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POSB SAYE Account
At a Glance
Flexible Savings Amount
Determine a fixed monthly savings amount from S$50 to S$3,000 (in multiples of S$10).
Preferred Savings Date
Choose a monthly savings date (between 1st and 25th day of the month).
Enjoy an additional 3.5% p.a. interest
Receive 3.5% Cash Gift Interest on the 13th and 25th month.
Let your salary bring you more from the moment it gets credited. POSB Save As You Earn (SAYE) Account gives you an additional 3.5% p.a. interest on the amount that you decide to save monthly from your salary to help you achieve your financial goals. So you get more out of your savings while you focus on what matters most.
Features & Benefits
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 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.
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
^Salary must be credited via GIRO, with transaction reference codes 'SAL' or 'PAY'.
*To avoid any failed deduction, please ensure that there are sufficient funds in the debiting account by 7pm, one day before the monthly savings date.
#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
|Eligibility||You must be at least 16 years old to open this account, and already have a DBS/POSB Savings/Current Account as your salary crediting account. |
(Applicants below 18 years old must have a valid digibank login or ATM/Debit Card to apply online)
|Fees||No applicable fees|
If you have not downloaded the digibank app on your mobile device:
Download POSB digibank app
Once you have downloaded the app, set up your login User ID and PIN. Click here for more info.
- Existing digibank mobile users, simply:
- Login to your digibank app.
- Tap on More followed by Deposit Accounts under APPLY.
Download digibank app and apply for your first account with us. It is easy, quick and instant! Once your first account is opened, you just need to log in to the digibank app and apply for POSB SAYE account as your 2nd account.
Download POSB digibank app
Pro tip: By downloading the POSB digibank app and registering using Myinfo with Singpass, you will be able to open a My Account or Multiplier account instantly.
Frequently Asked Questions
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
If a withdrawal is made in the month, this will result in the previously accumulated additional 3.5% p.a. interest to be forfeited.
The additional 3.5% p.a. interest will be deposited in the 13th month & 25th month.
No, there is no minimum balance required and no service charge for this account.
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.
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.
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.