Anonymous

03 Mar 2020

∙

Can I open SAYE despite not having credited salary?

As mentioned, I will not have any salary. I asked because it seems that you can do a monthly transfer of X amount, eg. $50 into the account while getting the 2% rate for 2 years, is that right?

POSB SAYE Account

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Geraldo L.

03 Mar 2020

No, you will not be entitled to the bonus interest if you do not fulfill the salary crediting criteria. However, in the Terms & Conditions it indicates that the debiting account can be a personal or joint account. So, if it's applicable you might want to confirm with POSB if they allow the salary credit from a joint account holder (into the debiting account) to qualify.

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Andy Sim

03 Mar 2020

HR Professional at a Financial Institution

Hi Anon, the monthly savings into the SAYE account is taken from the salary credited into your posb/dbs account, so no, you must have salary credited. Hope this helps, thanks!

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Yang Teng

02 Mar 2020

No, the amount credited needs to have a SAL/PAY code tagged to it....

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