My, my! This is truly a unique savings account worth consideration. To earn POSB MySavings Account (MSA) savings interest rate of up to 1.5% per annum, you need make new savings deposits with a sum of $1500 every month.
Yes. Cash of $1500 to be deposited into POSB MySavings Account (MSA) every single month. You have to get hold of that sum of money (presumably from your salary or other sources of earnings) and put it into POSB MySavings Account (MSA) monthly on a regular basis to earn these savings rates.The moment you deduct some savings and cash from POSB MySavings Account (MSA), your savings interest earned will drop to the next lower tier of interest rate for the savings deposited. This way, you are forced to “save” your savings every month. In effect, it is equivalent to a regular investment. In POSB MySavings Account (MSA), you have to keep on 'saving' (putting money into the account) to chase after that 1.5 per cent interest earning for this POSB MySavings Account (MSA).
There is a also a POSB MySavings Account Kids MSAKids Account where you need to have a child older than 5 years old belonging to you, whose name you can use to start this POSB MySavings Account (MSA) to earn one of the best savings rates in the Singapore bank savings account market.
The minimum savings sum to put into POSB MySavings Account (MSA) per month is $50. This sum earns you savings interest of 0.45% which is not bad compared to the standard POSB Savings Account.
There is no bank savings account opening charge, bank account closing charge and maintenance charges for POSB MySavings Account (MSA) in Singapore.
You can earn even higher savings interest rate of of 1.6% for POSB MySavings Account (MSA) but this is applicable only to Treasures Bank Depositors (who need to be savers with plenty of cash to deposit).
POSB MYSAVINGS ACCOUNT (MSA)
(Interest rate is based on the Monthly Savings Amount)
FOR MONTHLY SAVINGS AMOUNT$50 - $290 0.4500
$300 - $790 1.0000
$800 - $1,490 1.2000
$1,500 - $3,000 1.5000
POSB MYSAVINGS ACCOUNT (MSA)
(TREASURES PREFERENTIAL INTEREST RATES)
(Interest rate is based on the Monthly Savings Amount)
FOR MONTHLY SAVINGS AMOUNT
$50 - $290 1.3000
$300 - $790 1.4000
$800 - $1,490 1.5000
$1,500 - $3,000 1.6000
Recommendation To Maximise Use of POSB MySavings Account (MSA)
As a short term way to boost your interest income, one option is to take money from another bank savings account of yours and 'deposit' it into the POSB MySavings Account (MSA) monthly to 'earn' one of the best interest rates on savings account in Singapore. Once you find another deposits account that pays more (check http://Singapore-Fixed-Deposits.com for even higher rates), you can then switch out of POSB MySavings Account (MSA) to make your hard-earned money earn even more money.
For more details on POSB MySavings Account (MSA), check DBS's POSB website.
Check the latest Singapore Savings Account Interest Rates.
From The Team
Singapore Savings Account Rates
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