credit your salary through GIRO.
• The minimum salary amount to credit is S$2,000.
• Only direct salary credits through GIRO with the description “GIRO – SALARY” in your statements will qualify for this bonus.

2) Bill payment

• Make 3 unique bill payments from this account with OCBC Online Banking using Pay Any Bill and Pay Any Card services or use GIRO.
• Payment must be made through OCBC Online Banking or GIRO in the calendar month.
• Payments made via AXS, SAM, ATMs do not qualify for this interest.

3)  Credit Card Spending

• Spend a minimum of S$400 in total across your OCBC Credit Cards.
• You would need to be the Primary Account Holder of the 360 Account as well as the Principal Cardmember of the eligible OCBC Credit Card(s).
• Your spending on these cards do not qualify for this bonus :
  • Debit cards
  • ATM cards
  • Corporate cards
  • Business cards
  • Private label cards
• These transactions do not qualify for this bonus:
  • Balance transfers
  • Cash advance
  • Cashwise
  • Paylite
  • Smartchange
  • Fund transfers
  • Fees and charges

Other Notes:
The bonus interest is only on the first 50k in the account.

My thoughts on this product:
The interest rate is quite attractive. Most of the criteria are also not too hard to hit. You also do not need to fulfill all the 3 criteria to earn bonus interest. For each criteria fulfilled, you gain a 1% bonus interest.

If you can deposit 50k in the account, you will earn an additional $500 per year for every 1% bonus interest earned. If you can hit the maximum 3% bonus interest, it is an additional $1500 per year!