OCBC Bank has revised its current and savings accounts interest and profit rates, following the cut in the overnight policy rate (OPR) by Bank Negara. One of the savings accounts affected is the OCBC 360 Account, which previously offered up to 4.10%p.a. in interest. Under the new rates effective 29 January 2020, accountholders can only get up to 3.60% per annum.
The OCBC 360 Account offers a base interest rate and bonus rates for fulfilling the Deposit, Pay, and Spend requirements. Here are the previous and current rates for the OCBC 360 Account. As you can see, the maximum interest rate that you can now get from the 360 Account has fallen by a total of 0.50%p.a. to 3.60%p.a.
|Tier||Previous Rates||Current Rates|
|Deposit (min RM500 per month)||1.30%p.a.||1.15%|
|Pay (min 3 bills online per month)||1.30%p.a.||1.15%|
|Spend (min RM500 on OCBC credit cards per month)||1.30%p.a.||1.15%|
OCBC’s other savings products have also seen reduction in their interest rates. Its Booster Account now offers 0.10%p.a. for balances below RM30,000 instead of 0.25% previously, whereas balances above RM30,000 get 2.70%p.a. instead of the 3.00% before. Its newest product, the nuon Savings Account, has maintained its base interest rate of 1.0%, but reduced its Save Pot Bonus by 0.2%p.a. to 1.60%p.a.
To see the change in interest rates for the rest of OCBC’s savings products, you can refer to the bank’s announcement here.
After Bank Negara Malaysia slashed the OPR, major banks in the country announced corresponding reductions in their base rates and deposit rates. Therefore, you can expect revisions to popular high-interest savings accounts by other banks as well.