OCBC raises interest rates on 360 savings account

Up to 4.05% interest a year on maximum of $100k, amid rising rate environment

- Choo Yun Ting

OCBC Bank will be raising interest rates on its flagship 360 savings account from tomorrow, as it joins the two other local banks in account revisions in a rising rate environment.

With this change, customers can earn interest of up to 4.05 per cent a year on balances of up to $100,000, the bank said in a statement yesterday.

Prior to this, account holders could earn a maximum of 2.38 per cent a year of interest on balances of up to $75,000.

At the same time, OCBC will reinstate the bonus interest category for credit card spending.

Account holders who spend at least $500 each month on the OCBC 365 credit card can earn up to 0.35 per cent a year of bonus interest.