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POSB savings accounts range from the POSB Smiley CDA account for newborns, POSB Smart Buddy for students, an online multi-currency POSB My Account, eMySavings Account, POSB SAYE deposit account. and the POSB Multiplier account. The best savings account is one that complements your lifestyle, banking portfolio, savings, and cash flow needs.
|POSB Savings Accounts||Interest Rates - from 1 October 2020 (per annum)||Bonus Interest Rates - Maximum (per annum)|
|POSB Smiley CDA||1.00% (below S$10k)||2.00% (S$10 - 40k)|
|POSB My Account||0.05%||N/A|
|POSB eMySavings||0.05%||0.25% (S$1.5 - 3k)|
|POSB Cashback Bonus Categories||Cash Back Rate||Criteria|
|Salary Crediting||0.30% (S$20 Cashback Cap)||Minimum S$2,500 via GIRO with reference codes “SAL” or “PAY”|
|Credit Card Spend||0.30% (S$20 Cashback Cap)||No minimum spend on any POSB or DBS credit cards|
|Home Loan||3.00% (S$30 Cashback Cap)||Monthly cash or CPF contributions to your POSB or DBS home loans|
|Insurance||3.00% (S$30 Cashback Cap)||Monthly premiums to your eligible POSB or DBS regular policies bought after enrolment|
|Investments||3.00% (S$30 Cashback Cap)||Monthly contributions to your POSB or DBS investments bought after enrolment|
|POSB Savings Accounts||Minimum Balance - Daily Average||Fall Below Fee (per month)|
|POSB Smiley CDA||S$0||S$0|
|POSB My Account||S$0||S$0|
|POSB Current||S$1,500 (in linked POSB Savings Account)||S$2|
|POSB eCurrent||S$1,500 (in linked POSB Savings Account)||S$2|
|POSB Everyday Savings||S$500||S$2|
|POSB eEveryday Savings||S$500||S$2|
You can apply for a POSB bank savings account online via the POSB ibanking portal, POSB digibank. To apply for a POSB account online, visit the POSB digibank website to first create a personal banking account. Once you have your POSB ibanking account ready, click on the website’s menu to find the “Apply” section, followed by “Open Account” where you will see a list of available POSB savings accounts for new applications. Click on your POSB account of choice and you will be guided through a simple application form. After you have completed your application, you will be able to check on your POSB account application status via the same “Apply” menu, followed by “View Application Status”.
Being a POSB digibank user, you will have free access to the POSB online banking, or ibanking, website. Benefits include instant access to your POSB account and credit card information, such as current savings amount, credit card expenditure balance, transaction history, any cash back or interests credited to your account. With POSB ibanking, you will also be able to set up recurring bill payments via GIRO, make retail payments or cash transfers via bank transfers, PayNow, or set up mobile wallets like PayLah!.
How do you set up your digital POSB or DBS token? If you still hold a physical POSB or DBS token, you can now ditch that and use a digital token instead.