OCBC is drastically reducing the interest rates of its OCBC 360 savings account, more than halving the interest rates. This follows the really recent revision done previously.

What has changed?

They have halved the interest rates for Salary and removed the Spend category altogether.

	Current First $35,000 / Next $35,000	From 1st July First $35,000 / Next $35,000
Salary	1.2% / 2.4%	0.6% / 1.2% (halved!)
Spend	0.2% / 0.4%	0% (removed)
Save	0.2% / 0.4%	0.2% / 0.4%
Grow	0.8%	0.8%
Wealth	0.6% / 1.2%	0.6% / 1.2%

This is a really drastic drop, even outdoing UOB One’s cuts. At balances under $35,000, you are realistically going to get 0.8% pa by crediting your salary and increasing your balance from the previous month by $500 to qualify for the Salary and Save categories. At a full account of $70,000, the realistic interest rate is a miserly 1.2% pa. Wealth category requires you to buy a financial product – usually a bad idea – and Grow category is just silly even for people with $200,000 to place in savings, so these two categories are untouched by OCBC, just as they are untouched by most people looking for savings yield....