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POSB SAYE Savings Account

 

POSB Logo

Min. Deposit
$50 monthly

Interest Rate
up to 2.05%

Review on POSB SAYE Savings Account

Pros
High interest rate for savings account
Low monthly deposit

Cons
Interest rate applied only on designated savings
Requires fixed monthly savings

 

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Details

Earn up to 2.05% p.a. (Additional 2.00% interest + 0.05% base interest) on your monthly savings for the next 2 years

 

Interest Computation

Interest
Base Interest 0.05% p.a.
Fixed Monthly Savings 2.00% p.a.
Total 2.05% p.a.

Earn bonus interest by following these steps

Credit your monthly salary into a existing 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 $50 to $3,000 (in multiples of $10)

Choose your preferred monthly savings date (between the 1st and 25th day of the month)

The additional 2.00% p.a. interest will be awarded on the amount that you decide to save monthly from your salary and credited to your account in the 13th and 25th month

 

Promotions

Apply online and maintain monthly contribution of at least $50 with no withdrawals for at least a 6-month to receive $20 Cash Gift and a chance to be one of 10 Lucky Draw winners to receive a Private Dining Experience for four diners (Valid till 30 Jun 2019)

 

Click here to go to POSB website for more details

 

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Reviews or Comments (6)

Ave. Rating:
4/5 (10)
Topic: POSB SAYE Savings Account Review
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Shirley
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Oct 2017
Shirley says...

Can I do fund transfer every month for a fixed amount to the SAYE account instead of changing the salary bank details? with the employer?

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Money Lobang
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Sep 2014
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Money Lobang says...

The salary must be credited via GIRO (with transaction reference codes ‘SAL’ or ‘PAY’) instead of fund transfer.

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Helen
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Oct 2017
Helen says...

I receive my salary via cheque monthly which I will deposit to my DBS account. Is there a minimum salary requirement to open the SAYE account? If my pay is $3000, can I choose to credit the full $3000 to the SAYE account monthly?

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Money Lobang
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Sep 2014
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Money Lobang says...

The fixed monthly savings can be from $50 to $3,000 (in multiples of $10). However, the salary must be credited via GIRO (with transaction reference codes ‘SAL’ or ‘PAY’) instead of check. Hence, you do not meet the requirements for the SAYE Account. Please call POSB via 18003396666 for more information about the SAYE account.

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Sweet Meng
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Oct 2017
First Poster
Sweet Meng says...

What if I do not want to credit the monthly salary to the existing DBS account? But I can giro the monthly savings contribution from the existing DBS account to the DBS Saye Account? Can I still apply to have the DBS Saye Account?

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Senior
Money Lobang
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Sep 2014
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Money Lobang says...

You are supposed to credit a fixed savings amount from any DBS or POSB account to the SAYE account. The DBS or POSB account must be funded monthly with a salary via GIRO and not through existing savings in the account. Hence, you do not meet the requirements for the SAYE account. Please call POSB via 18003396666 for more information about the SAYE account.

 

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