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This is banking with neighbours first
At a Glance
Because you shouldn’t have to spend more for what you need
No hoops or hurdles – just simple, easy-to-follow tips to help you earn more and spend less
Everyone benefits; no one is left behind
Visited the supermarket recently expecting to spend your usual amount on groceries, only to pay more? That’s inflation for you, in a nutshell.
As the cost of living continues to rise, we know you’re feeling the pinch. But know this – you’re not alone. Our latest NAV Financial Health report found that inflation is increasing faster than income growth for 40% of you. Yikes!
That’s why we’re doing more so you’ll feel the squeeze less. From savvy tips on how to improve your financial situation to a slew of benefits and rewards to cushion the effects of rising costs. We’re here to help you get the better of inflation not just for a few weeks or months, but for the long haul.
Firstly, find out how inflation is impacting your own finances. See your cashflow tracked monthly with money ins and outs automatically sorted into categories here:
You can also tap on the ‘Plan’ tab via your trusty digibank app.
Next, check out some of the tips to fight inflation:
Inflation-proof your savings
Even the most diligent of savers find themselves spending more of what they could be saving during these times. So don’t be too hard on yourself. Instead, look for easier ways to maximise your hard-earned income.
A great first step would be to switch to a high-interest saving accounts like Multiplier to earn higher interest. And because we know every cent counts, we’ve increased our interest rates up to 4.1% p.a. and made it higher for the lower/starting tiers so it’s easier for you to multiply your savings with us.
3.5% 4.1% p.a.
We’ve made our increased interest rates more inclusive, so everyone benefits – not just on the highest tier but the lower/starting ones as well.
No minimum amount, always
Everyone’s needs are different. That’s why we’ve stuck to our promise of making it simpler for our neighbours – no minimum amount needed across product categories to unlock higher interest rates.
Flexibility for all
Multiply your money, your way with more eligible transactions to choose from – including ProtectFirst and our new SaveUp digiPortfolio that you can start from S$100.
T&Cs apply. SGD deposits are insured up to $75K by SDIC.
Already crediting your salary with us? Get more out of your monthly savings by earning additional 3.5% p.a. with our POSB Save As You Earn (SAYE) Account. Yes, we’re rewarding you with more interest simply for staying committed to your savings goal. Here’s how this hack might work for you:
- Earns $3,800 and spends $500 each month
- Places savings of $2,000 in Multiplier
- Commits savings of $500/month in SAYE
- Earns 1.5% p.a. interest on $2,000 in Multiplier and 3.5% p.a. on monthly savings in SAYE
Year 1 Estimated Earnings: S$150.11
- Earns S$6,200 and spends S$1,000 each month
- Has S$50,000 savings in Multiplier Account
- Earns 1.8% p.a. interest on first S$50,000
- Commits to S$1,000 savings each month in SAYE
- Earns 3.5% p.a. on monthly savings in SAYE
Year 1 Estimated Earnings: S$1,146.64
Shop and spend smarter on daily essentials
Your dollar today is not buying you as much as it did yesterday. While cutting back on expenses may seem like an impossible task, we’re here to help you save more without sacrificing too much with increased savings and cash rebates on everyday necessities with PayLah!, POSB Everyday Card and PAssion POSB Debit Card.
Don’t have these cards or PayLah!? No problem. We took the liberty to curate over 24,000 deals under Lobang Kit that you can enjoy with ANY DBS/POSB Card. Don’t say bojio!
Link your PAssion POSB Debit Card to the yuu App and enjoy 8% savings in the form of yuu Points when you shop at Cold Storage, Giant and Jasons.
Your next hawker meal can earn you cashback
It’s so easy to earn cashback at your fave hawkers, coffee shops & wet markets. Just scan to pay with PayLah! & complete all your stamps!
Save around S$204* with rebates and deals
Find the best deals on Lobang Kit for all your essential needs in one place! Enjoy up to 50% at over 550 merchants such as Foodpanda, Gojek and ShopBack with DBS/POSB Cards.
*Savings calculated based on average transactions, and promo codes for Foodpanda, Gojek and Shopback
Consider buying house brand products at supermarkets or bulk-buy non-perishables for even greater savings. And earn cashback, points or miles while you spend with a credit/debit card that suits your lifestyle.
Save more on life’s biggest expense, your home
Are soaring home loan rates impacting your cashflow or putting your home ownership dreams on hold? We’ve got your back. To help homeowners like you get more value on life’s biggest expense, we’ve put together not one, but TWO home loan packages.
Choose to boost your savings with up to S$700 cash bonus with POSB HomeSaver. And if you’re earning S$2,500 or less per month, you can ease your monthly repayments by opting for an exclusive rate of 2.60% p.a. with POSB HDB Home Loan.
Up to S$700 cash bonus
with POSB HomeSaver
Enjoy S$500 when you take up a home loan and have an existing or new SAYE account with us.
Exclusive rate of 2.60% p.a.
with POSB HDB Home Loan
Designed to further support those most affected by rising interest rates. Exclusively for HDB owners with an average monthly income of S$2,500 and below.
Here’s an illustration of how POSB HomeSaver works when paired with Multiplier:
- Apply for a new home loan (S$300,000 loan amount)
- Get S$500 cash bonus (only with existing or new SAYE Account)
- Sign up for MRTA with us to get additional S$200 cash bonus
- Pay monthly mortgage and MRTA, contributing to Multiplier transactions
- Earns 2.4% p.a. on first S$100,000 savings in Multiplier (based on income + 3 transaction categories: credit card spend, home loan and MRTA insurance)
Year 1 Estimated Benefits: S$2,145.94
Invest extra cash, and stay invested
As inflation rapidly erodes our purchasing power, stashing too much ka-ching (more than 6 months of expenses) in the bank could hurt your financial goals. So if you’re sitting on excess cash you don’t need in the short term, investing it for higher returns might be the best way to protect your money from losing value.
But if the thought of investing is giving you jitters or you’re too busy to watch the market, you can consider leaving it to our experts at digiPortfolio. Now serving up TWO new ready-made portfolios, SaveUp and Income, savour a spread of instant ways to grow and protect your money from
A more stable way to grow your spare cash
For investors who are looking to invest to generate higher returns compared to regular cash deposit rates but have a lower risk appetite and prefer returns to be less volatile.
Receive regular payouts from your investments
For investors who are seeking regular quarterly payouts of 4% p.a. from investments and prefer a portfolio consisting of familiar sectors such as REITs, Asian equities and bonds.
Singapore Savings Bonds (SSBs) or short-term endowment plans are alternative options to make your money work harder. SSBs are risk-free bonds issued and backed by the Singapore Government with a AAA credit rating. Whereas a 2-year endowment plan like SavvyEndowment 11 gives you returns of up to 4.00% p.a.
Planning for retirement? Consider stacking your endowment plans for regular payouts at 5-yearly intervals or hedging against inflation with annuities such as POSB RetireSavvy, or ILPs which can be customised to your needs and goals. Annuities provide a monthly payout upon maturity and ILPs can help you grow your wealth in the long term so that you have capital to draw down from during retirement. Speak to our friendly Wealth Planning Managers if you need more details.
Protect your finances with insurance
Inflation or not, life can throw you a curveball at any time. And the last thing you need is for your finances to take a hit due to unforeseen circumstances. That’s why it’s prudent to have a basic hospitalisation plan, a basic term coverage, and critical illness cover. Sounds complicated? It doesn’t have to be.
With ProtectFirst, anyone, regardless of age, can kickstart their essential coverage from just S$5/month. Yes, it’s not a typo.
Start with the basics from S$5/month
Get covered for life, big 5 critical illnesses (including early stage) and serious accidents from just S$5/month. No medical check-up required.
Get a grasp of your financial wellness
Costs are rising and it’s busting your budget. But do you know exactly how inflation is impacting your financial plan? The answer lies in your pocket financial advisor, NAV Planner. From keeping track of where every dollar goes to forecasting your future cashflow, get a complete overview of your financial wellness in just a few taps.
And if you’re thinking of surrendering your policy early to free up cash for an immediate need – wait! With Insurance CashAccess, you can sell your policy back to us with an option to reclaim ownership before maturity. This way, you get the funds you need without having to forfeit your hard-earned benefits. You can thank us later.
Give your cashflow a lifeline with Insurance CashAccess
Assess cash from your policy early for an immediate need. And buy it back when you’re ready, for a small fee.
Neighbourly hacks from our communities
Easy ways to combat inflation
High yield savings account, apply for SSB, fixed deposit for high interest rates. Top up SRS, CPF SA for tax savings.
- Chu Shi
Never overlook the power of credit card rebate
Use the right credit card strategy for petrol and groceries to cushion against inflation and cash outflow.
- Wilson Tan
Engage in group buys and interact with others to find cheaper groceries or lobangs.
Engage in group buys and interact with others to find cheaper groceries or lobangs.
- Joyce Chin
All that’s important to you, is important to us too
Whatever your personal goals and family priorities are, they are ours too. This is what we mean when we promise "Neighbours first, Bankers second".
Meet our neighbours
Meet our neighbours
Times may have changed, but what hasn't for over 145 years and counting, is our commitment to put your needs above ours; just like how we did for Sam and Jana, Christine, and Aryan.
Meet our neighbours
As parents, their kids are everything to them. That's why POSB My Account is an account that grows up with your kids, so you can concentrate on what really matters – their childhood.
Sam, 43 & Jana, 37
Meet our neighbours
Enjoying life in her golden years is her priority. That's why we've made everyday banking simple on POSB digibank. Now you can focus on yourselves, and the things you love to do.
Meet our neighbours
It's a big deal for Aryan to be independent at his tender age. With POSB Smart Buddy, kids get to explore a digital and cashless way of saving and spending at schools, like grownups.
Our Neighbours First Stories
Introducing #NeighboursFirstStories, a collection of real-life stories of people in our neighbourhood who inspire us and give meaning to what we do.
Nicole: 14 and frugal
Being the eldest child in her family of 8, Nicole wanted to learn about budgeting to help her family save on their biggest expense – groceries. With so many mouths to feed, her family spends as much as $200 on groceries each time.
She joined a Matched Savings Programme from her RC that’s supported by POSB PAssion Kids Fund and now every month, Nicole and her two other siblings (ages 9 and 10) will pass a portion of their pocket money to their mother, Sabrina, to help deposit into their respective POSB bank accounts.
They then get rewarded with vouchers which incentivises them to maintain their saving habit. These vouchers are particularly useful now during inflation as Nicole uses them to buy things like stationery and snacks for her younger siblings, which helps lessen their family’s hefty grocery bill.
After attending the POSB Save with Smiley financial literacy workshop, Nicole also learned to differentiate between spending on ‘wants’ and ‘needs’ – a useful lesson especially given the rising cost of living in today’s economy.
Thanks to the savviness of Nicole and her siblings, her family’s grocery bill is now a little lighter, and her parents can breathe a little easier.
Noraini: A priceless yellow house
While most family heirlooms might consist of watches or jewellery, Noraini’s plans for her son’s inheritance include a treasured item from her lifelong collection – a yellow toy house from POSB.
Noraini started out collecting POSB stamps in primary school under the National School Savings Campaign, where every completed stamp card meant a deposit of money into her personal account.
This consistent routine cultivated not only her savings habit, but her penchant for spotting good deals that can also add to her growing collection of merchandise.
So when she chanced upon the unique-looking yellow toy house at her POSB branch years ago and learnt she could redeem it by participating in the Save-As-You-Earn savings programme, Noraini needed no further persuasion.
Her savings habit over the years has paid off today amidst the rising cost of living as Noraini has built up a sizeable amount of savings and only spends on what’s necessary. At the same time, her skill as a savvy collector has her knowing when to make use of promotions during this period to get a better deal.
Over the years, the yellow house has grown to symbolise the dreams and financial goals that Noraini and her family are striving towards. She plans on passing the yellow house down to her son along with something just as important – the value of saving and investing.
Salim: Turning days off into better days
When 48-year-old Salim first came to work in Singapore, he had one objective: to provide the best future for his family.
For over 25 years, Salim would send money home religiously. But that used to require tedious trips to Mustafa Centre during his precious days off. Salim would spend the better part of his day off queuing and waiting to remit money home, which would often take days or even weeks to reach his family in Bangladesh.
In 2011, Salim started working at the Kaki Bukit Recreation Centre (RC) from Monday to Saturday as a maintenance worker – making sure facilities in the RC were working and running smoothly.
The RC was especially popular with Salim and his fellow Bangladeshi friends due to its free-to-use facilities like badminton, basketball, and volleyball courts and convenient amenities such as a minimart, food court, handphone shop and a POSB bank branch.
It was there at the POSB bank branch that he met Loke Yeow, a POSB employee.
They started chatting, and when Loke Yeow heard about the struggles Salim faced in remitting money home, he introduced him to the POSB digibank app. He showed Salim just how easy it was to remit money straight from the app, even using his own money to demonstrate the process.
The best thing was when Salim saw how seamless the transaction process was – there was no hassle, or transfer fees either. Remitting money became so convenient. He could send money whenever he wanted, wherever he was. All with a few simple taps on the app.
It was a relief for Salim, knowing there was an easier way to provide for his family and having the confidence that his money would reach them quickly.
Salim was so excited. He couldn’t wait to share this with his friends. He immediately told them to download the digibank app and showed them how to remit money from it, exactly as Loke Yeow taught him.
Now, Salim is free to make the most of his days off doing what he enjoys. He started exercising and playing badminton with his friends on Sundays at the RC, determined to lead a healthier lifestyle as a father to four kids.
And that’s not the only helpful advice Salim got at POSB.
Upon recognising Salim’s knack for picking up new skills quickly, Loke Yeow encouraged Salim to learn other skills that would improve himself and his job prospects.
Salim took this advice to heart, and with the support of his boss, he started learning how to use a computer. With his newfound computer skills and natural talent for talking to people, Salim quickly rose the ranks at work to become a supervisor.
Still, Salim continues to attend courses and exercise regularly during his days off to keep both his mind and body in tip-top shape, with sending money home being one thing he doesn’t need to worry about.
Spring: From a love of books to a lesson for life
Back in the late 90s when Spring was in primary school, there was nothing quite as exciting as when the occasional book fairs were set up in the tuck shop. She remembers the hordes of students crowding around the table, fervently buying the latest storybooks and comics.
She recounts squeezing through the crowd and the wave of excitement she felt as she saw a beautiful mountainous landscape of storybooks with colourful illustrations on the covers. And she wanted to read every single one of them. During recess, she saw her friends happily engrossed in reading their newly purchased storybooks, and she felt envious.
That same day, Spring immediately went up to her mother after school. She asked her mother for extra pocket money so she could buy a storybook too.
But Mum paused before gently saying, “No.”
Spring was crestfallen. She persisted in asking Mum for extra pocket money, but always to no avail.
One day, Spring and her mother were out walking and passed by their neighbourhood POSB bank branch at Bukit Batok Central. Mum led Spring into the branch and opened a joint POSB savings account for her. Mum then told Spring that if she wanted to buy anything in life, she would need to save up until she could afford to pay for it herself.
Determined, Spring immediately set out to save as much of her pocket money as she could and as quickly as she could. In the days following, she refused to buy anything from the tuck shop at school and brought sandwiches from home to eat instead. She didn’t spend any of her pocket money. She saved all of it. At the end of the month, Spring passed all the money she saved to her mum to deposit into their savings account, feeling proud of her accomplishment.
When the book fair finally returned to the tuck shop, Spring got the money she saved from her Mum. At last, she was ready to buy her very first storybook.
Spring was ecstatic. She felt a surge of pride as she flipped through the pages of the storybook she bought. This was something she saved up for. This was hers.
Now as an adult, Spring looks back fondly and gratefully on this important lesson from Mum. In keeping the habit of saving since then, Spring has found fulfilment in watching her wealth grow over the years. It has given her the freedom to spend on the things she wants while remaining confident in her finances to withstand uncertain times and rising costs of living.
All from the love of books.
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