Monday, October 13, 2008

POSB My savings Account

The rebound today is huge!

The POSB My savings account is ideal for people who want to start a savings account with higher interest rate than an ordinary account. Though the interest rate is lower than that of NTUC incomes's ( from my previous posts) , some people might feel that POSB is a larger, thus safer bank. However in both cases, they are both insured under the Deposit Insurance scheme ( i.e if the bank fails, you will stil get back at least $20,000 from MAS)

The rough details of the POSB My savings account as follows

  • Earn higher interest rates on the money in your savings account, depending on how much you choose to put in every month( monthly contribution is fixed at the start of the plan)
  • However once you draw out any money or fail to contribute for the month, the interest rate for the month will fall to 0.45% ( which is still higher than the ordinary 0.25%)
Rates based on contribution is as follows
(Interest rate is based on the Monthly Savings Amount)
$50 - $290 0.4500%
$300 - $790 1.0000%
$800 - $1,490 1.2000%
$1,500 - $3,000 1.5000%

Links to POSB web site at

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