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POSB Save As You Earn Account: Is it Right for You?
Maintenance-Free Interest for Consistent Savers who Bank with POSB/DBS
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.
Pros
Cons
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: None Currently Available
Pros & Cons
Pros:
High EIR, up to 2.25% p.a.
Maintenance free: deposits are auto-credited
Easy-to-use as supplementary account
Promotion: None Currently Available
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 Type
Details & Requirements
Interest 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
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 Average
1.43% 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 Average
1.43% 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
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 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 Type
Details & Requirements
Interest 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
Deposit at least S$500 and make no withdrawal for bonus interest
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 +0.10% p.a. interest boost on months where no withdrawal is made, plus a +0.25% 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 0.4% 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 Type
Details & Requirements
Interest 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)
+0.10% p.a.
Extra Deposit
No withdrawals + deposit at least S$500
(Bonus interest added to base rate & applied
to entire balance)
+0.25% p.a.
Max Effective Interest Rate:
0.40% 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)
+0.10% p.a.
Extra Deposit: No withdrawals + deposit at least S$500 (bonus interest added to base rate & applied to entire balance)
+0.25% p.a.
POSB SAYE Account v. UOB Stash Savings Account
Win up to S$1,880 when you deposit fresh funds
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 +0.60% p.a. on the next S$40k (up to the S$50k mark) and +1.00% 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 Type
Details & Requirements
Interest 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)
+0.60% p.a. on next S$40k
+1.00% p.a. on next S$50k
Max Effective Interest Rate:
1.00% 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)
Carrie is a Senior Analyst at ValueChampion, helping consumers find the best credit cards and other financial products based on quantitative and qualitative analysis. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research, and led development & operations and BellaVetro. She attended Duke University and Penn State University, graduating with a degree in Political Science and Government. Her work has been featured on a variety of major media such as Yahoo Finance, Asia One, Buro, Zuu Online and more.
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