POSB SAYE Account Reviews and Comparison - Seedly
Seedly logo
Seedly logo
Ā 

POSB SAYE Account

  • Overview
  • Reviews (14)
  • Questions (5)
  • More Details
Savings Accounts/POSB SAYE Account

POSB SAYE Account

4.7
14 reviews

USER RATINGS

Read reviews

Customer Support

4.7

Ease of online banking

4.8

POSB SAYE Account

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

    POSB SAYE Account

    Up to 2% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    $50
    MIN. AVG DAILY BALANCE
Reviews (14)

4.7

14 Reviews

  • 5
    10
  • 4
    4
  • 3
    0
  • 2
    0
  • 1
    0

Read Review About...

salary credit

month save

application process

months salary

account saye

discipline save

saving account

save money

hassle free

online banking

Most Recent

  • Most Helpful
  • Most Recent
  • Low to High
  • High to Low
Most HelpfulMost RecentLow to HighHigh to Low
  • Updated 1d ago

    Purchased

    POSB SAYE Account

    [Application Process] Smooth, fast and easy. [Interest] Quite high compare to others account! Recommended! [Online Banking] Feel secure, easy to use and manageable!
    0 comments
    0
  • Updated 2d ago

    Purchased

    POSB SAYE Account

    Hassle free as its automatically draw money from your savings account to the saye account. Interest rate is decent too. This is my 2nd cycle of this service as the additional interest rate is only up to 2yrs.
    0 comments
    0
  • Updated 2d ago

    Purchased

    POSB SAYE Account

    [Application Process] It was definitely an easy and hassle-free process as the application could be done online within a few minutes. [Salary Crediting] I chanced upon POSB SAYE account when I just started NS and saved $50 monthly from my meagre salary (it would be automatically transferred from your POSB/DBS to SAYE account so that you would not forget to do so every month). And of course, in order to fulfil the condition of 2% p.a. interest, you should not withdraw any money from your SAYE account during the entire period. The SAYE account was also a good way to keep yourself disciplined by saving a fixed amount of salary monthly. [Interest] At the end of the my NS, I earned the cash gift interest twice on the 13th and 25th month. I would personally recommend this to people who just started NS.
    0 comments
    0
  • Updated 3d ago

    Purchased

    POSB SAYE Account

    Used this account purely for savings, it will be automatically deducted from your main debit card and also gives you the discipline and to save every month.
    0 comments
    0
  • Updated 5d ago

    Purchased

    POSB SAYE Account

    [Fuss Free] Easy to apply and especially when you can get the $20 cash incentive when you put your monthly deposit inside and leave the money inside for 6 months only! [Salary Crediting] No need for the hassle to re-direct salary crediting to that account and the funds is most easily managed when you remit money to yourself haha. Keeps your finances in check every month as you make sure you essentially save a portion of it
    0 comments
    0
Questions (5)

Recent Activity

  • Recent Activity
  • Unanswered
  • Trending
Recent ActivityUnansweredTrending

POSB SAYE Account

Standard Chartered JumpStart Account

Savings Accounts

Loh Jian Rong
Loh Jian Rong
Level 3. Wonderkid
Answered on 27 Feb 2020
Definitely feel that the standard chartered jumpstart account is better. the POSB SAYE locks up your money for the 24 months, unless you want this "lock-up" feature (loses liquidity), I do not think it is worth it. Unless, you have more than $20k that you can put in your standard chartered account, no point having POSB SAYE account :)
šŸ‘ 2

POSB SAYE Account

Savings Accounts

Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered 4w ago
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.
šŸ‘ 0

Savings

POSB SAYE Account

Savings Accounts

A
Ad
Level 2. Rookie
Updated 4w ago
Yes you can. Transfer money out from the first SAYE that have hit the 2yrs. Reopen a new one, same process as 1st open. I did just that, 3mths in the reopened one. Of coz the same thing applies, u only earn the bonus if u keep it through the next 2 yrs.
šŸ‘ 0

POSB SAYE Account

Savings

Singapore Saving Bonds (SSB)

Savings Accounts

Lok Yang Teng
Lok Yang Teng
Level 8. Wizard
Answered on 11 Feb 2020
Personally, I discontinued SAYE since StanChart JumpStart (up to 20k) provides an alternative with better liquidity. The issue for me is the bonus interest is only credited on 13th and 25th month from 1st deposit so during which the account is basically earning minimal interest. And if you accidentally transfer out/withdraw money from the SAYE account, no bonus interest will be given. In essence the account works more like a time deposit rather than a high interest account. Considering you're using SAYE which needs a 'SAL'/'PAY' component, you can use Seedly's savings account calculator to find a savings account that suits you the most. There are those e.g UOB ONE/OCBC 360/... which requires salary crediting and meeting some transaction requirements which you can use to hit more than 2.5%.
šŸ‘ 0

Savings

POSB SAYE Account

Savings Accounts

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
šŸ‘ 0

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