If you are looking for a reliable savings account in Singapore, POSB eSavings is a great option for you. POSB eSavings account is an online savings account that offers a low minimum balance requirement and competitive interest rates. This account is perfect for those who want to save money without worrying about maintaining a high minimum balance.
Opening a POSB eSavings account is easy and can be done online. All you need is a valid identification card and a SingPass account. Once you have opened your account, you can start saving money and earning interest right away. With no monthly account fees and a low minimum balance requirement of $500, POSB eSavings is an affordable and accessible savings account option for everyone.
If you are looking for a savings account that is easy to manage and offers great benefits, POSB eSavings is the perfect choice for you. With competitive interest rates, low minimum balance requirements, and no monthly account fees, this account is designed to help you save money and grow your wealth. Whether you are saving for a rainy day or working towards a long-term financial goal, POSB eSavings can help you achieve your financial objectives.
Key Takeaways
- POSB eSavings is an online savings account that offers a low minimum balance requirement and competitive interest rates.
- Opening a POSB eSavings account is easy and can be done online.
- POSB eSavings is an affordable and accessible savings account option for everyone.
Opening a POSB eSavings Account
If you’re looking for a simple and convenient way to save money, the POSB eSavings Account might be just what you need. Here’s what you need to know to get started.
Eligibility and Requirements
To open a POSB eSavings Account, you must be at least 16 years old and have a valid Singaporean NRIC or a work permit for foreigners. You’ll also need a DBS/POSB savings or current account to link to your eSavings Account. If you’re an expatriate, you may be eligible for the eAutoSave program, which automatically transfers a fixed amount from your salary account to your eSavings Account each month.
Step-by-Step Account Opening Process
Opening a POSB eSavings Account is easy and can be done in just a few simple steps:
- Log in to your DBS/POSB iBanking account or digibank app.
- Select “Open New Account” and choose “My Accounts”.
- Select “POSB eSavings” and follow the on-screen instructions to complete your application.
- Once your application is approved, your eSavings Account will be activated and you can start saving.
It’s important to note that there is a minimum initial deposit of $1,000 for the POSB eSavings Account. However, there are no minimum balance requirements or fall-below fees, making it a great option for those who want to start saving without worrying about maintaining a minimum balance.
In addition, the POSB eSavings Account offers competitive interest rates and allows you to set up standing instructions to automatically transfer funds from your linked account to your eSavings Account each month. This makes it easy to save money without even thinking about it.
Overall, the POSB eSavings Account is a great option for anyone looking for a simple and convenient way to save money. With no minimum balance requirements or fall-below fees, competitive interest rates, and the ability to set up automatic transfers, it’s a great choice for anyone looking to start saving today.
Benefits of POSB eSavings
If you’re looking for a savings account that offers competitive interest rates, convenience, and accessibility, then POSB eSavings may be the right choice for you.
Competitive Interest Rates
With POSB eSavings, you can enjoy a base interest rate of 0.05% p.a. and a maximum interest rate of 0.1% p.a. for balances above S$500. This means that the more you save, the more interest you can earn. If you’re looking for even higher interest rates, you may want to consider the DBS Multiplier Savings Account, which offers up to 3.8% p.a. on your savings.
Convenience and Accessibility
One of the biggest advantages of POSB eSavings is its convenience and accessibility. You can easily open an account online, without the need to visit a branch. Plus, there is no minimum balance requirement, making it easy to start saving right away. You can also manage your account on-the-go with the digibank app, which allows you to view your account balance, transfer funds, and even set up automatic savings plans.
Digital Banking Perks
As a POSB eSavings account holder, you can enjoy a range of digital banking perks, including the ability to use the digital token for added security when making transactions on the digibank app. You can also link your eSavings account to your POSB Everyday Savings Account to enjoy even more benefits, such as waived fall-below fees and higher interest rates.
Overall, POSB eSavings is a great choice for those looking for a hassle-free way to save money with competitive interest rates and digital banking perks.
Managing Your Finances
Keeping track of your finances is a crucial aspect of achieving financial stability. With POSB eSavings Account, you can manage your finances with ease and convenience. Here are some tips to help you manage your finances effectively:
Understanding the Fees
One of the most important aspects of managing your finances is understanding the fees associated with your account. With POSB eSavings Account, you will be charged a fall-below fee of $2 per month if your average daily balance falls below $500. In addition, you will be charged an incidental overdraft interest charge of Prime + 5% p.a. on the overdrawn amount (minimum $20).
Maximising Savings with Bonus Interest
To maximise your savings, you can take advantage of the bonus interest offered by POSB eSavings Account. By setting aside a monthly savings amount between $50 to $3,000 (in multiples of $10) from your existing DBS/POSB Savings or Current account, you can earn bonus interest on top of the base interest rate.
Integrating with DBS Multiplier Account
If you are looking to maximise your savings further, you can integrate your POSB eSavings Account with DBS Multiplier Account. By crediting your salary and making consistent deposits into your POSB eSavings Account, you can earn higher interest rates on both accounts.
Overall, managing your finances with POSB eSavings Account is easy and convenient. By understanding the fees, maximising your savings with bonus interest, and integrating with DBS Multiplier Account, you can achieve financial stability and reach your financial goals.
Additional Features and Services
If you’re looking for more than just a basic savings account, POSB eSavings offers a range of additional features and services to help you manage your finances and achieve your financial goals.
Insurance and Investment Options
With POSB eSavings, you can enjoy access to a range of insurance and investment options to help you grow your wealth and protect your financial future. Whether you’re looking to invest in stocks or bonds, or you need insurance coverage for your family or business, POSB has a range of options to suit your needs.
POSBSAYE Programme
If you’re looking for a way to save money regularly and earn additional interest, POSBSAYE (Save As You Earn) is a great option. This special savings account allows you to set up automatic savings transfers from your POSB eSavings account to your POSBSAYE account, and earn additional interest on your monthly savings.
Special Accounts for Minors and Expatriates
If you have children or you’re an expatriate living in Singapore, POSB offers a range of special accounts to help you manage your finances. POSBKIDS is a savings account designed specifically for children, and it comes with a range of features to help them learn about money management. Expatriate eAutoSave Plus and MySavings Account are designed for expats living in Singapore, and they offer a range of benefits including no minimum balance requirements and no monthly fees.
In summary, POSB eSavings account offers a range of additional features and services to help you manage your finances and achieve your financial goals. Whether you’re looking for insurance and investment options, a way to save money regularly and earn additional interest, or a special account for your child or expat needs, POSB has you covered.
Security and Protection
When it comes to your savings, security is a top priority. With POSB eSavings Account, you can rest assured that your money is safe and secure. Here are some of the ways POSB protects your savings:
Safeguarding Your Savings
POSB takes online security very seriously. They use advanced encryption technology to protect your personal and financial information from unauthorized access. POSB also offers a range of security features to help you stay safe when banking online, such as two-factor authentication and SMS alerts for transactions.
Deposit Insurance Scheme
The Singapore Deposit Insurance Corporation (SDIC) provides deposit insurance coverage for your eligible deposits in POSB eSavings Account. This means that in the unlikely event that POSB is unable to repay your deposits, SDIC will step in to protect your savings. The coverage limit is up to $75,000 per depositor per Scheme member.
In addition to the Deposit Insurance Scheme, POSB also offers digiVault, a separate locked account that auto-locks all the funds you deposit. This means that you can choose to lock up some of your savings in a separate account, giving you an extra layer of protection against unauthorized access.
Overall, POSB eSavings Account offers a range of security features to protect your savings and give you peace of mind. With advanced encryption technology, two-factor authentication, and deposit insurance coverage, you can bank online with confidence.
Frequently Asked Questions
How can I open a new POSB eSavings account?
Opening a new POSB eSavings account is easy and hassle-free. You can do it online or at any POSB branch. To open an account online, you’ll need to have a valid Singaporean NRIC or FIN, and an existing POSB/DBS account. Simply log in to your digibank account and follow the instructions to open a new eSavings account.
What’s the latest interest rate for POSB savings accounts?
The latest interest rate for POSB savings accounts is up to 0.05% p.a. for balances below $50,000, and up to 0.10% p.a. for balances above $50,000. However, with a POSB eSavings account, you can earn up to 0.25% p.a. on your savings. The interest rate is subject to change, so it’s always a good idea to check the latest rates on the POSB website.
Are there any monthly fees associated with POSB eSavings accounts?
No, there are no monthly fees associated with POSB eSavings accounts. You can enjoy hassle-free savings without worrying about any hidden fees or charges.
What is the minimum balance required for a POSB eSavings account?
The minimum balance required for a POSB eSavings account is $1. However, to earn the higher interest rate of up to 0.25% p.a., you’ll need to maintain a minimum average daily balance of $5,000.
Can I easily transfer funds from my eSavings to other accounts online?
Yes, you can easily transfer funds from your eSavings account to other accounts online. Simply log in to your digibank account and follow the instructions to transfer funds. You can transfer funds to other POSB/DBS accounts, or to accounts with other banks in Singapore.
What are the perks of using a POSB eSavings account over traditional passbook accounts?
With a POSB eSavings account, you can enjoy higher interest rates, no monthly fees, and the convenience of online banking. You can easily track your savings and transfer funds online, without the need for a physical passbook. Plus, with up to 7 years of eStatements available online, you can easily keep track of your account activity.