High Interest or Modern Fixed Deposit Accounts (OCBC accounts)
By Loopholes Singapore • September 7, 2020
High Interest Saving Accounts are time deposit accounts with a “key” attached to the lock
Many risk-averse individuals will usually go for time deposit accounts to store cash that they do not need urgently. This includes the usually fixed deposit accounts (12 months) as well as short term endowment-like plans (usually 1-3 years). Interestingly, some other accounts are starting to follow the style of time-deposit accounts to encourage savers to keep their monies in the bank. In today’s post, we will be studying High-Interest Saving Accounts, such as OCBC 360 account, OCBC Bonus Plus & Premier Dividend account to show how banks are moving away from Time deposit accounts to retain deposits and at the same time pay higher interests.
OCBC 360 Account – Maximising interest using salary crediting, selling investment and insurance products
From OCBC.com (Interest rates effective from 1 October 2020)
The OCBC 360 account has been weathered down due to the recent rate cuts in the US and other major economies....
