POSB current accounts comparison and review
See what POSB current accounts are available and if they suit you.
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
POSB current accounts come with a range of features that differ depending on the type of account you have. For example, the features offered by a high-yield POSB Multiplier Account will be different than those offered by a starter POSB Everyday Savings Account.
In general, you may look forward to these features:
- Cashback. When you have a POSB current account as well as other products you can earn up to S$130 with no minimum account balance required. You just need to meet three or more activities, including crediting your salary, spending on your credit card or investing.
- Interest. You can earn daily interest with POSB to grow your savings.
- Digibank. This is the online banking tool from POSB that lets you manage your money, access insights, get deals and rewards and access other tools to improve your finances. Digibank is available as an app and online.
- Personalise your account. Change your account name to your nickname or any other name you’d like via Digibank.
- Debit cards. Your current account will come with a POSB debit card to spend your money. Enjoy features such as contactless, cashback, access to transport and more.
What current accounts does POSB offer?
POSB only offer one current account option – the POSB Current Account
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.
Fees and limits
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. The fee is S$2 for the POSB Current Account and S$0 for the My Account.
- Monthly fee. Select POSB current accounts come with monthly fees, such as the POSB Current Account’s S$2 a month charge. In the case of the POSB My Account, the monthly 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. The Current Account comes with a fee of S$30 if your account is closed within 6 months.
- Miscellaneous fees. POSB Accounts may come with additional features that in turn incur more costs. This includes cheque books, demand draft commissions, cashier’s orders, MAS Electronic Payments and over-the-counter FAST transfers.
How to sign up
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)
Online application process
- 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.