OCBC 360 account used to be the best savings account in town giving you a maximum yield of 3.25% per year until they decided to revise their criteria on the interest rates. You can read more about it here OCBC 360 Account Makes Earning Additional Interest More and So Complicated. Other banks such as UOB has came up their own version of step up interest accounts using the similar concept and the idea is no longer fresh and new.
The clause “1% per year Earn this extra bonus on the first S$70,000 if your account balance is S$200,000 and above.” is a killer as I do not maintain an account balance of S$200,000 in my savings account. As a wise investor, if I had $200,000, I will invest part of it in stocks, REITs or bonds for higher return rather than to earn the petite additional 1%. My currently effective interest rate for my OCBC 360 account is only 1.8% and at times, I do not qualify for the credit card minimum spend of S$500. Besides dining cash back, there are also limited benefits for the OCBC 365 credit card.