In general, the interest rate that POSB/DBS offered for their savings account is pretty low as…
Updated on: 24 November, 2010
In order to open a bank account in POSB, you can just visit any POSB branch in Singapore with your IC or Passport.
You need to fulfil the requirements below.
POSB Passbook Savings Account
– POSB Savings account age limit is 16 years old.
– Below 16 years old, you may open a POSBkids Account (see below).
– Initial deposit of S$500.
Note: maintain a daily average balance of $500, if not a $2 fall-below fee will apply.
Offers you a choice of two account types to suit the needs of your child.
– Personal Account (7 to 15 years old)
In your child’s name so that they can manage his own savings and continue to use the account even as an adult.
– Joint Account (up to 15 years old)
Allows you and your child to manage the account together.
– At least 16 years old.
– If you are below 16 years old, you can open a MSAkids with your parent or legal guardian who is at least 16 years old.
– Need to open a DBS/POSB Savings/Current Account before applying for a MySavings Account. Alternatively, the monthly savings amount can be deducted from a 3rd party’s DBS/POSB account upon their consent received at our branch.
– No initial deposit required.
It is easy to open savings account with POSB, alternatively, you may also consider opening a DBS bank account as both banks have merged in 1998. See here for POSB savings account interest rate.