How to Open an Account at POSB in Singapore

For most adults, a bank account is an essential part of modern life. A bank provides not only a place to store money, but an opportunity to grow assets and invest in the future.

POSB Singapore Branch

POSB bank has received multiple awards for excellence in banking, and provides special services and financial education to the local community. Both residents and foreigners can apply for POSB services, as the bank gives them the tools to help succeed in their career.

Types of POSB Bank Accounts

POSB in Singapore provides a wide range of savings accounts for clients to choose from.

  • The POSB Everyday Savings Account provides the basic features:
    • monthly paid interest
    • cashback rewards on the ATM card
    • and a choice between print or online bank statements

    This account has a monthly fee if the amount falls below the min balance, but it can be waived for certain clients, including young clients under 21 and senior citizens.

  • Another option is the POSB eMySavings Account, which includes additional features like special interest rates and the ability to set a monthly savings amount. Clients must be at least 16 years old and have a POSB savings/checking account before they apply.
  • Alternatively, the POSB SAYE Account pays out higher interest to clients who credit their monthly salary with the POSB bank. This account comes with a number of requirements and restrictions, but helps customers maximize their income.

Specialized accounts

The bank also offers specialized accounts to clients who meet certain conditions.

  • Parents can apply for a POSB Kids Savings Account to help teach their child how to manage their savings. This is is a joint account that allows parents to transfer funds from their account to their child’s for free. This account has no min deposit or balance, and comes with free gifts upon opening.
  • The POSB Smiley Child Development Account allows parents to open an account for their newborn child, with the amount matched by the government up to a certain balance.
  • Also, servicemen can apply for the Save As You Serve Account, which offers a 2% annual interest rate, cash rebates, and discounts & benefits. The POSB bank also offers special debit cards to servicemen with more benefits.
  • Clients looking for a checking account can apply for the POSB Current Account. This account is linked to the savings account and comes with:
    • phone and online banking
    • online monthly statements
    • one free checkbook
    • and no min. deposit.

    This account has a small monthly fee, as well as an fee if the amount falls below the min balance.

How to Open an Account

Clients can apply for a bank account through the online application on the POSB bank’s site. The application is simple and easy to follow, due to clear instructions. If they would prefer to talk to an advisor in person, they can visit one of their local POSB bank branches.