What is POSB savings account?

A POSB savings account is a personal banking account that allows you to credit your monthly salary via GIRO, set up auto transfers to dedicated savings accounts, and earn interest on your savings. POSB savings accounts range from POSB Smiley CDA for newborns, to the flexible online multi-currency POSB MyAccount for all ages, the automatic transfer savings account POSB SAYE, and the POSB Multiplier account. Take your time to browse and understand the workings of the different savings accounts, for the best savings account for you will be the one that suits your lifestyle and banking needs.

How much do I need to open a savings account with POSB?

Most POSB savings accounts do not require you to fork out an initial minimum deposit to open the account. However, most accounts do have an average daily minimum balance of S$500 upwards to S$3,000. If your collective average daily minimum falls below the stipulated amount, you will be charged a S$2 or S$5 fall below fee for that month.

Is DBS Savings same as POSB savings?

If you are looking for personal savings accounts, you will be able to apply for either DBS savings accounts if you are an existing POSB customer and vice versa. The terms and conditions, interest rates, and mechanics of the accounts will be the same. You will also be able to access and apply for these savings accounts on your POSB or DBS digibank website or mobile app.

What is the interest rate for POSB saving account?

Interest rates for POSB savings accounts vary depending on your account type. For POSB Smiley CDA, you get 1.00% interest per annum for deposits below S$10,000 and 2.00% for deposits between S$10,000 and S$40,000. If you hold a POSB My Account, you enjoy 0.05% interest per annum. For POSB eMySavings, you will enjoy a base interest rate of 0.05% per annum and a bonus interest rate of 0.25% for deposits between S$1,500 and S$3,000. For POSB SAYE (means “Save As You Earn”), you will enjoy a base interest rate of 0.05% per annum with a 2.00% bonus interest at the end of the 24 month fixed term. For POSB Multiplier accounts, you will enjoy a base interest rate of 0.05% per annum with a maximum of 3.80% interest rate if you fulfil all the specified requirements.

Is it better to keep money in checking or savings?

While savings accounts generally offer you interest for the amount you deposit in the account, they also often require you to have a minimum average daily balance of S$500 to S$3,000 with a fall below fee of S$2 to S$5. If you are able to maintain the minimum balance, then it will be beneficial to keep your funds in a savings account to generate interest. A basic, current, or checking account offers you the convenience of withdrawing funds for payments and everyday transactions via a linked debit card. These accounts, however, do not offer you interest on the money you have stored in the account.

Can I open a bank account with no money?

Yes, most banks will offer entry-level savings accounts with no minimum initial deposit required. While some savings accounts require you to maintain a minimum average daily balance of S$500 to S$3,000, there are savings accounts such as POSB My Account or POSB eMySavings that do not require you to maintain a minimum daily balance.

Can I open POSB account at DBS?

Yes, you can open POSB savings accounts in person at DBS branches, via the DBS ibanking website, or the DBS digibank mobile app. Vice versa, you can open DBS savings accounts in person at POSB branches, or via the POSB online banking website, or POSB digibank mobile application.

Can I transfer money from POSB to DBS?

Yes, you can transfer money via bank transfer, PayNow, or PayLah! from a POSB account to a DBS bank account easily via the POSB ibanking website or the POSB digibank mobile app. Login to your POSB online banking account, and select “Pay and Transfer” from the menu. You will then be able to make a “Local” transfer by selecting the “Add Local Recipient” option. Fill in the recipient’s name, DBS bank account details or the registered PayNow mobile, NRIC, FIN, or UEN numbers. Once added, you will be able to see this saved recipient in your “Recipients” list. Click on the recipient and you will be guided through the transfer.

Is POSB account number same as DBS?

No, POSB account numbers are not the same as DBS account numbers. Although both POSB and DBS share the same bank code, 7171, the branch codes and account numbers are different.

How much deposit do I need to a POSB account for work permit?

To open a POSB account for work permit holders, you can consider the POSB Payroll account which does not require any initial minimum deposits, minimum average daily balances, or fall below fees. There are S$0 fees for remittance via DBS Remit as well. However, other fees such as a S$2 ATM withdrawal fee will be charged if the account holder makes more than 4 cash withdrawals from ATMs in a month. A S$2 cash withdrawal fee will be charged as well if any of the ATM cash withdrawals are below S$2,000. Finally, a S$20 early account closure fee applies if the account is closed within 6 months from opening date.

Compare POSB Savings Accounts in Singapore 2024

Learn how to save effectively and maximise interest rates as you compare the different types of POSB savings account.

A wide range of savings accounts has been introduced over the years in Singapore and is specfically tailored to a different consumer for best results. However the different types of savings account available can be complex to understand. Use MoneySmart comparison tool to open POSB savings account that gives you best proven results for unlocking bonus interest, managing multi currency or simply maximising your savings!

POSB Savings Account

POSB savings accounts range from the POSB Smiley CDA account for newborns, POSB Smart Buddy for students, an online multi-currency POSB My Account, eMySavings Account, POSB SAYE deposit account. and the POSB Multiplier account. The best savings account is one that complements your lifestyle, banking portfolio, savings, and cash flow needs.

Revised POSB Savings Account Terms and Interest Rates (August 2020)

No matter which savings account you hold, do note that interest rates are based on current SIBOR (Singapore Inter Bank Offer Rate) and SOR (Singapore Dollar Swap Offer Rate) and may change at your bank’s discretion. In 2020, multiple changes were made to savings accounts’ interest rates across all major banks in Singapore. Here are the updated POSB savings accounts’ interest rates as of 1 October 2020.

POSB Savings Account Interest Rates

POSB Savings Accounts	Interest Rates - from 1 October 2020 (per annum)	Bonus Interest Rates - Maximum (per annum)
POSB Smiley CDA	1.00% (below S$10k)	2.00% (S$10 - 40k)
POSB My Account	0.05%	N/A
POSB eMySavings	0.05%	0.25% (S$1.5 - 3k)
POSB SAYE	0.05%	2.00%
POSB Multiplier	0.05%	3.80%

POSB Cashback Bonus

If you do not have a DBS Multiplier Account or are not enrolled into the POSB Multiplier Programme, you can enrol yourself into the POSB Cashback Bonus Programme to earn cash back every calendar month. To enjoy the cashback rates listed below, you will need to fulfil at least 3 of the categories’ criteria. Cash back rates vary from category to category.

How to earn POSB Cashback Bonus

POSB Cashback Bonus Categories	Cash Back Rate	Criteria
Salary Crediting	0.30% (S$20 Cashback Cap)	Minimum S$2,500 via GIRO with reference codes “SAL” or “PAY”
Credit Card Spend	0.30% (S$20 Cashback Cap)	No minimum spend on any POSB or DBS credit cards
Home Loan	3.00% (S$30 Cashback Cap)	Monthly cash or CPF contributions to your POSB or DBS home loans
Insurance	3.00% (S$30 Cashback Cap)	Monthly premiums to your eligible POSB or DBS regular policies bought after enrolment
Investments	3.00% (S$30 Cashback Cap)	Monthly contributions to your POSB or DBS investments bought after enrolment

Minimum Balance and Fall Below Fee

POSB Savings Accounts	Minimum Balance - Daily Average	Fall Below Fee (per month)
POSB Smiley CDA	S$0	S$0
POSB My Account	S$0	S$0
POSB eMySavings	S$0	S$0
POSB SAYE	S$0	S$0
POSB Multiplier	S$3000	S$5
POSB Current	S$1,500 (in linked POSB Savings Account)	S$2
POSB eCurrent	S$1,500 (in linked POSB Savings Account)	S$2
POSB Everyday Savings	S$500	S$2
POSB eEveryday Savings	S$500	S$2
POSB eSavings	S$500	S$2

POSB Bank Savings Account Opening

You can apply for a POSB bank savings account online via the POSB ibanking portal, POSB digibank. To apply for a POSB account online, visit the POSB digibank website to first create a personal banking account. Once you have your POSB ibanking account ready, click on the website’s menu to find the “Apply” section, followed by “Open Account” where you will see a list of available POSB savings accounts for new applications. Click on your POSB account of choice and you will be guided through a simple application form. After you have completed your application, you will be able to check on your POSB account application status via the same “Apply” menu, followed by “View Application Status”.

iBanking POSB

Being a POSB digibank user, you will have free access to the POSB online banking, or ibanking, website. Benefits include instant access to your POSB account and credit card information, such as current savings amount, credit card expenditure balance, transaction history, any cash back or interests credited to your account. With POSB ibanking, you will also be able to set up recurring bill payments via GIRO, make retail payments or cash transfers via bank transfers, PayNow, or set up mobile wallets like PayLah!.

Step 1

To set up a digital token, you will have to first download the POSB digibank mobile app. Login to your digibank mobile app, and select “More” from the menu on the bottom right hand corner, followed by “Manage Digital Token”.

Step 2

Select “Set Up Now” and you will be guided through 3 questions – your email address, an email OTP (one-time password), followed by another SMS OTP which will be sent to your registered mobile number.

Step 3

Now, when you make any transactions, you will be able to authenticate the transaction on your digibank app instead of the physical token.

POSB Contact Details

POSB Hotline

If you are looking to contact or speak to the customer service at POSB, call the POSB phone banking and general enquiries hotline at 1800 339 6666 or +65 6339 6666 if you are calling from overseas.

How do I know my POSB branch code?

The POSB bank code is 7171, which is the same as the DBS bank code. No matter which POSB account you hold, your POSB branch code is 081 – different from the DBS branch code, which can be found in the first 3 digits of your DBS bank account number. Finally, the POSB branch name is POSB Bank Ltd. while the DBS branch name is DBS Bank Ltd.

How do I get POSB passbook?

If you are looking to purchase or replace your physical POSB passbook to view and update your transaction history and bank account balance, you will need to visit a POSB branch near you in person to purchase a passbook at a S$15 fee. Retrieval of statements fee of S$20 to S$50 for 1 to 3 years and more may apply. If you are looking to apply for the series of POSB Passbook savings accounts, the POSB Passbook accounts have been phased out and are no longer available for account opening.

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Commonly Asked Questions

What is POSB savings account?: A POSB savings account is a personal banking account that allows you to credit your monthly salary via GIRO, set up auto transfers to dedicated savings accounts, and earn interest on your savings. POSB savings accounts range from POSB Smiley CDA for newborns, to the flexible online multi-currency POSB MyAccount for all ages, the automatic transfer savings account POSB SAYE, and the POSB Multiplier account. Take your time to browse and understand the workings of the different savings accounts, for the best savings account for you will be the one that suits your lifestyle and banking needs.
How much do I need to open a savings account with POSB?: Most POSB savings accounts do not require you to fork out an initial minimum deposit to open the account. However, most accounts do have an average daily minimum balance of S$500 upwards to S$3,000. If your collective average daily minimum falls below the stipulated amount, you will be charged a S$2 or S$5 fall below fee for that month.
Is DBS Savings same as POSB savings?: If you are looking for personal savings accounts, you will be able to apply for either DBS savings accounts if you are an existing POSB customer and vice versa. The terms and conditions, interest rates, and mechanics of the accounts will be the same. You will also be able to access and apply for these savings accounts on your POSB or DBS digibank website or mobile app.
What is the interest rate for POSB saving account?: Interest rates for POSB savings accounts vary depending on your account type. For POSB Smiley CDA, you get 1.00% interest per annum for deposits below S$10,000 and 2.00% for deposits between S$10,000 and S$40,000. If you hold a POSB My Account, you enjoy 0.05% interest per annum. For POSB eMySavings, you will enjoy a base interest rate of 0.05% per annum and a bonus interest rate of 0.25% for deposits between S$1,500 and S$3,000. For POSB SAYE (means “Save As You Earn”), you will enjoy a base interest rate of 0.05% per annum with a 2.00% bonus interest at the end of the 24 month fixed term. For POSB Multiplier accounts, you will enjoy a base interest rate of 0.05% per annum with a maximum of 3.80% interest rate if you fulfil all the specified requirements.
Is it better to keep money in checking or savings?: While savings accounts generally offer you interest for the amount you deposit in the account, they also often require you to have a minimum average daily balance of S$500 to S$3,000 with a fall below fee of S$2 to S$5. If you are able to maintain the minimum balance, then it will be beneficial to keep your funds in a savings account to generate interest. A basic, current, or checking account offers you the convenience of withdrawing funds for payments and everyday transactions via a linked debit card. These accounts, however, do not offer you interest on the money you have stored in the account.
Can I open a bank account with no money?: Yes, most banks will offer entry-level savings accounts with no minimum initial deposit required. While some savings accounts require you to maintain a minimum average daily balance of S$500 to S$3,000, there are savings accounts such as POSB My Account or POSB eMySavings that do not require you to maintain a minimum daily balance.
Can I open POSB account at DBS?: Yes, you can open POSB savings accounts in person at DBS branches, via the DBS ibanking website, or the DBS digibank mobile app. Vice versa, you can open DBS savings accounts in person at POSB branches, or via the POSB online banking website, or POSB digibank mobile application.
Can I transfer money from POSB to DBS?: Yes, you can transfer money via bank transfer, PayNow, or PayLah! from a POSB account to a DBS bank account easily via the POSB ibanking website or the POSB digibank mobile app. Login to your POSB online banking account, and select “Pay and Transfer” from the menu. You will then be able to make a “Local” transfer by selecting the “Add Local Recipient” option. Fill in the recipient’s name, DBS bank account details or the registered PayNow mobile, NRIC, FIN, or UEN numbers. Once added, you will be able to see this saved recipient in your “Recipients” list. Click on the recipient and you will be guided through the transfer.
Is POSB account number same as DBS?: No, POSB account numbers are not the same as DBS account numbers. Although both POSB and DBS share the same bank code, 7171, the branch codes and account numbers are different.
How much deposit do I need to a POSB account for work permit?: To open a POSB account for work permit holders, you can consider the POSB Payroll account which does not require any initial minimum deposits, minimum average daily balances, or fall below fees. There are S$0 fees for remittance via DBS Remit as well. However, other fees such as a S$2 ATM withdrawal fee will be charged if the account holder makes more than 4 cash withdrawals from ATMs in a month. A S$2 cash withdrawal fee will be charged as well if any of the ATM cash withdrawals are below S$2,000. Finally, a S$20 early account closure fee applies if the account is closed within 6 months from opening date.