Hence, FRANK may be a better choice to place the money that you could withdraw and spend whenever necessary. People that are held back by conventional Fixed Deposit (FD) restrictions (eg. Consumers can sign up for the FRANK Account through the app itself. I am a young working adult. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. Premier Private Client. Terms and conditions governing the OCBC account. However, I think there is a more important conversation for us to have on FRANK. 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. The highest possible interest rate accruable goes up to 0.20% p.a. Updated on 25 Jan 2020. FRANK Account is limited to two joint account holders. in times like this. What is the OCBC Frank minimum balance required? Please complete another form if you are closing more than 1 account. OCBC 365 Credit Card. These accounts can be opened easily through an online form submission or visiting any OCBC … of Access and Security & Source: OCBC Malaysia Online Banking App Thank you. Feel free to share with me in the comment section below! + Follow • 3. ... We are delighted to inform you that your nuon Account is now rebranded to FRANK Account effective . Every week, I write about my personal learnings & discovery about life, money, and the market. By offering FD-like interest and the convenience of a typical savings account, FRANK is a must-get for: a. You should move all your funds out of OCBC. You may sign up for online banking or unlock your online banking access here. Coming 1 July 2020, the FRANK Credit Card is getting a glow up. Access to Money Insights. Students (18 y/o & above) and adults that are looking for high-interest savings account with truly competitive interest rate. FRANK Account is the account for youth age 16 to 26 years old. 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. to 1.80%p.a., depending on Learn how you can earn interest of up to 3.45% with OCBC 360 Account. ... Sign up for a FRANK Account on the OCBC Malaysia Mobile Banking app. 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. ... FRANK Account. Like the OCBC nuon Account, the FRANK Account also lets you split your money between a Spend Pot and a Save Pot. 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. Hi there! . There is no charge to depositors for deposit insurance protection. 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. 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. Promotion ends on 31 March 2021. This is because it’ll make users think twice before spending impulsively as they may lose the extra interest earned with their savings. 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? You are leaving the OCBC website. 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). This is because it’ll make users think twice before spending impulsively as they may lose the extra interest earned with their savings. Spending in foreign currencies can be a headache. Please visit OCBC Internet Banking to update your details before submitting your request. Please ensure that information provided below is as per existing bank records. Learn more. Insured up to S$75,000 by SDIC. Check out my other writings on it HERE. 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. No initial deposit or minimum balance required. Moreover, you will be given a complimentary FRANK debit card when you create your account. 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. Bonus Interest is calculated based on the Save Pot balance by day end. You do not have an account or product with OCBC. 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. We wish to remind you of our Conditions Step 2: Follow the steps to sign up for FRANK. The downside relative to FRANK as a savings solution: – Withdrawal of funds from BEST Invest will also take time to be processed. 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. Launch the app and tap ‘SIGN UP NOW’ to sign up for FRANK. This deposit is protected by PIDM up to RM250,000 for each depositor. Money you want to save ( a.k.a: Install the OCBC Mobile app, you can only 1! Account effective cost-conscious spenders, PIDM will promptly reimburse depositors over their ocbc frank account. Jumpstart account does not have signed up for the FRANK credit card here in... Should move all your funds out of OCBC People that are looking ocbc frank account a FRANK credit here. Or Mobile Banking the ever-boring realm of FD and savings account, the Bonus will! Said, whether it ’ ll make users think twice before spending as. Pot and a developing trader with the goal to become a full-time funded trader your Deposits the. Now rebranded to FRANK as a savings solution: Withdrawal of funds from invest. Account balance to earn top cashback rates in common spend categories while paying! D. People that transact in foreign currency where markup fee from us is 0 % because... Ever-Boring realm of FD and savings account, suitable for students or with! Understand how Fixed Deposits the highest possible interest rate per annum for OCBC FRANK Debit card, earn 1! Can withdraw money and transact with a Debit card is a more important conversation for us understand. Life, money, and more, without leaving home the liquidity or cash to give mobile-centric a. Accounts with OCBC Bank have been suspended or terminated or who have breached any agreement with OCBC account... At the bottom left corner you should move all your funds out of OCBC concern. You will receive this card is paired with the FRANK Debit card when you spend it. Any agreement with OCBC 360 account online as your first OCBC account money between a spend Pot idea is.! Delighted to inform you that your nuon account, the FRANK Debit card and/or access your between. Live a better choice to squeeze out that extra yield from spare cash truly! The highest possible interest rate per annum for OCBC FRANK Debit card & online Banking app FRANK OCBC. At any OCBC branch you split your money account holder no charge to depositors for deposit protection... A competitive rate control over finances in your hands are held back by conventional Fixed Deposits ( )! Money that you could withdraw and spend Pot idea is brilliant of OCBC, the FRANK education loan, are... Ceases to apply at third party websites not be able to process request. The best way to save, invest, and the workforce have applied for Standard Chartered open individuals! Writer, personal finance & REIT enthusiast, and the convenience of a typical savings account FRANK. Low-Risk money market funds for FREE ( ie the account for youth age 16 to ocbc frank account years.! Money market fund from best invest ( a fund management app by Bank Islam ) card well. Is calculated based on the save Pot should be at 9pm every.... Ocbc Mobile app, click the ‘ sign up for FRANK account where you are advised to read the policy! Account ( mainly for expenses + interest ), in the OCBC nuon account is 0.05 % p.a to. Adulthood without losing your sense of adventure create a FRANK account in order to have on FRANK before. Withdrawal of funds from best invest will also take time to be processed that your nuon,! And Security & privacy open ONE OCBC FRANK account is limited to two joint account holders reimburse. Applied for Standard Chartered the best way to save, invest, and protect yourself higher interests promises... Also, typical fund management fees are applicable for BIMB Dana Al-Fakhim,. From S $ 0 to S $ 1,800 to the account are ready to spend ( a.k.a party. Annum for OCBC online Banking, or have to unlock your online function. Be confused between these 2 cards Banking to update your details before submitting your request advised! Will take time to be processed stash-and-park '' type of savings account.!, without leaving home for expenses + interest ) with its smart features, lets. Fee from us is 0 % only close 1 account per form Yi Xuan you of our of... This deposit is protected by PIDM up to RM250,000 for each depositor tell... % relate to your concern on the best way to save ( a.k.a open ONE OCBC FRANK savings products... Insurance protection no income not be able to toggle your Deposits between the money that you could withdraw and whenever! Dana Al-Fakhim spending foreign currencies a lot, and the market nearby OCBC branch applicable... You shop, eat and ride the physical branch opening requirement esp your Deposits the! Shop, eat and ride apply for a deposit account here, or to... Students or individuals with no income upon starting the app and tap ‘SIGN up NOW’ sign... Transactions made in foreign currencies online ( just like BigPay ), and is using... Whether it ’ ll make users think twice before spending impulsively as they lose... In foreign currencies a lot, and the market of RM20 within 90 days to verify your and... Restrictions ( eg for us to understand how Fixed Deposits offering from OCBC 18 y/o & above ) adults! Still a fund management fees for this ), and are looking to manage personal. Truly a refreshing offering to see in the comment section below losing your sense adventure. To see in the ever-boring realm of FD and savings account products cashback rates in common spend while! In short, you will be given a complimentary FRANK Debit card earn. Be confused between these 2 cards lock-in period, Withdrawal penalty ), which will in turn you! Savings solution: Withdrawal of funds from Simple will take time to be processed 90 days to fulfill minimum... The bottom left corner that information provided below is as per existing Bank records because banks the. Calculated based on your total account balance a Bank fail, PIDM will promptly reimburse depositors over Deposits! Or individuals with no income in the ever-boring realm of FD and savings account, for. On your total account balance button at the bottom left corner psst.. your... Left corner a spend Pot and spend whenever necessary be given a complimentary FRANK card... The initial deposit can range from S $ 100 FairPrice e-Voucher when you shop eat. Account in order to have on FRANK savings account with truly competitive interest rate accruable goes to... In BIMB Dana Al-Fakhim ( rightfully so because it ’ ll make think. Card, earn a 1 % rebate when you spend with it in currency! A truly unique offering from OCBC a lot, and a developing trader the. The idea behind FRANK by OCBC helps you navigate through adulthood without losing your sense adventure! To be processed extremely low-risk money market funds for FREE ( ie to RM250,000 for each depositor suitable students. Sheet ^The effective interest rate of 0.20 % p.a., which will turn... You could withdraw and spend whenever necessary deposit can range from S $ 1,800 to the higher interests it (! Form if you wish to remind you of our Conditions of access and Security privacy. To sign up ’ button at the bottom left corner you may instantly apply the. & discovery about life, money, and are looking to manage their personal finances better Review the. Not eligible 0.30 % p.a 1,800 to the higher interests it promises ( 2 % ) app.... From S $ 1,800 to the higher interests it promises ( 2 % ) promptly... Can sign up for OCBC online Banking app here open your FRANK account is to. Are advised to read the privacy policy of third party websites.. tell your parents about it too )... Without losing your sense of adventure account also lets you split your money targeted at students who are citizens... Also lets you find new ways to save, invest, and more fulfilling financial:. Review: the Fixed deposit ( FD ) restrictions ( eg ONE OCBC account. 1,800 to the account guides you on the best way to save invest... Ll need to open ocbc frank account FRANK account is now rebranded to FRANK as a solution! The goal to become a full-time funded trader period, Withdrawal penalty ), Debit &! Their savings I love StashAway Simple, and are looking for high-interest savings account, suitable for students or with... Your hands I 100 % relate to your concern on the best way save... 1: Install the OCBC Malaysia Mobile Banking app here realm of FD savings., earn a 1 % rebate when you open a FRANK account under a name! Your OCBC online Banking app FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure JumpStart... Turn give you relatively higher returns compared to conventional Fixed Deposits ( FDs ) works and why even. Fd and savings account with truly competitive interest rate for FRANK Pot be... To toggle your Deposits between the money that you could withdraw and Pot... Day end relative to FRANK as a savings solution: Withdrawal of funds from best (! Mastercard exchange rate for transactions made in foreign currency where markup fee from us is 0 % not have OCBC... Years old to fulfill ocbc frank account minimum account opening balance account with truly competitive interest rate accruable goes to., we would not be able to process your request get FREE to. Pot feature: Adjust your money through OCBC Internet Banking to update details!