This account lets you earn daily interest on your savings. Not only do you earn attractive interest rates on your deposit amount, but you also get a complimentary POSB/DBS debit card. This debit card can also be used as an ATM card to withdraw cash of up to a limit.
Things You Will Love - Earn Rewards on Your Debit Card
- Earn interest rate of up to 0.10% p.a., depending on your account balance.
- Earn cashback when you make eligible transactions with your POSB debit card.
- Get access to monthly estatements through the iBanking portal. You can choose paper statements as well.
- Receive access to digibank mobile, digibank online, and SMS banking.
Limited Period Offer - Stand a Chance to Win a One-of-a-Kind Glamping Experience
To celebrate DBS’s 50th anniversary, POSB is running a promotion, where you can earn a cash gift of S$20 if you apply for your new savings account online.
What’s more? You will get a chance to be one of the 50 lucky winners every month to win a night stay in a Glamping Deluxe Tent (worth S$338.80) at The Canopi in Bintan.
Moreover, if you are a new POSB customer, then you are not required to maintain an average daily minimum balance ever.
To enjoy the promotional offer, second month onwards you must either maintain an average daily balance of S$3,000 for a minimum of six months or credit your monthly salary to this account for at least six months via GIRO.
The promotion is valid until 31 October 2018.
Interest You Will Earn - Starting From 0.05% p.a.
The table below shows the interests you will earn on your savings.
|Deposit amount||Interest rates|
|First S$10,000||0.05% p.a.|
|Next S$90,000||0.05% p.a.|
|Next S$250,000||0.05% p.a.|
|Next S$650,000||0.075% p.a.|
|Any balance above S$1 million||0.10% p.a.|
How Much Will it Cost?
The table below shows the fees you may incur under certain situations.
|Fall-below fee||S$2* per month if the average daily balance falls below S$500|
|Overseas ATM withdrawal fee||S$5 per withdrawal from Plus/Cirrus ATMs|
|Early account closure fee||S$20 if the account is closed within six months|
|Incidental overdraft interest charge||Prime + 5% p.a. payable on the overdrawn amount, subjected to a minimum of S$20|
*You can enjoy a waiver on your fall-below fee, provided you meet any one of the following conditions:
- The account was opened online and you are a new customer.
- You are below the age of 21 years.
- You are 60 years or older.
- You are a National Serviceman (full-time) whose salary is credited to this account.
- You are a public assistance recipient.
Are You Eligible to Open This Account?
You are eligible to open this account if:
- You are a Singapore citizen or a Permanent Resident of Singapore.
- You are at least 16 years old. If you are below 18 years of age, you will also need an iBanking login or a debit/ATM card.
What Do You Have to Submit?
To open an account with POSB, you must submit a copy of your NRIC.
Other than the NRIC, you can keep the following documents ready in case the bank asks for them:
- Latest copy of any one of the proof of address (last three months)
- Utility bills.
- Telecommunication bills.
- Bank or credit card statements.
- A letter issued by the government of other public bodies in an FATF member country.
- A letter issued by insurance companies in an FATF member country.
- A letter from school under the Ministry of Education or Council for Private Education.
Are You Interested in Applying for This Account?
You can open the POSB Everyday Savings Account by following any one of the methods:
- Visit any of the nearest POSB branches with your NRIC.
- Download the relevant form from the webpage, fill up the details, and mail it to the bank.
- Visit the bank’s webpage and log in to the iBanking portal using your credentials.
- Use your ATM/debit card number and PIN.
- Login to Myinfo with your Singpass ID and password and fill up the necessary details on the form.
- Existing customers can open this account via digibank online and digibank mobile.
Frequently Asked Questions
Q. Do I have to deposit a certain amount to open this account?
A. There is no minimum initial deposit amount to open this account.
Q. Does the account provide a chequebook?
A. No, chequebook is not available with this account.
Q. How long does it take for POSB to open the account?
A. POSB will take up to seven working days to open the Everyday Savings Account.
Q. What is the minimum amount I can deposit via a cheque?
A. If you want to make an initial deposit via a cheque, you must deposit a minimum amount of S$10.
Q. Can I change the ATM withdrawal limit to more than S$3,000 a day?
A. Yes, you can increase the limit till S$5,000 via iBanking.
Q. How many times can I withdraw cash overseas in a day?
A. You can withdraw cash three times per day when abroad. If you make additional attempts, your debit card will be blocked immediately.
Q. How do I check my savings account balance?
A. You can check your balance via digibank, iBanking, SMS banking, POSB/DBS ATMs, Video Teller Machines (VTMs), and phone banking.
Q. Can I use my debit card abroad to make purchases?
A. Yes, you can use your debit card overseas. You must first activate the card’s magnetic stripe before performing any kind of transactions.