If you’re looking for a savings account in Singapore, the POSB Passbook Savings Account is an option worth considering. This account offers a simple and straightforward way to save money, with the added benefit of earning interest on your balance. However, like most savings accounts, there are minimum balance requirements that you’ll need to meet to avoid fees.
To open a POSB Passbook Savings Account, you’ll need to have a minimum initial deposit of $500. After that, you’ll need to maintain a minimum average daily balance (MADB) of $500 to avoid a monthly service charge of $2. If your account balance falls below $500, you’ll be charged the service fee for that month.
While the minimum balance requirement may seem like a hassle, it’s important to remember that it’s in place to encourage responsible saving habits. By maintaining a minimum balance, you’re ensuring that you always have a safety net of savings to fall back on. Plus, the interest earned on your balance can help your savings grow over time.
Understanding POSB Passbook Savings Account
If you’re looking for a reliable way to save money, POSB Passbook Savings Account is a great option to consider. This account is designed to help you save money and earn interest at the same time. Here are some key features and benefits of this account that you should know about.
Key Features of POSB Passbook
- No initial deposit required: You don’t need to deposit a large amount of money to open a POSB Passbook Savings Account. In fact, you can start with as little as $1.
- Low minimum balance: You only need to maintain a minimum average daily balance of $500 to avoid a service charge of $2 per month.
- Passbook: You’ll receive a passbook when you open an account, which allows you to keep track of your transactions and balance.
- Easy access to funds: You can withdraw money from your account at any POSB/DBS ATM or branch.
Benefits of Savings with POSB
- Earn interest on your savings: POSB Passbook Savings Account offers competitive interest rates to help you grow your savings.
- No monthly account fee: You won’t be charged any monthly fees for maintaining your account.
- Safe and secure: Your money is protected by the Deposit Insurance Scheme, which means that your deposits are insured up to $75,000 per depositor per Scheme member.
- Convenient: You can easily manage your account through iBanking or mobile banking, which allows you to check your balance, view transactions, and transfer funds.
In conclusion, POSB Passbook Savings Account is a great option for those who want to save money and earn interest at the same time. With its low minimum balance requirement, competitive interest rates, and passbook feature, it’s a convenient and reliable way to grow your savings.
Minimum Balance Requirements
If you’re looking for a savings account in Singapore, the POSB Passbook Savings Account is a great option. However, it’s important to understand the minimum balance requirements and service charges associated with this account.
Average Daily Balance Explained
The POSB Passbook Savings Account requires a minimum average daily balance (MADB) of $500 to avoid incurring service charges. The MADB is calculated by adding up the daily balances in your account and dividing by the number of days in the month.
For example, if you have $10,000 in your account for 15 days and $0 for the other 15 days of the month, your MADB would be $5,000 ($10,000 + $0 = $10,000, divided by 30 days = $5,000).
It’s important to note that the MADB is different from the minimum balance required to open the account. To open a POSB Passbook Savings Account, you’ll need a minimum deposit of $500.
Service Charges for Low Balances
If your account falls below the $500 MADB requirement, you’ll incur a monthly service charge of $2. This charge will be automatically deducted from your account balance.
It’s important to maintain the MADB to avoid these charges and keep your savings growing. If you’re having trouble meeting the MADB requirement, consider setting up automatic transfers from your checking account or adjusting your budget to save more.
Overall, the POSB Passbook Savings Account is a great option for Singaporeans looking to save money. Just be sure to keep an eye on your balance and maintain the MADB to avoid service charges.
Additional Savings and Account Types
If you’re looking for a savings account that rewards you for spending and saving, you might want to explore DBS Multiplier Accounts. These accounts offer a base interest rate of 0.05% per annum, with bonus interest rates calculated based on your salary credited, amount spent on credit card, home loan, investments, and insurance with DBS or POSB. With a minimum balance of S$3,000, you can enjoy up to 3.8% bonus interest rates per annum.
Another option to consider is the POSB eSavings Account, which offers a base interest rate of 0.05% per annum. With a minimum balance of S$500, you can enjoy up to 0.1% interest rates per annum. This account is perfect for those who prefer to do their banking online, as it offers the convenience of online transactions and account management.
If you’re looking for a no-frills savings account, the POSB Passbook Savings Account might be the one for you. This account is issued with a passbook and is perfect for your day-to-day banking needs. With a minimum balance of S$500, you can avoid a fall-below fee of S$2 per month. If you prefer a current account, you can consider the POSB Current Account, which requires a minimum balance of S$1,500 maintained in a linked POSB Savings Account.
Here’s a table summarizing the minimum average daily balance (MADB) and service charge for each account type:
| Account Type | Minimum Average Daily Balance (MADB) | Service Charge |
|---|---|---|
| POSB eSavings Account | S$500 | S$2.00 per month |
| POSB Everyday Savings Account | – | – |
| POSB Passbook Savings Account | S$500 | S$2 per month |
| POSB Current Account | S$1,500 (Maintained in linked POSB Savings Account) | S$2.00 per month |
With the POSB Multiplier Programme, you can earn bonus interest rates on top of your base interest rate by fulfilling certain criteria. This programme is available for the POSB eSavings Account, POSB Everyday/eEveryday Savings Account, and POSB Current/eCurrent Account. Here are the criteria you need to fulfill to earn bonus interest rates:
- Credit your salary or make a GIRO payment of at least S$2,000 per month
- Spend at least S$500 on your POSB/DBS credit card
- Purchase a new POSB/DBS insurance policy or make a new investment with DBS/POSB
With these tips, you can choose the right savings account for your needs and start saving today.
Support and Customer Service
When it comes to managing your POSB Passbook Savings Account, you can rest assured that you will receive excellent customer support. Whether you need help with accessing your account, have feedback to provide, or require transaction assistance, POSB has got you covered.
Accessing POSB Customer Support
POSB offers several ways for you to access customer support. You can contact them via their self-serve portal, which is available 24/7. This can save you time from calling their customer service hotline or emailing them. Alternatively, you can call their customer service hotline at 1800 339 6666 (or +65 6339 6666 from overseas) for general enquiries.
If you require assistance with your banking enquiries, POSB’s Digital Services can help. You can access their phone banking and general enquiries service by calling 1800 221 1111.
Feedback and Transaction Assistance
If you have feedback to provide, you can submit it via POSB’s customer feedback form. This form allows you to provide feedback on their products and services, customer service, and website. You can also use this form if you require transaction assistance.
If you prefer to speak with someone directly, you can visit any POSB branch. Their friendly staff will be more than happy to assist you with your enquiries and provide you with any transaction assistance you require.
Overall, POSB’s customer support is excellent and you can be confident that they will provide you with the assistance you need. With their commitment to digital banking, you can access their services from anywhere, at any time.
Terms and Special Rewards
Interest Rates and Deposit Amounts
When you open a POSB Passbook Savings Account, you’ll earn interest on your savings. The interest rate is currently at 0.05% p.a. and is calculated daily and credited monthly. You only need a minimum deposit of S$500 to open an account and maintain it.
Special Savings Rewards and Conditions
As a POSB Passbook Savings Account holder, you are eligible for various special savings rewards. For instance, if you maintain a minimum average daily balance of S$5,000 in your account, you can earn an additional 0.1% p.a. interest on your savings. This means that you can earn up to 0.15% p.a. interest on your savings.
However, it is important to note that terms and conditions apply. For instance, if your account balance falls below the minimum average daily balance of S$500, you will be charged a service fee of S$2.00 per month. Also, the additional interest rate of 0.1% p.a. is only applicable if you maintain the minimum average daily balance of S$5,000 throughout the month.
Overall, the POSB Passbook Savings Account is a great way to save your money and earn interest on your savings. With a low minimum deposit of S$500, you can open an account and start earning interest on your savings. Plus, with the additional interest rate of 0.1% p.a., you can earn even more on your savings if you maintain a minimum average daily balance of S$5,000.
Frequently Asked Questions
What’s the excitement about POSB’s passbook savings account fall-below fees?
POSB’s Passbook Savings Account is an excellent option for those who want to save money and earn interest. The fall-below fee for this account is only $2 per month, which is a small price to pay for such a great account. You don’t have to worry about losing your hard-earned money due to high fees.
How thrilling is it to find out about POSB’s service charge of $2?
The service charge for POSB’s Passbook Savings Account is only $2 per month. This is a small fee to pay for the convenience and benefits that come with the account. You can rest assured that your money is safe and secure, and you won’t be charged exorbitant fees.
Can you feel the buzz around the minimum balance requirement for POSB’s passbook savings account?
The minimum balance requirement for POSB’s Passbook Savings Account is only $500. This is a reasonable amount that most people can easily maintain. You don’t have to worry about constantly checking your balance to avoid fees.
What’s the exhilarating interest rate for a POSB Passbook savings account?
The interest rate for POSB’s Passbook Savings Account is 0.05% per annum. While this may not seem like a lot, it’s still a great way to earn some extra money on your savings. You can watch your money grow over time.
Is it really invigorating to know if POSB provides a passbook with their savings account?
Yes, it is! POSB provides a passbook with their Passbook Savings Account. This is a great way to keep track of your transactions and monitor your savings. You can easily see how much money you have in your account and how much interest you’re earning.
Are parents thrilled with the minimum balance rules for a POSB kid’s account?
Yes, they are! POSB’s Kid’s Account has a minimum balance requirement of only $1. This makes it easy for parents to open an account for their children and teach them about the importance of saving money. You can start your child’s savings journey early and watch their money grow over time.