• OCBC FRANK savings Account

    With a multitude of savings accounts made available by OCBC, the FRANK Savings Account stands out for a number of reasons, including choosing your own card design from over a 100 options to no initial deposit requirement and not having to maintain a minimum balance if you’re under 26 years of age. Here’s everything you need to know about this OCBC savings account.

    Features and Benefits: Manage your savings account with Mini Accounts and Money In$ights

    • The interest rate is up to 0.4% p.a.
    • There is no initial deposit amount or minimum balance requirement if your age is less than 26 years.
    • You can select your card design from 120 unique options.
    • You can enjoy contactless payment facility when you are travelling in a public transport, at movies, at restaurants, and many other locations using Visa payWave and mobile payments.
    • You can set your saving goals with mini accounts. You can create mini accounts through internet banking to separate your spending from saving. Once the amount is moved to mini accounts, it cannot be used until you release it. This will help you reach your savings target.
    • You can also set your budget for spending with Money In$ights. This is like having your personal accountant to manage your spends every day.  You can analyse and compare your monthly spends. This will help you maintain a specific spending limit per category.

    Interest Rates: 0.2% p.a. to 0.4% p.a.

    The table below shows the rate of interest provided for the OCBC FRANK Savings Account up to S$500,000.

    Amount Interest Rate
    0 to S$10,000 0.2% p.a.
    S$10,000 to S$100,000 0.3% p.a.
    S$100,001 to S$500,000 0.4% p.a.
    More than S$500,000 No interest

    The reason the bank does not offer any interest for an amount greater than S$500,000 is because there are other high-yielding OCBC accounts available to choose from.

    Fees and Charges

    If your age is less than 26 years, there will be no service fee applicable to your account. However, if you are 26 years old or more, you will be charged with S$2 as service fee if your daily average balance in the account is less than S$1,000.

    Are You Eligible to Open This Account?

    • Your age must be 16 years and above.
    • There is no initial deposit.
    • No minimum income requirement.

    Documents Required

    The following are the required documents for Singapore citizens and Permanent Residents:

    For existing OCBC members:

    • NRIC.

    For non-existing OCBC members:

    • NRIC.
    • Address proof document such as original phone bill, bank statement or utility bill for last 3 months (only if you are mailing the application form).

    The following are the required documents for foreigners:

    For existing OCBC members:

    • Passport with 6 months validity.
    • Employment Pass, Student Pass or Long-term Pass.

    For non-existing OCBC members:

    • Passport with 6 months validity.
    • Employment Pass (student or long-term).
    • Residential address proof for last 3 months or income tax notice of assessment.

    How to apply for OCBC FRANK Savings Account

    There are two ways to apply for OCBC FRANK Savings Account:

    By mail: You can apply by mail by downloading the PDF application form from OCBC’s official website. Fill out the form, and send it via email along with the mandatory documents.

    By visiting any FRANK store: You can visit the nearest FRANK store, and FRANK Ambassadors will guide you through the application process. You can check for the nearest FRANK store on the bank’s official website.

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