From May 1 onwards, account holders under the 360 Account will receive a maximum rate of 6.3% per annum (p.a.), down from its prevailing rate of 7.65% p.a.

Oversea-Chinese Banking Corporation (OCBC) will lower its interest rates for its 360 Account in line with prevailing market conditions, the bank announced on March 21.

From May 1 onwards, account holders under the 360 Account will receive a maximum rate of 6.3% per annum (p.a.), down from its prevailing rate of 7.65% p.a.

No other conditions have changed as yet. The account will offer up to 6.3% a year on account holders’ first $100,000 if they credit their salary, as well as spend, save, insure and invest with the bank.

Account holders will also continue to earn a base interest rate of 0.05% a year on their balance whether they fulfil the respective categories or not, says the bank.

Photo: OCBC's website

In April 2024, United Overseas Bank U11 (UOB) said it will lower its interest rates for its UOB One Account in a bid to "align with long-term interest rate environment expectations", said the bank at the time.