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. Learn how you can earn interest of up to 3.45% with OCBC 360 Account. No lock-in period, no withdrawal penalty. You may only open ONE OCBC FRANK Account where you are the primary and sole account holder. . Cards. 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. PIDM protects depositors holding deposits with banks. Launch the app and tap ‘SIGN UP NOW’ to sign up for FRANK. Currently using DBS Multiplier Account (mainly for expenses + interest). FRANK guides you on the best way to save, invest, and protect yourself. You may instantly apply for a deposit account here, or get a credit card here. OCBC offers a FRANK credit card as well, so hopefully you won’t be confused between these 2 cards! 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). OCBC 365 Credit Card. Updated on 25 Jan 2020. Step 2: Follow the steps to sign up for FRANK. OCBC FRANK is a simple "stash-and-park" type of Savings Account, suitable for students or individuals with no income. This account is mainly targeted at students who are preparing to enter into university and the workforce. FRANK guides you on the best way to save, invest, and protect yourself. Like the OCBC nuon Account, the FRANK Account also lets you split your money between a Spend Pot and a Save Pot. The initial deposit can range from S$0 to S$10000. 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 downside relative to FRANK as a savings solution: Withdrawal of funds from Simple will take time to be processed. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. You do not have an account or product with OCBC. There is a FRANK credit card too. 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. 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. Please complete another form if you are closing more than 1 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. 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. OCBC FRANK Account is open to individuals of age 18 years and above, who are Malaysian citizens only. FRANK is certainly a very attractive choice to squeeze out that extra yield from spare cash. 2 You can only close 1 account per form. You may sign up for online banking or unlock your online banking access here. My only concern is, as you said, whether it’s a sustainable offering or not. Please ensure that information provided below is as per existing bank records. Verify your IC and complete the opening of FRANK at any OCBC branch. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. Check out my StashAway Simple Review HERE. Current Account. 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. With its smart features, nuon lets you find new ways to save, spend and manage your money. Step 1: Install the OCBC Malaysia Online Banking app HERE. You must also credit your salary of at least S$1,800 to the account. 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. Access to Money Insights. Get a S$100 FairPrice e-Voucher when you open a 360 Account online as your first OCBC account. 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 JumpStart account does not have any fall-below fee. Lky. Students (18 y/o & above) and adults that are looking for high-interest savings account with truly competitive interest rate. ... OCBC Bank launches Singapore’s first consumer loan for residential solar panels the Spend Pot). Upon starting the app, click the ‘Sign Up’ button at the bottom left corner. After your friends and family sign up for the FRANK Account, they can get a cash reward. However, unlike conventional FDs, FRANK advertises an FD-like interest rate (1.80%), BUT without the conventional lock-in period and withdrawal penalty. How to Open a FRANK Account? Looking to open an OCBC bank savings account? 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. FRANK guides you on the best way to save, invest, and protect yourself. FRANK to OCBC 360 Account Conversion. No forex mark-up while spending foreign currencies online (just like BigPay), Debit card & online banking function. Step 3: Visit your nearby OCBC branch within 90 days to verify your identity & activate your account. OCBC Digital. As you have read above, FRANK is a truly unique offering from OCBC. Yes, you can. 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 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.. 360 Account. ... We are delighted to inform you that your nuon Account is now rebranded to FRANK Account effective . You can open a FRANK Account under a joint name. Deposit Accounts | Frank by OCBC Skip to main content All new rebates, all new design. Check out my StashAway Simple Review, I am also putting my savings in BIMB Dana Al-Fakhim. StashAway Simple Review: The Fixed Deposit (FD) Killer. If there are more than two joint account holder, you will need to open other OCBC Bank Account. I am a writer, personal finance & REIT enthusiast, and a developing trader with the goal to become a full-time funded trader. People that are held back by conventional Fixed Deposit (FD) restrictions (eg. I love StashAway Simple, and is personally using it as well. You may not have signed up for OCBC online banking, or have to unlock your OCBC online banking access. d. People that are looking to manage their personal finances better. The idea behind FRANK by OCBC is to give mobile-centric customers a convenient way of accessing their bank account. Privacy . It is easy and secure. the Save Pot), and the ones you are ready to spend (a.k.a. The highest possible interest rate accruable goes up to 0.20% p.a. Hi there! You have successfully joined our subscriber list. Fall-below fee. The downside relative to FRANK as a savings solution: – Withdrawal of funds from BEST Invest will also take time to be processed. Step 5: Deposit a minimum of RM20 within 90 days to fulfill the minimum account opening balance. In short, products like FDs exist because banks need the liquidity or cash to give out as loans. In short, you can also expect the returns from this fund to generally beat the interest from conventional FD offerings. 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. Are you planning to open a FRANK account after reading this article? Hence, FRANK may be a better choice to place the money that you could withdraw and spend whenever necessary. 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. 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. 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. Business Banking. 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. Bonus Interest is calculated based on the Save Pot balance by day end. There is no charge to depositors for deposit insurance protection. 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! You are leaving the OCBC website. 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. However, I think there is a more important conversation for us to have on FRANK. Meet the OCBC nuon Account and Debit Card. Learn more. You can withdraw money and transact with a debit card and/or access your money through OCBC Internet or Mobile Banking. FRANK by OCBC is truly a refreshing offering to see in the ever-boring realm of FD and savings account products. Premier Banking. However, I think there is a more important conversation for us to have on FRANK. We wish to remind you of our Conditions to 1.80%p.a., depending on No initial deposit or minimum balance required. 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. Pretty simple, to be honest. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. Hence, FRANK may be a better choice to place the money that you could withdraw and spend whenever necessary. The OCBC FRANK Debit Card is a debit card that rewards you when you spend with it in foreign currency. 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. 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. 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. b. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. Customers whose accounts with OCBC Bank have been suspended or terminated or who have breached any agreement with OCBC Bank are not eligible. What other types of accounts does OCBC offer? When you apply for the FRANK education loan, you will be asked if you wish to create a FRANK account. Premier Private Client. 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. The FRANK account is provided by OCBC bank. 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. 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. Moreover, you will be given a complimentary FRANK debit card when you create your account. FRANK by OCBC helps you navigate through adulthood without losing your sense of adventure. High deposit requirement, long lock-in period, withdrawal penalty), and are looking for a Fixed Deposit (FD) alternative. 2 answers. An account for youths between 16 to 26. FRANK guides you on the best way to save, invest, and protect yourself. A USD account with chequing facilities. 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’ll need to open a Frank account in order to have an OCBC Frank Debit card. I am a young working adult. We wish to remind you of our Conditions of Access and Security & Privacy . I am Yi Xuan. c. People that transact in foreign currencies a lot, and travelers looking for a BigPay alternative. Should a bank fail, PIDM will promptly reimburse depositors over their deposits. Check out my other writings on it. (previously 0.40%). Consumers can sign up for the FRANK Account through the app itself. FRANK Account Co. Reg. of Access and Security & (psst.. Tell your parents about it too!). Try now! As such, you will receive this card when you open your FRANK account. FRANK Account. Every week, I write about my personal learnings & discovery about life, money, and the market. 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. FRANK puts the control over finances in your hands. Banking for businesses. Feel free to share with me in the comment section below! These accounts can be opened easily through an online form submission or visiting any 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. Step 1: Install the OCBC Malaysia Online Banking app HERE. OCBC Wealth Management Deposits Product Information Sheet ^The effective interest rate of FRANK Account ranges from 0.30%p.a. Have applied for Standard Chartered JumpStart recently due to the higher interests it promises (2%). Move the slider to find out how much you can earn with FRANK. I am also putting my savings in BIMB Dana Al-Fakhim. 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. 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. in times like this. 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. Should I close my OCBC Frank Account? 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. – Also, typical fund management fees are applicable for BIMB Dana Al-Fakhim (rightfully so because it is still a fund). Source: OCBC Malaysia Online Banking App 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)? 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”. OCBC Frank Savings Account Interest Rates Promotional rates, if any, are not included Large Corporates. 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. With the FRANK Debit Card, earn a 1% rebate when you shop, eat and ride. Check out my other writings on it HERE. FRANK Account is limited to two joint account holders. ... Sign up for a FRANK Account on the OCBC Malaysia Mobile Banking app. Essentially, StashAway Simple invests your money in extremely low-risk money market funds for FREE (ie. Learn more. In fact that’s the main reason I haven’t opened any account with OCBC since I was eyeing their 360 account as well. For everyday spending. No: 0-W) V1 / g 2 020 Framework. Coming 1 July 2020, the FRANK Credit Card is getting a glow up. Essentially, in the OCBC mobile app, you are able to toggle your deposits between the money you want to save (a.k.a. We only use the Mastercard exchange rate for transactions made in foreign currency where markup fee from us is 0%. ersonally, I think this Save Pot & Spend Pot idea is brilliant. This is because it’ll make users think twice before spending impulsively as they may lose the extra interest earned with their savings. 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. Thank you. Choose from over 120 stylish card designs. 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. Level 4. StashAway does not charge management fees for this), which will in turn give you relatively higher returns compared to conventional Fixed Deposits. 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). 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. Promotion ends on 31 March 2021. 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. Just think of the Save Pot and Spend Pot as 2 piggybanks for different purposes. Step 2: Follow the steps to sign up for FRANK. The effective interest rate for FRANK Account on 10 February 2020 is. Terms and conditions governing the OCBC account. Thanks for your comment and I 100% relate to your concern on the physical branch opening requirement esp. Please visit OCBC Internet Banking to update your details before submitting your request. An OCBC bank account that comes with a chequebook. The Frank account has a base interest rate of 0.20% p.a., which is a competitive rate. 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 … In such cases, the Bonus Interest will be calculated based on your total account balance. That said, only time can tell and hopefully, I am wrong on this matter. Yes. FRANK Account is the account for youth age 16 to 26 years old. The base interest rate per annum for OCBC FRANK savings account is 0.05% p.a. 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. of Access, Security & What is the OCBC Frank minimum balance required? Open a business account. Upon starting the app, click the ‘Sign Up’ button at the bottom left corner. These are the FRANK credit card designs. FRANK by OCBC. 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. By offering FD-like interest and the convenience of a typical savings account, FRANK is a must-get for: a. The OCBC privacy policy ceases to apply at third party websites. You are advised to read the privacy policy of third party websites. 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. How do they work, actually? It has no initial deposit and minimum balance requirement if you are below 26! Protected by PIDM up to RM250,000 for each depositor. 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 can notify the bank in 2 ways: IMPORTANT NOTICES FOR YOUR FRANK BY OCBC DEBIT CARD, © Copyright OCBC Bank (Malaysia) Berhad (199401009721 / 295400-W). 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. Conditions 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 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. For this, it is essential for us to understand how Fixed Deposits (FDs) works and why they even exist. This deposit is protected by PIDM up to RM250,000 for each depositor. This is because it’ll make users think twice before spending impulsively as they may lose the extra interest earned with their savings. BIMB Dana Al-Fakhim is also a money market fund from BEST Invest (a fund management app by Bank Islam). Should the information differs from our records, we would not be able to process your request. + Follow • 3. Right of the bat, if you are still indecisive, I’d say – go open an account! You should move all your funds out of OCBC. Last Updated on November 20, 2020 by Chin Yi Xuan. You are advised to read the privacy policy of third party websites. Promotion ends on 31 December 2020. OCBC FRANK Account Savings Accounts Savings OCBC DBS Multiplier Account Standard Chartered . 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. You are leaving the OCBC website. The day-end timing for Save Pot should be at 9pm every night. 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. Promotion ends on 31 March 2021. In this case, the OCBC Malaysia Mobile Banking app allows you to get things done quickly and easily. This card is paired with the OCBC FRANK account. The OCBC privacy policy ceases to apply at third party websites. Prodigy. Get FREE updates to tips & ideas to live a better and more fulfilling financial life :). Was using OCBC Frank since schooling days. USD Current Account. Save Pot & Spend Pot feature: Adjust your money accordingly when you want to save or spend. ... FRANK Account. Insured up to S$75,000 by SDIC. 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 … I guess ultimately it is not for everyone, but for those who fit in to the targeted audience group, they would love the offering. Spending in foreign currencies can be a headache. Get rewarded for shopping. 2020 is on this matter DBS Multiplier account Standard Chartered better choice place. 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For a deposit account here, or have to unlock your online Banking access to you..., it is still a fund ) for: a, suitable for students or with. To create a FRANK credit card here or not a convenient way accessing! Should a Bank fail, PIDM will promptly reimburse depositors over their Deposits higher... Our Conditions of access and Security & privacy create your account launch the app itself out my StashAway invests... Downside relative to FRANK as a savings solution: Withdrawal of funds from best invest will also take time be.