DBS/POSB have finally up their game on Saving Accounts with a crazy 4% annual interest benefits for us. Additionally they are giving out $88 $100 (End on 31st July). The tagline is pretty catchy – Be Your Own Boss. But is it too good to be true? Read further to find out (calculations are provided)
Conditions to Fulfill
From DBS BYOB Terms and Conditions – Link here
1. The Promotion period is valid from 01 June 2017 to 30 September 2017, both dates inclusive (“Promotion Period”).
2. This Promotion is open to customers who aged from 18 to 30 years old and did not have salary crediting arrangement with a DBS/POSB account between 01 September 2016 and 28 February 2017.
The main limitation is age as this promotion is targeted for young working adult.
Other than that… the criteria is relatively easy to obtain, compared to OCBC 360 1.85% interest rate.
Do note that the 4% interest gained is only for the amount in SAYE account. and Not for the DBS/POSB Saving Account. Additionally, this promotion is only for first two years.
How DBS BYOB Works
Case 1: Poor Fresh Graduate
- Has Zero Initial Savings.
Case 2: Somewhat Rich Fresh Graduate
- Fortunately has 24k Initial Savings.
- DBS/POSB limit the maximum transfer of 3k per month to SAYE account.
- interest earned by OCBC360 is using average daily balance
- monthly interest rate is simplified using a flat division of stated interest by 12.
(4%/12 for DBS/POSB and 1.85%/12 for OCBC360) - SAYE Interest (2% p.a.) is paid every 6 months provided there is no withdrawal from SAYE account within that 6 months.
- Bonus SAYE Interest (2% p.a.) earned from DBS/POSB is credited every month into DBSpaylah which cannot be transfer out. This is in addition to SAYE Interest.
So should you be your own boss? or just stick to 360?
Our take is to go for it! not only do you save more than most other saving accounts, it cultivates prudent financial habits in us, young working adult. We feel that is most important factor than anything else.
Do apply for DBS Visa Debit Card instead of DBS Mastercard as Visa Debit Card entitles you to 5% cashback on all transaction with no minimum spending. Easily better than any other credit cards out there.
Do record your monthly expenses and project it for the next 2 years to calculate a comfortable amount to put in SAYE every month. Check out our reviews on other Saving Accounts here. Fancy to get your first Credit Card but you’re spoilt for choice? Check out [Fresh Graduate] Pocket Guide: Credit Card.
[Update: Just get the DBS Visa Debit Card Instead]
Let us know what yall think about BYOB saving scheme in the comment below (:
Majulah Millennials 
Hi MM, I signed up for the DBS BYOB promotion in July but forgot to save the T&C statement. So the T&C has changed now, and DBS is telling me that I’m not eligible for the 2+2% BYOB promotion. Do you have a copy of the T&C from then? That would be a lifesaver. Thank you!
LikeLike
Morning SG,
Yes I do have a copy of the T&C. Do you mind leaving your email so I could send you the document?
LikeLike
Oh I have managed to find out your email address and sent you a copy already. Hope it helps!
LikeLike
Hi MM, thank you for sending the T&C! It is really helpful to me!
LikeLike
Glad to be able to help (= thanks for dropping by too!
LikeLike