OCBC Flex Account

Flex effortlessly when you open and manage your account via the OCBC Malaysia Mobile Banking App, and enjoy fixed deposit-like rates on your savings without tying your money down.

OCBC Flex AccountFixed deposit-like rates with no lock-in period!
Interest Rate
0.3% to 1.8% p.a.
Min. Deposit
RM20
Phone Banking
Available
Account Statement
eStatement (via email)

Interest Rate

What you earn based on the amount that you have in your account

Min. AmountMax. AmountInterest Rate
Spend Pot, RM20No maximum0.3% p.a.
Save Pot, No minimumNo maximum1.8% p.a.

Features

What would make it different?

Online Banking
OCBC Online Banking
Mobile App
PIDM Protected
Up to RM250,000
SMS Transaction Alert
Available
ATM Card
Available

Fees & Charges

Annual Fee
RM8
ATM Card Issuance Fee
RM8
MEPS Withdrawal Fee
RM1
Overseas Withdrawal Fee
RM10
Early Closure Fee
RM20
Inactive Account Fee
RM10

Requirements

Minimum Age
  • 18 years old
Minimum Initial Deposit
RM20
Minimum Balance
RM20
Who can apply
  • Malaysians

More Information

Are you a go-getter who is always looking for ways to stay ahead of the curve and reach your goals? Always using apps for all aspects of your life; e-commerce for shopping, e-hailing to avoid the hassle of parking and social media to keep up with loved ones?

Ever wondered how a regular savings account can be a part of your FLEX lifestyle? Well, now you can with a fully digital OCBC Flex Account that understands your need for fast, simple and frictionless service while delivering great value for every ringgit that you save!

Sign up for the OCBC Flex Account and bring home a brand-new Sony PlayStation 5!

Yes, you read it right! For a limited time only, eligible customers of the Flex Account can stand a chance to bring home 1x Sony PlayStation 5 and 1x RM50 Starbucks e-Card when you meet these conditions: 

  1. Open a Flex account, and 
  2. Meet the minimum required DuitNow transactions.

This campaign runs from 28 April 2022 to 28 August 2022 ("Campaign Period"), subject to terms and conditions.

Who is qualified for this promotion?

This campaign is open to all customers that sign up for a Flex Account via the OCBC Malaysia Mobile Banking App, register for a DuitNow ID or activate a DuitNow QR, and perform the following requirements within the Campaign Period.

  • Sony PlayStation 5: Be one of the Top 10 Customers with more than 5 DuitNow and/or DuitNow QR transactions per month (minimum RM10 per transaction) during the Campaign Period
  • RM50 Starbucks e-Card: Be one of the Top 25 Customers with more than 5 DuitNow and/or DuitNow QR transactions per month (minimum RM10 per transaction), in any month during the Campaign Period

Sounds interesting! How can I participate?

You can participate in this campaign by following the steps below.

  1. Sign up for the Flex Account via the OCBC Malaysia Mobile Banking App
  2. Register for a DuitNow ID and/or activate DuitNow QR
  3. Make at least 5 DuitNow or DuitNow QR transactions every month with a minimum of RM10 per transaction during the Campaign Period

Note: The registered DuitNow ID and/or DuitNow QR must be linked to your OCBC Flex Account, i.e. the default account for DuitNow/DuitNow QR transactions. All DuitNow/DuitNow QR transactions during the campaign period must be made using the OCBC Flex account.

Where can I reach out for more information?

For any questions, please reach out to OCBC directly or head over to their webpage.

Why should I open the OCBC Flex Account?

We bet that you already own a savings account, so why should you open another? Well, for a start, can your savings account help you manage your money by splitting between which amount to spend and which amount to keep aside as savings? Not only that, is your current savings account giving you a good return?

If your answers are mostly ‘no’, then opening the Flex Account from OCBC is going to be a game-changer for you. With OCBC Flex Account, you can now split your money seamlessly between savings and spending. You can also enjoy a bigger return that is on par with a fixed deposit board rate.

Tell me more about OCBC Flex Account

Managing money while taking into account the best interest rate for your funds can be overwhelming, especially if you're the type of person that tends to overspend. Now, you can put those dreaded days behind. With Flex Account, you can easily split your savings and spending into ‘Save Pot’ and ‘Spend Pot’ in just one account while earning attractive interest. Both of these pots are a part of the mobile banking features that can be managed through the OCBC Malaysia Mobile Banking App.

What’s interesting about the Save Pot is that the money you put in this pot enables you to earn a Bonus Interest on top of your Base Interest earned from your Spend Pot making it a total of up to 1.80% p.a. The bonus interest you get from the Save Pot is also comparable to a fixed deposit board rate, which is 1.50% p.a – that’s considered high for a savings account!

The Spend Pot, on the other hand, is intended to keep aside some money for your monthly spending. With this pot, you get to earn a Base Interest of 0.30% p.a.

For better clarity on the returns mentioned above, do check out the tables below:

Spend Pot Interest
Min. AmountMax. AmountInterest Rate
RM20No maximum0.3%
Save Pot Interest
Min. AmountMax. AmountInterest Rate
RM0No maximum1.8%

Besides that, if you find yourself wanting to save more, simply move your money from the ‘Spend Pot’ to the ‘Save Pot’ anytime you want with just a swipe via the OCBC Malaysia Mobile Banking App.

How is the interest being calculated?

a) Spend Pot: The interest earned for your balances in the Spend Pot is accrued daily based on your Spend Pot’s day-end balance. You will earn 0.30% p.a. for your balances in your Spend Pot.

b) Save Pot: The interest earned for your balances in the Save Pot is accrued daily based on your Save Pot’s day-end balance. You will earn a Bonus Interest of 1.50% p.a. on your Save Pot balance on top of the Base Interest of 0.30% p.a., giving you a total of 1.80% p.a. on your entire Save Pot balance.

Let's check out some illustrations below for better clarity:

1 February 2020Balance (RM)Base Interest
(0.30% p.a.)
Bonus Interest
(1.50% p.a.)
Spend Pot balance10,000.00N/A
Save Pot balance0.00
Total balance10,000.00--

The effective interest rate on 1 February 2020 is:

(RM0*1.80% p.a. + RM10,000*0.30% p.a.)/RM10,000 = 0.30% p.a.

2 February 2020Balance (RM)Base Interest
(0.30% p.a.)
Bonus Interest
(1.50% p.a.)
Spend Pot balance4,000.00N/A
Save Pot balance6,000.00
Total balance10,000.00--

The effective interest rate on 2 February 2020 is:

(RM6,000*1.80% p.a. + RM4,000*0.30% p.a.)/RM10,000 = 1.20% p.a.

3 February 2020Balance (RM)Base Interest
(0.30% p.a.)
Bonus Interest
(1.50% p.a.)
Spend Pot balance0.00-N/A
Save Pot balance10,000.00
Total balance10,000.00--

The effective interest rate on 3 February 2020 is:

(RM10,000*1.80% p.a. + RM0*0.30% p.a.)/RM10,000 = 1.80% p.a.

The total interests from both the Save and Spend Pot will be paid on month end in a single combined posting as “Interest Credit”, rounded up to 2 decimal places.

Can I use the money in the Save Pot?

Once you have set aside some of your money into the Save Pot, you will not be able to withdraw and spend it. But that does not mean that you cannot use the money at all.

When there’s a need, you will have to log into the OCBC Malaysia Mobile Banking App and transfer your money from the Save Pot to the Spend Pot. The transfer for both pots is immediate and easy with just a swipe of your finger, and you are ready to start spending online or with your OCBC Debit Card.

How to check if the interest I’ve earned is credited to my account?

You can check the account interest that you’ve earned by the end of the month. The interests for both of your pots will be paid on month-end in a single combined posting as ‘Interest Credit’, rounded up to 2 decimal places.

I’m interested! How can I open the OCBC Flex Account?

It’s easy to open an account! You can do so in the comfort of your home at any time that you want. You also need to be at least 18 years old and a Malaysian citizen with resident status to open the Flex Account.

Here’s how: have a quick check on your internet connection, go to your phone’s app gallery, search for OCBC Malaysia Mobile Banking App and start downloading it. Click on the Flex Sign Up button located at the bottom of the login screen.

Next, you will need to snap a photo of your MyKad and selfie and then fill in your details accordingly. Fund a minimum of RM20 as the deposit via FPX, and you’re good to go!

What about the debit card? How do I activate it?

For new OCBC Internet Banking users, you will need to first activate your internet banking with these steps:

  • Go to ocbc.com.my/register
  • Enter your Debit Card number and your details
  • Enter your preferred login ID and password
  • Confirm your mobile number for SMS security token activation

And to set your Debit Card PIN, there are two ways that you can do so which are by internet banking or mobile banking app. The steps are:

Via OCBC Internet Banking:

  • Log in to your Internet Banking account
  • Go to the “Customer service” tab and under Cards, click “Set PIN”
  • Select your card from the drop-down list and click “Next”
  • Key in your new 6-digit PIN, confirm your new 6-digit PIN and click “Next”
  • Key in the One Time Password (OTP) retrieved from the OCBC OneToken via the OCBC Malaysia Mobile Banking App or received via SMS to your mobile, and click “Submit”
  • You have successfully created your PIN and your Debit Card is activated and ready to use
  • You will receive an SMS notification of your successful PIN creation

Via OCBC Malaysia Mobile Banking App:

  • Launch the OCBC Malaysia Mobile Banking App and log in to your account
  • Tap on the menu and select “Card services”
  • Tap the “Set PIN” button
  • Key in your new 6-digit PIN, confirm your new 6-digit PIN and click “Next”
  • Key in the OTP retrieved (just tap to reveal) from the OneToken feature or received via SMS to your mobile
  • You have successfully created your PIN and your Debit Card is activated and ready to use
  • You will receive an SMS notification of your successful PIN creation
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