Saturday, November 22, 2014

Low hanging fruits season

POSB is giving another low hanging fruit for us to pick again.

I've blogged about a previous exercise here and here where POSB celebrates National Day with a 1.5% pa bonus if you put in fresh funds for 3 months, up to a cap of 10k. Well, it must have been hugely successful and drawing a lot of new funds for POSB, because they are doing it again with some conditions upsized.

This new exercise that POSB is doing is a little different. It gives 1.5% pa interest for a period of 6 months, up to a cap of 20k. To qualify, you must:

1) Register here by 22nd Dec 2014 (inclusive of that day)

Take note that the sequence is a bit different from the last exercise. In the last one, you have to deposit your funds first THEN register. For the current one, you have to register first, THEN deposit in your fresh funds. So don't screw up!

2) Complete a one time top up by 31st Dec 2014.

Put in fresh funds between $1k to $20k, in multiples of 1k into any existing DBS/POSB bank account by 31st Dec 2014. Do note the definition of 'fresh funds' cannot include those that are transferred intrabank from one DBS/POSB account to another. But the mode of transfer can be through cheque, cashier's order, demand drafts, cash deposit, FAST. For more details, do read the terms and conditions.

3) Maintain top up amount for a period of 6 months.

This is an example quoted in the terms and conditions.

Customer A registers via online through DBS’ website during the Promotion Period and successfully top-up a lump-sum of SGD 20,000 to a CASA by 31 December 2014.

Cash Gift earned by Customer A under the Promotion as follow:
SGD 20,000*1.5%p.a.*181/365 days = SGD 148.77

(Note: 6 months period is from 1 January 2015 to 30 June 2015 = 181 days)

4) Wait to get your 'cash gift', up to a maximum amount of $148.77, which will be transferred to your registered DBS/POSB account between 1st June 2015 to 30th June 2015.

I know it's might not be much, but hey, it's not hard to do this also. I still have 10k locked up until 30th Nov 2014 from the last exercise. I'll see if they are 'smelly' or not by looking at whether they will pay up. By then, I'll still have more than enough time to put in 20k to get this extra interest.

Low hanging fruits? I'll grab it.


B said...


Thanks for this.

I wont be surprised if you add up all the interests for the low hanging fruits such as this and the ocbc and perform better than the general market returns.

la papillion said...

Hi B,

No problem, we share the good stuff. I guess it also depends how much you invested...this one has a cap of 20k only. The last one has a cap of 10k.

Won't make you rich, but since it doesn't take much effort, I guess it's okay :)

SS said...

Hi LP,

Thanks for sharing. I'm also waiting for the August promo to end before I transfer my cash out.

Looks like I need to reconsider. Hmm.

la papillion said...


Ah, no problem, we share the good stuff :)

You MUST transfer them out if you want to take part in this current exercise, otherwise not considered as fresh funds. This is what I'll do. At the end of the month, I'll see if the interest is deposited for the Aug exercise, then i'll transfer them out to another bank. Register FIRST for the current exercise, deposit and wait for 6 months :)

It's not much interest, but okay lah, emergency funds.

Dave said...

It all adds up. A step at a time!!

la papillion said...

Hi Dave,

Haha, indeed :) Small things add up :)

WJ said...

It does come. POSB had a Labour Day promo this year too which i subscribed and got it.

OT83 said...

hi lp,

was your last one credited yet? mine not yet:(


la papillion said...

Hi ot,

I also haven't got it. Problem is I can't go back to check when they are going to give the interest. That website and link is lost...

Cloud said...

I signed up for the promo as well and did not receive the cash gift also. When I called up, I was informed that 1) the dateline for the cash gift is 5th Dec. 2) I did not get it because I did an internet transfer which is not eligible for the promo. Must be "FAST" transfer for internet banking. Those who are planning for the yr end promo, please note the technical details

la papillion said...

Hi Cloud,

I don't understand..

1) Which promo are you talking about here? How come the dateline is 5th Dec? The POSB/DBS 1.5% promo is the one I'm talking about. There's only one on Aug and another one around Dec period. If you're talking about the current one that is still on-going, the registration dateline is 22nd Dec, not 5th Dec. If you're talking about the cash gift, it'll be sent to you in June next year, not this perhaps you're talking about another one that I'm totally unaware of.

2) Based on what I've read for the Aug/Dec one, both internet transfer (the slow 2-3 working days one) and FAST are eligible.

Can you pls provide more details?

Cloud said...

Hi LP,

Sorry that I was not clear enough. The promo which I mentioned that I signed up for and did not receive the cash gift is the National day promo. 5th Dec was meant to refer to the latest date for the cash gift. i.e. those who signed up for the National day promo should get the cash gift by 5th Dec. For those who signed up for the National day promo and did not receive the cash gift by now, please call to check.

Yes you are right. The Dec promo dateline for registration is 22nd Dec.

I cut and paste the terms and conditions here for the Dec promo. Please advise if my interpretation is correct. " *Fresh Funds Deposit means funds transferred from non-DBS/POSB accounts, through cheque(s), cashier’s order(s), demand draft(s), cash deposits, FAST credit (Fresh Funds Deposit that is more than SGD 10,000 via FAST, more than one (1) FAST credit is allowed) and MEPS receipt. These exclude any funds from any DBS/POSB account and funds deposited via any DBS/POSB cheque(s), DBS/POSB cashier’s order(s), or DBS/POSB demand draft(s)."

Anyway, the advisor whom I spoke to over the phone did mentioned that I did not get the cash gift for the National day promo because I did the slow 2-3 days normal internet banking, which was not eligible under the National day promo terms and conditions...

Lastly, a point to note: I was informed by the advisor that after the registration and cash top up, this "fresh fund" will be locked up and cannot be withdrawn by the normal ways which we withdraw money from the bank. In event where we need this "fresh funds" urgently during the lock up period, we have to call POSB to unlock the "fresh funds". With the unlock, the cash gift will naturally be forfeited. "Think of it something like a FD", I was told.

Hope I am clear enough and sorry for the confusion...

la papillion said...

Hi Cloud,

Wow...seems like you're really doesn't include the slow internet transfer..I didn't even notice it lol

But it isn't much interest to begin with, I guess it's alright. Did you participate in this current one? You're right, it would be locked up. I guess they learned from the previous offer (in aug).

So tricky..we really have to look at the terms and conditions carefully. Thanks for the note! Much appreciated!

Cloud said...

Hi LP,

Glad that I can contribute something useful (I hope!).

I'm participating in this current one. Think the interest is much more substantial. To be on the safe side, I'm writing myself a cheque from another bank. Must bao jiak! Lol!

Yes. Agree that it is tricky. Guess the low hanging fruits are not so easy to pluck after all!!!

la papillion said...

Hi Cloud,

Haha, I hope I did it right too :) 15hww alerted me to the fact that for this current promo, the terms and conditions say that it's a 'one-time top up". He got worried and spoke to the person and emailed them, and he had an email trail to show that that's it's okay even if it's a top up of more than 1 time to the registered account.

On hindsight, I think it's a good thing he did it...I didn't know that anyone got rejected for that interest in the last promotion.

Not so easy to pick low hanging fruits indeed!

Avy said...

Hi, thanks for sharing this promotion. The POSB link has been lost and I have trying to find more info about this promo.

I wonder if the following transaction procedure qualify for this promotion.
I FAST transfer $5000 from POSB to another bank and FAST transfer back the same amount back to POSB. All via online banking.

la papillion said...

Hi Avy,

Well, I did that too. Technically they can't fault us. I did wait a day or two before I transferred it back again lol

You'll know only in June if you can get the cash gift :)