OCBC Bank is one of Singapore's oldest and most established banks, known for reliable service, strong customer support, and comprehensive banking solutions. The bank has built a reputation for stability and customer-focused service over its 85+ years of operation.
Overview
OCBC Bank offers a full range of banking services including savings and current accounts, credit cards, loans, investments, and wealth management. The bank maintains a strong presence in Singapore with an extensive branch network and comprehensive digital banking platform.
OCBC is particularly recognized for its customer service quality and relationship-based approach to banking. The bank focuses on building long-term relationships with customers and providing personalized service through relationship managers.
Account Options
OCBC offers various account types designed for different needs:
- 360 Account: Savings account with bonus interest rates when you meet criteria including salary crediting, credit card spending, and investments
- Bonus+ Savings Account: Online savings account with competitive interest rates
- Current Account: For daily transactions with checkbook and debit card facilities
- Fixed Deposit: Competitive fixed deposit rates with flexible tenures
The 360 Account is particularly popular, offering tiered interest rates that increase based on the number of qualifying activities. The account structure is clear and the requirements are realistic for most customers.
Digital Banking Services
OCBC provides comprehensive digital banking through their mobile app and online banking platform:
- Account management and balance inquiries
- Fund transfers and bill payments
- Investment platform for stocks, bonds, and unit trusts
- Credit card management and bill payments
- Loan applications and management
- PayAnyone digital wallet for peer-to-peer transfers
The mobile app is functional and reliable, covering all essential banking needs. While the interface may be less flashy than some competitors, it provides solid functionality and consistent performance.
Investment Services
OCBC offers comprehensive investment services through their platform:
- Online trading platform for stocks, bonds, and ETFs
- Unit trusts and mutual funds
- Structured products and fixed income investments
- Foreign exchange services
- Research and market analysis
- Relationship manager consultations
The investment platform is user-friendly and suitable for both beginners and experienced investors. Relationship managers provide personalized advice and help customers build diversified portfolios based on their financial goals.
Credit Cards
OCBC offers a range of credit cards with different rewards structures:
- 365 Credit Card: Cashback card with 6% cashback on dining, groceries, and online shopping
- Titanium Rewards Card: Points-based rewards card with bonus points on specific categories
- VOYAGE Card: Travel rewards card with miles accumulation
- Great Eastern Card: Lifestyle card with insurance benefits
Credit card rewards are straightforward, with cashback credited directly to accounts. The rewards programs are easy to understand and redeem, without complicated point systems or confusing redemption processes.
Branch Network and Customer Service
OCBC maintains an extensive branch network across Singapore, with locations in major shopping malls, business districts, and residential areas. Branch service is consistently professional, with staff who are knowledgeable and helpful.
Customer service is a key strength of OCBC. Phone support is responsive, with reasonable wait times and knowledgeable staff. Branch service is personal and attentive, with relationship managers taking time to understand customer needs and provide appropriate solutions.
The bank's focus on relationship-based banking means customers often work with dedicated relationship managers who understand their financial situation and can provide personalized advice.
Key Strengths
- Excellent customer service and relationship-based approach
- Competitive savings account interest rates with clear qualification criteria
- Strong investment platform with valuable research and advice
- Reliable and functional digital banking services
- Comprehensive range of financial products
- Established reputation for stability and trust
Considerations
- Mobile app interface may feel less modern compared to some competitors
- Digital payment solutions not as widely accepted as some alternatives
- Some promotional communications may feel traditional
- Investment platform may have fewer advanced features compared to specialized platforms
Practical Information
Account Opening: Can be done online or at branch locations. Required documents include identification, proof of address, and employment details.
Minimum Balance: Varies by account type. The 360 Account has no minimum balance requirement for the base account, with bonus interest tiers based on activities.
Fees: Most basic accounts have minimal fees. Premium services and certain transactions may incur charges. Fee schedules are available on the bank's website.
Security: OCBC employs multi-factor authentication and advanced security measures to protect customer accounts and transactions.