POSB MySavings Account

POSB MySavings Account makes saving money easy. It allows you to be discipline in saving money by transferring money from your DBS/POSB account into MySavings account automatically every month.

You can choose a monthly savings amount from $50 to $3,000 and a monthly savings date anywhere between 1st and 25th of the month. You are able to change the monthly amount and deduction date when needed.

The plus point for POSB MySavings Account is that there is:
1) No lock-in period
2) Can withdraw money from it (interest is 0.45% p.a. for that month)
3) Can terminate it anytime
4) No minimum balance requirement, monthly fee or account closure fee
5) Better interest rate than other normal savings account

The interest rates is as follows:

Monthly Savings Amount	Interest Rate
$50 – $290	0.4500
$300 – $790	1.0000
$800 – $1,490	1.2000
$1,500 – $3,000	1.5000

You can open POSB MYSavings Account by filling up the online application form or print out the application form and mail it in. You can also visit any POSB branch to open the account.

POSB MySavings Account is good for people who are able to save $800 and above per month to enjoy the better interest of 1.2% p.a. otherwise, FairPrice Plus Savings Account is a better Savings Account.

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