BrokAIr Reviews

OCBC Bank Review

"OCBC Bank is often overlooked as an online brokerage, but its fees are some of the lowest in the industry - a fact that makes it surprisingly attractive for investors." Is OCBC Bank the best kept secret in online brokerages?

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Overview of OCBC Bank

OCBC Bank is a major banking and financial services provider in Singapore. It was founded in 1932 and is the longest-established local bank in the country. OCBC Bank is a subsidiary of the OCBC Group, which provides banking, insurance, asset management, and wealth management services. The bank has over 200 branches located across Singapore and provides customers with access to a range of products such as deposit accounts, personal loans, mortgages, credit cards, debit cards, and investment products.

Pros of OCBC Bank

One of the main advantages of using OCBC Bank is its wide range of banking services that are offered. Customers can access a variety of savings accounts, current accounts, fixed deposits, loans, mortgages, and other investment products. The bank also offers competitive rates on its products and services, and customers have access to a range of digital banking tools such as mobile banking and online banking. The bank has a strong reputation for customer service and has been awarded several awards for its service over the years. It also has a strong network of branches across Singapore that customers can access if they need assistance with their banking needs.

Cons of OCBC Bank

One potential downside to using OCBC Bank is that its fees can be quite high for some services. The bank also charges an annual fee for certain products such as credit cards which can add to the cost of using the bank's services. Additionally, customers may find it difficult to compare the interest rates offered by OCBC Bank with those offered by other banks in Singapore due to the lack of transparency in the market.

Founders of OCBC Bank

OCBC Bank was founded in 1932 by Lee Kong Chian and Tan Ean Kiam. The bank's original name was "Oversea-Chinese Banking Corporation". Since then, the bank has grown to become one of the largest banks in Singapore with assets totaling over S$435 billion as of 2020.

Public Opinion

OCBC Bank has generally received positive reviews from customers and has been awarded multiple awards over the years for its customer service and other banking services. However, some customers have complained about high fees and lack of transparency in terms of interest rates offered by the bank compared to other banks in Singapore.

Newsworthy Events

In 2020, OCBC Bank announced a partnership with Grab, Southeast Asia's leading ride-sharing company, to launch GrabPay Wallet, a digital wallet that allows customers to make payments via their smartphones. In 2021, the bank announced plans to launch its first ever digital-only branch in Singapore as part of its efforts to expand its digital banking services. Additionally, OCBC Bank was recognized as Singapore's best retail bank in 2020 by FinanceAsia Magazine for its commitment to providing customers with innovative financial products and services.