POSB SAYE Savings Account Review (2020) | Singsaver POSB SAYE Savings Account Review (2020) | Singsaver
Menu
Financial News and Advice in Singapore
  • Credit Cards
    • All Credit Cards
    • Best Credit Cards
    • Cashback Credit Cards
    • Airmiles Credit Cards - Fee Waiver
    • Airmiles Credit Cards - Fee Paying
    • Dining Credit Cards
    • Groceries Credit Cards
    • Rewards Credit Cards
    • Shopping Credit Cards
    • Premium Cards
    • Insurance Premium Credit Cards
    • Overseas Spending Credit Cards
    • Business Credit Cards
  • Personal Loans
    • Personal Loans
    • Debt Consolidation Loans
    • Balance Transfer
    • Credit Line
    • Education Loans
    • Renovation Loans
    • Car Loans
  • Reviews
    • Credit Cards
      • Best Cash Back Cards for 2019
      • Amex KrisFlyer Ascend Credit Card
      • Amex KrisFlyer Credit Card
      • Amex True Cashback Card
      • BOC Family Card
      • Citibank Cash Back Visa Card
      • Citi PremierMiles Visa Credit Card
      • DBS Altitude Visa Signature Credit Card
      • Maybank Horizon Visa Signature Credit Card
      • OCBC FRANK Credit Card
      • OCBC 365 Credit Card
      • Standard Chartered Unlimited Cashback Card
      • UOB One Credit Card
      • UOB PRVI Miles Visa Card
      • UOB YOLO Credit Card
    • Travel Insurance
      • Allianz Global Assistance Travel Insurance
      • Amex Travel Insurance
      • AXA Travel Insurance
      • FWD Travel Insurance
      • HL Assurance Travel Insurance
      • MSIG Travel Insurance
      • Sompo Travel Insurance
    • Personal Loans
      • Citibank Quick Cash
      • HSBC's Personal Loan
      • OCBC Personal Loan
      • POSB Personal Loan
      • Standard Chartered CashOne Personal Loan
      • Credit Culture Personal Loan
    • Bank Accounts
      • Standard Chartered Bonus$aver
      • UOB Stash Account
      • UOB One Account
      • OCBC 360 Account
  • Home Loans
  • Bank Accounts
    • Saving Accounts
    • Debit Cards
  • Insurance
    • Travel Insurance
    • Home Insurance
    • Maid Insurance
    • Cancer Insurance
    • Personal Accident Insurance
  • Investments
    • All Online Brokerage Accounts
    • Singapore Stocks Investment Accounts
    • US Stocks Investment Accounts
    • CFD Investment Accounts
    • Forex Investment Accounts
    • RoboAdvisors
  • Telco
    • SIM Only Plans
    • Broadband
  • Blog
  • Help

Financial News and Advice in Singapore

POSB Save As You Earn (SAYE) Review 2020: Breeze Your Way To 2% Interest On Your Hard Earned Savings

October 29, 2020 |Posted by Marissa Saini | Personal Banking, Save Money
Tags: DBS, Interest rates, POSB, Save As You Earn, Save Money, Savings account review, SAYE

Building your savings can be a chore if you’re using the wrong deposit scheme. With POSB SAYE, you can rest easy knowing there’s a ‘gift’ that rewards you for your patience.

Start saving like a pro with the POSB Save As Your Earn (SAYE) account – that is, if you’re an existing POSB/DBS member. Account holders can earn an additional interest rate of 2% in ‘cash gift interest’ when you link your savings account to the SAYE account. There’s only one catch: you can’t make any withdrawals for the first two years without forfeiting that sweet bonus interest.

Source: POSB 

How POSB SAYE works

You’ll be happy to know that this deposit scheme does most of the heavy lifting for you in order to fully enjoy the 2% p.a. interest on your monthly savings in addition to the 0.05% base rate. A fixed amount of money will need to be credited from your salary in your main account to this linked SAYE account at a fixed date every month. This amount ranges anywhere from $50 to $3,000. 

ProsCons
Grow savings easilyNo withdrawals
Beginner friendlyFixed monthly deposits last two years
No minimum salary requirementMust deposit your salary in an DBS/POSB account

Why should you choose POSB SAYE?

#1: Accumulate savings (with interest) passively 

If you have the tendency to drain your salary in order to snag the latest must-have tech gadget, SAYE is the answer to your woes. The repercussions are enough to incentivise you to keep a wide berth between you and your savings. Any withdrawals made within the first two years would result in losing out on an otherwise achievable bonus interest rate. Cultivating healthy saving habits and building a rainy day fund all in one go – what’s not to love about that?

Source: POSB

#2: It’s easy to achieve the bonus interest rate

The beauty lies in its simplicity as there’s no bells and whistles to this savings plan. All you need to do is credit your salary into a DBS/POSB account, allocate a set amount to add to your savings and come back to it in two years. Even those with the tendency to touch their savings can’t deny that this is relatively temptation-proof. 

Based on the above illustration, monthly $100 contributions would accumulate to $50.06 in additional 2% p.a. interest after two years (not including base interest). Think of how much more you could collect in bonus interest if you allocate a higher amount per month.

#3: Set yourself up for success

Folks new to saving or are just starting out with their first jobs would appreciate the flexibility SAYE brings to its account holders. You’re allowed to decide on your savings contribution every month (from $50 to $3,000) as well as your desired day of the month (from 1st to 25th) when you want this amount to be credited. 

Unlike endowment plans, this allows you to easily tailor the plan to align with your financial needs, without having to worry about locking away a sizable chunk of your money that may restrict your everyday spending.

Eligibility criteria 

  • At least 16 years old
  • Must be an existing POSB/DBS account holder
  • No minimum salary requirement

How to apply?

You’d need these documents to open an SAYE account:

  • Singaporeans/Permanent Residents: Front and back of NRIC 
  • Latest copy of bank/credit card statement or utility/telecommunication bill
Compare Best Savings Accounts

Read these next:
DBS Multiplier Is The Most Pandemic-proof Savings Account Yet. Here’s Why.
How Much Savings Should I Have At 35 In Singapore?
Best Savings Accounts in Singapore to Park Your Money (2020)
Loyal DBS/POSB Customers: Which Credit Card Should You Add To Your Wallet?
POSB Everyday Card Review: Will This Be Your Favourite Card?


By Marissa Saini
Your friendly neighbourhood cat enthusiast who enjoys not being broke. Spend less, save more is the name of the game. Firm believer that being financially savvy is not about the destination, but the friends you make along the way.


Personal finance news

Money saving tips

Alerts on deals

Subscribe to get SingSaver's weekly newsletter

Personal finance news

Money saving tips

Alerts on deals

Success! Thank you for subscribing to the SingSaver newsletter!
Something went wrong. Please try again later.
Please input a valid email address

Personal finance news

Money saving tips

Alerts on deals

Subscribe to get SingSaver's weekly newsletter

Personal finance news

Money saving tips

Alerts on deals

Success! Thank you for subscribing to the SingSaver newsletter!
Something went wrong. Please try again later.
Please input a valid email address

Compare

  • Credit Card
  • Personal Loan

Categories

  • Business Financing
  • Columns
  • CPF
  • Credit Card Reviews
  • Credit Cards
  • Cryptocurrency
  • Dating and Relationships
  • Deals and Promotions
  • Debt Management
  • Digital Wallets
  • Dining
  • Finance News
  • Financial Advice
  • HDB
  • Home Loans
  • Home Ownership
  • Insurance
  • Investing
  • Lifestyle
  • Maid Insurance
  • Make Money
  • Motoring
  • News
  • Originals
  • Parenting
  • Personal Accident
  • Personal Banking
  • Personal Loans
  • Psychology of Money
  • Retirement Planning
  • Save Money
  • Shopping
  • Travel
  • Travel Hacking
  • Uncategorized
  • Weddings
Singsaver.com.sg
testimonial

“ “I’ve always thought about getting a travel credit card, but I didn’t know which one to get. SingSaver.com.sg’s comparison tool helped me decide on an air miles card in 10 minutes.” ”

Lim Zi Chong, Singapore
Share this
testimonial

“ “I used to be scared of credit cards, but SingSaver.com.sg made me realise that I don’t have to worry about debt if I pay my bill on time each month. I found and applied for a cashback card easily on their website. Love it.” ”

Andrea Tay, Singapore
Share this

Compare and buy, in 3 easy steps

step-1

Step 1.

Select products and see the results

step-2

Step 2.

Compare products

step-3

Step 3.

Discover for yourself the most suitable option

We have served more than 20 million people worldwide

  • 5
    4
    45
  • 9
    9
    99
  • 4
    4
    44
  • 7
    7
    77
  • 0
    0
    00

Price comparisons in the past 24 hours

Connect with us on Facebook

Singsaver.com.sg
SingSaver.com.sg
Financial News and Advice in Singapore Sitemap
Credit Cards
  • All Credit Cards
  • Best Deals Credit Cards
  • Cashback Credit Cards
  • Air Miles Credit Cards - Fee Waiver
  • Air Miles Credit Cards - Fee Paying
  • Dining Credit Cards
  • Groceries Credit Cards
  • Rewards Credit Cards
  • Shopping Credit Cards
  • Premium Credit Cards
  • Insurance Credit Cards
  • Overseas Spending Credit Cards
  • Business Credit Cards
  • Credit Card FAQs
  • Credit Card Glossary
  • Credit Card Providers
Personal Loans
  • Personal Instalment Loan
  • Debt Consolidation Plans
  • Credit Line
  • Balance Transfer
  • Education Loan
  • Renovation Loan
  • Car Loan
  • Best Personal Loans for 2021
  • Personal Loan FAQs
  • Personal Loan Glossary
  • Personal Loans Providers
Home Loans
  • Home Loans
Bank Accounts
  • Saving Accounts
  • Debit Cards
Telco
  • SIM Only Plans
  • Broadband
Travel Insurance
  • All Travel Insurance
  • Best Travel Insurance for 2019
  • FWD Travel Insurance
  • MSIG Travel Insurance
  • Allianz Travel Insurance
  • AXA Travel Insurance
  • AMEX Travel Insurance
  • Etiqa Travel Insurance
  • HLAS Travel Insurance
Personal Accident Insurance
  • Personal Accident Insurance
Home Insurance
  • Home Insurance
Maid Insurance
  • Maid Insurance
Cancer Insurance
  • Cancer Insurance
Investments
  • All Online Brokerage Accounts
  • Singapore Stocks Investment Accounts
  • US Stocks Investment Accounts
  • CFD Investment Accounts
  • Forex Investment Accounts
  • RoboAdvisors
Learn
  • Blog
  • Glossary
  • General FAQs
  • Rewards Redemption
  • FAQs
  • Providers
About Us
  • Why SingSaver
  • Terms & Conditions
  • Privacy Policy
  • Affiliates
  • Careers
  • Press

Join us on

Facebook   Facebook

Google+   Google+

CLOSE

Sign up with SingSaver today

Sign up with SingSaver for exclusive benefits

Plus The Ultimate Savings Guide for COVID-19 and Beyond, for free!

Why create an account?

Get your full, exclusive copy of The Ultimate Savings Guide for COVID-19 and Beyond, including tips on reducing unnecessary expenses, creating additional income streams and more!

Already signed up? Sign in now to claim your free savings guide.

What's in it for you?

Personalised financial perks

Personalised, bite-sized reads, money hacks and product recommendations

Free savings guide

Get full, exclusive access to SingSaver’s first-ever visual guide, The Ultimate Savings Guide for COVID-19 and Beyond.

Secure personal data protection

Your personal and financial data stays safe through 2-factor authentication

Minimise
Learn More
Sign Up / Sign In
Sign Up / Sign In