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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.
No matter which savings account you hold, do note that interest rates are based on current SIBOR (Singapore Inter Bank Offer Rate) and SOR (Singapore Dollar Swap Offer Rate) and may change at your bank’s discretion. In 2020, multiple changes were made to savings accounts’ interest rates across all major banks in Singapore. Here are the updated POSB savings accounts’ interest rates as of 1 October 2020.
|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)|
If you do not have a DBS Multiplier Account or are not enrolled into the POSB Multiplier Programme, you can enrol yourself into the POSB Cashback Bonus Programme to earn cash back every calendar month. To enjoy the cashback rates listed below, you will need to fulfil at least 3 of the categories’ criteria. Cash back rates vary from category to category.
|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|
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.
To set up a digital token, you will have to first download the POSB digibank mobile app. Login to your digibank mobile app, and select “More” from the menu on the bottom right hand corner, followed by “Manage Digital Token”.
Select “Set Up Now” and you will be guided through 3 questions – your email address, an email OTP (one-time password), followed by another SMS OTP which will be sent to your registered mobile number.
Now, when you make any transactions, you will be able to authenticate the transaction on your digibank app instead of the physical token.
If you are looking to contact or speak to the customer service at POSB, call the POSB phone banking and general enquiries hotline at 1800 339 6666 or +65 6339 6666 if you are calling from overseas.
The POSB bank code is 7171, which is the same as the DBS bank code. No matter which POSB account you hold, your POSB branch code is 081 – different from the DBS branch code, which can be found in the first 3 digits of your DBS bank account number. Finally, the POSB branch name is POSB Bank Ltd. while the DBS branch name is DBS Bank Ltd.
If you are looking to purchase or replace your physical POSB passbook to view and update your transaction history and bank account balance, you will need to visit a POSB branch near you in person to purchase a passbook at a S$15 fee. Retrieval of statements fee of S$20 to S$50 for 1 to 3 years and more may apply. If you are looking to apply for the series of POSB Passbook savings accounts, the POSB Passbook accounts have been phased out and are no longer available for account opening.