FRANK by OCBC is truly a refreshing offering to see in the ever-boring realm of FD and savings account products. ersonally, I think this Save Pot & Spend Pot idea is brilliant. Pay bills, transfer money, invest, open accounts instantly, and more, without leaving home. 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. Essentially, StashAway Simple invests your money in extremely low-risk money market funds for FREE (ie. 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. No: 0-W) V1 / g 2 020 Framework. 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. 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. PIDM protects depositors holding deposits with banks. d. People that are looking to manage their personal finances better. All new rebates, all new design. Upon starting the app, click the ‘Sign Up’ button at the bottom left corner. I am also putting my savings in BIMB Dana Al-Fakhim. The OCBC privacy policy ceases to apply at third party websites. OCBC 365 Credit Card. Promotion ends on 31 December 2020. Have applied for Standard Chartered JumpStart recently due to the higher interests it promises (2%). The Frank account has a base interest rate of 0.20% p.a., which is a competitive rate. How to Open a FRANK Account? Step 1: Install the OCBC Malaysia Online Banking app HERE. FRANK Account is the account for youth age 16 to 26 years old. This account is mainly targeted at students who are preparing to enter into university and the workforce. (previously 0.40%). StashAway does not charge management fees for this), which will in turn give you relatively higher returns compared to conventional Fixed Deposits. 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… Just think of the Save Pot and Spend Pot as 2 piggybanks for different purposes. If there are more than two joint account holder, you will need to open other OCBC Bank Account. The FRANK account is provided by OCBC bank. In short, products like FDs exist because banks need the liquidity or cash to give out as loans. (psst.. Tell your parents about it too!). Every week, I write about my personal learnings & discovery about life, money, and the market. What other types of accounts does OCBC offer? 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. OCBC FRANK is a simple "stash-and-park" type of Savings Account, suitable for students or individuals with no income. By offering FD-like interest and the convenience of a typical savings account, FRANK is a must-get for: a. 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). 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. With its smart features, nuon lets you find new ways to save, spend and manage your money. In short, you can also expect the returns from this fund to generally beat the interest from conventional FD offerings. Banking for businesses. 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. Privacy . Please ensure that information provided below is as per existing bank records. 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. Currently using DBS Multiplier Account (mainly for expenses + interest). Bonus Interest is calculated based on the Save Pot balance by day end. Yes. A USD account with chequing facilities. 360 Account. 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. Updated on 25 Jan 2020. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. Hi there! Consumers can sign up for the FRANK Account through the app itself. Terms and conditions governing the OCBC account. 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. You are leaving the OCBC website. FRANK is certainly a very attractive choice to squeeze out that extra yield from spare cash. This is because it’ll make users think twice before spending impulsively as they may lose the extra interest earned with their savings. There is a FRANK credit card too. Should a bank fail, PIDM will promptly reimburse depositors over their deposits. OCBC FRANK Account Savings Accounts Savings OCBC DBS Multiplier Account Standard Chartered . 2 answers. Conditions You are advised to read the privacy policy of third party websites. You do not have an account or product with OCBC. The OCBC FRANK Debit Card is a debit card that rewards you when you spend with it in foreign currency. of Access and Security & FRANK to OCBC 360 Account Conversion. 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”. You may instantly apply for a deposit account here, or get a credit card here. An account for youths between 16 to 26. Get a S$100 FairPrice e-Voucher when you open a 360 Account online as your first OCBC account. Step 2: Follow the steps to sign up for FRANK. Check out my other writings on it HERE. You’ll need to open a Frank account in order to have an OCBC Frank Debit card. 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. 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. 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. Get FREE updates to tips & ideas to live a better and more fulfilling financial life :). in times like this. 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. 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. Spending in foreign currencies can be a headache. 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. Verify your IC and complete the opening of FRANK at any OCBC branch. These are the FRANK credit card designs. Source: OCBC Malaysia Online Banking App 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. In such cases, the Bonus Interest will be calculated based on your total account balance. Premier Banking. Move the slider to find out how much you can earn with FRANK. Moreover, you will be given a complimentary FRANK debit card when you create your account. You are leaving the OCBC website. No initial deposit or minimum balance required. Learn more. Hence, FRANK may be a better choice to place the money that you could withdraw and spend whenever necessary. As you have read above, FRANK is a truly unique offering from OCBC. ... OCBC Bank launches Singapore’s first consumer loan for residential solar panels In this case, the OCBC Malaysia Mobile Banking app allows you to get things done quickly and easily. to 1.80%p.a., depending on We wish to remind you of our Conditions However, I think there is a more important conversation for us to have on FRANK. 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. Lky. 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. Promotion ends on 31 March 2021. 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.. 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? These accounts can be opened easily through an online form submission or visiting any OCBC … 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. Students (18 y/o & above) and adults that are looking for high-interest savings account with truly competitive interest rate. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. You have successfully joined our subscriber list. That said, only time can tell and hopefully, I am wrong on this matter. Step 1: Install the OCBC Malaysia Online Banking app HERE. Save Pot & Spend Pot feature: Adjust your money accordingly when you want to save or spend. With the FRANK Debit Card, earn a 1% rebate when you shop, eat and ride. 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 downside relative to FRANK as a savings solution: Withdrawal of funds from Simple will take time to be processed. Try now! 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. of Access, Security & FRANK Account is limited to two joint account holders. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. Should I close my OCBC Frank Account? Hence, FRANK may be a better choice to place the money that you could withdraw and spend whenever necessary. For everyday spending. 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. You must also credit your salary of at least S$1,800 to the account. My only concern is, as you said, whether it’s a sustainable offering or not. You may not have signed up for OCBC online banking, or have to unlock your OCBC online banking access. Coming 1 July 2020, the FRANK Credit Card is getting a glow up. Step 3: Visit your nearby OCBC branch within 90 days to verify your identity & activate your account. Large Corporates. The effective interest rate for FRANK Account on 10 February 2020 is. Step 2: Follow the steps to sign up for FRANK. Choose from over 120 stylish card designs. Promotion ends on 31 March 2021. 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. People that are held back by conventional Fixed Deposit (FD) restrictions (eg. You are advised to read the privacy policy of third party websites. How do they work, actually? BIMB Dana Al-Fakhim is also a money market fund from BEST Invest (a fund management app by Bank Islam). No lock-in period, no withdrawal penalty. I am a writer, personal finance & REIT enthusiast, and a developing trader with the goal to become a full-time funded trader. Learn more. Are you planning to open a FRANK account after reading this article? 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. OCBC FRANK Account is open to individuals of age 18 years and above, who are Malaysian citizens only. FRANK guides you on the best way to save, invest, and protect yourself. You can open a FRANK Account under a joint name. It is easy and secure. 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)? Meet the OCBC nuon Account and Debit Card. StashAway Simple Review: The Fixed Deposit (FD) Killer. 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. Level 4. Upon starting the app, click the ‘Sign Up’ button at the bottom left corner. Insured up to S$75,000 by SDIC. Should the information differs from our records, we would not be able to process your request. FRANK by OCBC. This is because it’ll make users think twice before spending impulsively as they may lose the extra interest earned with their savings. Launch the app and tap ‘SIGN UP NOW’ to sign up for FRANK. Check out my other writings on it. 2 You can only close 1 account per form. Protected by PIDM up to RM250,000 for each depositor. 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. For this, it is essential for us to understand how Fixed Deposits (FDs) works and why they even exist. Fall-below fee. You can withdraw money and transact with a debit card and/or access your money through OCBC Internet or Mobile Banking. Check out my StashAway Simple Review HERE. I love StashAway Simple, and is personally using it as well. 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. The idea behind FRANK by OCBC is to give mobile-centric customers a convenient way of accessing their bank account. No forex mark-up while spending foreign currencies online (just like BigPay), Debit card & online banking function. In short, I think this is a brilliant financial offering for most people and I think you’ll certainly like what you are getting. Looking to open an OCBC bank savings account? OCBC Frank Savings Account Interest Rates Promotional rates, if any, are not included High deposit requirement, long lock-in period, withdrawal penalty), and are looking for a Fixed Deposit (FD) alternative. 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 Account. The OCBC privacy policy ceases to apply at third party websites. FRANK guides you on the best way to save, invest, and protect yourself. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. An OCBC bank account that comes with a chequebook. The highest possible interest rate accruable goes up to 0.20% p.a. Was using OCBC Frank since schooling days. 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. Step 5: Deposit a minimum of RM20 within 90 days to fulfill the minimum account opening balance. Premier Private Client. 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. However, unlike conventional FDs, FRANK advertises an FD-like interest rate (1.80%), BUT without the conventional lock-in period and withdrawal penalty. the Spend Pot). 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 … FRANK guides you on the best way to save, invest, and protect yourself. FRANK Account Co. Reg. Feel free to share with me in the comment section below! a. In fact that’s the main reason I haven’t opened any account with OCBC since I was eyeing their 360 account as well. 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. Like the OCBC nuon Account, the FRANK Account also lets you split your money between a Spend Pot and a Save Pot. FRANK Account. Last Updated on November 20, 2020 by Chin Yi Xuan. There is no charge to depositors for deposit insurance protection. 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. The base interest rate per annum for OCBC FRANK savings account is 0.05% p.a. OCBC offers a FRANK credit card as well, so hopefully you won’t be confused between these 2 cards! This card is paired with the OCBC FRANK account. the Save Pot), and the ones you are ready to spend (a.k.a. ... We are delighted to inform you that your nuon Account is now rebranded to FRANK Account effective . c. People that transact in foreign currencies a lot, and travelers looking for a BigPay alternative. 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. Current Account. Please visit OCBC Internet Banking to update your details before submitting your request. Customers whose accounts with OCBC Bank have been suspended or terminated or who have breached any agreement with OCBC Bank are not eligible. 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. ... Sign up for a FRANK Account on the OCBC Malaysia Mobile Banking app. I am a young working adult. The day-end timing for Save Pot should be at 9pm every night. Get rewarded for shopping. b. 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. Source: OCBC Malaysia Online Banking App. You may only open ONE OCBC FRANK Account where you are the primary and sole account holder. I guess ultimately it is not for everyone, but for those who fit in to the targeted audience group, they would love the offering. 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! Yes, you can. FRANK puts the control over finances in your hands. – Also, typical fund management fees are applicable for BIMB Dana Al-Fakhim (rightfully so because it is still a fund). What is the OCBC Frank minimum balance required? OCBC Wealth Management Deposits Product Information Sheet ^The effective interest rate of FRANK Account ranges from 0.30%p.a. The initial deposit can range from S$0 to S$10000. Business Banking. 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. You may sign up for online banking or unlock your online banking access here. Deposit Accounts | Frank by OCBC Skip to main content Prodigy. Thank you. 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. We wish to remind you of our Conditions of Access and Security & Privacy . After your friends and family sign up for the FRANK Account, they can get a cash reward. Thanks for your comment and I 100% relate to your concern on the physical branch opening requirement esp. 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. OCBC Digital. Access to Money Insights. Right of the bat, if you are still indecisive, I’d say – go open an account! Cards. When you apply for the FRANK education loan, you will be asked if you wish to create a FRANK account. It has no initial deposit and minimum balance requirement if you are below 26! 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. + Follow • 3. 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). You should move all your funds out of OCBC. 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. 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 … The JumpStart account does not have any fall-below fee. 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. Check out my StashAway Simple Review, I am also putting my savings in BIMB Dana Al-Fakhim. Pretty simple, to be honest. I am Yi Xuan. We only use the Mastercard exchange rate for transactions made in foreign currency where markup fee from us is 0%. 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. The downside relative to FRANK as a savings solution: – Withdrawal of funds from BEST Invest will also take time to be processed. Open a business 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. 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. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. This deposit is protected by PIDM up to RM250,000 for each depositor. 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. However, I think there is a more important conversation for us to have on FRANK. USD Current Account. Nuon lets you find new ways to save or spend while spending foreign currencies a lot, and yourself. Pidm will promptly reimburse depositors over their Deposits Product with OCBC Bank have been suspended or terminated or who breached. Your nuon account, suitable for students or individuals with no income to RM250,000 each..., money, invest, and travelers looking for a BigPay alternative you shop, eat and ride as,! The market a fund management fees for this, it is essential for to! Under a joint name have any fall-below fee ( eg after reading this article from S $ FairPrice! Well, so hopefully you won ’ t be confused between these 2!! 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