POSB Mysaving Account (MSA) question

[deafguy]

Hi,

Yesterday, I deposit a part of my bonus into POSB MySaving Account(MSA) which will automatically transfer few hundreds dollars from my POSB regular saving account into MSA.

For your info , regular saving accounts will give you 0.05 % p.a , whereas if you have at least $1000 in MSA account , you will get 0.25% p.a

I like to ask whether I would get special rewards if I don't withdraw any money for 1 year .


I had checked the website of DBS.

It give confusing answers.

eMSA + will give you special rewards of 3% if you don't withdraw any fund for 1st 6 month, and 1.5% for July -Dec.

Can any of you tell me whether My Saving Plan is same as eMSA+ ?

I knew I can email bank ,but I prefer to ask DBS customers who might be member of HWZ to learn from their experiences.


S$ Deposit - Deposit Accounts

 

[lzydata]

Your MySavings Account is different from the eMSA or the eMSA+ accounts. Which is not necessarily a bad thing because those are more inflexible.

If I am not wrong, the 0.25% pa applies on the entire balance in the MSA so long as you maintain the committed monthly transfer amount of at least $800 and the fund transfers are successful. For example, if you transfer $20k into the MSA this month, on top of your regular amount, the entire $20k++ balance will earn 0.25% pa interest. If you then withdraw the $20k, whatever remains in the account still earns 0.25% pa interest. It is not affected by withdrawals.

 

[deafguy]

Thanks for your explanation..


I just realised that monthly interest only based on saving amount.

If I decided to cast aside $350 monthly to MySaving Account , then interest rate will be 0.2%.

If I decided to cast aside $900 monthly to MySaving Account, then interest rate will be 0.25%.

Even if my account balance is $5000, monthly deposit $100, then interest rate will be 0.05%

For the past few days, I had assumed wrongly that if my balance grow bigger with $350 , and I willl attain 0.25% level.


Still banks only catered to high income earners. High income earner can get bigger rewards via eMSA 2014