OCBC Bank rolls out savings account with FD-type interest rate

OCBC Bank head of wealth management Ling Seng Chuan

KUALA LUMPUR: With rates similar to that of fixed deposits (FD), OCBC Bank (M) Bhd’s freshly-minted Booster and Premier Booster savings accounts are set to become the new benchmark for flexible high-interest-yielding savings accounts. 

OCBC Bank’s Booster account holders can enjoy a 3.25% per annum interest rate by maintaining an average balance of at least RM30,000; there is no cap to the balance. If the balance falls below RM30,000, the usual savings interest rate of 0.25% per annum will apply.  

As customers warm up to the no lock-in feature for an account bearing interest rates that resemble that of a fixed deposit, the potential of this savings account is expected to be progressively unlocked. With this, the bank hopes to achieve double-digit growth for its savings account balances over last year. 

In a statement, OCBC Bank head of wealth management Ling Seng Chuan (pic) said this savings account provides customers with full flexibility without having to compromise on rates that would otherwise only be available with a FD.

The Booster account is also available to Premier Banking customers through Premier Booster, which features multi-tiered interest rates based on account balances. 

Additionally, customers who invest or insure with the bank will receive an additional wealth bonus interest. This wealth bonus interest provides an additional boost to customers’ savings when they manage their wealth proactively in preparation for their life goals.

“We are delighted to respond to the growing demand from customers for a bigger bang for their savings without having to sacrifice on flexibility. OCBC Bank is always on the lookout for the opportunity to provide better wealth management solutions to our customers and the Booster account is a good example of this,” he said.