Check out my StashAway Simple Review HERE. We wish to remind you of our Conditions Banking for businesses. Updated on 25 Jan 2020. Like the OCBC nuon Account, the FRANK Account also lets you split your money between a Spend Pot and a Save Pot. You can withdraw money from any ATM operated by OCBC Group, comprising of OCBC Bank in Malaysia & Singapore, OCBC Al-Amin Bank, OCBC NISP (Indonesia) and OCBC Wing Hang (Hong Kong and Macau) at no charge. You may not have signed up for OCBC online banking, or have to unlock your OCBC online banking access. As you have read above, FRANK is a truly unique offering from OCBC. How to Open a FRANK Account? Customers whose accounts with OCBC Bank have been suspended or terminated or who have breached any agreement with OCBC Bank are not eligible. Looking to open an OCBC bank savings account? The day-end timing for Save Pot should be at 9pm every night. An OCBC bank account that comes with a chequebook. in times like this. No, you will not be able to view your Save Pot balances in your account transaction history as it is not a transaction that is deemed to have moved in or out of your savings account. Make the 360 Account your first OCBC account Get a S$100 FairPrice e-Voucher when you open a 360 Account online as your first OCBC account… With its smart features, nuon lets you find new ways to save, spend and manage your money. (previously 0.40%). A Save Pot is a mobile banking feature that allows you to earmark your savings from your everyday impulse purchases that could lead to overspending. Consumers can sign up for the FRANK Account through the app itself. Check out my other writings on it HERE. This card is paired with the OCBC FRANK account. The Frank account has a base interest rate of 0.20% p.a., which is a competitive rate. In such cases, the Bonus Interest will be calculated based on your total account balance. OCBC Frank Savings Account Interest Rates Promotional rates, if any, are not included FRANK guides you on the best way to save, invest, and protect yourself. You can open a FRANK Account under a joint name. the Spend Pot). Step 2: Follow the steps to sign up for FRANK. Large Corporates. Learn how you can earn interest of up to 3.45% with OCBC 360 Account. FRANK Account Co. Reg. Here’s a table that’ll give you a clear idea of why FRANK is such a unique offering in the market now: Obviously, the main thing that attracted me to open a FRANK account is the FD-like interest that OCBC offers (1.80% at this moment) – without the restrictions imposed by typical FD products. FRANK Account is the account for youth age 16 to 26 years old. You may instantly apply for a deposit account here, or get a credit card here. After your friends and family sign up for the FRANK Account, they can get a cash reward. Try now! The downside relative to FRANK as a savings solution: Withdrawal of funds from Simple will take time to be processed. The OCBC Frank Credit Card is an excellent card for young adults who want to earn great rewards, without needing to have a high-spend budget. What other types of accounts does OCBC offer? OCBC Frank Account's maximum EIR is just 0.25% p.a., achieved at a S$50k balance–which may be out of reach for younger consumers. OCBC FRANK Account is open to individuals of age 18 years and above, who are Malaysian citizens only. Simply put, what this means is that the interest in either of your pots is calculated daily based on the balance in each pot by 9pm daily, as shown below: Personally, I think this Save Pot & Spend Pot idea is brilliant. The OCBC FRANK Account is a savings account that allows you to split your money between a Save Pot and a Spend Pot, giving you a new way to save, spend and manage your money. FRANK guides you on the best way to save, invest, and protect yourself. Feel free to share with me in the comment section below! FRANK to OCBC 360 Account Conversion. Thanks for your comment and I 100% relate to your concern on the physical branch opening requirement esp. As such, you will receive this card when you open your FRANK account. Lky. Place any amount into your Save Pot to earn interest as high as Fixed Deposit rates, 1.80% p.a., or move it to your Spend Pot any time you wish. Students (18 y/o & above) and adults that are looking for high-interest savings account with truly competitive interest rate. 360 Account. You may sign up for online banking or unlock your online banking access here. Although I question the sustainability of the advertised interest rate, but having to enjoy FD-like rates (for now) alongside the convenience of a savings account is truly fantastic. You are leaving the OCBC website. No initial deposit or minimum balance required. Please ensure that information provided below is as per existing bank records. BIMB Dana Al-Fakhim is also a money market fund from BEST Invest (a fund management app by Bank Islam). Right of the bat, if you are still indecisive, I’d say – go open an account! FRANK guides you on the best way to save, invest, and protect yourself. In short, products like FDs exist because banks need the liquidity or cash to give out as loans. The highest possible interest rate accruable goes up to 0.20% p.a. Spending in foreign currencies can be a headache. Check out my other writings on it. As such, banks are willing to pay out interests for the money that are locked in FDs because, in return, they can loan the money out at a higher rate. I am Yi Xuan. Should I close my OCBC Frank Account? Yes. For reference, a S$20k balance would earn an EIR of 0.20% p.a., equivalent to S$3.40 earned in interest for the month. FRANK by OCBC is truly a refreshing offering to see in the ever-boring realm of FD and savings account products. FRANK puts the control over finances in your hands. Level 4. You are advised to read the privacy policy of third party websites. Money in your Save Pot will earn you a Bonus Interest on top of your Base Interest that is comparable to a fixed deposit’s board rate. 2 You can only close 1 account per form. PIDM protects depositors holding deposits with banks. of Access and Security & Ultimately, the reason why I say these are close competitors, but NOT similar, is because they exist for different purposes: For me, StashAway Simple and BIMB Dana Al-Fakhim are great for savings for the longer term, while FRANK is awesome to place my money whenever I am in need of liquid cash as it also provides the convenience of debit card and online banking. The main difference between the Save Pot and Spend Pot is: One thing that you need to bear in mind is that the interest is accrued daily based on the day-end balance (normally at 9pm) of your account, and will be paid out every month end. Pretty simple, to be honest. FRANK is certainly a very attractive choice to squeeze out that extra yield from spare cash. Moreover, you will be given a complimentary FRANK debit card when you create your account. OCBC FRANK is a simple "stash-and-park" type of Savings Account, suitable for students or individuals with no income. Last Updated on November 20, 2020 by Chin Yi Xuan. Step 1: Install the OCBC Malaysia Online Banking app HERE. Check out my StashAway Simple Review, I am also putting my savings in BIMB Dana Al-Fakhim. However, I think there is a more important conversation for us to have on FRANK. I am a young working adult. We wish to remind you of our Conditions of Access and Security & Privacy . + Follow • 3. Choose from over 120 stylish card designs. Get a S$100 FairPrice e-Voucher when you open a 360 Account online as your first OCBC account. Putting Malaysia’s interest rate fluctuation aside, I am quite biased that this advertised interest rate by FRANK will not stay for long and will soon be adjusted lower. Yes, you can. I am a writer, personal finance & REIT enthusiast, and a developing trader with the goal to become a full-time funded trader. As long as you have maintained a Save Pot balance by day end, you will be able to enjoy the Bonus Interest for the day. For OCBC Bank’s use 1 3 Your details 1 For Easicredit accounts, please ensure that your GIRO arrangement linked to the account is cancelled and account does not have any debit/credit balances before requesting for account closure. Business Banking. You must also credit your salary of at least S$1,800 to the account. In short, you can also expect the returns from this fund to generally beat the interest from conventional FD offerings. Thank you. The OCBC privacy policy ceases to apply at third party websites. When you apply for the FRANK education loan, you will be asked if you wish to create a FRANK account. The total interest from both Save and Spend Pot interests will be paid on month end in a single combined posting as “Interest Credit”, rounded up to 2 decimal places. Essentially, in the OCBC mobile app, you are able to toggle your deposits between the money you want to save (a.k.a. Please visit OCBC Internet Banking to update your details before submitting your request. to 1.80%p.a., depending on FRANK Account There are a few features to the FRANK by OCBC initiative, chief of which is the FRANK Account – which the bank refers to as the “reinvention of the traditional features of fixed deposits”. These are the FRANK credit card designs. In this case, the OCBC Malaysia Mobile Banking app allows you to get things done quickly and easily. I guess ultimately it is not for everyone, but for those who fit in to the targeted audience group, they would love the offering. All new rebates, all new design. Promotion ends on 31 March 2021. It has no initial deposit and minimum balance requirement if you are below 26! These accounts can be opened easily through an online form submission or visiting any OCBC … FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. This card offers 6% on online purchases, 6% on mobile contactless spend, and 6% on FX transactions, expenditure areas that are very central to the younger generation. USD Current Account. Source: OCBC Malaysia Online Banking App. For people who don’t have a lot of spare cash lying around anyway, the extra bit of chump change probably might not be worth it. High deposit requirement, long lock-in period, withdrawal penalty), and are looking for a Fixed Deposit (FD) alternative. OCBC 365 Credit Card. This is because it’ll make users think twice before spending impulsively as they may lose the extra interest earned with their savings. Conditions Prodigy. Learn more. The initial deposit can range from S$0 to S$10000. Was using OCBC Frank since schooling days. A USD account with chequing facilities. Step 2: Follow the steps to sign up for FRANK. Verify your IC and complete the opening of FRANK at any OCBC branch. You may only open ONE OCBC FRANK Account where you are the primary and sole account holder. Get FREE updates to tips & ideas to live a better and more fulfilling financial life :). FRANK by OCBC. OCBC Digital. The JumpStart account does not have any fall-below fee. Move the slider to find out how much you can earn with FRANK. Fall-below fee. Okay, if you are here, you are most likely keen to find out if FRANK, a new high-interest savings account from OCBC, is suitable for you. The OCBC FRANK Debit Card is a debit card that rewards you when you spend with it in foreign currency. The downside relative to FRANK as a savings solution: – Withdrawal of funds from BEST Invest will also take time to be processed. There is no charge to depositors for deposit insurance protection. Deposit Accounts | Frank by OCBC Skip to main content Just think of the Save Pot and Spend Pot as 2 piggybanks for different purposes. Essentially, StashAway Simple invests your money in extremely low-risk money market funds for FREE (ie. Reason being, how can a bank deliver an FD-like interest rate without locking in clients’ money for a specific period of time (and thus lending them out as higher interest loans)? ersonally, I think this Save Pot & Spend Pot idea is brilliant. Students (18 y/o & above) and adults that are, Step 1: Install the OCBC Malaysia Online Banking app, Step 4: Activate your debit card & online banking, StashAway Simple is a money management offering from my favorite, I love StashAway Simple, and is personally using it as well. – Also, typical fund management fees are applicable for BIMB Dana Al-Fakhim (rightfully so because it is still a fund). Privacy, Initial deposit / minimum balance of RM20, Activate your Internet Banking (for new to OCBC Internet Banking users only), Enter your Debit Card number and your personal details, Enter your preferred login ID and password, Confirm your mobile number for SMS security token activation, Go to ‘PIN Selection’ under ‘Customer Service’ tab and, Set your preferred PIN for your new Debit Card, Tick on activate “Overseas Purchase” and “Overseas Cash Withdrawal”, Enter your travel start and end date and confirm. Access to Money Insights. Every week, I write about my personal learnings & discovery about life, money, and the market. If you fall below $1,000, you will have to pay a monthly service fee of $2.. As such, JumpStart is the more flexible option as it does not have any minimum account … Make the 360 Account your first OCBC account Get a S$100 FairPrice e-Voucher when you open a 360 Account online as your first OCBC account. It’s commendable that applying for an account is quite straightforward, I just don’t like the hassle of going to a physical branch to complete the last step. No lock-in period, no withdrawal penalty. The idea behind FRANK by OCBC is to give mobile-centric customers a convenient way of accessing their bank account. Should a bank fail, PIDM will promptly reimburse depositors over their deposits. No: 0-W) V1 / g 2 020 Framework. In fact that’s the main reason I haven’t opened any account with OCBC since I was eyeing their 360 account as well. The effective interest rate for FRANK Account on 1 February 2020 is, The effective interest rate for FRANK Account on 2 February 2020 is, The effective interest rate for FRANK Account on 3 February 2020 is. I am also putting my savings in BIMB Dana Al-Fakhim. Open a business account. StashAway Simple Review: The Fixed Deposit (FD) Killer. How do they work, actually? However, you do earn interest with the OCBC Frank account that your card will be tied to: the OCBC Frank interest rate is 0.20% for the first S$10,000 in your account, rising to 0.40% for up to S$500,000.⁵. ... We are delighted to inform you that your nuon Account is now rebranded to FRANK Account effective . You need to log in to your OCBC Mobile Banking app and select OCBC FRANK Account where you will be able to set your money into a Save Pot to earn the Bonus Interest. Hence, FRANK may be a better choice to place the money that you could withdraw and spend whenever necessary. Pay bills, transfer money, invest, open accounts instantly, and more, without leaving home. However, I think there is a more important conversation for us to have on FRANK. All in all, at the point of writing this article, FRANK by OCBC is definitely a no-brainer for everyday consumers like you and me.