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POSB SAYE Account
At a Glance
Enjoy an additional 3.5% p.a. interest for the first 2 years
Earn higher interest when you credit your salary with us. Receive 3.5% p.a. Cash Gift Interest on your monthly savings amount to help you grow your money. Cash Gift Interest will be credited on the 13th and 25th month.
Flexible Savings Amount
You get to choose how much to set aside for your fixed monthly savings, any amount between S$50 to S$3,000 (in multiples of S$10).
Preferred Debiting Date
Choose your preferred debiting date between the 1st and 25th of each month and change this anytime via digibank.
How it works
What you need to do:
- Credit your monthly salary into a POSB/DBS account and select it as the debiting account for the monthly savings contribution towards the POSB SAYE Account.
- Choose an amount between S$50 to S$3000 (in multiples of S$10) to set aside as your fixed monthly savings. This will be credited into your POSB SAYE account from your DBS/POSB salary crediting account.
- Select your preferred debiting date between the 1st and 25th of each month. Ensure that you have enough funds in your source account by 7pm, one day before the debiting date.
- To receive the additional 3.5% p.a. Cash Gift Interest, ensure that you do not make any withdrawal from your POSB SAYE account.
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.
Find out how interest is calculated here.
Learn how much interest you can earn on your monthly savings.
#Accumulated Cash Gift Interest earned by Month-12 will be credited in Month-13.
#Accumulated Cash Gift Interest earned by Month-24 will be credited in Month-25.
Terms and conditions governing POSB SAYE Account.
Eligibility & Fees
16 years old
You must have an existing DBS/POSB Savings or Current Account as your salary crediting account before you can apply for POSB SAYE account.
Salary must be credited via GIRO, with transaction reference codes ‘SAL’ or ‘PAY’.
No Service charge & initial deposit
Documents Required for Account Opening
Refer to the documents required for account opening before you proceed.
Existing POSB Customers
Step 1 - Download the digibank app and apply for your first account with us - My Account and Multiplier Account. It is easy, quick, and instant when you register using Singpass.
Step 2 - Log in to the digibank app and apply for eMySavings account as your second account.
Frequently Asked Questions
Can I have multiple POSB SAYE Accounts?
Each customer is only eligible to have one POSB SAYE Account.
What are the criteria that I must fulfill to receive the additional 3.5% p.a. interest from POSB SAYE Account?
To receive the additional 3.5% p.a. interest, you must fulfil the following 3 criteria:
- Credit your monthly salary into a POSB/DBS account and select it as the debiting account for the monthly savings contribution into the POSB SAYE Account. Salary must be credited via GIRO, with transaction reference codes 'SAL' or 'PAY'
- Successful monthly savings contribution to your POSB SAYE Account each month for 24 months
- Make no withdrawal from the POSB SAYE Account
What happens if I make a withdrawal from my POSB SAYE Account?
If a withdrawal is made in the month, this will result in the previously accumulated additional 3.5% p.a. interest to be forfeited.
When will POSB SAYE Account’s additional 3.5% p.a. interest be credited?
The additional 3.5% p.a. interest will be deposited in the 13th month & 25th month.
Is there a minimum balance requirement and service charge for the POSB SAYE Account?
No, there is no minimum balance required and no service charge for this account.
When will the monthly deduction happen?
You can select a debiting date between 1st to 25th of the month.
To avoid any failed deduction, please ensure that there are sufficient funds in the debiting account by 7pm, one day before the chosen monthly savings date. You may amend the monthly savings arrangement for your POSB SAYE Account via digibank online, find out more here.
What happens if there are failed deductions from my debiting account?
For POSB SAYE Account, you will receive base interest (tiered according to your monthly savings amount),
If there is failed deduction for the month, the base interest will be reverted to 0.05% p.a., and you will not be accorded the additional 3.5% p.a. interest for that month. Manually transferring funds into your POSB SAYE account will not be considered as successful contribution.
If there are 3 consecutives failed debiting attempts your POSB SAYE Account will be closed by the bank.
What happens if I would like to close the POSB SAYE Account early? Is there an early closure fee?
The accumulated additional 3.5% p.a. interest will not be accorded if the account is closed before 13th or 25th month of crediting. There are no early closure fees.
I opened my POSB SAYE Account prior to 1 November 2022, will I receive the additional 3.5% p.a. interest?
Existing POSB SAYE Account holders who fulfil the conditions will be eligible to receive the additional 3.5% p.a. interest from November 2022 onwards. Additional interest earned prior to 1 November 2022 will remain at 2.0% p.a.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
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