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POSB iBanking Singapore: What’s new with it?

 

POSB iBanking is a digital banking solution for users who want to experience convenient banking transactions. Thus, customers can manage their finances hassle-free and funly.

The bank of POSB is one of the largest and most trusted banks in Singapore. It’s the oldest bank you’ll find in the country. Over time, the bank kept embracing economic changes. And that includes digitalizing their services.

Digital platforms paved the way to connect with users easily. As a result, many customers are satisfied with its products and services.

But is it worth it to use POSB iBanking Singapore? What features does it have that make it useful?

Therefore, in this article, the detailed facts about POSB iBanking services are laid out. In addition to that, you’ll get to know how to open a POSB eMySavings account.

Read on, and perhaps you’ll get what you’re wondering about POSB’s services.

 

Table of Contents

What’s new with POSB Digibank Services?

POSB iBanking

Would it be more convenient if you wanted to pay your bills while sitting on your couch?

POSB iBanking allows you more than checking your account balance and transferring funds. The feature lets you apply for accounts and credit cards online and manage your finances.

For a lighter experience, you can use POSB’s mobile app version. It’s very accessible, so customers experience a lighter and hassle-free banking experience anytime, anywhere.

Digibank’s recent update brings incredible new features to POSB’s users. And such features provide a different level of online and mobile app banking experience.

Using Singpass Face Verification for DigiBank Mobile 

POSB iBanking uses Singpass face verification, Singapore’s national facial identification system. It’s a secured digital feature that allows all mobile app users to sign up and check their accounts conveniently.

In addition, Singpass made it easier to sign up for POSB Digibank.

Effortless Banking

Keeping up with late fees is no longer a problem. You get automated notifications reminding you of your upcoming bills. Therefore, it helps the users not to miss any payments. You can even pay your bills instantly. 

Track your account in real-time: There’s no need to check in on any transfers, payments, or refunds with real-time notifications.

Fraud Alert: You get real-time alerts about irregularities in payments and charges.

Using money to your advantage: Discover how to optimize your savings with personalized recommendations.

Easy Connectivity

Always see what’s happening with your money with POSB Nav Planner. With SGFinDex’s help, the POSB Nav planner can connect all your financial information from banks, HDB, IRAS, and CPF.

However, you don’t have to log into various accounts to merge your information in one place. By using Singpass in SGFinDex, your account gets secured. You’re the only person who can control your account. All information that you share is under your control.

MyInfo with SingPass

Instantly apply for several bank services with MyInfo. First, fill out the application form online using Myinfo. Upon approval, you’ll immediately access your bank account, credit card, or Cashline account.

Also, you can apply for these services and enjoy real-time progress notifications.

  • Have a Digibank access
  • Get Cashline/Personal Loan
  • Apply for Credit Cards
  • Credit Limit Review
  • Open Bank Accounts
  • Personal Particulars Update
  • Car Loans

Get Assistance with POSB Digibot

POSB Digibot assists you round the clock, giving you access to information. Also, you can quickly view the products and services the bank offers. Digibot is only one tap away to assist you whenever you need any financial inquiries.

Opening eMySavings Account via POSB Digibank

POSB internet Banking

POSB eMySavings is the perfect savings account for those who regularly save money. Saving money with eMySavings will let you earn interest which is computed daily. Thus, consistently saving money can also result in a higher interest rate.

For anyone wanting to learn good financial habits, it’s an excellent account.

Key Features and Benefits of POSB eMySavings 

With an eMySavings account, you can set up regular monthly savings. You can set aside and save any amount from S$50 up to S$3,000. The money will be debited from your connected current or savings account.

Another thing you’ll experience is picking a convenient date to save money. Unfortunately, you can only select a date between the 1st and 25th of the month.

As mentioned, eMySavings lets you earn interest based on the monthly amount you save. Each month, interest is calculated and credited.

Requirements of POSB eMySavings 

There are no special requirements or documents needed to open an eMySavings account. You can quickly start one instantly online with DigiBank. No initial deposit is required. 

To open, you must be at least 16 years old and have a DBS or POSB account. The account will be linked to your eMySavings and will automatically get debited every month.

Minimum Average Daily Balance (ADB) of POSB eMySavings 

No minimum balance requirement is required when you get a POSB/DBS eMySavings account. As a result, there is no fall below penalty fees. But your account can be penalized if you make any withdrawals.

How much interest could I earn on my savings?

Savings accounts like these are great for developing good saving habits. Experience to earn extra interest if you save a certain amount each month. Refer to the figures shown below:

  • $50 – $290 (0.05%)
  • $300 – $790 (0.2%)
  • $800 – $1,490 (0.25%)
  • $1,500 – $3,000 (0.25%)
  • Other scenarios (0.05%)

It is possible to save from as little as S$50 to as much as S$3,000. To earn the total 0.25% interest rate, you must save at least S$800 a month. 

POSB eMySavings Penalty Charge

Failure to make the monthly debit will not result in a penalty. However, in that month, you will only earn 0.05%. So don’t forget to have enough money in your debiting account the day before the deduction. 

The good news is that you will only lose the bonus interest for that particular month. You can still take advantage of the bonus interest for the following months.

When you withdraw funds from this account, you’ll also only receive 0.05% interest. POSB’s eMySavings is a good savings account. However, it is not an excellent account for you to save for emergency funds.

Using POSB eMySavings Calculator

POSB has provided its users with an eMySavings calculator. It’s a tool that you can use to compute two things on your savings:

  • Amount to be saved monthly
  • Number of years

The calculator will compute how much money you can earn through interest.

For example, you consistently save S$800 per month (a minimum required deposit to get the max 0.25% interest rate) for 20 years. How much would your total monthly savings, balance, and interest be earned?

At the end of 20 years, your eMySavings account will have

  • Total monthly savings: $192,000.00
  • Total balance: $196,902.07
  • Total interest earned: $4,902.07

Closing a POSB eMySavings Account

Have you encountered problems in funding and maintaining your monthly deductions? Because if you do, the option you can do is close your account.

Digibank’s features can help you instantly close your account online. After that, however, it’ll be permanently closed. So, retrieving your account won’t work if you change your mind.

Pros and Cons of POSB eMySavings

eMySavings pros and cons

If you’re interested in opening an account, better understand the pros and cons of POSB eMySavings first. 

Pros

  • Excuses are gone with eMysavings’ automated monthly deductions. It happens when you link your existing DBS/POSB account. As mentioned above, saving more will let you earn the best rates. 
  • Unlike other banks, with POSB eMysavings, opening an eMySavings account needs no initial deposit. So you don’t have to worry.
  • There’s no minimum balance required. So, there is nothing to worry about emptying your eMySavings Accounts. It is okay whenever you need to take out all your money in emergencies. You won’t get any penalty charges.

Cons

  • The interest rate on the eMySavings account is relatively low at 0.25%. However, unlike other savings accounts, they are offering higher interest rates.
  • You can make withdrawals with your eMySavings account. However, it can cause your bonus rate to decrease.
  • Before you experience the max bonus interest of 0.25%, you need to contribute at least $800. Such an amount is undeniably huge that a customer can contribute.

Digital banking is the new trend and makes everything more convenient. As a result, people save more time, money, and effort with the help of digital services. 

For decades, POSB transitioned accordingly to digital platforms. From desktops up to mobile apps, the bank adopted changes. Thus providing a light and efficient banking experience to the customers. 

In Singapore, not only banks are offering online services. Even licensed moneylenders do the same thing. So people can get access without any hassle whenever they apply for instant cash loan services.  

Singapore is one of the top financial hubs in the world. With that said, the country ensures to provide top-notch financial services. So, despite changes and challenges that come along the way, Singapore continues to develop and innovate. And most importantly, continuously enhancing financial services to all customers.