If you’re looking for a hassle-free way to save money and earn interest on your savings, then the eMySavings account from POSB in Singapore might be just what you need. This savings account offers a range of features and benefits that can help you reach your savings goals more easily, including special interest rates and flexible savings periods.
With the eMySavings account, you can enjoy a base interest rate of 0.05% per annum, as well as a bonus interest rate of up to 0.25% for deposits between S$1,500 and S$3,000. You can also use the eMySavings account calculator to work out how much you’ll receive when you save monthly with this account. Additionally, the account comes with an automatic monthly savings feature, which makes it easy to save money without having to think about it.
If you’re interested in opening an eMySavings account, the process is simple and straightforward. You can apply for the account online or in-person at a POSB branch. To open the account, you’ll need to provide some basic personal and financial information, and you’ll also need to make an initial deposit. Once your account is open, you can start saving money and earning interest right away.
Key Takeaways
- The eMySavings account from POSB in Singapore is a hassle-free way to save money and earn interest on your savings.
- The account offers a range of features and benefits, including special interest rates and flexible savings periods.
- You can apply for the account online or in-person at a POSB branch, and the process is simple and straightforward.
Understanding Emysavings Accounts
If you’re looking for a savings account that allows you to choose how much you want to save each month, the Emysavings account might be the perfect option for you. This monthly savings account is offered by DBS and POSB and can be opened easily through your digibank app.
Account Features
The Emysavings 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. This designated amount will be credited into your Emysavings account.
One of the most attractive features of the Emysavings account is that it rewards you with bonus interest if you make a monthly contribution. The bonus interest rate is 0.3% p.a. for new accounts opened from 11 Jan 2013 onwards and 0.5% p.a. for accounts opened before 11 Jan 2013. This bonus interest is on top of the prevailing interest rate that is based on the amount you save each month.
Another great feature of the Emysavings account is that you can easily monitor your account balance and transactions through your digibank app. Plus, you can withdraw your savings anytime without any penalty.
Interest Rates
The interest rate for the Emysavings account depends on the amount you save each month. For example, if you save between $50 to $249, you can earn an interest rate of 0.05% p.a. However, if you save $3,000 or more, you can earn an interest rate of 0.8% p.a.
It’s important to note that the bonus interest rate of 0.3% p.a. (for new accounts opened from 11 Jan 2013 onwards) or 0.5% p.a. (for accounts opened before 11 Jan 2013) is only applicable if you make a monthly contribution and do not make any withdrawals from your Emysavings account.
Overall, the Emysavings account is a great savings option that offers flexibility, convenience, and attractive interest rates.
Opening an eMySavings Account
If you are looking for a convenient and flexible way to save money in Singapore, then the DBS eMySavings Account might be the perfect choice for you. Here’s what you need to know about opening an eMySavings account.
Eligibility Criteria
To be eligible for an eMySavings account, you must be a Singaporean citizen or permanent resident. Foreigners who hold a valid work permit are also eligible to apply. Additionally, you must have an existing DBS/POSB savings or current account to link to your eMySavings account.
Required Documents
When you apply for an eMySavings account, you will need to provide the following documents:
- Your NRIC or FIN card
- Your SingPass or MyInfo login details
- Proof of address (e.g. utility bill, bank statement)
If you are a foreigner, you will also need to provide your work permit and proof of employment.
Once you have gathered all the necessary documents, you can apply for an eMySavings account online via your digibank app. The application process is quick and easy, and you can start saving money in no time.
With an eMySavings account, you can set aside a monthly savings amount between $50 to $3,000 (in multiples of $10) from your existing DBS/POSB savings or current account. This designated amount will be credited into your eMySavings account. Plus, you can manage your account online and enjoy digital banking with Digibank.
In conclusion, opening an eMySavings account is a simple and hassle-free process that can help you achieve your savings goals.
Maximising Your Savings
If you’re looking to save money in Singapore, the DBS eMySavings account is a great option. Here are some strategies to help you maximise your savings with this account.
Monthly Savings Strategies
One way to maximise your savings with the eMySavings account is to set up a monthly savings plan. You can choose how much you want to save each month, with a minimum amount of S$50 and a maximum of S$3,000. By setting up a monthly savings plan, you can ensure that you’re consistently saving money and making progress towards your financial goals.
Another strategy is to choose your preferred debiting date between the 1st and 25th of each month. This allows you to align your savings plan with your pay schedule and ensure that you have enough funds to cover your monthly savings amount.
Understanding Deposit Insurance
It’s important to understand the deposit insurance coverage for your savings account. The Deposit Insurance Scheme in Singapore provides coverage of up to S$50,000 per depositor per Scheme member. This means that if the bank were to fail, you would be protected up to the insured amount.
It’s also important to note that the interest rates for the eMySavings account are subject to change. Be sure to check the latest deposit amount rates to ensure that you’re getting the best possible return on your savings.
By following these strategies and understanding the deposit insurance coverage, you can maximise your savings with the DBS eMySavings account in Singapore.
Special Features and Rewards
If you’re looking for a savings account that offers great rewards and special features, you might be interested in the eMySavings Account from DBS and POSB. Here are some of the features and rewards that you can enjoy with this account:
EMSA Rewards
With the eMySavings Account, you can earn special rewards when you save more. For example, if you save $50 to $299 per month, you can earn a cash gift interest of up to 0.8% per annum. If you save $300 or more per month, you can earn up to 1.55% per annum. These rewards are a great way to help you reach your savings goals faster.
Account Bonuses
In addition to the rewards mentioned above, the eMySavings Account also offers other bonuses. For example, if you’re a parent with a POSB Smiley Child Development Account (CDA), you can enjoy an additional 0.5% per annum bonus interest on top of the regular interest rate. This bonus can help you save more for your child’s future.
Another great feature of the eMySavings Account is that you can choose your preferred debiting date between the 1st and 25th of each month. This gives you the flexibility to choose a date that works best for you. You can also change this date anytime via digibank, which is a convenient way to manage your account.
Overall, the eMySavings Account from DBS and POSB is a great way to save money and earn rewards at the same time. With its special features and bonuses, it’s definitely worth considering if you’re looking for a savings account in Singapore.
Managing Your Account
Managing your eMySavings account is easy and convenient with DBS Singapore’s digital banking tools. Here are some of the features you can use to manage your account:
Digital Banking Tools
With the DBS digibank app, you can access your eMySavings account anytime, anywhere. You can check your account balance, view your transaction history, and even set up automatic transfers from your DBS/POSB Savings or Current account to your eMySavings account. This makes it easy to stick to your savings goals and grow your savings over time.
In addition to the digibank app, you can also use DBS Autosave to set up automatic savings transfers. With Autosave, you can choose the amount and frequency of your transfers, and your money will be automatically transferred from your DBS/POSB Savings or Current account to your eMySavings account. This is a great way to save without even thinking about it.
Withdrawal Rules
While it’s important to save money, it’s also important to have access to your funds when you need them. With your eMySavings account, you can make withdrawals at any time without incurring any fees. However, there are some rules you should be aware of:
- You must maintain a minimum balance of $50 in your eMySavings account at all times.
- If you make a withdrawal from your eMySavings account, you will not be eligible for the interest rate for that month.
- If you make more than one withdrawal in a month, you will be charged a fee of $2 per withdrawal.
To make a withdrawal from your eMySavings account, simply log in to your digibank app and transfer the funds to your DBS/POSB Savings or Current account. The transfer will be processed within one business day.
Overall, managing your eMySavings account with DBS Singapore is easy and convenient. With digital banking tools and flexible withdrawal rules, you can save money and have access to your funds when you need them.
Comparing with Other Savings Options
When it comes to choosing a savings account in Singapore, there are many options available. However, if you’re looking for a flexible and rewarding savings account, the DBS eMySavings Account is a great choice to consider.
Alternative Savings Accounts
One popular option is the UOB One Account, which offers high interest rates and cashback rewards. However, it requires a minimum monthly spend of $500 and a minimum balance of $1,000 to earn the highest interest rate. Another option is the POSB Save-As-You-Earn Account, which allows you to save a fixed amount each month for a set period of time. While it offers a guaranteed interest rate, it may not be as flexible as the eMySavings Account.
If you’re looking for a joint savings account, there are a few options to consider. The DBS Multiplier Account and the UOB Joint Account both offer high interest rates and allow for joint ownership. However, they may have different requirements and restrictions compared to the eMySavings Account.
When comparing the eMySavings Account to other savings options, it’s important to consider your own financial goals and needs. While some accounts may offer higher interest rates or cashback rewards, they may also require certain minimum balances or monthly spending. The eMySavings Account allows you to choose your own savings amount and debiting date, giving you more control over your savings.
Overall, the eMySavings Account is a flexible and rewarding savings option that is definitely worth considering. With its low minimum deposit and maximum flexibility, it’s a great choice for anyone looking to save money in Singapore.
Frequently Asked Questions
What’s the latest buzz on interest rates for savings accounts in Singapore?
You’ll be pleased to know that the interest rates for savings accounts in Singapore are on the rise. With the DBS eMySavings account, you can earn up to 0.5% p.a. interest on your savings. This means that the more you save, the more interest you earn.
Can you believe the perks of having a minimum balance in your savings account?
Yes, it’s true! By maintaining a minimum balance of only $500 in your eMySavings account, you can enjoy a waiver of the fall below fee. This means that you won’t be charged any fees if your account falls below the minimum balance requirement.
How easy is it to withdraw from your savings account? You’ll be amazed!
With the DBS eMySavings account, you can withdraw your funds anytime you want. Simply log in to your digibank account and make a withdrawal request. Your funds will be transferred to your nominated account within 1-2 business days.
Are you ready to find out which savings account in Singapore tops the charts?
Look no further than the DBS eMySavings account! With its competitive interest rates, low minimum balance requirement, and easy withdrawal process, it’s no wonder why this account is a popular choice among Singaporeans.
Ever wondered how to effortlessly open a savings account online?
With the DBS eMySavings account, it’s as easy as 1-2-3. Simply visit the DBS website, fill in the online application form, and upload the required documents. Your account will be activated within 3-5 business days.
What incredible benefits does the eMySavings account offer?
Apart from the competitive interest rates, low minimum balance requirement, and easy withdrawal process, the eMySavings account also offers the flexibility to choose your preferred debiting date between the 1st and 25th of each month. Plus, you can change this anytime via digibank. So, what are you waiting for? Open your eMySavings account today and start saving for your future!