You may be looking for a savings account to put your money in. You may also have a problem with maintaining a savings habit!
Here’s how the DBS POSB eMySavings Account may help you.
eMySavings Account Review
The eMySavings Account is a good way to develop a savings habit as you are required to make a monthly contribution. However, the interest rate is quite low and you will be penalised for making any withdrawals.
Here is an in-depth review of the eMySavings Account.
What is the eMySavings Account?
The eMySavings Account is offered by both DBS and POSB. It is an account that rewards you with bonus interest if you make a monthly contribution.
Here are the interest rates based on the monthly contribution you make:
$50 – $290
$300 – $790
$800 – $1,490
$1,500 – $3,000
To earn a 0.25% interest rate on your savings, you are required to contribute at least $800 a month.
You may only earn a 0.05% interest rate if you meet these conditions
Here are the 3 conditions that will cause you to only earn 0.05%:
Failed crediting of monthly contribution
Withdrawal from the bank account
Account closure during the month
A failed crediting will usually occur if you do not have enough funds in your debiting account. As such, don’t forget to ensure you have the required funds in your account at least one day before the deduction!
The good thing is that you will only forfeit the bonus interest for that particular month. You are still able to enjoy the bonus interest for the other months.
Withdrawing your money will forfeit your interest
If you make any withdrawals from this account, you will only earn a 0.05% interest.
I believe that this is not a good place to store your emergency funds. If you need to withdraw money for an emergency, your bonus interest will be lost!