POSB Account Opening Requirements
How to open POSB savings account?
To open a new bank account in POSB, you can visit any POSB branch in Singapore with your NRIC or simply apply instantly online.
- For existing customer; apply online instantly with your iBanking or ATM/Debit card
- For new customer; fill up the online application and upload the required documents
“How much to open a POSB savings account” is a popular question you might have.
Most of the accounts don’t require any minimum amount to open but you need to take note that some accounts do charge a fall-below fee.
So, keep a minimum balance of $500 in your POSB savings account after the account is opened.
POSB Account Opening Requirements:
POSB Everyday Savings Account
- At least 16 years old
- No Initial deposit required
- https://www.posb.com.sg/personal/deposits/savings-accounts/everyday-savings
Remarks: Maintain a daily average balance of $500, if not a $2 fall-below fee will apply.
eMySavings Account
- At least 16 years old
- Already a DBS/POSB Savings/Current Account customer
- Foreigners can apply
- https://www.posb.com.sg/personal/deposits/savings-accounts/emysavings-account
POSB SAYE Account
For the first 2 years, you can get an additional 2% p.a. interest on your savings, when you don’t make any withdrawal from the SAYE account.
- At least 16 years old
- Already have a DBS/POSB Savings/Current Account as your salary crediting account.
- Foreigners can apply
- https://www.posb.com.sg/personal/deposits/savings-accounts/saye
POSB Save As You Serve (SAYS)
ePOSBkids Account
- For children up to 18 years old
- No minimum deposit and fall-below fee until
child turns 21 years old. - No coin deposit fee until your child turns 16 years old.
- As joint-account with
parent or legal guardian - Foreigners can apply
- https://www.posb.com.sg/personal/deposits/savings-accounts/posbkids
POSB Smiley CDA
POSB Current Account
- At least 18 years old
- No Initial deposit required
- $2 monthly account fee
- A monthly S$2 fall-below fee apply on your linked POSB Savings
Account, if your average daily balance for the month falls below S$1,500 - https://www.posb.com.sg/personal/deposits/savings-accounts/current-accounts
The requirements to open POSB account is easy to meet as the minimum age required is only 16 for most of the accounts.
Alternatively, you may also consider opening a DBS bank account as both banks have merged in 1998.
Click here to check out which savings account gives you a better interest rate on your savings.
