Given how imperative it is to teach your child the essentials of personal finance, ensure they eat healthy, and get the minimum amount of exercise in their day, POSB has made it convenient to help you and your child achieve exactly that. POSB has found a way to merge all these areas to simplify your lives as parents, and theirs. The POSB Smart Buddy account is a savings account that was introduced to help monitor and manage your child’s personal development, eating habits, exercise levels, and financial literacy better, using wearable tech.
Why Should You as a Parent Adopt The Smart Buddy Programme?
- A smart watch tracks many areas of your child’s life and development.
- The watch helps monitor your child’s decisions in diet, finances and exercise.
- You can add and release funds to your child instantly.
- The watch allows them to purchase meals and textbooks.
- It also monitors the amount of exercise they get daily using the tracking feature.
- It records whether they arrived at school and where they are at all times.
- It can help them set savings goals (future purchases they would like to make) to achieve every week by setting an allowance and monitoring their transactions every day.
- They can earn Digital Smiley Stamps to help incentivise them to target greater savings and improve their personal financial literacy.
Beep. Beep. Ka-Ching!
The Beep. Beep. Ka-Ching! Offer helps you earn 10% cashback on all purchases if you minimise your total cash withdrawals every month.
- To receive a cashback of 5%, just reduce your cash withdrawals to S$400 or less per month.
- To receive a cashback of 10%, reduce your cash withdrawals to zero per month.
- There is a minimum spend of S$400 involved for both offers and this amount can be accumulated using Mastercard/Visa, NETS Contactless, and Scan & Pay transactions using any POSB product.
- You are restricted to only 1 Cashback per calendar month during the promotion period.
- Cashback will not be awarded on contactless payments exceeding S$200.
- Despite the number of qualifying products the customer holds, the cashback has a cap of S$50 per customer per month.
This offer is valid till 30 September 2018.
$5 Digital Smiley Stamps
This offer helps you win 10 free digital Smiley Stamps worth S$5 on making a minimum of 5 transactions every month using your Smart Buddy Watch and the NETS Contactless Payment Chip.
This offer ends on 31 December 2018.
What Are Digital Smiley Stamps?
Digital Smiley Stamps are stamps children can collect to paste on their free Smiley Savings Card (which are available at their school bookstore or a POSB branch).
Beyond getting stamps for savings gained from not exceeding their daily allowance limit, children can also buy limited edition Smiley Stamps that cost S$0.50 each from their school bookstore.
Each card has room for 20 stamps worth of savings.
Once your child reaches 20 stamps on their card, you can help them complete the required details on the card and return to the bank by dropping the card at the nearest POSB Quick Cheque Deposit box.
Within 5 days, the bank will credit the Smiley Stamp amount on the card to their savings account.
In addition to this, every child is eligible to receive a bonus of S$1 from POSB when they complete the first card every month using their ePOSBkids Account.
How Do I Set Up the Watch?
This account comes with a Smart Buddy Watch and Welcome Pack. Just download the Smart Buddy Mobile App and you are on your way.
The watch displays the time, date, number of steps taken, calories burned, distance travelled, information screen, nickname and watch serial number.
The Welcome Pack contains:
- Payment Chip
- Charging Cable
- Smart Buddy Watch
10 Easy Steps to Set Up the Watch
STEP 1: Remove the payment chip and insert it into its slot on the watch.
STEP 2: Download the Smart Buddy app.
STEP 3: Click ‘Register as a new user’.
STEP 4: Fill in your personal details on the form.
STEP 5: Fill in your child’s details.
STEP 6: Grant access of the app to your child.
STEP 7: Once you receive your SMS OTP – your chip is fully activated.
STEP 8: To sync your watch with the app, first complete your child’s profile.
STEP 9: Click on the serial number of the watch.
STEP 10: Upon syncing the serial number with the watch itself, you are all set to use it.
When fully-charged, the battery lasts up to 7 days.
What Can I Gain From This Programme?
- Help them learn about budgeting by not exceeding their daily allowance limit.
- Help them monitor and manage their own expenses and Smiley Stamps.
- Allow them to track their own fitness levels every day.
- Track every transaction your child makes with their allowance.
- Manage their daily allowance limit.
- Set savings goals for your child.
- Know whether your child arrived at school and their exact location at all times.
- Monitor their actual savings.
- Aid schools in managing the distribution of funds for the Financial Assistance Scheme.
- Inform schools regarding on the eating, spending and fitness behaviour of students.
- Allow them to make improvements on current curriculum using the collected data.
Which Schools Are Participating Schools in the Programme?
Here is a complete list of the participating schools in the Smart Buddy programme at present:
|Index Number||Participating School||Level of Participating School Approved|
|1||Anderson Primary School||All|
|2||Anchor Green Primary School||P4 - P5|
|4||Fuhua Primary School||P3 - P5|
|5||Evergreen Secondary School||All|
|6||Grace Orchard School||TBC|
|7||Riverside Primary School||TBC|
|8||Bedok Green Primary School||All|
|9||Admiralty Primary School||All|
|10||Anglo-Chinese School (Independent)||TBC|
|1||Keming Primary School||Teachers|
|12||Grace Orchard School||TBC|
|13||Fengshan Primary School||Teachers|
|14||Concord Primary School||All|
|15||Haig Girls' School||P5|
|16||Seng Kang Primary School||P3 - P6|
|17||Woodlands Ring Primary School||All|
|18||Jurong West Primary School||All|
|19||Marsiling Secondary School||TBC|
|20||Paya Lebar Methodist Girls' School||TBC|
|21||St Joseph's Institution International||All|
|22||Alexandra Primary School||P3 - P4|
|23||CHIJ Katong Convent||Teachers|
|24||West View Primary School||P4 - P6|
|25||Clementi Primary School||All|
|26||Delta Senior School||Year 1|
|27||Henry Park Primary School||All|
|28||Rivervale Primary School||P3 - P4|
|29||School of the Arts (SOTA)||TBC|
|30||Wellington Primary School||All|
|32||Xingnan Primary School||P1 - P5|
|33||Woodsgrove Primary School||TBC|
|34||Si Ling Primary School||All|
|35||Townsville Primary School||P3 - P6|
|36||Zhonghua Primary School||TBC|
|37||Shuqun Primary School||P5|
|38||West Spring Primary School||All|
|39||Lianhua Primary School||All|
|40||Pei Chun Public School||All|
Are You Eligible to Open This Account?
You are ineligible to open this account if you hold a POSB Child Development Account or a POSB Current Account.
What do I need to keep in mind to sign up for the Smart Buddy programme?
Parents or guardians of each child must have:
- A valid POSB deposit account (with the exceptions listed above).
- An official mobile number that is registered with POSB.
- A smartphone that uses the Google Android or Apple iOS operating system.
Additionally, each student must have a valid POSBkids or ePOSBkids Account.
Q. Can I sign up if my school is not on the list?
A. No. Unfortunately, you can only sign up if your child attends any of the currently participating schools.
Q. Do I have to pay for the watch?
A. No. The watch comes free upon successful sign up and will be sent directly to the mailing address registered with the bank.
Q. Is the watch waterproof?
A. No. The Smart Buddy watch is currently only splash and water-resistant. So do inform your child that they must not use it while swimming or showering.
Q. Will I need to pair my phone with the Smart Buddy watch?
A. No. Simply hit “Cancel” if you are asked to pair the watch when you turn on the Bluetooth.
Q. Is it compulsory for all children in a participating school to be a part of the Smart Buddy programme?
A. No. Is it entirely up to the parent’s discretion as to whether they would like to enrol their child in the programme or not.
Q. Is cash still accepted at the participating schools?
A. Yes. Children have the option of paying at the canteen or bookstore with their Smart Buddy Watch or cash.
Q. Will any unspent allowance for the day be carried forward to the next day?
A. No. Any allowance that is not spent that day will be transferred to “Allowance Savings” on the mobile app. This savings will automatically be debited from your account and be transferred to your child’s account.
Q. Will the daily allowance be deducted from my account right away?
A. No. Only once a transaction has been made will the amount leave your account.
Q. Will my child’s allowance be instantly updated as soon as I increase their allowance for the day?
A. Yes. Your child may use the additional amount you have assigned almost immediately.
Q. What can I do in the case of a lost Smart Buddy watch?
A. Disable the watch by going to your child’s profile and turning on the “Disable Account” function. Permanently delete payment chip access by contacting the POSB hotline 1800 339 6666 if you fail to retrieve the watch.
Q. Is there a fee to replace this watch?
A. There will be a replacement fee of S$30 for the new watch.