FairPrice Plus is a collaboration between NTUC FairPrice Co-operative Limited (NTUC FairPrice) and Oversea-Chinese Banking Corporation Limited (OCBC Bank) with all banking products and services being provided by OCBC Bank unless stated.
This collaboration seeks to offers simple banking solutions at all FairPrice supermarkets islandwide.
This is a very new player on the banking market but it is worth taking a good look because of various interesting features...
The Fairprice Plus Savings Account provides an interest rate of 1% p.a., much higher than that offered by most banks. Futhermore, there is no minimum opening balance, monthly balance requirements and monthly service charge and with this account, there is access to over 770 OCBC and UOB ATMs islandwide!! Being able to earn 1% interest from the first dollar deposited is something that had not been available to many in a long long time.
Sounds good so far? There is more to come! The Fairprice Plus credit card offers free membership into LinkPoints loyalty program and gives 2 LinkPoints per $1 spent at FairPrice Plus Stores... It even offers 1 LinkPoint per $2 spent for VISA transactions!
FairPrice Plus hopes to stay steadfast to the values of Value, Simplicity and Transparency and I do think that this offer is a very good start. With the entry of such a competitive offering, hopefully it can help shake up the banking sector and get incumbent banks to start revising up their interest rates for basic saving accounts.
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