No forex mark-up while spending foreign currencies online (just like BigPay), Debit card & online banking function. 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. By offering FD-like interest and the convenience of a typical savings account, FRANK is a must-get for: a. Fall-below fee. 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. With its smart features, nuon lets you find new ways to save, spend and manage your money. Privacy . ... OCBC Bank launches Singapore’s first consumer loan for residential solar panels Premier Banking. in times like this. Launch the app and tap ‘SIGN UP NOW’ to sign up for FRANK. the Save Pot), and the ones you are ready to spend (a.k.a. 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. Every week, I write about my personal learnings & discovery about life, money, and the market. BIMB Dana Al-Fakhim is also a money market fund from BEST Invest (a fund management app by Bank Islam). You are advised to read the privacy policy of third party websites. Updated on 25 Jan 2020. For everyday spending. Consumers can sign up for the FRANK Account through the app itself. It is easy and secure. The initial deposit can range from S$0 to S$10000. However, I think there is a more important conversation for us to have on FRANK. This is because it’ll make users think twice before spending impulsively as they may lose the extra interest earned with their savings. The highest possible interest rate accruable goes up to 0.20% p.a. Bonus Interest is calculated based on the Save Pot balance by day end. 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. 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. Please visit OCBC Internet Banking to update your details before submitting your request. Large Corporates. 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. 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 by OCBC helps you navigate through adulthood without losing your sense of adventure. When you apply for the FRANK education loan, you will be asked if you wish to create a FRANK account. You may sign up for online banking or unlock your online banking access here. USD Current Account. The OCBC privacy policy ceases to apply at third party websites. The effective interest rate for FRANK Account on 10 February 2020 is. Save Pot & Spend Pot feature: Adjust your money accordingly when you want to save or spend. OCBC Digital. 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. 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. ... Sign up for a FRANK Account on the OCBC Malaysia Mobile Banking app. ersonally, I think this Save Pot & Spend Pot idea is brilliant. d. People that are looking to manage their personal finances better. No lock-in period, no withdrawal penalty. The downside relative to FRANK as a savings solution: Withdrawal of funds from Simple will take time to be processed. 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. 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. In this case, the OCBC Malaysia Mobile Banking app allows you to get things done quickly and easily. a. 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)? The base interest rate per annum for OCBC FRANK savings account is 0.05% p.a. Deposit Accounts | Frank by OCBC Skip to main content FRANK guides you on the best way to save, invest, and protect yourself. Yes. Insured up to S$75,000 by SDIC. 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. These accounts can be opened easily through an online form submission or visiting any OCBC … You may not have signed up for OCBC online banking, or have to unlock your OCBC online banking access. – Also, typical fund management fees are applicable for BIMB Dana Al-Fakhim (rightfully so because it is still a fund). Prodigy. Thank you. Business Banking. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. FRANK Account Co. Reg. Looking to open an OCBC bank savings account? Pretty simple, to be honest. OCBC FRANK is a simple "stash-and-park" type of Savings Account, suitable for students or individuals with no income. You do not have an account or product with 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. Get a S$100 FairPrice e-Voucher when you open a 360 Account online as your first OCBC account. OCBC Wealth Management Deposits Product Information Sheet ^The effective interest rate of FRANK Account ranges from 0.30%p.a. Source: OCBC Malaysia Online Banking App b. Last Updated on November 20, 2020 by Chin Yi Xuan. 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 … OCBC FRANK Account Savings Accounts Savings OCBC DBS Multiplier Account Standard Chartered . This account is mainly targeted at students who are preparing to enter into university and the workforce. 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. You are advised to read the privacy policy of third party websites. The OCBC privacy policy ceases to apply at third party websites. How to Open a FRANK Account? Essentially, StashAway Simple invests your money in extremely low-risk money market funds for FREE (ie. However, I think there is a more important conversation for us to have on FRANK. + 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). 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. 2 You can only close 1 account per form. The Frank account has a base interest rate of 0.20% p.a., which is a competitive rate. In such cases, the Bonus Interest will be calculated based on your total account balance. My only concern is, as you said, whether it’s a sustainable offering or not. Premier Private Client. 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 … Meet the OCBC nuon Account and Debit Card. 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… This deposit is protected by PIDM up to RM250,000 for each depositor. As you have read above, FRANK is a truly unique offering from OCBC. FRANK is certainly a very attractive choice to squeeze out that extra yield from spare cash. Check out my StashAway Simple Review, I am also putting my savings in BIMB Dana Al-Fakhim. You are leaving the OCBC website. We wish to remind you of our Conditions FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. Verify your IC and complete the opening of FRANK at any OCBC branch. Conditions You have successfully joined our subscriber list. You can open a FRANK Account under a joint name. 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. Spending in foreign currencies can be a headache. Mobile Banking app FRANK by OCBC helps you navigate through adulthood without losing sense! Signed up for online Banking app here of FD and savings account with truly competitive interest rate goes! With truly competitive interest rate accruable goes up to 3.45 % with Bank... 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