POSB SAYE Account Reviews and Comparison - Seedly
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POSB SAYE Account

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  • Reviews (28)
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Savings Accounts/POSB SAYE Account
Savings Accounts/POSB SAYE Account
4.4
28 reviews
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USER RATINGS

Customer Support

4.7

Ease of online banking

4.6
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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

Highest Interest Rates for POSB SAYE Account

  • The base interest rate for SAYE starts from 0.05% - 0.25% p.a.
  • Earn a bonus rate of 2.00% which they term as their 'Cash Gift Interest'
  • The highest accruable interest rate is 2.25% p.a.
  • 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.

Read More about POSB SAYE Account
Reviews (28)

4.4

28 Reviews

  • 5
    15
  • 4
    9
  • 3
    3
  • 2
    1
  • 1
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  • Updated on 07 Aug 2020

    Purchased

    POSB SAYE Account

    This was the first account that got me started on my saving journey when I enlisted! Back then it was quite the deal where you could save any amount you want on a monthly basis (starting from $50 if i remembered correctly) and get back 2% interest after 24 months. Pros: -Helps with your discipline in saving at an "early" age Cons: -0 liquidity. You can't withdraw any money from this account. The moment you withdraw, the bonus interest is gone -There are many better saving accounts/programs nowadays such as Singlife and Standchart Jumpstart account

    0

    Post
  • Updated on 04 Aug 2020

    Purchased

    POSB SAYE Account

    My go-to saving account during my NS times. It is great during NS as it helps me to set aside the money I have monthly and also accumulate some interest rate. But after the 2 years, the interest rate becomes too low and I stopped using it.

    0

    Post
  • Updated on 08 Jul 2020

    Purchased

    POSB SAYE Account

    For many of those beginning to serve NS, it will be the first time in their life that they will be receiving a substantial sum of money, akin to a salary. With this allowance comes the independence of having your own money in your bank account, and a newfound freedom. POSB/DBS's SAYE account is ideal for existing POSB/DBS customers who wish to save this sum of money and earn interest. [Online Banking] The integration with your existing POSB/DBS account is excellent, and when combined with the fact that POSB/DBS's website and app are pretty well-designed and user-friendly, makes banking chores easy and quick. [Customer Service] Friendly and responsive [Interest] The interest rate of 2%, while still valuable, can be insufficient and can provide inferior returns as compared to if the money was invested instead. [Application Process] Fast and simple [Terms and Conditions] There is also the added bonus of no minimum deposit required, as compared to other accounts with comparable interest rates. [Others] It teaches you to budget in advance, and plan out your spending, so it can be valuable in building discipline for those with tendencies to spend spontaneously. While you forfeit interest accumulated on your money if you withdraw money from the account before 2 years, if you face liquidity issues, you can always change the amount credited to the account monthly to the minimum of $50. Overall, you can regard this account as a starting point for young NSFs who may not have the confidence or the knowledge to invest in companies or funds themselves.

    0

    Post
  • Updated on 08 Jul 2020

    Purchased

    POSB SAYE Account

    [Interest] I would say very low and haven't seen any high interest rates yet ūü§£ [Application Process] This was extremely fast with SingPass. Even trying to apply for the POSB everyday card from here was like less than 5 mins?!!!! [Online/Mobile Banking] A lot of process to verify etc. I know it's for security but it's very annoying when I just want to check my transaction history and I need to verify using SMS to just check a simple action.

    0

    Post
  • Updated on 30 Jun 2020

    Purchased

    POSB SAYE Account

    [Others] Before the introduction of Jumpstart account, I would recommend my friends in creating POSB SAYS or SAYE during NS. This will be the forced savings portion for them so that they won't haphazardly spend their allowance away. The forced savings aspect in my opinion is a double-edged sword in the sense that there are some of my friends who have put in too much money into it and resulting in liquidity issue for themselves. If one has to withdraw, it will lose out on the bonus interest. Ever since Jumpstart and Singlife were introduced, I would not recommend POSB SAYS or SAYE.

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How does SAYE Work?

  • SAYE 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 from your existing primary account will be automatically transferred to your SAYE monthly.
  • This automatically helps you save a stipulated amount of cash without you conducting any transfer processes.
  • The stipulated set deposit amount credited to your SAYE account determines how much base interest rates you will earn.

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%

Bonus Interest Rates for POSB SAYE

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.

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

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 2020?

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 2020

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?