Bank accounts with enhanced interest rates such as OCBC 360, UOB One, DBS Multiplier accounts came into the market during a time of low interest rates in the 2010s.
OCBC 360 then
OCBC was one of the first, launching OCBC 360 in July 2013. This was a time of historically low interest rates, when Singapore fixed deposits were offering barely 0.30%, according to MAS data.
Singapore Banks Historical Fixed Deposit rates
The account at it's launch offered higher interest rates, with requirements to carry out additional transactions of a certain nature on the account. It proved a hit with the younger crowd and other banks soon followed with their own offerings.
OCBC 360 now
It looks like the 360 account is offering higher rates, probably driven by competition from fixed deposits.
Unlike the the conditions at launch in 2013, the requirements now look a little bit more complicated.
The headline rates offer "effective interest rate of up to 4.05% a year and more on your first S$100,000" but you have to jump through way more hoops than before.
These product is obviously not the same as your normal fixed deposits and you should look at them as different tools for your personal finance needs. You should also read the conditions very carefully, as they are much more complicated. Caveat Emptor.
None of the above should be construed as investment advice. Do your own due diligence as I will not be responsible for any loss/risk.
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