POSB SAYE Account Reviews and Comparison - Seedly
 

POSB SAYE Account

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  • Reviews (3)
  • Questions (1)
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POSB SAYE Account

Up to 2% p.a.
INTEREST RATES
None
MINIMUM INITIAL DEPOSIT
$50
MIN. AVE DAILY BALANCE

    POSB SAYE Account

    Up to 2% p.a.
    INTEREST RATES
    None
    MINIMUM INITIAL DEPOSIT
    $50
    MIN. AVE DAILY BALANCE
Reviews (3)

5.0

3 Reviews

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    3
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  • 2
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decent park

park money

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salary crediting

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love automation

automation month

good saving

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  • Posted 9h ago

    Purchased

    POSB SAYE Account

    [Interest] Interest is decent and allows me to park my money somewhere. [Salary Crediting] I love the automation and I don't have to do anything every month
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  • It is a good saving for NSF with a minimum $50 monthly contribution. Do note that if your service period is 1 year 10 months, the last 2 months isn't counted into the 2% even if you top up using your cash. So only 2% for the first year. If you're 2 years, make sure you start from the first month to 24th month.
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  • Updated on 19 Sep 2019
    A wonderful plan that will force one to save their money through monthly dediction from their account.
    0 comments
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Questions (1)

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Bank Account

Savings

POSB SAYE Account

From T&C below - looks like Additional Interest only on the monthly savings amount you set up to transfer. https://www.posb.com.sg/iwov-resources/pdf/bank/savings-accounts/posb-says/TnC-POSB-SAYE-ACCOUNT.pdf

About POSB Saye Account

PROMOTION UNTIL 12 JANUARY 2020 - to receive a S$20 cash gift

  • Open an account online
  • Deposit and maintain a monthly contribution of at least S$50 for 6 consecutive months
  • No withdrawal to be made from the Special Savings Account for at least a 6-month Period

POSB Save As You Earn (SAYE) Account provides you with additional 2% interest on the amount that you decide to save monthly from you salary to achieve your financial goals.

In order to achieve the additional 2.00% p.a. initerest on monthly savings for the next 2 years,

  • 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)
  • Make no withdrawal from the POSB SAYE Account

Interest for POSB Saye Account

Monthly transactions and relative interest:

  • 0.05% p.a. interest for monthly transactions of S$50 to S$290
  • 0.2% p.a. interest for monthly transactions of S$300 to S$790
  • 0.25% p.a. interest for monthly transactions of S$800 to S$1,490
  • 0.25% p.a. interest for monthly transactions of S$1,500 to S$3,000
  • 0.05% p.a. interest for failed crediting, withdrawal monthly transaction or account closed during the month
  • 2.00% p.a. interest for the cash gift provided you credit $50 from your monthly salary to your POSB SAYE account without withdrawal

Eligibility

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