POSB Save As You Earn Account: Is it Right for You?

While POSB Save As You Earn [SAYE] Account is only accessible to current POSB/DBS banking customers, it stands out for offering top interest rates without requiring nearly any consumer involvement. A fixed amount is drawn monthly from another POSB or DBS account (to which the consumer's salary is already being credited), and deposit size determines the base interest rate. A peak base rate of 0.25% p.a. is achieved with S$800–S$3k monthly deposit, and consumers can earn another +2.00% p.a. bonus interest by not making any withdrawals for 24 months. Overall, POSB SAYE Account offers POSB/DBS customers the chance to earn an effective interest rate [EIR] of up to 2.25% p.a.–amongst the highest in the market.

ProsCons
  • High EIR, up to 2.25% p.a.
  • Maintenance free: deposits are auto-credited
  • Easy-to-use as supplementary account
  • Requires additional POSB/DBS bank account
  • Bonus req. no withdrawals for 24mo
  • Top base rate requires high monthly deposits
Promotion:
Pros & Cons
Pros:
  • High EIR, up to 2.25% p.a.
  • Maintenance free: deposits are auto-credited
  • Easy-to-use as supplementary account
  • Promotion:
Cons:
  • Requires additional POSB/DBS bank account
  • Must forgo withdrawals for 24mo to earn bonus
  • Top base rate requires high monthly deposits

What Makes POSB Save As You Earn Account Stand Out

If you're a current POSB/DBS banking customer with a stable budget, you may be able to ramp up your interest earnings by applying for a POSB Save As You Earn [SAYE] Account. Consumers earn a base rate according to their monthly deposit size, ranging from a standard 0.05% p.a. interest up to 0.25% p.a. for larger deposits. Consistent deposits, paired with no withdrawals for 24 months, earn a bonus +2.00% p.a., translating to a remarkably high effective interest rate of up to 2.25% p.a. Overall, POSB SAYE offers rates comparable to more complex accounts, without the complicated, extensive criteria.

POSB SAYE Savings Account Interest Rates

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements;
  • applied to total balance
  • (Rate varies according to
  • monthly deposit size)
0.05% p.a. if no deposit made
0.05% p.a. for S$50–290 deposit
0.20% p.a. for S$300–790 deposit
0.25% p.a. for S$800–3k deposit
0.05% p.a. for S$3k+ deposit
No Withdrawals + Deposit
  • No withdrawals + deposit
  • (Bonus interest added to base rate
  • & applied to total balance)
+2.00% p.a.
Max Effective Interest Rate:2.25% p.a. (at S$800–3k deposit)
Promotional rates, if any, are not included
POSB SAYE Savings Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a. if no deposit made
  • 0.05% p.a. for S$50–290 deposit
  • 0.20% p.a. for S$300–790 deposit
  • 0.25% p.a. for S$800–3k deposit
  • 0.05% p.a. for S$3k+ deposit
No Withdrawals + Deposit: Bonus interest added to base rate and applied to entire balance
  • +2.00% p.a.
DBS Multiplier Savings Account
  • Maximum EIR: 3.65% p.a.
  • Min. Initial Deposit: S$0
  • Min. Balance Requirement: S$3,000
  • Stand-Out: Highest effective interest rate on the market
  • Read Our Full Review

POSB Everyday Savings Account
  • Maximum EIR: ~0.08% p.a.
  • Min. Initial Deposit:
  • Min. Balance Requirement:
  • Stand-Out: Best account for low-income adults & NSFs
  • Read Our Full Review

DBS Multiplier Account

  • Maximum EIR: 3.65% p.a.
  • Min. Initial Deposit: S$0
  • Min. Balance Requirement: S$3,000
  • Stand-Out: Highest effective interest rate on the market
  • Read Our Full Review

POSB Everyday

  • Maximum EIR: ~0.08% p.a.
  • Min. Initial Deposit:
  • Min. Balance Requirement:
  • Stand-Out: Best account for low-income adults & NSFs
  • Read Our Full Review

It's important to mention, however, that consumers must already be POSB/DBS banking customers in order to open a POSB SAYE Account. However, this feature drives one of the account's greatest perks–total convenience. A monthly deposit of fixed amount is automatically drawn from an alternate POSB/DBS account (an account to which the consumer's salary is already being credited). Without consumer involvement beyond setting the required deposit size, POSB SAYE Account steadily accumulates savings as time goes by. This is an ideal mechanism for a supplementary account, as it requires zero maintenance while still rewarding growth.

Nonetheless, account holders will only benefit if they have a stable budget. POSB SAYE Account is structured to make consistent deposits easy. Cancelling a month's deposit requires active effort. Additionally, consumers who tend to make withdrawals will be unlikely to benefit from this account. Individuals only earn the +2.00% p.a. interest boost if they don't make a withdrawal for 24 months. Without this bonus, POSB SAYE is quite uncompetitive.

Impact of Bonus on Market Competitiveness of POSB SAYE Account

Max Effective Interest Rate
POSB SAYE (with bonus)2.25% p.a.
Market Average1.43% p.a.
POSB SAYE (w/out bonus)0.25% p.a.
Market average is based on maximum effective interest rates for 24 savings accounts across 10 banks in Singapore

Impact of Bonus on Market Competitiveness of POSB SAYE Account

Max EIR
POSB SAYE (w/ bonus)2.25% p.a.
Market Average1.43% p.a.
POSB SAYE (no bonus)0.25% p.a.
Market average is based on maximum effective interest rates for 24 savings accounts across 10 banks in Singapore

Ultimately, POSB SAYE Account is an ideal match for current POSB/DBS banking customers with a bit extra to spare for savings because it provides total convenience by way of auto-depositing, plus remarkably high rates for consistent growth. Account holders who can refrain from making withdrawals can earn nearly as much with POSB SAYE Account as with top multi-product accounts on the market–all while exerting little-to-no effort.

POSB Save As You Earn Savings Account Details & Requirements

Details & Requirements
Minimum Age Requirement
Minimum Initial Deposit
Minimum Balance Requirement
Fall-Below Fee

How Does POSB SAYE Account Compare to Other Accounts?

Read our comparisons of POSB SAYE Account with other savings accounts and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

POSB Save As You Earn Account offers a maximum effective interest rate far above the market average

POSB SAYE Account v. Maybank iSAVvy Plus Savings Account

Consider this if you can consistently make fairly large deposits for a 6 month period

Min. Age Requirement 16
Min. Initial Deposit S$500
Min. Balance Requirement S$500

Maybank iSAVvy Plus Savings Account is an excellent option for consistent savers with relatively high balances, who also make moderate-to-large monthly deposits. Account holders earn according to their balance size–rather than the size of their monthly deposit–and base rates range up to an impressive 0.38% p.a. (for balances of S$50k+).

While this structure allows consumers to earn even if they contribute small amounts monthly, large deposits are still strongly incentivised. Individuals who consistently increase their balance across 6 months and who don't make any withdrawals earn 1.56% p.a. interest–just on their incremental gains. Altogether, account holders can earn an EIR of up to 1.94% p.a. on a S$50k balance. Consumers with POSB/DBS accounts who can commit to 24 months of consistent saving can earn a higher EIR with POSB SAYE Account, however.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate varies
  • according total balance amt)
0.1875% p.a. if < S$5k
0.30% p.a. if S$5k–below S$50k
0.38% p.a. if S$50k+
Consistent Increase
  • Monthly deposit + no withdrawals
  • for 6 mo (Bonus interest applied to
  • incremental increase only)
1.56% p.a. (on increase)
Max Effective Interest Rate:1.94% p.a. (at S$50k balance)
Promotional rates, if any, are not included
Maybank iSAVvy Plus Savings Account Interest Rates
Base Rate: No requirements (rate varies according to balance size)
  • 0.1875% p.a. if < S$5k
  • 0.30% p.a. if S$5k–below S$50k
  • 0.38% p.a. if S$50k+
Consistent Increase: Monthly deposit + no withdrawals for 6 mo (bonus rate applied to incremental increase only)
  • 1.56% p.a. (on increase)

POSB SAYE Account v. OCBC Bonus+ Savings Account

Consider this if you want a boosted rate on months you boost your balance

Min. Age Requirement 16
Min. Initial Deposit S$5,000
Min. Balance Requirement S$3,000

OCBC Bonus+ Savings Account is great for individuals who make frequent deposits, but can't guarantee they won't make a withdrawal for a complete 6–24 month period. This flexible account rewards consumers with a +0.45% p.a. interest boost on months where no withdrawal is made, plus a +0.50% p.a. bonus if a S$500 deposit is made. When taking the 0.05% p.a. base rate into consideration, account holders can earn an EIR of up to 1.00% p.a, on any balance size. While this rate is impressive for such a flexible account, consumers who save consistently and can avoid making withdrawals for extended periods of time can earn more with POSB SAYE Account.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No Requirements; applied to entire balance
0.05% p.a.
No Withdrawals
  • No withdrawals during month (Bonus interest
  • added to base rate & applied to entire balance)
+0.45% p.a.
Extra Deposit
  • No withdrawals + deposit at least S$500
  • (Bonus interest added to base rate & applied
  • to entire balance)
+0.50% p.a.
Max Effective Interest Rate:1.00% p.a. (any balance size)
Promotional rates, if any, are not included
OCBC Bonus+ Savings Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
No Withdrawals: No withdrawals during month (bonus interest added to base rate & applied to entire balance)
  • +0.45% p.a.
Extra Deposit: No withdrawals + deposit at least S$500 (bonus interest added to base rate & applied to entire balance)
  • +0.50% p.a.

POSB SAYE Account v. UOB Stash Savings Account

Consider this if you have a large balance, but make smaller deposits

Min. Age Requirement 15
Min. Initial Deposit S$1,000
Min. Balance Requirement S$1,000

Consistent savers with large balances but irregular deposit sizes may want to consider UOB Stash Savings Account. Account holders earn a standard base rate of 0.05% p.a. However, those who increase their balance size from the previous month's earn a notable bonus. This bonus rate varies according to 'bands' within the total balance. In other words, individuals who increase their balance size don't earn a bonus on the 1st S$10k in their balance, but earn +0.75% p.a. on the next S$40k (up to the S$50k mark) and +0.95% p.a. on remaining balance amounts (up to the S$100k mark).

The benefit here is that consumers are rewarded based on their balance size, rather than the size of their deposit. There also aren't any ongoing restrictions in terms of making withdrawals. However, consumers who make consistent, moderate-to-large deposits and rarely make withdrawals can earn more with POSB SAYE Account.

Rate TypeDetails & RequirementsInterest Rate
Base Rate
  • No requirements (Rate applied to balance)
0.05% p.a.
Balance Increase
  • Balance is greater than previous month's
  • (Bonus interest added to base rate & applied
  • to specific bands of balance)
(base rate on 1st S$10k)
+0.75% p.a. on next S$40k
+0.95% p.a. on next S$50k
Max Effective Interest Rate:0.83% p.a. (at S$100k balance)
Promotional rates, if any, are not included
UOB Stash SA Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Balance Increase: Balance is greater than previous month's (bonus added to base rate & applied to specific bands of balance)
  • No bonus boost on 1st S$10k
  • +0.75% p.a. on next S$40k
  • +0.95% p.a. on next S$50k
Max EIR: 0.83% p.a. (at S$100k balance)
Carrie Arndt

Carrie is a Senior Analyst at ValueChampion, specialising in credit cards in Singapore. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research.

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