- You must be a working adult of 18 to 30 years of age at the point of registration and with no salary crediting arrangement with DBS/POSB between 01 September 2016 and 28 February 2017.
- Credit your monthly salary via GIRO, with transaction reference codes "SAL" or "PAY", into a DBS/POSB account and select it as the debiting account for the monthly savings contribution into your SAYE Account.
- You can save between S$50 and S$3,000 (in multiples of S$10) to your SAYE Account. Changed your mind? Just adjust the amount anytime via DBS digibank online.
- You can set the savings date from the 1st to 25th of the month. Pro tip: Set the date as soon as possible after payday so you're not tempted to spend it.
- To avoid any failed deduction, ensure that there are sufficient funds in your debiting account by 7pm, one day before your designated monthly savings date.
- You'll earn 4% p.a. interest on your SAYE Account for the first 2 years.
- Additional 2% p.a. interest earned by Month 12 will be credited in Month 13. Additional 2% p.a. interest earned by Month 24 will be credited in Month 25.
Non-eligible POSB SAYE Accounts will not be credited with 4% p.a. interest.
We would have signed up for this in a blink of an eye. If we didn't already have my wife's salary going to a DBS account already.
4% return is really good.
Can you imagine if you max out the $3,000 limit per month... So nice...
Quite a simple plan.
Illustrations found in the T&C are below for your viewing.
Well... nothing very much to say. It's a really good plan.
I don't feel like talking about it too much. I'm jealous...
Don't think I need to explain too much as well. Most of the folks here know a how to handle such lobangs.
Anyway, if you're one of the lucky few who haven't had your salary put into DBS already, you can look at this plan.
The only reason I can think of for not going for this plan, is IF your salary is super high and 4% interest on $3k is not worth it.
Cos you could get maybe 1% on $20k and that would be worth more than 4% on $3k.
Anyway, good luck.
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