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POSB SAYE Account

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  • Reviews (32)
  • Questions (0)
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Savings Accounts/POSB SAYE Account
Savings Accounts/POSB SAYE Account
4.4
32 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

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 (32)

4.4

32 Reviews

  • 5
    19
  • 4
    9
  • 3
    3
  • 2
    1
  • 1
    0

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    Most HelpfulMost RecentLow to HighHigh to Low
      Updated 3d ago

      Purchased

      POSB SAYE Account

      Application process was super smooth and easy, especially if you are already a POSB or DBS account holder! And that 2% interest rate is pretty cool, especially during this period of time when interest rates are at an all time low!

      0

      Post

      Updated 3d ago

      Purchased

      POSB SAYE Account

      Good starting platform for young people to save up and 2% is not shabby at all comparing to other accounts. Very under rated account

      0

      Post

      Updated on 02 May 2021

      Purchased

      POSB SAYE Account

      [Fuss Free] It deposits from my account monthly automatically [Application Process] Easy to apply for in the app Overall great to use during the 2 years NS, but it's not as appealing once you're out

      0

      Post

      Updated on 29 Apr 2021

      Purchased

      POSB SAYE Account

      Started during NS and had no regrets since NS didn't require me to spend a lot. I saved $500 every month and after 2 years, I have saved 12k excluding interests. [Fuss Free] Very easy to apply online. [Salary Crediting] You don't have to worry about manually transferring funds over to the account as it is automated. [Interest] Monthly Deposit | Interest $50 - $290 |0.050 $300 - $790 |0.200 $800 - $1,490 |0.250 $1,500 - $3,000 |0.250 Fail to deposit |0.05 Cash gift interest |2% * cash gift is deposited after 12 months and 24 months.

      0

      Post

      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

    Questions (0)
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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.