With effect from 01 October 2013, interest rates for OCBC FRANK account will be revised downwards.
Below shows the new interest rates.
| FRANK Account Balance | Interest Rates (p.a.) |
|---|---|
| First $10,000 | 0.20% |
| $10,001to $100,000 | 0.30% |
| $100,001 to $500,000 | 0.40% |
| From $500,001 | No interest!?! |
I’ve suspected that the higher than normal interest rates will be subject to downwards revision (if interest rates environment stays low) as usually it is a tactic used by banks to entice customers to open the accounts with them.
However, I’m surprised that under the new revised rates, there is actually no interest given for account balance of more than $500,000.
Although this is a downward revision, it is still one of the bank accounts with higher than normal interest rates of 0.05% p.a. If you are interested in what OCBC FRANK Account has to offer, feel free to read my previous post.
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