At a Glance

Affordable

Because you shouldn’t have to spend more for what you need

Simple

No hoops or hurdles – just simple, easy-to-follow tips to help you earn more and spend less

Inclusive

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.

Click on each tip to find out more:

 

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.

 

T&Cs apply. SGD deposits are insured up to $75K by SDIC.



Bonus tip:
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:

Adrian
  • 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

Brenda
  • 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!, DBS yuu Cards, POSB Everyday Card and PAssion POSB Debit Card. Promotion for groceries, transport and utilities ends on 31 Dec 2022.

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!

Bonus tip:

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.

 

Here’s an illustration of how POSB HomeSaver works when paired with Multiplier:

Brenda

  • 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 S$1,000S$100. The cherry on top? Zero management fees on your first S$5,000 invested from now till 31 March 2023.

Bonus tip:
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 10 gives you returns of up to 3.60% 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$2.50/month. Yes, it’s not a typo. And it gets better. In partnership with Chubb Insurance, we’re offering Complimentary Personal Accident Protect II to protect you against financial injury due to an accident. Because we believe that getting the basic protection you need shouldn’t cost you an arm and leg.

 

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.

 

Neighbourly hacks from our communities

 

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

 

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.

 

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.


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.

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