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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 âPIN Selectionâ under âCustomer Serviceâ tab and, Set your preferred PIN for your new Debit Card, Tick on activate âOverseas Purchaseâ and âOverseas Cash Withdrawalâ, 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.