POSB eSavings Account

[CyberMew]

Would it be wise to convert my passbook savings account (or what I think it is.. mine is still a passbook type) to this eSavings account? The only think that is good is that I can save paper (I don't file them anyways) and get monthly interest credited to my account. The rest appears to be the same. I also already have the DBS Visa Debit card.

Can someone advise?

 

[henrylbh]

Passbook earns daily interest but credited annually.

 

[CyberMew]

So it should be fine right? So after registering, my passbook would be rendered useless? Can throw away already?

 

[The_Davis]

there's no actual benefit for you to do so right? no extra interest, etc?

 

[CIphone]

So it should be fine right? So after registering, my passbook would be rendered useless? Can throw away already?

I wan to keep and use my passbook to track my acct 1 lor now my passbook is as good as useless.

For sake of saving paper Esaving acct. Wakaoz, troublesome lor nid login internet to see transaction history .... If no internet den jiatlat..

 

[winguy]

seems like no major advantages for the esavings account, but i just applied to convert anyway

because i saw the brochure which says can view 36 months of past estatements

however, although the brochure says 36 months, posb website put 13 months?

will know whether it is 13 months (same as other accounts' estatements) or 36 months (main advantage if really true) when my account has been converted...

 

[exdeejay]

seems like no major advantages for the esavings account, but i just applied to convert anyway

because i saw the brochure which says can view 36 months of past estatements

however, although the brochure says 36 months, posb website put 13 months?

will know whether it is 13 months (same as other accounts' estatements) or 36 months (main advantage if really true) when my account has been converted...

call them and ask directly to clarify

 

[xBbx07]

I don't see a real benefit/cost to the consumer - but definitely helps the bank save costs.

 

[gmmusikero]

esavings

i also opt out online. today i suddenly received this sms that they converted me esavings, but i already opt out online. i went personally to posb novena they cannot update my passbook the account is already converted and they cannot put back to passbook. but i argued i already opt out! whats the use of opting out then you still force people? and online the deadline is 18th Oct. and its only 2nd!

 

[hwmook]

i also opt out online. today i suddenly received this sms that they converted me esavings, but i already opt out online. i went personally to posb novena they cannot update my passbook the account is already converted and they cannot put back to passbook. but i argued i already opt out! whats the use of opting out then you still force people? and online the deadline is 18th Oct. and its only 2nd!

Yes, they should force everybody to esavings. No more people blocking the cash deposit machine to update passbook.

 

[myhyip4me]

i also opt out online. today i suddenly received this sms that they converted me esavings, but i already opt out online. i went personally to posb novena they cannot update my passbook the account is already converted and they cannot put back to passbook. but i argued i already opt out! whats the use of opting out then you still force people? and online the deadline is 18th Oct. and its only 2nd!

Sorry, but i din't quite get wat u mean....

 

[xusykl]

maybe they phasing out the passbook update machine.

 

[lzydata]

POSB is migrating passbook account holders to the eSavings account where they will no longer be able to update their passbooks and will receive monthly eStatements instead. Supposedly the deadline to opt out of this is 18 Oct as gmmusikero says, so it is strange that his account has already been converted.

http://www.posb.com.sg/Resources/posb/docs/deposit/faq_sep_2013_pweb.pdf

 

[Keverus]

the interest is like 0.05%...why are we even talking abt it?

 

[turtle splash]

I opt out already.... prefer using passbook.

 

[turtle splash]

the interest is like 0.05%...why are we even talking abt it?

I have this account since young.... And I am using it for ATM withdrawals....

 

[hwmook]

I opt out already.... prefer using passbook.

Oh man, another guy blocking the machine. I thought only aunties love to do that.

 

[turtle splash]

Oh man, another guy blocking the machine. I thought only aunties love to do that.

Prefer using pass book = blocking the machine?
Cool bro!!!

 

[knightdreamer]

Yes, they should force everybody to esavings. No more people blocking the cash deposit machine to update passbook.

Actually update passbook don't take lots of time. It is the people at the ATM, don't know do what! You can see them put multiple cards end up no cash withdrew. Once I overheard a guy said "oh ****" no money

Then my parents still prefer hard copy! If you ask them to use computer to check is like asking them to run 21km

 

[The Rain Man]

I'm not sure about you but I chose to opt for the eSavings account so that I will be able to access my transaction history anywhere with ease.