Wednesday, August 27, 2014

Have you grabbed POSB's low hanging fruits?

I thought I'll just share this again, in case you missed my informative story "It would have to do".

It's about the POSB national day celebration, where they will give you an extra 1.5% per annum for 3 months if you register after you've deposited in a sum (up to 10k max) in your savings account and not touch it till 30th November 2014. Do remember to register here after you've put in your money.

The dateline for this exercise is till 31st Aug 2014, which is this coming Monday. As long as the funds are new, as in it's transferred from outside of POSB/DBS, through cheques, cashier's order, demand drafts, cash, FAST or MEPS receipt, it'll be okay. I'm not too sure what they mean by not touching your registered new funds. Let's say I've 5k inside, I put in 10k, but spend 3k, does it still qualify? I'm not too sure, but I put it in my dormant bank account just in case. I don't really do anything with that account, so I should be safe.

I know it's not much. It's $37.40 is all that you'll get. True, but it's also not much effort to get this extra money, so I'll do it. Low hanging fruits... I like.


SS said...

Agree with you. Low hanging fruit, even though small it may be, is still better than peanuts. Signed up for the scheme too.

la papillion said...

Hi srsi,

For me, the effort shld commensurate with the reward. This one really doesn't take much time nor effort to do, so might as well. If I've to go down to queue up for 30 bucks, then chances are, I'll pass it up lol :)

Read a bit on your blog. Wah, your wife powerful sia, have 6 digits fixed d. Maybe u shld help her do some investments when the time is ripe. It's not a good place to put all those cash there. It's just not rewarding for savers these days.

d:esmond; said...

How does this compare to the 3.05% in an OCBC 360 account?

GRanted that you have to credit salary and pay 3 bills for 2.05% and spend $400 for that additional 1% I think might be better than this.

Also 1.5% p.a. for a shorter period than 1 year is much less, or am I missing something here?

la papillion said...

Hi Desmond,

Of course 360 from ocbc is better. These are not mutually exclusive, so why compare them? You can do both at the same time if you have the spare cash right?

I already mentioned in my post that the interest for a max sum of 10k put into it will only give u about $37. It's only about 90 something days from Sept to Nov, so the 1.5% is prorated. But it's still 1.5% pa on that extra funds u put in.

Rainbow said...

Thanks LP for the info (heng I "zhun zhun" today read your blog). Today last day of registration. :p

la papillion said...


Wow, you really zhun zhun :) Glad you made it in time :)