Are you looking for a savings account that makes it easier and more flexible to save for a rainy day? If so, you might want to consider the eMySavings account offered by DBS and POSB in Singapore. This account allows you to set aside a monthly savings amount between $50 to $3,000 (in multiples of $10) from your existing DBS/POSB Savings or Current account. The designated amount will be credited into your eMySavings account, where it can earn a competitive interest rate.
Opening an eMySavings account is easy and can be done via your digibank app. You can manage your account online and enjoy digital banking with Digibank. The eMySavings account is a joint-alternate account, which means that either party can access, deposit, and withdraw from the account without the consent of the joint account holder. You can also choose to open an eMSA+ account, which offers even higher interest rates and other benefits.
Key Takeaways:
- The eMySavings account offered by DBS and POSB in Singapore is a flexible and convenient way to save for a rainy day.
- You can set aside a monthly savings amount between $50 to $3,000 from your existing DBS/POSB Savings or Current account, and earn a competitive interest rate.
- You can manage your account online and enjoy digital banking with Digibank, and choose to open an eMSA+ account for even higher interest rates and other benefits.
Understanding EMySavings Account
If you’re looking for a savings account that is flexible and convenient, then the DBS EMySavings Account could be for you. Here’s everything you need to know about this account.
Account Features
The EMySavings Account is a monthly savings account that allows you to choose how much you want to save each month, with a minimum amount of $50 and a maximum of $3,000. You can choose your preferred debiting date between the 1st and 25th of each month and change this anytime via digibank.
One of the unique features of this account is that you can be rewarded for your savings. If you save consistently every month, you can earn up to 1.5% interest on your monthly savings amount. However, if there is a failed crediting of monthly savings amount, withdrawal made or account is closed during the month, you will only receive 0.05% interest.
Interest Rates Explained
The interest rate for the EMySavings Account depends on the amount you save each month. The interest rates for monthly savings amounts between $300 and $10,000 range from 0.2% to 0.25%, respectively. If you save consistently every month, you can earn up to 1.5% interest on your monthly savings amount.
Eligibility Criteria
To be eligible for the EMySavings Account, you must be a Singaporean or Permanent Resident and be at least 16 years old. Foreigners with a valid work permit are also eligible. You will need to provide your MyInfo details, which includes your personal information, employment details and income information.
In conclusion, the DBS EMySavings Account is a flexible, convenient and rewarding savings account for those who want to save consistently every month. With a low minimum deposit of $50 and a maximum of $3,000, it’s easy to get started. If you’re eligible and looking for a savings account that can help you grow your savings, the EMySavings Account is definitely worth considering.
Opening Your Account
If you’re looking to open a DBS eMySavings account, you’ll be pleased to know that the process is quick and easy. Here’s what you need to know:
Step-by-Step Process
To open an eMySavings account, follow these simple steps:
- Log in to your DBS/POSB digibank app.
- Click on “Open Account” in the main menu.
- Select “eMySavings Account” from the list of available accounts.
- Choose your monthly savings amount between $50 to $3,000 (in multiples of $10).
- Select the account you want to transfer the monthly savings from (DBS/POSB Savings or Current account).
- Confirm your details and submit your application.
That’s it! Once your application is approved, your designated monthly savings amount will be credited into your eMySavings account.
Documentation Required
To open an eMySavings account, you’ll need to provide the following documentation:
- Singaporeans and Permanent Residents: Your NRIC or FIN card
- Foreigners: Your passport and employment pass or work permit
Using MyInfo for Faster Processing
If you have a Singpass account, you can use MyInfo to pre-fill your application form with your personal details. This will speed up the application process and reduce the need for manual data entry.
Simply log in to your digibank app using your Singpass credentials and select “Use MyInfo” when prompted during the application process.
Whether you’re a Singaporean or a foreigner, opening a DBS eMySavings account is a hassle-free process that requires no initial deposit. You can even open a joint account with a child if you need one for a family member. So why wait? Submit your application today and start saving smarter with DBS!
Maximising Your Savings
If you’re looking for a way to maximise your savings, the DBS eMySavings Account is a great option. Here are a few tips to help you get the most out of your account.
Monthly Savings Amount
One of the key features of the eMySavings Account is the ability to set a monthly savings amount. You can choose to save between $50 and $3,000 per month, in multiples of $10. This is a great way to build up your savings over time, without having to think about it too much.
Interest Rate Optimisation
To get the most out of your eMySavings Account, it’s important to optimise your interest rate. One way to do this is to pair your account with a DBS Multiplier account and a POSB SAYE account. This will allow you to earn higher interest rates on your savings, as well as bonuses on your total monthly savings amount.
Avoiding Service Charges
To avoid service charges on your eMySavings Account, it’s important to be aware of the terms and conditions. For example, you should avoid making any withdrawals from your account, as this can result in a penalty. You should also be aware that the interest rates and terms of the account are subject to change without prior notice.
In summary, the DBS eMySavings Account is a great option for anyone looking to maximise their savings. By setting a monthly savings amount, optimising your interest rate, and avoiding service charges, you can get the most out of your account and build up your savings over time.
Digital Banking with Digibank
Are you tired of visiting the bank every time you need to make a transaction? Say goodbye to the hassle of traditional banking and switch to Digibank. With Digibank, you can bank anytime, anywhere, and with ease.
Seamless Online Transactions
Digibank Online, previously known as DBS iBanking, is the perfect tool for viewing your account balances, transferring money, and paying bills. You can also apply for new accounts and credit cards instantly. The best part is that you can manage your finances online or on your mobile device.
With Digital Token, you can bank simpler online and on your mobile. This feature enables you to transact conveniently without worrying about security. You can also select your preferred debiting date between the 1st and 25th of each month when using eMySavings Account.
Mobile Banking Features
Digibank mobile app allows you to bank smarter and faster. You can view your account balances, transfer money, and pay bills on the go. What’s more, you can apply for new accounts and credit cards instantly, and manage your finances anytime, anywhere.
The app also offers insights and smart shortcuts customized to you, so you stay ahead of your banking needs. With Digibank, you can say goodbye to bill shock, invest with confidence, and plan for your financial future.
If you ever need support or have feedback, Digibank has got you covered. You can always contact support through the app or visit any DBS/POSB branch for assistance.
In conclusion, Digibank is the smartest way to bank. With its seamless online transactions and mobile banking features, you can manage your finances with ease. So why wait? Sign up for Digibank today and experience digital banking like never before.
Additional Savings Options
If you’re looking to save more money beyond your eMySavings account, DBS offers a range of additional savings options to help you reach your financial goals faster.
Understanding Multiplier Accounts
DBS Multiplier Accounts are a great option if you’re looking to earn higher interest rates on your savings. With this account, you can earn interest rates of up to 3.80% p.a. when you credit your salary and transact in other eligible categories.
The eligible categories include salary credit, credit card spend, home loan instalments, insurance, and investments. You can choose to transact in one or more categories to earn higher interest rates.
Exploring Joint Savings Accounts
If you’re looking to save with a partner or family member, a joint savings account may be a good option for you. With a joint account, you can pool your savings together and earn higher interest rates.
DBS offers joint savings accounts for both DBS and POSB customers. You can choose to open a joint savings account with your spouse, parent, child, or sibling. Each account holder will have equal access to the account and can make deposits and withdrawals.
In addition to these options, DBS also offers other savings accounts such as DBS Savings, POSB Save-As-You-Earn Account, and Fixed Deposit Account. Be sure to explore all your options and find the one that best fits your needs.
Remember, the more you save, the more you can earn with DBS. You can also take advantage of EMSA Rewards to earn even more rewards on top of your regular interest rates. Start exploring your savings options today and watch your money grow.
Frequently Asked Questions
What are the requirements to open an eMySavings account with DBS?
To open an eMySavings account with DBS, you need to be at least 18 years old and have a valid identification document such as a Singaporean NRIC or a valid passport for foreigners. You also need to have an existing DBS or POSB savings or current account.
How can I set up an eMySavings account in Singapore?
You can set up an eMySavings account in Singapore by visiting any DBS or POSB branch or by applying online through the DBS website. You will need to provide the necessary documents and information such as your identification documents, proof of address, and income details.
What’s the current interest rate for the DBS eMySavings account?
The current interest rate for the DBS eMySavings account is up to 0.8% p.a. However, the interest rate is subject to change, and it depends on the amount you save and the duration of your savings.
Is there a minimum balance to maintain in my DBS eMySavings account?
No, there is no minimum balance to maintain in your DBS eMySavings account. However, you need to make a minimum monthly contribution of S$50 to be eligible for the bonus interest.
How can I modify my eMySavings account arrangements?
You can modify your eMySavings account arrangements by logging in to your DBS or POSB internet banking account or by visiting any DBS or POSB branch. You can change your monthly contribution amount, debiting date, and other account details.
Which savings account offers the highest interest rates in Singapore?
There are several savings accounts in Singapore that offer high-interest rates, such as the DBS Multiplier account, UOB One account, and OCBC 360 account. However, the interest rates are subject to change, and it depends on the bank’s promotion and your savings behavior.
With an eMySavings account from DBS, you can save regularly and earn bonus interest on your savings. It’s a flexible and convenient way to save for your goals and aspirations. So why not open an eMySavings account today and start saving for your future?