OCBC FRANK Account & Debit Card: S$20 Welcome Reward

What is the OCBC FRANK Account?

The OCBC FRANK Account and FRANK Debit Card combine a savings account with a debit card designed for everyday spending.

The account is open to Singapore citizens, permanent residents and foreigners with a valid pass who are at least 16 years old.

Its main advantages are:

• No initial deposit
• No minimum balance
• No fall-below fee
• 0.60% p.a. base interest on the first S$10,000 in the account
• Access to the OCBC app for transfers, card controls and savings goals

Balances above the first S$10,000 earn the prevailing interest rate stated by OCBC, currently 0.05% p.a.

Benefits of the OCBC FRANK Debit Card

The FRANK Debit Card has no annual fee and no card-design fee. Customers can select from a range of card designs, including Disney and PIXAR designs where available.

Earn cashback on everyday spending

Cardholders receive 0.30% base cashback at eligible merchants, with no cashback cap stated in the FRANK Debit Card terms.

Qualifying categories include:

• Food and beverage merchants
• Online retailers
• Convenience stores
• Public transport, taxis and selected ride-hailing services
• Pharmacies
• Streaming services
• Recreation and fitness merchants
• Telecommunications providers

Examples listed by OCBC include McDonald’s, KFC, Starbucks, CHICHA San Chen, Shopee, Lazada, 7-Eleven, Grab, Watsons, Netflix, Spotify, ClassPass, Singtel and Circles.Life. Transactions generally need to be charged in Singapore dollars, and exclusions apply.

Use the card with mobile wallets

The FRANK Debit Card can be added to Apple Wallet, Google Wallet and Samsung Wallet.

Eligible card transactions made through a supported mobile wallet can count towards the card’s monthly spending requirement. NETS and PayNow QR transactions do not count towards that requirement.

No need to choose between bonus interest and bonus cashback

Spend at least S$100 at eligible merchants in a calendar month with a FRANK Debit Card that is primarily linked to the FRANK Account, and OCBC will compare:

• 1.00% p.a. bonus interest on the eligible FRANK Account balance; and
• 1.00% bonus cashback on eligible FRANK Debit Card spending.

OCBC automatically credits whichever bonus produces the higher dollar amount. You do not need to select it manually.

Together with the base reward, this means customers can receive:

• Up to 1.60% p.a. interest on the first S$10,000, plus 0.30% base cashback on eligible card spending; or
• Up to 1.30% cashback on eligible card spending, plus 0.60% p.a. base interest on the first S$10,000.

The account is therefore more rewarding when the debit card is used regularly at participating merchants. Someone who rarely spends in the eligible categories may receive mainly the base interest and cashback.

S$20 welcome reward for new customers

OCBC’s current welcome promotion runs from 26 May to 31 July 2026.

To receive the S$20 cash reward, you must:

1. Be an eligible new-to-OCBC customer.
2. Apply for both a new OCBC FRANK Account and OCBC FRANK Debit Card by 31 July 2026.
3. Successfully open both products within 14 calendar days of applying.
4. Keep the account and card active and in good standing until the reward is fulfilled.

For this promotion, “new-to-OCBC” means you:

• Do not currently hold any OCBC account or product; and
• Have not held any OCBC account or product during the six months before applying.

Each eligible customer can receive one welcome reward. OCBC employees are not eligible.

For an account and debit card opened in July 2026, the welcome reward is scheduled to be credited to the FRANK Account by September 2026. If the account-opening and card-issuance dates fall in different months, OCBC uses the later month when determining the fulfilment timeline.

Read the official welcome-reward terms before applying.

How to apply

1. Open the OCBC FRANK application link.
2. Apply for the OCBC FRANK Account and OCBC FRANK Debit Card.
3. Complete the requested identity and eligibility checks.
4. Ensure both products are successfully opened within 14 calendar days.

Singapore citizens and permanent residents should have their NRIC ready. Foreign applicants need a passport with at least six months’ validity, a valid pass and an accepted proof of residential address.

Things to consider

The FRANK Account is simple to maintain because it has no minimum balance or fall-below fee, but its highest interest rate applies only to the first S$10,000.

Cashback is limited to eligible merchants and transactions. Common exclusions include tax payments, insurance, investments, cryptocurrency transactions, prepaid-account and digital-wallet top-ups, NETS transactions and PayNow QR payments. Merchant-category coding also affects whether a transaction qualifies.

Foreign-currency card transactions incur applicable conversion and administrative fees, so another card may be more suitable for overseas spending.

Refer friends after opening your account

After you have an active OCBC FRANK Account and FRANK Debit Card, you can generate your own referral link from OCBC’s website.

Until 31 December 2026, OCBC pays the existing FRANK customer S$20 for each successful referral, with no stated referral limit. The referred friend must apply through the unique link, and the account and card must be approved within 14 calendar days.

The referral payment goes to the existing FRANK customer. It is separate from the welcome-reward eligibility described above, and OCBC’s respective promotion terms apply.

Read the official referral terms for full details.

Frequently asked questions

Is there a minimum balance?

No. The FRANK Account has no initial-deposit requirement, minimum-balance requirement or fall-below fee.

Is the debit card free?

There is no annual fee or card-design fee. OCBC currently waives the first two card-replacement fees; subsequent replacements may be chargeable.

Does every card purchase earn cashback?

No. Cashback applies only to eligible merchants and transactions specified by OCBC. Check the latest terms if cashback is an important reason for choosing the card.

Can existing OCBC customers receive the S$20 welcome reward?

No. The current welcome reward is restricted to customers who do not hold an OCBC account or product and have not held one during the preceding six months.

When does the welcome offer end?

The current promotion ends on 31 July 2026, unless OCBC changes the promotion period.