Savings

Plus! Savings Account is a current account that can be linked to your Plus! Visa, which can be a Debit Card or ATM Card

Enjoy the following when you save in your Plus! Savings account:

• Attractive interest rate
• No minimum account opening fee
• No monthly service fee
• No lock-in period
• Easy access via 1200 ATMs islandwide
• Option of a cheque book

In general, the current savings account interest rate in Singapore is about 0.05% per annum (p.a.) (as of 30 June 2015). With Plus! Savings account, you can earn up 0.15% p.a. or 3 times more interest* than other Banks.

Plus! Savings Account interest rates:

Scenario 1: If customer has S$60,000, for the first S$50,000, he earns interest at  0.1% p.a. and for the next S$10,000, at  0.15% p. a. interest.
 

Scenario 2: If customer has S$600,000, for the first S$50,000, he earns interest at  0.1% p. a. and for the next S$450,000, at  0.15% p. a. interest. His remaining S$100,000 would not earn any interest.

Fixed deposits typically require you to deposit a fixed amount over a minimum 1 month period in order to earn the higher interest rate, with penalties for premature withdrawal. Plus! Savings Account gives you the flexibility to deposit and withdraw your money whenever you need to. Thus there is no lock in period.

On average, banks require their customers to maintain an average monthly balance of S$500 to S$5,000, with charges between S$2.50 to S$10* monthly for failing to maintain the minimum deposit. This means that the interest you earn is lost through charges. With Plus! Savings Account, you have the flexibility to use your money and earn high interest. The Plus! Savings account do not charge any fall below feel charges. No upfront or minimum monthly balance is also required. * Based on survey of banks in Singapore as of 21 February 2007.

We are committed to cutting out frills and excesses that you do not value and give you more of what you really want. Because your Plus! account includes self-service services that do not require a physical branch, we are able to transfer the cost savings to you in terms of higher interests and lower fees and charges. We have also simplified the application process as well as other servicing needs such that you really do not need to visit a branch for assistance.

You can contact Plus hotline at 1800 820 2020 or (9am to 10pm) OCBC’s 24-hour hotline at 1800 363 3333 for assistance. 

Your Plus! Savings Account comes with a monthly statement which will give you details of all your savings account, NETS and VISA transactions. You can also apply for internet banking to view your transactions. Your account balances can also be reviewed at OCBC ATMs. This saves you the hassle of updating your passbook or queuing for a replacement passbook. Through Plus! we also offer you the option to opt out of paper statements. You can choose to view your monthly Plus! Card or Plus! Savings Account monthly statements online via OCBC Internet Banking.

No, all approved Plus! Savings Account applicants are issued to an individual.

You can apply online at https://www.ocbc.com/plus/banking/visa-cards/plus-visa-debit-card.html# or pick up an application form at any FairPrice supermarkets, or OCBC Branches. You simply need to mail in your application form, together with the relevant documents, in the self-addressed envelope attached to the application form. You may also include a personal cheque in any amount as a deposit into your account, so that you can start using your enhanced Plus! ATM.

You can simply deposit money into your account through:

• A cheque to your name at any OCBC Quick Cheque Deposit Boxes
• Any OCBC Cash Deposit/ATM Plus Machines islandwide or
• Transfers from other banks (such as through Internet Banking)
• Auto – Monthly Funds Transfer
• Inward Remittances

You can withdraw cash from your account locally via:

• Any OCBC ATM / ATM Plus machine
• Any UOB ATM. (Free for the first 2 withdrawals each month. Subsequent withdrawals are charged at $0.30 each.)
• Online Funds Transfer
• Apply for GIRO/Standing Instructions
• Cashier’s Order (Charges apply. S$10 per Cashier Order.)