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POSB DBS eMySavings Account Review

eMySavings Account Review

Last updated on June 7th, 2021

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.

You may be wondering why it is being offered by both DBS and POSB. In fact, they are actually the same bank!

What is the interest rate?

This account is great if you want to cultivate a good saving habit. By crediting a certain sum of money each month, you may receive additional interest!

Here are some conditions to be met:

  1. The amount you save each month ranges from $50-$3,000 (in multiples of $10)
  2. A crediting date between the 1st -25th day of each month
  3. A debiting account that the money will be deducted from

This is similar to how the POSB Save As You Serve account works too.

Here are the interest rates based on the monthly contribution you make:

Monthly ContributionInterest Rate
$50 – $2900.05%
$300 – $7900.2%
$800 – $1,4900.25%
$1,500 – $3,0000.25%
Other scenarios0.05%

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%:

  1. Failed crediting of monthly contribution
  2. Withdrawal from the bank account
  3. 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!

It is also recommended that you do not link your eMySavings account with your PayLah! mobile wallet. If you turn on the auto-debit function, you will make a withdrawal from your account.

DBS PayLah Enable Auto Debit

As such, your bonus interest rate will also be forfeited!

You can change your crediting date via iBanking

You are able to change the crediting date or the monthly contribution anytime via the POSB or DBS digibank app.

This makes it rather flexible for you to change the monthly contribution to suit your needs.

You can calculate the interest that you can earn

POSB also provides an eMySavings interest calculator.

eMySavings Account Calculator

This allows you to calculate the interest you can earn over a period of 1-50 years.

However, this takes into consideration that:

  1. Your savings amount is the same
  2. You do not forfeit the bonus interest

The interest rate is less attractive compared to other bank accounts

The eMySavings Account’s 0.25% interest rate is quite low. There are many bank accounts that provide a better interest rate.

Furthermore, these accounts allow you to withdraw your funds without being penalised too!

Here are some other accounts that you can consider:

Savings AccountInterest Rate
OCBC Frank0.05% – 0.3%
CIMB FastSaver0.3% – 0.15%
Standard Chartered JumpStart0.1% – 0.4%
Vivid Savings Account1.05% -1.3%

Furthermore, there are other insurance savings plans that offer a higher interest rate.

PlanCrediting Rate
SingLife Account2% for first $10k,
1% for next $90k
GIGANTIQ1.8% for first $10k,
1% for any amount above $10k

The eMySavings Account’s interest rate really pales in comparison compared to these other accounts.

What are the requirements for this account?

Here are some of the requirements for this account:

#1 No initial deposit

The eMySavings Account does not require you to make an initial deposit. You can apply to create this account online via digibank and it’ll be created immediately!

Apply For eMySavings Account

#2 You need to be at least 16 years old with a DBS or POSB account

The minimum age of 16 years old is lower compared to some savings accounts. Moreover, you will need to have another DBS or POSB account.

This account will be your debiting account where your monthly contributions come from.

#3 No minimum balance and fall below fee

There is no minimum balance you are required to maintain for the eMySavings Account.

As such, you will not incur a fall below fee as well.

With such few requirements, you can consider the eMySavings account if you want an account without a fall below fee.

However, you will be penalised if you make a withdrawal!

Verdict

Here are the pros and cons of this savings account.

ProsCons
No initial depositMonthly contributions of $50 –
$3000 to earn bonus interest
No minimum balance
and fall below fee
Bonus interest will be penalised
if you make any withdrawals
Monthly contributions
force you to save
Interest rates are not that attractive

Besides the no initial deposit and minimum balance, there isn’t anything really enticing about this savings account.

Conclusion

The eMySavings Account is something you can consider if you are looking for an account without a fall below fee. Moreover, it is a great account to force you to save if you have trouble doing so.

However, the low interest rate and the penalty for withdrawing money makes it really unattractive.


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Reviews Savings

POSB Save As You Serve – Up To 2.25% p.a. For NSFs (Review)

POSB SAYS New Dimension 1 page

Last updated on June 6th, 2021

Who says NSFs don’t get the best benefits?

The POSB Save As You Serve (SAYS) Programme is a deal that’s exclusive for NSFs.

By contributing at least $50 a month, you can possibly receive between 2.05% to 2.25% on your savings!

Here’s how it works and why all NSFs should consider this savings account.

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Savings Reviews

Best Savings Account For NSFs – Use This 4 Account Strategy

Best Savings Accounts NSF Header

Last updated on June 6th, 2021

National Service (NS) is one of the best times to start your personal finance journey.

You may be searching for the best savings account to park your money in.

However, each account has its pros and cons.

Instead, why not use a few accounts together to maximise your benefits?

Here’s a 4 account strategy which NSFs can take advantage of.

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Reviews Savings

SingLife vs DBS Multiplier – Which Account Should You Use?

SingLife vs DBS Multiplier

Last updated on June 6th, 2021

You’ve started earning a salary and are thinking of crediting it to your DBS Multiplier account. However, you realise that the SingLife Account offers a really attractive return rate.

Which account should you choose?

Here’s a comparison between these 2 accounts to see which is better for you.

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Reviews Savings

SingLife vs CIMB FastSaver – Which Is Better?

SingLife vs CIMB FastSaver

Last updated on June 6th, 2021

The CIMB FastSaver used to be everyone’s favourite fuss-free savings account.

However, its interest rates have since dropped. Moreover, new options such as the SingLife account have emerged.

So how does CIMB FastSaver compare with the SingLife Account?

Here’s a complete comparison of what these 2 accounts offer you.

Type of Account

The CIMB FastSaver and the SingLife account are 2 different types of accounts.

CIMB FastSaver is a savings account, while the SingLife Account is an insurance savings plan.

Different coverage by SDIC

Both of these accounts are covered by the SDIC.

Even though CIMB is a Malaysian bank, it is still one of the scheme members under SDIC.

However, their coverage under SDIC will be different.

CIMB FastSaver is covered under the Deposit Insurance Scheme

Like other savings accounts, the CIMB FastSaver is covered under the Deposit Insurance Scheme. This means that your deposits with CIMB will be covered up to $75k.

SingLife Account is covered under the Policy Owner’s Protection Scheme

The SingLife Account is an insurance savings plan. It provides you with both death and total permanent disability benefits.

As such, it is covered under the Policy Owner’s Protection Scheme.

screenshot 2020 07 07 at 22.14.28

The amounts that you put in will be covered up to $100k.

screenshot 2020 06 13 at 09.59.57 min 1

Interest / Return Rate

Both of these accounts have a tiered interest or return rate. The interest or return rate that you earn is based on the amount that you have in the account.

Here are the rates that these 2 accounts offer:

TierFastSaverSingLife Account
Tier 10.3% (First $50k)1.5% for first $10k
Tier 20.5% (Next $25k)1% (Next $90k)
Tier 30.75% (Next $25k)0% (If above $100k)
Tier 40.3% (Above $30k)NA

You are able to earn an extra 0.5% on your first $10k in the SingLife Account. This will allow you to receive 2% for your first $10k! However, you will need to participate in SingLife’s Save, Spend and Earn Campaign.

The SingLife Account has a much higher return rate than the CIMB FastSaver!

Eligibility

Here is the minimum age you’ll need to open these 2 accounts:

CriteriaFastSaverSingLife Account
Minimum Age1618

You are able to open your FastSaver account at a younger age compared to the SingLife Account.

However, FastSaver does not really provide an attractive interest rate. The Vivid Savings Account or GIGANTIQ (an insurance savings plan) provides higher interest rates when you’re 16!

Joint Account

FastSaver gives you the option of creating a joint account.

CIMB FastSaver Joint Account
Source: CIMB

However, this option is not available for the SingLife Account.

Initial Deposit

CIMB FastSaver does not require an initial deposit to open the account. In contrast, the SingLife account requires you to put in an initial deposit of $500.

Even then, I still think that the initial deposit for the SingLife Account is not too high.

Minimum Account Balance

The CIMB FastSaver does not have any fall below fees.

CIMB FastSaver Fall Below Fee

However, it does have a minimum account balance of $1,000. If you fall below this amount, you will not earn any interest on your funds.

This requirement is more steep compared to other basic savings account like the the OCBC Monthly Savings Account. However, it does provide a much higher base interest rate.

The SingLife Account requires you to maintain a minimum balance of $100 in your account. If you fall below this amount, you do not need to pay a fall-below fee. Instead, you will just not be able to earn the return rate on your savings.

The $100 minimum balance is really low. As such, I believe that you most likely would not fall below this amount.

Speed of Withdrawal

CIMB is one of the participating banks that offer FAST transfers.

CIMB FAST Transfer

As such, you should be able to transfer your funds almost instantly!

However, it is slightly different for the SingLife Account. SingLife is not a bank, so it cannot transfer your money via FAST directly.

It may take a while for your funds to reach your bank account. From my experience, it has taken around 5-15 minutes for the funds to be withdrawn.

SingLife does has a disclaimer that it may take up to 3 hours for your funds to be transferred.

IMG 0633

I believe this disclaimer is put in place in case SingLife needs to process a large amount of withdrawals at the same time.

Mobile and Web Platforms

CIMB has a rather outdated platform.

CIMB Clicks

And their mobile app doesn’t look that impressive either.

CIMB Clicks Mobile App

SingLife has better looking mobile and web platforms. However, it does has it issues too. From time to time, I may experience some lag or encounter this message.

SingLife Error

Overall, both user experiences could definitely be improved!

Debit Card

Only the SingLife Account comes with a debit card.

SingLife Debit Card

The 2 main benefits of this card include:

  1. No FX fees on foreign transactions
  2. Retrenchment benefits

I do not really think that these 2 benefits may be useful for you. You may want to consider cashback debit cards such as the FRANK debit card or the JumpStart debit card.

Ability to Withdraw Cash

Even though you have the SingLife debit card, you are unable to use it to make any ATM withdrawals.

SingLife Account No ATM Withdrawals

CIMB FastSaver allows you to perform ATM withdrawals. However, here are some things you’ll need to consider:

CIMB FastSaver ATM Card Fees

You will be charged $10 for either:

  1. Being issued an ATM card
  2. Linking your FastSaver account to an existing ATM card

#2 There are only 2 CIMB branches where you can withdraw money from

CIMB only has 2 branches in Singapore.

CIMB Branches Singapore

Moreover, CIMB is neither a partner of the ATM5 network or SoCash. The ATMs you can withdraw money from will only be limited to these 2 branches.

As such, it can be rather inconvenient for you to find an ATM to withdraw from.

CIMB’s intention for FastSaver is to be a fully online account. As such, it is trying to discourage you from making in-person withdrawals. Instead, you can consider transferring your money via FAST to an account from another bank.

Verdict

Here’s a summary of these 2 accounts:

ComparisonFastSaverSingLife Account
Type of AccountSavings AccountInsurance Savings Plan
Interest / Return Rate0.3-0.75%1-1.5%
Minimum Age1618
Joint AccountYesNo
Initial Deposit$0$500
Minimum Account
Balance
$1,000$100
Fall-Below FeeNoneNone
Speed of WithdrawalFASTUp to 3 hours
Debit CardNot availableAvailable
Withdrawing CashAvailableNot Available

Based on this comparison, it seems that the SingLife Account is the superior account. With its much higher return rate and minimal requirements, it seems to be the better option.

The only major drawback is the speed of withdrawal. As such, it may not be that suitable for your emergency funds.


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Reviews Savings

SingLife vs JumpStart – Which Is Better?

SingLife Vs JumpStart

Last updated on June 6th, 2021

Everyone wants the best account for their savings.

The SingLife and JumpStart Accounts are the 2 most popular, especially if you’re a student.

Which account is better and how should you be using them? Here’s a complete breakdown of what each account offers.

Continue Reading