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POSB SAYE Account

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  • Reviews (37)
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Savings Accounts/POSB SAYE Account
Savings Accounts/POSB SAYE Account
4.4
37 reviews
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USER RATINGS

Customer Support

4.6

Ease of online banking

4.7
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POSB SAYE Account

Up to 2% p.a.

INTEREST RATES

$0

MIN. INITIAL DEPOSIT

$50

MIN. AVG DAILY BALANCE

POSB SAYE Account

Up to 2% p.a.

INTEREST RATES

$0

MIN. INITIAL DEPOSIT

$50

MIN. AVG DAILY BALANCE

Details

POSB SAYE Account Reviews 2021

  • The base interest rates for POSB SAYE starts from 0.05% - 0.25% p.a, depending on your Monthly Savings Amount.
  • Earn a bonus interest rate of 2.00% p.a. which they term as their 'Cash Gift Interest'
  • To be eligible for the extra interest rates, you have to ensure
    i. a fixed monthly amount of at least S$50 and
    ii. NO withdrawals from your SAYE account for 24 months straight.
  • POSB Save As You Earn (SAYE) is a simple park-and-save type of savings account by POSB.
Read More about POSB SAYE Account
Reviews (37)

4.4

37 Reviews

  • 5
    21
  • 4
    11
  • 3
    4
  • 2
    1
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      Posted 3d ago

      Purchased

      POSB SAYE Account

      [Application Process] Application process was really fast, immediately reflected on the app itself. [Others] Not sure if keeping a part of the savings in this account is the best choice, hard to move around the money within the 2 years. One wrong move, 2% interest rate is thrown away :,)

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      Posted 11d ago

      Purchased

      POSB SAYE Account

      Easy to sign up but A little difficult to get to the hotline to request verification for the cancellation policy. Do note before starting that you need a salary crediting account that links to this post SAYE account for min of 2 years if not you would NOT enjoy the rewards!

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      02 Jul 2021

      Purchased

      POSB SAYE Account

      Super easy to sign up through POSB website, and the account will be approved in no time! It provides high interest rate compared to other banks

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      30 Jun 2021

      Purchased

      POSB SAYE Account

      Application process is breeze through with posb digibank. easy to use and set up very fast. Good to set up a regular amount every month for 2 years giving the prevailing low interest climate 2 percent interest is a steal. Note the no withdrawal is allowed Thank you

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      24 Jun 2021

      Purchased

      POSB SAYE Account

      [Application Process] This is the first saving account that I opened few years ago. It reinforces you to religiously save a certain amount every month since the money is automatically deducted in your main account, so it kind of really helps. [Interest] I've saved a lot but never really got my bonus interest after a year. Anyhow, it's not the best but good enough. [Fuss Free][Online Banking] very easy to open especially if you are an existing POSB and/ or DBS customer.

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      How does POSB SAYE Savings Account Work?

      • SAYE savings account holder has to have an existing DBS/POSB account which your salary is credited to.
      • This would be the primary debiting account to the SAYE Account whereby a set amount, also known as 'Monthly Savings Amount', from your existing primary account will be automatically transferred to your POSB SAYE Account every month.
      • This automatically helps you save a standard amount of cash without you conducting any transfer processes every monthly.
      • The set Monthly Savings Amount credited to your SAYE account determines how much base interest rate you will earn - which ranges from 0.05% - 0.25% p.a.
      • Additionally, you can get to enjoy bonus interest rates of 2.00% p.a. on top of the base interest rate if you sustain crediting a fixed amount of your salary for 2 years straight, without withdrawal.

      Below is an illustration of the interest earned when you make a successful S$100 monthly contribution into your POSB SAYE Account on the 1st day of each month:

      POSB SAYE Savings Account Interest Rates Illustration from POSB

      Interest Rates for POSB SAYE Account

      Monthly Savings Amount

      Rates (% p.a.)

      S$50 - S$290

      0.05%

      S$300 - S$790

      0.20%

      S$800 - S$1,490

      0.25%

      S$1,500 - S$3,000

      0.25%

      If there is a failed crediting of monthly savings amount, withdrawal made or account is closed during the month

      0.05%

      Bonus Interest Rates for POSB SAYE Account

      Cash Gift Interest Conditions

      Bonus Interest Rate

      when you credit your monthly salary to the linked debiting account + make no withdrawals for 24 months

      2.00% p.a.

      How to maximise the interest rates for POSB SAYE?

      • Credit your monthly salary via GIRO (Transaction Reference Code: SAL or PAY) into a POSB/DBS account and select it as the debiting account for the monthly savings contribution into the POSB SAYE Account.
      • Determine a fixed monthly savings amount from S$50 to S$3,000 (in multiples of S$10)
      • Choose your preferred monthly savings date (between the 1st and 25th day of the month)
      • Keep up the monthly regular monthly deposit AND Make no withdrawal from the POSB SAYE Account for 24 months to enjoy 2.00% bonus interest of Cash Gift Interest
      • If any withdrawal is performed, all past months accumulated 2% Cash Gift Interest amount will be forfeited

      Is SAYE the Best Savings Account for you in 2021?

      Pros

      • Helps you save without you needing to conduct extra processes
      • Simple savings account mechanics does not require strategic spending
      • Ideal for people to park their funds and create a regular saving habit

      Cons

      • Primary Debiting Account must have enough funds to sustain your SAYE account
      • No withdrawals can be made for 24 months, this fixed period might be too long for some people
      • Any withdrawal made will automatically forfeit all the bonuses that you have managed to accumulate before the 24 months cut-off.

      Want to know how POSB SAYE compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2021

      Eligibility: who can apply for POSB SAYE Account?

      • For all Singaporeans and Permanent Resident (PR) and Foreigners:
      • Aged at least 16 years old to open this account, and already have a DBS/POSB Savings/Current Account
      • Aged below 18 years old must have a valid iBanking login or ATM/Debit Card to apply

      How to apply for POSB SAYE?

      • Apply Online through the 'Visit Site' button above
      • Visit POSB or DBS branches

      Contact us at [email protected] should you require any assistance or spot any inaccuracies.

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