IS it worth continue my saving in POSB SAYE account?

smart_alex

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Now I contribute about $500 per month into my POSB SAYE account, I am being lock for 2 years for 2%

is it better to withdraw the money and invest in other thing? like SSB or FD?

saye-table.jpg

What you need to do:

Credit your monthly salary^ into a POSB/DBS account and select it as the debiting account for the monthly savings contribution into the POSB SAYE Account.
Determine a fixed monthly savings amount from S$50 to S$3,000 (in multiples of S$10).
Choose your preferred monthly savings date (between the 1st and 25th day of the month)*.
Make no withdrawal from the POSB SAYE Account.
Below is an illustration of the interest earned when you make a successful S$100 monthly contribution into your POSB SAYE Account on the 1st day of each month.

https://www.posb.com.sg/personal/deposits/savings-accounts/saye#
 

jacky5297

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lowqinghong

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smart_alex

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I think SSB is worth considering since next month bond is 1.89% per annum!
Put $10,000 you have earn about $190. Better than the POSB since you are locked down for 2 years?

I dk leh, anyone using the POSB SAYE account?/
 

iamveryguailan

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Are u under the byob scheme?

I am under this saye byob promo for 2 years, about 4% interest. Every month put in 3k, thinkjink it’s quite decent
 

Garlic & Butter

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i renewed my POSB SAYE account 3 months back.
The effective rate is 2.27% (for the >$800 tier) so its still not too bad.
 

Panerex

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If i have received the bonus interest at end of 2-years of SAYE, what will happen next?

Will the SAYE auto- continue for a new 2-years cycle with bonus 2% interest at the end?
Or will it be back to normal Low interest rate?
 

reddevil268

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If i have received the bonus interest at end of 2-years of SAYE, what will happen next?

Will the SAYE auto- continue for a new 2-years cycle with bonus 2% interest at the end?
Or will it be back to normal Low interest rate?

Sorry for digging up an old thread, but does anyone know the answer to this?

Thanks in advance :)
 

princessreiko

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Can someone explain more to me?
So just need to open a SAYE account, then give instruction to the bank to debit the amount the account which my salary is credited to?

So at the beginning, there will be no money in the SAYE account?

For eg if I decide to put in the maximum of $3K per month in to the account, how much interest will I get at the end of 2 years?
 

MrEdmund

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Yes you are right. You will need to set a date and amount for the system to debit money from your salary crediting POSB/DBS account to your POSB SAYE account every month.
You can use the calculator on their website.

Do be extra careful though. Before you enrol into POSB SAYE, do your own calculation on how much money you will get at the end of 2 years (CGI+base interest). You can use the calculator on their website but limited to specific amount. Alternatively, just calculate by yourself with an excel.

I have reached the 2nd year of my POSB SAYE few months ago and the bank "shortchange" me by an amount close to $200. After several followups which lasted more than a month, they have reimbursed me the $200.

So take note, their system is not always correct. Do your own calculation.
 
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demoforce1

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Yes you are right. You will need to set a date and amount for the system to debit money from your salary crediting POSB/DBS account to your POSB SAYE account every month.
You can use the calculator on their website.

Do be extra careful though. Before you enrol into POSB SAYE, do your own calculation on how much money you will get at the end of 2 years (CGI+base interest). You can use the calculator on their website but limited to specific amount. Alternatively, just calculate by yourself with an excel.

I have reached the 2nd year of my POSB SAYE few months ago and the bank "shortchange" me by an amount close to $200. After several followups which lasted more than a month, they have reimbursed me the $200.

So take note, their system is not always correct. Do your own calculation.

How often we will get the additional interest? every month? or?
 
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