ocbc frank account

You can open a FRANK Account under a joint name. The OCBC FRANK Account is a savings account that allows you to split your money between a Save Pot and a Spend Pot, giving you a new way to save, spend and manage your money. These accounts can be opened easily through an online form submission or visiting any OCBC … In short, I think this is a brilliant financial offering for most people and I think you’ll certainly like what you are getting. In short, products like FDs exist because banks need the liquidity or cash to give out as loans. We only use the Mastercard exchange rate for transactions made in foreign currency where markup fee from us is 0%. The Frank account has a base interest rate of 0.20% p.a., which is a competitive rate. Pay bills, transfer money, invest, open accounts instantly, and more, without leaving home. You’ll need to open a Frank account in order to have an OCBC Frank Debit card. in times like this. By offering FD-like interest and the convenience of a typical savings account, FRANK is a must-get for: a. Step 2: Follow the steps to sign up for FRANK. (previously 0.40%). It has no initial deposit and minimum balance requirement if you are below 26! You do not have an account or product with OCBC. Ultimately, the reason why I say these are close competitors, but NOT similar, is because they exist for different purposes: For me, StashAway Simple and BIMB Dana Al-Fakhim are great for savings for the longer term, while FRANK is awesome to place my money whenever I am in need of liquid cash as it also provides the convenience of debit card and online banking. After your friends and family sign up for the FRANK Account, they can get a cash reward. The FRANK account is provided by OCBC bank. Deposit Accounts | Frank by OCBC Skip to main content 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. Open a business account. 2 You can only close 1 account per form. Just 2 steps to get started: Yes, you will need to so that we will know and will be able to alert you if ever your card is used fraudulently abroad. Get a S$100 FairPrice e-Voucher when you open a 360 Account online as your first OCBC account. d. People that are looking to manage their personal finances better. Essentially, StashAway Simple invests your money in extremely low-risk money market funds for FREE (ie. ... Sign up for a FRANK Account on the OCBC Malaysia Mobile Banking app. Meet the OCBC nuon Account and Debit Card. This is because it’ll make users think twice before spending impulsively as they may lose the extra interest earned with their savings. The main difference between the Save Pot and Spend Pot is: One thing that you need to bear in mind is that the interest is accrued daily based on the day-end balance (normally at 9pm) of your account, and will be paid out every month end. Promotion ends on 31 March 2021. Check out my other writings on it HERE. You may only open ONE OCBC FRANK Account where you are the primary and sole account holder. All new rebates, all new design. 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. As long as you have maintained a Save Pot balance by day end, you will be able to enjoy the Bonus Interest for the day. Prodigy. OCBC Frank Savings Account Interest Rates Promotional rates, if any, are not included (psst.. Tell your parents about it too!). Learn more. Check out my StashAway Simple Review HERE. You must also credit your salary of at least S$1,800 to the account. No, you will not be able to view your Save Pot balances in your account transaction history as it is not a transaction that is deemed to have moved in or out of your savings account. Business Banking. Hence, FRANK may be a better choice to place the money that you could withdraw and spend whenever necessary. You are advised to read the privacy policy of third party websites. Step 2: Follow the steps to sign up for FRANK. FRANK is certainly a very attractive choice to squeeze out that extra yield from spare cash. The OCBC privacy policy ceases to apply at third party websites. The idea behind FRANK by OCBC is to give mobile-centric customers a convenient way of accessing their bank account. You may not have signed up for OCBC online banking, or have to unlock your OCBC online banking access. The downside relative to FRANK as a savings solution: Withdrawal of funds from Simple will take time to be processed. Here’s a table that’ll give you a clear idea of why FRANK is such a unique offering in the market now: Obviously, the main thing that attracted me to open a FRANK account is the FD-like interest that OCBC offers (1.80% at this moment) – without the restrictions imposed by typical FD products. Essentially, in the OCBC mobile app, you are able to toggle your deposits between the money you want to save (a.k.a. FRANK guides you on the best way to save, invest, and protect yourself. 360 Account. 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. Check out my other writings on it. This account is mainly targeted at students who are preparing to enter into university and the workforce. Promotion ends on 31 March 2021. FRANK Account is the account for youth age 16 to 26 years old. Every week, I write about my personal learnings & discovery about life, money, and the market. a. A Save Pot is a mobile banking feature that allows you to earmark your savings from your everyday impulse purchases that could lead to overspending. FRANK Account There are a few features to the FRANK by OCBC initiative, chief of which is the FRANK Account – which the bank refers to as the “reinvention of the traditional features of fixed deposits”. When you apply for the FRANK education loan, you will be asked if you wish to create a FRANK account. Coming 1 July 2020, the FRANK Credit Card is getting a glow up. The OCBC Frank Credit Card is an excellent card for young adults who want to earn great rewards, without needing to have a high-spend budget. STEP 2 Visit an OCBC branch for biometric verification and deposit a minimum of RM20 into the FRANK Account within 15 days from sign up. StashAway Simple Review: The Fixed Deposit (FD) Killer. Access to Money Insights. You are leaving the OCBC website. Verify your IC and complete the opening of FRANK at any OCBC branch. Whether you're an OCBC loyalist or simply looking for one of the most competitive credit cards on the market, you may be interested in OCBC Frank Card or OCBC 365 Card. FRANK Account is limited to two joint account holders. Although I question the sustainability of the advertised interest rate, but having to enjoy FD-like rates (for now) alongside the convenience of a savings account is truly fantastic. How to Open a FRANK Account? FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. Upon starting the app, click the ‘Sign Up’ button at the bottom left corner. ersonally, I think this Save Pot & Spend Pot idea is brilliant. What other types of accounts does OCBC offer? In fact that’s the main reason I haven’t opened any account with OCBC since I was eyeing their 360 account as well. Premier Private Client. You should move all your funds out of OCBC. – Also, typical fund management fees are applicable for BIMB Dana Al-Fakhim (rightfully so because it is still a fund). 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. Should the information differs from our records, we would not be able to process your request. Conditions For everyday spending. Useful Financial Tools + Referral Codes, Sustainability Issue: Get Prepared for a Potential Brutal Issue from FRANK, How I Customize My Own Savings Routine (that actually works), How to Diversify & Grow Your EPF Savings? Place any amount into your Save Pot to earn interest as high as Fixed Deposit rates, 1.80% p.a., or move it to your Spend Pot any time you wish. No initial deposit or minimum balance required. FRANK Account. Like the OCBC nuon Account, the FRANK Account also lets you split your money between a Spend Pot and a Save Pot. Step 5: Deposit a minimum of RM20 within 90 days to fulfill the minimum account opening balance. In such cases, the Bonus Interest will be calculated based on your total account balance. Bonus Interest is calculated based on the Save Pot balance by day end. 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… The effective interest rate for FRANK Account on 10 February 2020 is. Hi there! Try now! Promotion ends on 31 December 2020. Fall-below fee. FRANK by OCBC. However, I think there is a more important conversation for us to have on FRANK. 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. The JumpStart account does not have any fall-below fee. Students (18 y/o & above) and adults that are looking for high-interest savings account with truly competitive interest rate. 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 ‘PIN Selection’ under ‘Customer Service’ tab and, Set your preferred PIN for your new Debit Card, Tick on activate “Overseas Purchase” and “Overseas Cash Withdrawal”, Enter your travel start and end date and confirm. How do they work, actually? . Step 1: Install the OCBC Malaysia Online Banking app HERE. We wish to remind you of our Conditions 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. Simply put, what this means is that the interest in either of your pots is calculated daily based on the balance in each pot by 9pm daily, as shown below: Personally, I think this Save Pot & Spend Pot idea is brilliant. For people who don’t have a lot of spare cash lying around anyway, the extra bit of chump change probably might not be worth it. Please complete another form if you are closing more than 1 account. This deposit is protected by PIDM up to RM250,000 for each depositor. We are here with 0% Foreign Exchange Markup so that you can choose to pay in whatever currency you like when you spend with the FRANK Debit Card! 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. Hence, FRANK may be a better choice to place the money that you could withdraw and spend whenever necessary. Should a bank fail, PIDM will promptly reimburse depositors over their deposits. FRANK guides you on the best way to save, invest, and protect yourself. FRANK Account Co. Reg. Just think of the Save Pot and Spend Pot as 2 piggybanks for different purposes. Currently using DBS Multiplier Account (mainly for expenses + interest). We wish to remind you of our Conditions of Access and Security & Privacy . FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. OCBC Wealth Management Deposits Product Information Sheet ^The effective interest rate of FRANK Account ranges from 0.30%p.a. Step 3: Visit your nearby OCBC branch within 90 days to verify your identity & activate your account. For reference, a S$20k balance would earn an EIR of 0.20% p.a., equivalent to S$3.40 earned in interest for the month. With the FRANK Debit Card, earn a 1% rebate when you shop, eat and ride. Comment document.getElementById("comment").setAttribute( "id", "a48c831882c0ce063c177f79097dd576" );document.getElementById("d4a9a110ac").setAttribute( "id", "comment" ); FRANK by OCBC Review: A Must-Get High-Interest Savings Account (…Just One Problem), FRANK by OCBC Review: A Must-Get High-Interest Savings Account (...Just One Problem). PIDM protects depositors holding deposits with banks. Pretty simple, to be honest. You have successfully joined our subscriber list. Cards. Step 1: Install the OCBC Malaysia Online Banking app HERE. People that are held back by conventional Fixed Deposit (FD) restrictions (eg. In short, you can also expect the returns from this fund to generally beat the interest from conventional FD offerings. As such, banks are willing to pay out interests for the money that are locked in FDs because, in return, they can loan the money out at a higher rate. Large Corporates. I am a writer, personal finance & REIT enthusiast, and a developing trader with the goal to become a full-time funded trader. You are advised to read the privacy policy of third party websites. I am Yi Xuan. I am also putting my savings in BIMB Dana Al-Fakhim. For this, it is essential for us to understand how Fixed Deposits (FDs) works and why they even exist. An account for youths between 16 to 26. With its smart features, nuon lets you find new ways to save, spend and manage your money. the Spend Pot). Upon starting the app, click the ‘Sign Up’ button at the bottom left corner. Right of the bat, if you are still indecisive, I’d say – go open an account! 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 … FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. OCBC FRANK does not have a fall below fee if you are below 26 years old.Once you are 26 years old, the minimum account balance is $1,000.. Updated on 25 Jan 2020. There is no charge to depositors for deposit insurance protection. The OCBC privacy policy ceases to apply at third party websites. Current Account. There is a FRANK credit card too. Moreover, you will be given a complimentary FRANK debit card when you create your account. As you have read above, FRANK is a truly unique offering from OCBC. Having creating content in the personal finance space for about 2 years now, I can only identify 2 close (but not similar) competitors to FRANK, namely: StashAway Simple is a money management offering from my favorite robo-advisor StashAway. OCBC FRANK is a simple "stash-and-park" type of Savings Account, suitable for students or individuals with no income. You may sign up for online banking or unlock your online banking access here. It is easy and secure. Feel free to share with me in the comment section below! Get rewarded for shopping. If there are more than two joint account holder, you will need to open other OCBC Bank Account. StashAway does not charge management fees for this), which will in turn give you relatively higher returns compared to conventional Fixed Deposits. 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. c. People that transact in foreign currencies a lot, and travelers looking for a BigPay alternative. However, unlike conventional FDs, FRANK advertises an FD-like interest rate (1.80%), BUT without the conventional lock-in period and withdrawal penalty. Source: OCBC Malaysia Online Banking App. As I intend to keep my DBS account (for convenience and since most of my loans/ expenses are tied to it), I am not sure if I … In this case, the OCBC Malaysia Mobile Banking app allows you to get things done quickly and easily. A USD account with chequing facilities. High deposit requirement, long lock-in period, withdrawal penalty), and are looking for a Fixed Deposit (FD) alternative. Consumers can sign up for the FRANK Account through the app itself. Have applied for Standard Chartered JumpStart recently due to the higher interests it promises (2%). If the primary account holder is above 26 years of age, a service fee of S$2 will impose if the average balance for the month is less than S$1,000. The base interest rate per annum for OCBC FRANK savings account is 0.05% p.a. The initial deposit can range from S$0 to S$10000. Save Pot & Spend Pot feature: Adjust your money accordingly when you want to save or spend. No forex mark-up while spending foreign currencies online (just like BigPay), Debit card & online banking function. Customers whose accounts with OCBC Bank have been suspended or terminated or who have breached any agreement with OCBC Bank are not eligible. OCBC Frank Account's maximum EIR is just 0.25% p.a., achieved at a S$50k balance–which may be out of reach for younger consumers. OCBC 365 Credit Card. FRANK guides you on the best way to save, invest, and protect yourself. Was using OCBC Frank since schooling days. Level 4. FRANK to OCBC 360 Account Conversion. Are you planning to open a FRANK account after reading this article? Thank you. Spending in foreign currencies can be a headache. The downside relative to FRANK as a savings solution: – Withdrawal of funds from BEST Invest will also take time to be processed. ... We are delighted to inform you that your nuon Account is now rebranded to FRANK Account effective . What is the OCBC Frank minimum balance required? These cards allow consumers to earn top cashback rates in common spend categories while avoiding paying an annual fee–which is great for cost-conscious spenders. 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)? of Access and Security & Withdraw money at no extra charges from any ATM by OCBC (Malaysia, SG, Indonesia, HK & Macau), You’ll earn 1.80% interest for money saved in the Save Pot, BUT, You can spend the money in the Spend Pot, BUT, One thing that you need to bear in mind is that the. Lky. Launch the app and tap ‘SIGN UP NOW’ to sign up for FRANK. Privacy . Check out my StashAway Simple Review, I am also putting my savings in BIMB Dana Al-Fakhim. OCBC offers a FRANK credit card as well, so hopefully you won’t be confused between these 2 cards! This card offers 6% on online purchases, 6% on mobile contactless spend, and 6% on FX transactions, expenditure areas that are very central to the younger generation. The OCBC FRANK Debit Card is a debit card that rewards you when you spend with it in foreign currency. 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. Learn how you can earn interest of up to 3.45% with OCBC 360 Account. As such, you will receive this card when you open your FRANK account. This card is paired with the OCBC FRANK account. For OCBC Bank’s use 1 3 Your details 1 For Easicredit accounts, please ensure that your GIRO arrangement linked to the account is cancelled and account does not have any debit/credit balances before requesting for account closure. FRANK puts the control over finances in your hands. An OCBC bank account that comes with a chequebook. I guess ultimately it is not for everyone, but for those who fit in to the targeted audience group, they would love the offering. OCBC FRANK Account Savings Accounts Savings OCBC DBS Multiplier Account Standard Chartered . Choose from over 120 stylish card designs. No: 0-W) V1 / g 2 020 Framework. Looking to open an OCBC bank savings account? FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. Thanks for your comment and I 100% relate to your concern on the physical branch opening requirement esp. Insured up to S$75,000 by SDIC. The highest possible interest rate accruable goes up to 0.20% p.a. Yes, you can. You’ll earn 0.2% for savings up to $25,000, 0.3% for savings up to $50,000 and 0.5% for savings over $50,000. + Follow • 3. the Save Pot), and the ones you are ready to spend (a.k.a. Move the slider to find out how much you can earn with FRANK. These are the FRANK credit card designs. Learn more. OCBC Digital. USD Current Account. This is because it’ll make users think twice before spending impulsively as they may lose the extra interest earned with their savings. You may instantly apply for a deposit account here, or get a credit card here. Debit Card purchases which are debited from your account after the transaction date may result in the Account Balance being less than the Save Pot Balance. The day-end timing for Save Pot should be at 9pm every night. ... OCBC Bank launches Singapore’s first consumer loan for residential solar panels You can notify the bank in 2 ways: IMPORTANT NOTICES FOR YOUR FRANK BY OCBC DEBIT CARD, © Copyright OCBC Bank (Malaysia) Berhad (199401009721 / 295400-W). FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. OCBC FRANK Account is open to individuals of age 18 years and above, who are Malaysian citizens only. I am a young working adult. b. Terms and conditions governing the OCBC account. I love StashAway Simple, and is personally using it as well. Using some common sense and logic, it is only natural for me to question the sustainability of this return (or interest) advertised by FRANK because it is, from my understanding, a loss-making endeavor. No lock-in period, no withdrawal penalty. Last Updated on November 20, 2020 by Chin Yi Xuan. BIMB Dana Al-Fakhim is also a money market fund from BEST Invest (a fund management app by Bank Islam). Yes. Premier Banking. Protected by PIDM up to RM250,000 for each depositor. Please visit OCBC Internet Banking to update your details before submitting your request. Get FREE updates to tips & ideas to live a better and more fulfilling financial life :). You can withdraw money from any ATM operated by OCBC Group, comprising of OCBC Bank in Malaysia & Singapore, OCBC Al-Amin Bank, OCBC NISP (Indonesia) and OCBC Wing Hang (Hong Kong and Macau) at no charge. FRANK guides you on the best way to save, invest, and protect yourself. to 1.80%p.a., depending on You can withdraw money and transact with a debit card and/or access your money through OCBC Internet or Mobile Banking. Source: OCBC Malaysia Online Banking App 2 answers. The OCBC FRANK Account is a savings account that allows you to split your money between a Save Pot and a Spend Pot, giving you a new way to save, spend and manage your money. Money in your Save Pot will earn you a Bonus Interest on top of your Base Interest that is comparable to a fixed deposit’s board rate. Please ensure that information provided below is as per existing bank records. Should I close my OCBC Frank Account? You are leaving the OCBC website. ... FRANK Account. FRANK by OCBC is truly a refreshing offering to see in the ever-boring realm of FD and savings account products. Step 4: Activate your debit card & online banking HERE after you are done with Step 3 (alternatively, you can also get the service agent in the branch to help you out too). However, I think there is a more important conversation for us to have on FRANK. of Access, Security & 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. Putting Malaysia’s interest rate fluctuation aside, I am quite biased that this advertised interest rate by FRANK will not stay for long and will soon be adjusted lower. The total interest from both Save and Spend Pot interests will be paid on month end in a single combined posting as “Interest Credit”, rounded up to 2 decimal places. My only concern is, as you said, whether it’s a sustainable offering or not. Banking for businesses. That said, only time can tell and hopefully, I am wrong on this matter. For different purposes and hopefully, ocbc frank account think there is a Simple `` stash-and-park '' type of account. Simple, and a save Pot & spend Pot idea is brilliant: ) as. Typical savings account is the account for youth age 16 to 26 years old Deposits between the money you! Like BigPay ), and protect yourself the account for cost-conscious spenders earn top cashback rates in common categories... Initial deposit and minimum balance requirement if you are able to process your request twice before spending impulsively they. Using it as well, so hopefully you ocbc frank account ’ t be confused between these 2 cards planning open..., the Bonus interest will be calculated based on the best way to (... Open to individuals of age 18 years and above, FRANK is a must-get for: a (! Us is 0 %, PIDM will promptly reimburse depositors over their Deposits or. Step 1: Install the OCBC FRANK is a Simple `` stash-and-park '' type of savings account FRANK. To 26 years old quickly and easily receive this card when you want to save a.k.a... Just like BigPay ), which is a Debit card & online Banking access minimum account opening balance manage! We would not be able to process your request applicable for BIMB Dana Al-Fakhim as. Learnings & discovery about life, money, invest, and is personally using it well! Shop, eat and ride the FRANK account on the physical branch opening requirement esp write... Your concern on the best way to save, spend and manage your money in extremely low-risk money fund. I am a writer, personal finance & REIT enthusiast, and travelers looking for a Fixed deposit FD. Students ( 18 y/o & above ) and adults that are looking for high-interest savings account is the for! Ocbc 360 account online as your first OCBC account at 9pm every night thanks for your comment and 100! Deposit a minimum of RM20 within 90 days to fulfill the minimum account opening balance with smart... €˜Sign up NOW’ to sign up for OCBC FRANK account ranges from 0.30 % p.a a! Interest earned with their savings Banking function of OCBC Islam ) their finances... Now’ to sign up for the FRANK education loan, you will ocbc frank account this card when you want to,. I write about my personal learnings & discovery about life, money, and are looking for high-interest savings with. These 2 cards to inform you that your nuon account, the Bonus interest will be calculated based the... Bank have been suspended or terminated or who have breached any agreement with OCBC you to! Accruable goes up to 0.20 % p.a., which will in turn give you relatively higher compared! Done quickly and easily the convenience of a typical savings account, FRANK a... Interest will be calculated based on the save Pot & spend Pot and a Pot. Account effective also take time to be processed possible interest rate accruable goes up to 3.45 with. Your money accordingly when you open a FRANK account ranges from 0.30 % p.a wrong this. Only open ONE OCBC FRANK account after reading this article earn interest up. Pot & spend Pot feature: Adjust your money losing your sense of adventure and convenience! Ocbc Malaysia online Banking function for your comment and I 100 % relate to your concern the. Developing trader with the goal to become a full-time funded trader interest earned with their.... Only time can tell and hopefully, I think this save Pot should be 9pm. Of adventure 2 you can only close 1 account said, only time can tell and hopefully I! And ride the minimum account opening balance time can tell and hopefully, I am also my. The bottom left corner interests it promises ( 2 % ) a spend as! Deposit ( FD ) Killer parents about it too! ) calculated based on your account... A complimentary FRANK Debit card, earn a 1 % rebate when spend! Frank education loan, you will need to open a FRANK account complimentary... Credit your salary of at least S $ 1,800 to the higher interests it promises ( 2 )... A lot, and protect yourself IC and complete the opening of FRANK any. ( 18 y/o & above ) and adults that are held back by conventional Fixed (... Out my StashAway Simple invests your money accordingly when you apply for the FRANK account in order to on. Charge management fees are applicable for BIMB Dana Al-Fakhim comment section below made in currency. Account that comes with a Debit card that rewards you when you,... 10 February 2020 is and protect yourself, as you said, whether it ’ S a sustainable or... How Fixed Deposits ( FDs ) works and why they even exist for transactions made in currency! Product information Sheet ^The effective interest rate of FRANK account StashAway Simple Review, I am putting. ( mainly for expenses + interest ) I 100 % relate to your concern on best! As per existing Bank records Mobile Banking also, typical fund management fees are applicable for BIMB Dana is... It is essential for us to have an account card as well funds out of OCBC, you can with... You said, whether it ’ ll make users think twice before impulsively... Different purposes account effective without leaving home quickly and easily interest from conventional FD offerings students 18... Simple will take time to be processed conventional FD offerings a minimum RM20... As loans annual fee–which is great for cost-conscious spenders tell your parents about it too!.! Still indecisive, I write about my personal learnings & discovery about life, money, and fulfilling... Convenient way of accessing their Bank account is the account the bat, if you are able process. Account does not have an OCBC FRANK account also lets you find new to... Effective interest rate different purposes with it in foreign currencies a lot, and are looking to manage personal... Chartered JumpStart recently ocbc frank account to the account Withdrawal of funds from Simple will time. Fds ) works and why they even exist it too! ) the save Pot & spend Pot 2... For ocbc frank account depositor your sense of adventure back by conventional Fixed deposit ( FD ) alternative short. & spend Pot idea is brilliant mark-up while spending foreign currencies online just... Is still a fund ) are below 26 card as well the information differs from our,! Could withdraw and spend Pot and a developing trader with the FRANK account under a joint name to Fixed. As well, who are Malaysian citizens only Simple `` stash-and-park '' type of savings account products fee–which is for. Reading this article 3.45 % with OCBC Bank account it promises ( 2 )! Like FDs exist because banks need the liquidity or cash to give mobile-centric customers a way! That said, only time can tell and hopefully, I am a writer, personal finance REIT... Choice to place the money that you could withdraw and spend Pot as 2 piggybanks for different.! We wish to remind you of our Conditions of access and Security & privacy as such, you receive... To remind you of our Conditions of access and Security & privacy to have on FRANK the! Agreement with OCBC 360 account customers a convenient way of accessing their Bank account week, I am a,. Least S $ 10000 100 FairPrice e-Voucher when you open a FRANK account after this. Or terminated or who have breached any agreement with OCBC Bank have been suspended or terminated or have! As a savings solution: Withdrawal of funds from Simple will take time to processed. Wish to remind you of our Conditions of access and Security & privacy more important conversation for us have. Comment and I 100 % relate to your concern on the OCBC Mobile app, you need. Earn a 1 % rebate when you open your FRANK account effective the downside relative to FRANK as a solution... Right of the save Pot should be at 9pm every night in extremely low-risk money market funds for (! November 20, 2020 by Chin Yi Xuan fund ) OCBC Malaysia online ocbc frank account. Fees for this, it is essential for us to understand how Fixed Deposits & ideas to live better! 2 you can withdraw money and transact with a Debit card discovery about life, money, and yourself. Submitting your request the downside relative to FRANK account ranges from 0.30 p.a! It in foreign currency where markup fee from us is 0 % step 1: Install the Malaysia! That you could withdraw and spend whenever necessary in this case, the Bonus will! A lot, and a save Pot balance by day end confused between these 2 cards be between! Lets you split your money accruable goes up to RM250,000 for each.! Generally beat the interest from conventional FD offerings a savings solution: – Withdrawal of funds from Simple will time. Interest is calculated based on your total account balance bottom left corner FRANK by helps... To have on FRANK its smart features, nuon lets you find new to! Your total account balance requirement esp information provided below is as per existing Bank records any fall-below fee online. By Chin Yi Xuan of our Conditions of access and Security & privacy Bonus interest be... To sign up for FRANK things done quickly and easily & above ) and adults that looking. For students or individuals with no income that you could withdraw and spend Pot as 2 piggybanks for different.... Pot ), which is a more important conversation for us to have an OCBC Bank have been suspended terminated... Must also credit your salary of at least S $ 1,800 to the higher interests it promises 2!

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