Savings Archives | Page 9 of 17

POSB LAUNCHES INNOVATIVE “BANK AND EARN” PROGRAMME

FIRST BANK IN SINGAPORE TO REWARD CUSTOMERS WITH MONTHLY CASHBACK FOR REGULAR BANKING TRANSACTIONS

With “POSB Cashback Bonus”, customers need only to fulfil three or more types of regular banking transactions to enjoy cashback rewards, without the need to make additional deposits

It pays to bank more with POSB – customers can earn up to SGD 130 per month via salary crediting, credit card spending, home loan instalments, insurance premiums, or investments

SINGAPORE, 17 October 2016 – POSB, Singapore’s oldest and most loved bank, today announced the launch of an innovative “bank and earn” programme which will reward customers with cashback every month through regular banking transactions. This programme is also the first-of-its-kind in Singapore which allows customers to earn straight cashback rewards without making additional funds deposits on their account balances.

The “POSB Cashback Bonus” programme is the first of its kind in Singapore to offer customers direct monthly cashback simply by fulfilling at least three types of regular banking transactions. This is a simple programme for customers to earn cashback as the majority of POSB/DBS customers are already conducting these transactions with the bank. For example, customers will only need to conduct at least three of the following transactions every month to earn up to SGD 130 per month in cashback rewards:
1. Credit their monthly salary (Minimum amount of SGD 2,500; cashback of 0.3%; monthly cashback cap of SGD 20)
2. Spend on their POSB/DBS credit cards (No minimum amount required; cashback of 0.3%; monthly cashback cap of SGD 20)
3. Pay their monthly home loan instalments (No minimum amount required; cashback of 3%; monthly cashback cap of SGD 30)
4. Pay their POSB/DBS insurance premiums (No minimum amount required; cashback of 3%; monthly cashback cap of SGD 30; insurance products should be purchased after signing up for the programme)
5. Invest through POSB/DBS (No minimum amount required; cashback of 3%; monthly cashback cap of SGD 30; investment products should be purchased after signing up for the programme)

See below for two examples of how a customer can earn generous cashback rewards from regular banking transactions:

Earlier this year, POSB conducted a survey among some 800 customers on their reward preferences based on their banking relationships. The majority of customers responded that they prefer the following features for their banking accounts:

· Rewards structure that is straightforward and simple to understand
· Cashback rewards which are credited to their accounts regularly
· Rewarded based on their multiple relationships and transactions done with the bank
· No requirement to make additional deposits to earn rewards

Said Jeremy Soo, Head of Consumer Banking Group Singapore, DBS Bank, “We are delighted to introduce this programme that rewards our customers based on their banking relationships with us. Currently, most of our customers are already conducting regular banking transactions with us and this means that customers can simply enjoy monthly cashbacks with ‘POSB Cashback Bonus’ without doing a lot more. As the ‘People’s Bank’, we are committed to offering our customers greater value through innovative products and services, and to providing superior deals for them to enjoy.”

To enroll in the “POSB Cashback Bonus” programme, customers simply have to log on to POSB/DBS iBanking to register, and nominate a deposit or credit card account to receive their monthly cashback. Visit www.posb.com.sg/cashbackbonus for more information on the programme.

In 2013, the bank launched the DBS Multiplier Programme to reward emerging affluent customers for consolidating their finances with DBS. With DBS Multiplier, which was recently enhanced in August 2016, customers are able to enjoy a higher interest of up to 2.68% p.a. on their account balances by fulfilling any three of the five transaction categories. The programme has been a hit with customers and the bank has now more than 90,000 accounts. For more information on the “DBS Multiplier Programme”, please visit www.dbs.com.sg/multi.

Start Saving Cash By Following These 18 Spectacular Tips

Saving money is a crucial step to financial independence. No matter what your current financial status is, you need to understand that it is possible for you to grow your wealth. There are simple money-saving ways that you can employ now.

Let the round-up begin!

1. Start by accepting your financial responsibility and devising a monthly budget that is suited for your lifestyle. When you continue to make excuses to saving money or altering your spending habits, you may end up broke.

2. Eliminate your consumption of junk food and beverages such as sodas, chips, and sweets. These things are not only unhealthy but they are also costly.

3. Figure out the saving goals that are most important to you. Organize your expenses based on your priorities and your goals.

4. Spend at least 6 minutes on examining the last month’s utilities bill and credit card statement. Use your vigilant eyes to spot one expense that you can either reduce or eliminate.

5. Before purchasing anything, it is good to read the reviews and to compare the prices so that your money will not go to waste.

6. If you are taking medications on a long-term basis, ask your physician if he or she can prescribe a cheaper yet equally efficient alternative.

Image Credits: pixabay.com

7. Surround yourself with financially literate friends. This is important as you can begin to adapt the attitudes and the beliefs of the people whom you are most exposed with. Know the 6 Kinds Of Friends Who Can Positively Influence Your Finances.

8. If possible, let your employer automate your salary in a separate bank account that is solely for your savings. This will lessen the temptation of immediate spending.

9. Give refurbished laptops a chance. Buy these from established and trusted retailers to ensure safety.

10. Save and reinvent the unconsumed food when you either ordered too much restaurant food or when you cooked excessively.

11. Your appliances and electronics will continue to consume energy and spike your tariff despite turning off the switches. This is why you must unplug your cables when not in use.

12. Save every last cent by putting it in a jar. If you collated your loose change of 50 cents a day, it can generate nearly S$200 a year.

13. There is no need to replace your torn clothing right away! Learning and mastering the basic sewing stitches can help you extend the life of your favorite clothing.

14. The sharing economy allowed people from all over the world to rent their own homes. Cut accommodation costs as well as energy consumption by availing the services of Airbnb, HomeExchange, or Couchsurfing when overseas*.

15. Stop hoarding or collecting unnecessary items. Start selling these items on global marketplaces instead.

16. What better message of gratitude can you convey when you pour your heart on handmade gifts? Consider creating your own gifts instead of buying them from the shops.

17. Limit your taxi rides. Using public transportation can save you at least S$5 per trip.

18. Rather than spending all your money on a fancy restaurant with your friends or co-workers, socialize by having a pot-luck.

Image Credits: pixabay.com

*Be cautious at all times. Read the reviews of the room or the house you are renting before paying for it.

Sources: 1 & 2

OCBC 360 Account Offers The Best Fixed Deposit Rates

This is a contribution by Alison, who blogs at www.heartlandboy.com

Readers may be surprised that Heartland Boy is suggesting that an actual banking account, as opposed to some plain-vanilla fixed deposit schemes, offers the best fixed deposit rates in town currently. Ever since DBS launched its DBS Multiplier Programme with headline grabbing interest rates, it has forced its key competitors to react accordingly. As a result, this has spawned a new type of hybrid savings account which typically rewards account holders with significantly higher interest rates than the moribund 0.05%. OCBC has its own OCBC 360 Account while UOB has its UOB One Account. After comparing the various bank offerings, Heartland Boy chose the OCBC 360 Account as he thinks it offers the best fixed deposit rates amongst the local banks.

HOW THE OCBC 360 ACCOUNT WORKS

OCBC rewards account holder bonus interests for completing a myriad of tasks. This is in addition to a base interest of 0.05% per annum. The respective bonus interests applicable to the first $60,000 of the account holder balances are:

1.2% per annum when your credit your salary of at least S$2,000 through GIRO
0.5% per annum when you pay any 3 bills online or though GIRO
0.5% per year when you spend at least S$500 monthly on OCBC Credit Cards
1% per annum when you purchase a new insurance (eg: Policies of at least S$2,000 in annual premium) or investment product (Unit Trusts or Structured Deposits of at least S$40,000) with OCBC

Source: http://www.ocbc.com/personal-banking/accounts/360-account.html

The bonus interest accumulates and pays when you do all of the above of any of the following. As an illustration, if you satisfy only criteria 1 and 2, you would still be eligible for 1.7% bonus interest per annum.

TIPS ON MAXIMISING THE OCBC 360 ACCOUNT

Make sure that the salary credited into your OCBC 360 Account uses a code recognised and approved by OCBC in order to earn the 1.2% bonus interest.

A working adult should easily satisfy the criteria of paying 3 bills online (mobile phone, credit cards, insurance premiums etc). If you do not meet the criteria of paying 3 bills online, offer to help pay some of the household bills, such as broadband or utility charges, online.

Whenever possible, apply for GIRO so that the bill payments are automated. This ensures that you will never forget and are guaranteed to complete that task.

OCBC offers plenty of attractive credit cards, such as the OCBC 365, OCBC FRANK, OCBC Robinsons etc. Choose a credit card that is most compatible to your spending habits. For instance, if you enjoy dining out on weekends, you may apply for the OCBC 365 credit card to earn 6% cashback. If you are an online shopaholic, you can earn 6% rebate on OCBC Frank credit card.
If you are paying bills to an organisation which OCBC Credit Card has a partnership with, you can apply to pay through GIRO for greater bang on your buck. For instance, Heartland Boy’s M1 bills are deducted monthly via GIRO on his OCBC 365 credit card. He gets a 3% cashbackfor setting up a recurring telco bill, as well as becoming closer to achieving the S$500 minimum spending on an OCBC credit card as required by the OCBC 360 Account. That is equivalent to killing 2 birds with 1 stone.

If you are capable of making your own investments, you may consider forgoing the 1% bonus interest applicable for new insurance or investment products. That is because the expenses and fees that these products typically charge may well exceed the incremental 1% bonus interest that you earn.

The bonus interest is calculated based on average daily balance, so you cannot “game” the system by withdrawing money at the beginning of the month and depositing money at the end of the month and still hope to get the full interest over the month.

WHAT HEARTLAND BOY LIKES ABOUT THE OCBC 360 ACCOUNT

Previously, Heartland Boy was using the POSB Savings Account, an account his parents set up for him after he got tired of playing with his piggy bank. This account was paying a miserable 0.05% per annum and yet Heartland Boy continued using it out of habit and convenience. This was despite Heartland Boy knowing that he was actually losing money in real terms as Singapore’s historical average inflation was probably 2% per annum. However, since switching over to OCBC 360 Account, Heartland Boy feels awesome whenever he sees the bonus interest roll into his OCBC 360 Account. It was the same feeling he had when he was a small kid collecting candies after accumulating a series of stamps at the funfair.

There is no lock-in period and you are free to utilize the savings inside the OCBC 360 Account whenever you need to. This is in contrast to the traditional fixed deposit schemes whereby there is a lock-in period.

Informing Heartland Boy’s Human Resources Department to change his salary crediting account was surprisingly straightforward. All it took was an email instruction and he only had to do it once!

If you are unconvinced and still fret over the hassle of changing your monetary habits, Heartland Boy can assure you that once you have done it, it will become habitual eventually and you will thank yourself for having done so!

POSB launches pilot of Singapore’s first Video Teller Machines (VTMs) from 16 Aug

The machines, which come with live-video teller assistance, will soon be able to dispense internet banking tokens and debit cards round-the-clock

SINGAPORE, 16 August 2016 – POSB, Singapore’s most loved and oldest bank, is introducing another innovation to the local banking scene with the pilot of POSB Video Teller Machines (VTMs) – the first of its kind in Singapore. POSB VTMs will soon be able to provide round-the-clock branch banking services to customers, with the option of “face-to-face” assistance from bank tellers via live-video streaming. In addition to providing services such as balance enquiries, change of particulars and statement requests, the POSB VTMs will be also able to dispense internet banking security tokens as well as debit cards instantly.

POSB VTMs complement the wide array of existing services provided by the bank and pushes the envelope when it comes to the range of round-the-clock services customers can come to expect from a bank, without necessarily requiring more branch space or increase in manpower.

Said Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank, “We see the POSB Video Teller Machines as a game-changer for the industry, in terms of delivering round-the-clock branch banking services to our customers. Customers who urgently need to have their internet banking tokens or debit cards replaced after branch banking hours, will soon be able to go to POSB VTMs to have their token or card dispensed instantly to them, after verification. And just as important, those who require assistance – whether in operating the machine or for their other banking needs – are able to access instant ‘face-to-face’ teller assistance via live-video. The latter function is crucial because many of our customers still place great value in interacting with our staff. As POSB will always be neighbours first, bankers second, these relationships are something we value and wish to preserve even as we continue to push the boundaries in banking innovation.”

With DBS/POSB banking most of Singapore, the bank sees some 45,000 requests per month for replacement debit or ATM cards, and 7,500 requests per month for replacement internet banking tokens – mostly as a result of misplacement. To use the POSB VTMs, customers will need to have valid ID (such as their identity card or passport) or their ATM card for verification. POSB VTMs will also provide the option of biometric fingervein scanning for verification if required. With POSB VTMs, customers will be able to perform transactions such as:

Balance enquiries
Change of particulars
Card services
Instant replacement of debit and ATM cards
Instant internet banking token replacement
Changing fixed deposit arrangements
Changing Giro arrangements
Statement requests

POSB VTMs are the latest in a line of ground-breaking and first-of-its-kind service innovations introduced by DBS/POSB to enhance efficiency and customer convenience. These include the SMS ‘Q’ notification service, which allows customers to request for a queue number via SMS prior to visiting the bank’s branches; SMS Banking, where customers can perform simple banking transactions via SMS; and POSB Branch Machines, service machines that allow customers perform some over-the-counter transactions with branch staff assistance.

POSB VTMs are presently in pilot stage, with the first one situated at POSB ITE College Central branch at 2 Ang Mo Kio Drive. The machine can be accessed by the public from 10am to 2pm (Monday to Fridays) and 10am to 1pm (Saturdays) and selected functions, including internet banking token replacement, are currently available. More POSB VTMs will be progressively introduced to selected branches and the machines are expected to run with their full capabilities and be made available round-the-clock by the end of the year.

To find out more about the POSB VTMs, please visit www.posb.com.sg/vtm.

All images from POSB Singapore.

* Edit: An earlier version of this article states that the machine can be accessed by the public from 10am to 2am (Monday to Fridays) and 10am to 1am (Saturday). This has been corrected, and the hours will be progressively extended to round-the-clock by end of the year.

POSB offers the Save-As-You-Earn (SAYE) programme to everyone, providing a bonus interest rate of 2% per annum (From 3 Aug 16)

Programme from 1970s makes a comeback, providing a bonus interest rate of 2% p.a. on customers’ monthly savings

In the latest media release, POSB announced today (3 Aug) that the iconic POSB Save-As-You-Earn (SAYE) programme will be reintroduced.

First launched in 1974, the programme was introduced to encourage Singaporeans to cultivate a habit of setting aside a portion of their salary as savings.

In June this year, POSB offered this programme exclusively to full-time national servicemen (NSFs) to recognise their contribution towards national building under the POSB “Save As You Serve” (SAYS) programme. This special scheme allows full-time national servicemen, or NSFs, to enjoy a bonus interest rate of 2 per cent per annum.

In the lead up to the nation’s 51st birthday, POSB, Singapore’s oldest and most loved bank, announced that they will expand the savings programme to include all Singapore customers, effectively bringing back the POSB SAYE.

To participate, customers simply need to have a DBS/POSB savings account where their monthly salary is credited to. They can then sign up for a POSB SAYE account where a stipulated amount (between SGD 50 to SGD 3,000) is transferred every month from their DBS/POSB salary-crediting account. The bank will then provide a bonus interest rate of 2% per annum on their monthly contributions in their POSB SAYE account. For more information or to sign up for an account, visit www.posb.com.sg/saye

“It was really convenient for me because our salaries were credited into POSB as well so it was very natural to open POSB SAYE which auto-deducted from my salary every month. My pay was very low then so without the scheme, it would be very easy to spend everything when it comes in!” – Jasmine Yeo, 44, POSB customer

POSB is also marking National Day this year with the launch of the POSB Gallery at the National Library Building. The POSB Gallery showcases how POSB has grown with Singaporeans through the years since its founding in 1877. Featuring precious artefacts from the past, ranging from old POSB passbooks from colonial times to the iconic POSB Lucky Draw Drum used in the 1970s, the gallery tells how POSB mobilised an entire national savings movement and played a key role in the development of Singapore. The bank also hopes the gallery will inspire Singaporeans to share their own POSB memorabilia to add towards its collection, which will go towards a larger exhibition for its 140th anniversary next year. More information on the POSB Gallery and how to contribute POSB memorabilia is available at www.posb.com.sg/posbgallery.

Finally, to thank Singapore customers for their support and to celebrate everything Singaporean, POSB will waive PAssion membership fees for Singapore’s fastest-growing card – the PAssion POSB Debit Card – for five years. On National Day, POSB will also offer 5,000 1-for-1 tickets to selected local attractions, as its gift to the nation. Customers can sign up for this card via DBS/POSB iBanking or visit any DBS/POSB branch for instant issuance.

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Images: POSB Singapore

HOW THE OCBC 360 ACCOUNT WORKS

TIPS ON MAXIMISING THE OCBC 360 ACCOUNT

WHAT HEARTLAND BOY LIKES ABOUT THE OCBC 360 ACCOUNT

Images: POSB Singapore

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