POSB current accounts
Bank accounts that help you pay less and save more.
If you grew up in Singapore, it’s highly likely that you’re familiar with POSB bank accounts since most of us started our financial journey with a POSBkids account. Whether you’re a young NSF or a working adult, POSB offers a range of accounts that could suit almost any age group.
In this review, we’ll cover POSB current accounts that are available, their features and any associated costs.
Minimum Initial Deposit
Fall below monthly fees
What's in this review?
- What features are available with POSB current accounts?
- What current accounts does POSB offer?
- What other types of accounts does POSB offer?
- Compare a range of current accounts in Singapore
- What fees are charged with POSB current accounts?
- Specialised POSB accounts
- Compare a range of POSB current accounts in Singapore
- Which POSB account is best for me?
- How do I open a current account with POSB?
- Frequently asked questions
What features are available with POSB current accounts?
POSB current accounts come with a range of features which differs across the account type. For instance, the features offered by a high-yield POSB Multiplier Account will be different than those offered by a starter POSB Everyday Savings Account. However, in general, you may look forward to these features:
- Mobile payments
- Reward schemes
- Preferential interest rates
What current accounts does POSB offer?
- POSB Current Account. A current account that is linked to your POSB savings account so you’ll always have a sufficient balance to clear cheques.
What other types of accounts does POSB offer?
- POSB/DBS Cashback Bonus Account. An account that lets you earn up to $130 a month on cashback bonuses when you meet certain requirements.
- POSB/DBS Multiplier Account. A high-yield savings account to help you grow your cash. It offers interest rates of up to 3.8% p.a. while charging $0 monthly account fees. This account is an option for working adults who can meet the Multiplier Account’s eligibility requirements.
- POSB My Account. A customisable, interest-earning bank account available to customers of all ages.
- POSB Everyday Savings Account. A basic account that allows you to earn daily interest credited monthly as well as get cash-back on your debit cards.
- POSB eSavings Account. Enjoy special savings rates by saving more with a preset monthly savings amount and crediting date.
- POSB SAYE Account. Earn a 2% p.a. cash gift on your account for abiding by a two-year lock-in period.
- POSB Kids Account. An account that earns daily interest and has a waiver of coin deposit fee until your child turns 16 years old.
- POSB Smiley CDA. A special savings account for your newborn, with dollar-for-dollar matching from the government. With this account, you’ll be able to enjoy exclusive merchant deals and earn 2% p.a. up to $50,000.
- POSB FD Account (SGD). Save a fixed amount of money in Singapore Dollars at a fixed interest rate for a fixed period.
- POSB FD Account (Foreign Currency). Earn foreign exchange gains on top of interest with Foreign Currency Fixed Deposits.
Compare a range of current accounts in Singapore
What fees are charged with POSB current accounts?
Here are some fee types that you should be familiar with before choosing a POSB bank account:
- Fall-below fee. A fall-below fee is a type of fee incurred when your account’s daily or monthly balance drops below a stipulated level. For example, the POSB eSavings Account has a fall-below fee of $2 per month if your account balance drops below $500.
- Monthly fee. Select POSB current accounts come with monthly fees, such as the POSB My Account’s $2 per month account charge. However, in the case of the POSB My Account, this fee is waived for children below the age of 16 years old and seniors above the age of 60 years old.
- Overdraft interest charge. Accounts with overdraft facilities, such as the POSB eSavings Account, may incur interest on the overdrawn amount.
- Early account closure fee. Accounts that are closed before a stipulated time period may be subject to early account closure fees. This is the case for the POSB Save As You Earn Account, where a $20 charge is incurred if the account is closed earlier than 2 years since the opening date.
- Miscellaneous fees. POSB Accounts may come with additional features that in turn incur more costs. This includes demand draft commissions, cashier’s orders, MAS Electronic Payments and over-the-counter FAST transfers.
Specialised POSB accounts
POSB current accounts also come tailored to suit more niche banking needs. Here are some accounts to consider if your banking needs are more complex.
NSFs can enjoy special banking privileges through POSB’s Save As You Serve Account. Enjoy a 2% p.a. bonus on your monthly savings and receive a SAFRA DBS or HomeTeamNS-Passion-POSB Debit Card for special cashback rewards.
For foreigners or migrant workers in Singapore
POSB offers Payroll Account for you to easily manage and track salary payments. This account may be opened by employers of migrant workers. Migrant workers can use the POSB ATM NETS Contactless Card to pay for purchases at all NETS-accepted stores. This also includes payments for public transport, prepaid cards or even withdrawing cash via POSB ATMs. Employers can further use this account to help workers remit salary back home for free via DBS Remit or POSB jolly.
Compare a range of POSB current accounts in Singapore
Which POSB account is best for me?
This ultimately depends on your financial profile. For example, specialised groups like migrant workers or NSFs might want to choose the accounts mentioned above to perfectly meet their banking needs. Additionally, you should consider your reason for banking. A person looking to use chequing facilities frequently should consider a POSB Current Account, while a working adult looking to grow his/her savings should opt for a POSB Multiplier Account instead.
How do I open a current account with POSB?
You can open a POSB bank account by following the general bank application process in Singapore. First, ensure that you’re eligible for the account you’re interested in. Next, prepare all the essential documents for registration:
- Singaporeans: ID and the latest copy of a proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)
- Permanent Residents: ID and the latest copy of a proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)
- Foreigners working in Singapore: Passport, Employment Pass, proof of residence (e.g. IPA issued by MOM, Work Permit issued by MOM)
- Foreigners studying in Singapore: Passport, matriculation or student card approved by the ICA, or proof of residence (e.g. utility bill, telecommunication bill, bank statement)
- Click on the ‘Apply now’ button on any POSB account page.
- Select your preferred mode of application.
- For existing POSB customers: choose between iBanking or debit/ATM card.
- For new customers: click on ‘none of the above’.
- Select ‘Use MyInfo’ if you have a SingPass account to prefill your application.
- If you have none of the above, click ‘Continue without MyInfo’ to proceed.
- Fill in the required fields and upload any necessary documents.
- Submit your application.
- Allow time for POSB to get in touch with further instructions.