POSB Savings Account Singapore

POSB has a savings bank account for all individuals, be it a senior citizen over 60 years or a 10-year old child. These savings bank accounts not only offer interest rates, but also offer bonus cashback each month if you fulfil certain conditions.

Types of Savings Accounts Offered by POSB

POSB offers the following six savings bank account:

  • POSB eMySavings Account: This account offers benefits such as special savings interest rate and the flexibility to change and preset crediting date and savings amounts.
  • POSB Smiley Child Development Account (CDA): Enjoy benefits that come with POSB Baby Bonus NETS Card, help from the government, and an interest rate of up to 2% p.a.
  • POSB Everyday Savings Account: Earn cashback and daily interest with this account.
  • POSB SAYE Account: Get an additional interest of 2% p.a. on your savings each month for the first two years after opening the account.
  • POSB Multiplier Programme: Make the money in your account multiply with an interest rate of up to 3.5% p.a.
  • ePOSBkids Account: You will not have to maintain a minimum deposit with this account until you are 21. Earn interest on a daily basis.

Features and Benefits: Earn Extra 2% p.a. on Your Monthly Savings

  • There are savings account with and without cheque facilities.
  • Keep track of all your eligible transactions.
  • No fee charged when you make a foreign exchange.
  • Enjoy the convenience of transacting in multiple currencies in a single account.
  • Special savings rate.
  • Preset crediting date and monthly savings amount.
  • Enjoy the flexibility of making changes to your crediting date and savings amount anytime through iBanking.

Promotions: Open an Account Online and Get S$20 and a Chance to Win a Stay at the Canopi

When you open an ePOSBkids Account online, you will get S$20 cash. In addition, you also have the chance to be one of the 50 monthly winners of a one-of-a-kind glamping experience in a Deluxe Glamping Tent in Bintan, at The Canopi. This offer is valid until 31 October 2018.

Fees Applicable on POSB Accounts

The various fees applicable with POSB accounts are as follows:

  • Early closure fee will be charged if you close the savings account within six months of opening the account.
  • A fall-below fee will also be charged if your average daily balance falls below the mandatory amount.
  • Incidental overdraft interest charge
  • Branch service fee
  • Cheque book fee

The fees and charges applied range from S$2 to S$30. The interest rates applied also varies from 0.05% p.a. to 3.50% p.a.


    Q. Do I have to fulfil a minimum transaction criteria to be eligible for the high interest rates with the POSB Multiplier Programme?

    A. Yes, you have to make eligible transactions of at least S$2,000 per month to be able to enjoy the high interest rate with POSB Multiplier Programme.

    Q. Will my investments in Unit Trust get any recognition with POSB Multiplier Programme?

    A. Yes, all your new Unit Trust purchases made after you have opened your Multiplier Account will get recognition.

    • The Regular Savings Plans will get the recognition for the first 12 successive months when you contribute towards an investment fund.
    • Lump sum investments will get the recognition for every ad hoc contribution made to an investment fund.

    Q. How can I change the trustee for my Child Development Account?

    A. You will have to log in to your account using your SingPass. Once you are logged in, you can request for a change of trustee with the <"Change CDA Trustee"> service.

    Q. How do I view my Child Development Account transactions?

    A. If you want to take a look at your Child Development Account transactions, you can log in to your internet banking facility. Otherwise, you can select 'View Account Summary' under Services, to view the transaction details of your child's Child Development Account.

    Q. What is the minimum age to be eligible for eMySavings Account?

    A. You have to be at least 16 years old to be able to apply for eMySavings Account. In addition, you also must have DBS/POSB Savings/Current Account.

    Q. What are the various account opening gifts that you will get with ePOSBkids Account?

    A. When you open an ePOSBkids Account, you will get the following as sign-up gifts:

    • Complimentary 6-month POPULAR Bookstore Student Card Membership (applicable only for kids aged between 7 and 15).
    • A S$1 gift deposit.

    Q. Are there any minimum deposit or fall-below fees associated with ePOSBkids Account?

    A. No, you will not be charged any fall-below fee and minimum deposit fee until your child turns 21.

    Q. What is POSB Save As You Earn (SAYE) Account and how is it different from POSB Save As You Serve?

    A. POSB SAYE Account is a part of the POSB Save As You Serve (SAYS) Programme. This SAYS  programme offers you the following benefits:

    • Discounts at more than 3,000 outlets when you use the SAFRA DBS Debit Card and HomeTeamNS-PAssion-POSB Debit Card to make transactions.
    • Get a cash rebate of 2% on contactless transactions with SAFRA DBS Debit Card and the HomeTeamNS-PAssion-POSB Debit Card.
    • An extra interest of 2% p.a. on monthly savings through POSB SAYE Account.

    Q. Can I have more than one POSB SAYE account at a time?

    A. You may only have one POSB SAYE Account at any one time.

    Q. How do I change the crediting date and savings amount associated with the eMySavings Account?

    A. You can change your crediting date and savings amount anytime through iBanking.

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