Savings Accounts offered by POSB Bank are well known for offering various benefits, which includes high interest rates. The bank offers different types of Savings Accounts and customers can choose the type that best suits their requirements.
Types of POSB Savings Account
- POSB Multiplier Programme.
- ePOSBkids Account.
- POSB SAYE Account.
- POSB Everyday Savings Account.
- POSB Save As You Serve.
- POSB Smiley Child Development Account (CDA).
- POSB eMySavings Account.
POSB Multiplier Programme
With the POSB Multiplier Programme, customers can earn an interest rate of up to 2.08% on the amount they save with POSB Bank through regular banking.
- This savings programme allows customers to save and make transactions in SGD, and a maximum of 12 other foreign currencies.
- It is a personal account with eStatement and iBanking facilities.
- This account does not require an initial deposit.
- Anyone who is 18 years old and above can apply for this programme.
ePOSBkids Account is ideal for you, if you want to save money on behalf of your kids who are between 7 and 15 years old. This account offers daily interest and other benefits such as:
- It does not charge a fall-below fee till your child is 21 years old.
- This account does not have a minimum deposit requirement.
- Until your child turns 16 years old, you can enjoy a fee waiver on coin deposits.
- Parents can transfer money to this account from their own accounts for free.
POSB SAYE Account
POSB SAYE (Save As You Earn) Account offers a high rate of interest to customers who credit their salary in this account.
- It offers an additional interest of 2% p.a. on the monthly savings of the customers.
- Customers can have fixed monthly savings, the value of which can be anywhere between S$50 and S$3,000. They can select their monthly savings date.
- It can be opened by anyone who is 16 years old and above.
- Customers can easily apply for this account online.
POSB Everyday Savings Account
POSB Everyday Savings Account caters to the daily banking requirements of the customers.
- This account allows customers to choose if they want a hardcopy of their statement or an e-statement.
- It offers daily interest that is credited on a monthly basis.
- You can earn cashback on your DBS/POSB Debit Card using this account.
- POSB Everyday Savings Account can be opened by Singapore Citizens and Permanent Residents who are 16 years old and above.
POSB Save As You Serve
POSB Save As You Serve (SAYS) is a savings programme designed for people who are engaged in National Service.
- POSB Save As You Serve offers an interest rate of 2% p.a. on the monthly savings.
- It offers 2% cash rebate on MasterCard contactless transactions made at a local level.
- If you opt for this account, you will be able to enjoy special privileges at more than 1800 merchant outlets.
- Customers can save a minimum of S$50 per month in their POSB Save As You Serve account.
POSB Smiley Child Development Account (CDA)
POSB Smiley Child Development Account (CDA) is a type of savings account that has been specially designed for children. It offers an interest rate of 2% p.a. on the account balance plus other benefits such as:
- An interest rate of 2% on the POSBkids Account with any Regular Savings Insurance Plan.
- Avail special discounts at more than 50 merchant outlets, when you use the Baby Bonus NETS Card.
- Avail a discount of 20% on Kids Care for personal accident protection.
- This account has dollar-for-dollar matching from the government.
POSB eMySavings Account
POSB eMySavings Account is one of the best ways to achieve your monthly savings related goals.
- This account offers special rates of interest to the customers.
- Using this account, you can choose a monthly savings date and amount that suits your requirements. The monthly savings amount can be between S$50 and S$3,000.
- You can change your monthly savings amount and the date of credit at any time you want using iBanking, ATM or the digibank app.
- This account can be opened by anyone who is 16 years old and above.
POSB Saving Account Application Process
The application process of POSB Savings Accounts is very simple. Existing customers of the bank can apply online using their Debit/ATM Card and PIN or via iBanking. New customers of the bank have to open an account by visiting any branch of the bank.
In case of POSB Smiley Child Development Account (CDA):
- Singaporeans and Permanent Residents Trustees have to apply online. The link for the same is present on the website of the bank.
- Foreign Trustees have to apply offline at any branch of the bank.
- Existing CDA Trustees who wish to switch to POSB Smiley Child Development Account (CDA) have to apply for the same online. The link for the same is present on the website of the bank.
POSB Savings Account Interest Rates
|Account Name||Min Interest Rates||Max Interest Rates||Min Deposit Amount||Max Deposit Amount|
|POSB Everyday Savings Account||0.05% p.a.||0.1% p.a.||S$500||Unlimited|
|eMySavings Account||0.05% p.a.||0.25% p.a.||S$50||S$3,000|
|POSB SAYE Account||0.05% p.a.||2% p.a.*||-||S$3,000|
|POSB Save As You Serve||0.05% p.a.||2% p.a.*||-||-|
|ePOSBkids Account||0.05% p.a.||0.1% p.a.||S$500||Unlimited|
|POSB Multiplier Programme||0.05% p.a.||3.5% p.a.||S$3,000||Unlimited|
*2% p.a. additional interest rate on monthly savings is applicable subject to terms and conditions
- For POSB Smiley Child Development Account (CDA), interest rates and deposit requirements will be decided at the bank’s discretion.
- Rates and deposit requirements are subject to change according to the bank’s discretion.