What does Plus! Savings Account offer?
Plus! Savings Account is a current account that can be linked to your Plus! Visa, which can be a Debit Card or ATM Card
What is so special about Plus! Savings Account?
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
Why should I apply for a Plus! Savings Account when my fixed deposit offers me a much higher interest rate?
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.
What do I need to know about service charges or minimum balances?
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.
How does Plus! Savings Account give such high interest rates?
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.
If I do not have after-office call centre support, will I be stranded if I really need help?
You can contact Plus hotline at 1800 820 2020 or (9am to 10pm) OCBC’s 24-hour hotline at 1800 363 3333 for assistance.
How can I keep track of my account without a passbook?
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.
Can I apply as a joint-account holder?
No, all approved Plus! Savings Account applicants are issued to an individual.
Can I apply for a Plus! Savings Account?
Open your new Plus! Savings Account with a new OCBC Plus! Visa Credit or Debit Card online here.
Or if you are an existing OCBC Plus! Credit Cardholder, open a new Plus! Savings Account which can be tagged to your existing Credit Card by visiting any OCBC branch.
How do I deposit cash into my Plus! Savings Account?
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
How do I withdraw money from my Plus! Savings Account?
You can withdraw cash from your account locally via:
- Any OCBC ATM / ATM Plus machine
- Online Funds Transfer
- Apply for GIRO/Standing Instructions
- Cashier’s Order (Charges apply. S$10 per Cashier Order.)
What are the other fees and charges on my Plus! Savings Account?
Description |
Fees/Charges |
---|---|
Account closure fee |
S$30 if closed within first 6 months |
Cash withdrawal overseas via Visa Plus |
3% of withdrawal amount (min. $5 / max. S$20) |
Excess fee |
4.75% + Prime rate; no min. amount |
Reprint of statement |
S$20 per statement |
Sales draft |
S$20 per draft |
Failed GIRO |
S$30 |