This post was created in partnership with POSB. All views and opinions expressed in this article are Beansprout’s objective and professional opinions.
What’s the deal with the “POSB Save, Spend and Win!” promotion?
POSB is running a ‘Save, Spend and Win!’ promotion where you can get up to S$1,250 guaranteed cash and the chance to win a pair of Singapore Airlines Suites Tickets to Sydney when you top up your eligible POSB/DBS savings account.
Simply deposit and maintain fresh funds for 5 months from 1 August to 31 December 2024, while ensuring a minimum spend of S$600 per month across your POSB/DBS debit cards.
- Top up S$20,000 fresh funds to get S$125 cash rewards
- Top up S$50,000 fresh funds to get S$470 cash rewards
Top up S$100,000 fresh funds to get S$1250 cash rewards!
This promotion is available to all current and new DBS/POSB customers, and it will end on 31 July 2024.
Read on the find out more about the promotion!
First, you will have to register for the promotion and deposit fresh funds.
In case you are wondering what is considered fresh funds, they are funds that are NOT transferred from POSB/DBS accounts, or withdrawn and re-deposited within 30 days prior to 1 July 2024.
For existing accounts, the fresh funds must result in an increase in the account balance compared to the Month-End Balance in your POSB/DBS account on 30 June 2024.
What I like about the promotion is that your fresh funds will not be earmarked. This means that you can still withdraw your fresh funds anytime, so long as there is a corresponding increase in your monthly average daily balance (MADB) compared to the Month End Balance in June 2024.
Eligible POSB/DBS savings accounts include the DBS Multiplier Account, Save as You Earn (SAYE) Account, Multi-Currency Account, amongst others. You can find the full list of eligible accounts here.
Eligible debit cards include the DBS Visa Debit Card and Passion POSB Debit Card. You can get the full list of eligible debit cards here.
If you are undecided about which debit card to use, here’s a pro-tip for you: The PAssion POSB debit card offers up to 9% cash rebates, while the DBS Visa Debit Card offers up to 4% cashback with no FX fees on 11 popular foreign currencies.
Upon fulfilling all the criteria, the cash reward will be credited to your account by 14 February 2025.
In addition to the cash rewards, you still get to enjoy your existing account and card benefits.
This means that you can earn higher interest and cash rebates while participating in the “POSB Save, Spend and Win!” Promo.
You can refer to the full terms and conditions of the promotion here.
How much can you earn from the “POSB Save, Spend and Win!” Promotion?
Let’s do a walkthrough to see if the promotion is a good deal!
For a start, let’s assume that the deposit account you are using is the DBS Multiplier, since it offers one of the highest effective interest rates amongst savings accounts in Singapore of up to 4.1% p.a._
For simplicity, let’s assume you have S$0 in your account as of 30 June 2024.
Next, you will need to deposit fresh funds into the account. Suppose that on 31 July 2024, you transfer S$100,000 of fresh funds into your DBS Multiplier account.
Firstly, you will earn interest on your fresh funds. This means that you can earn an interest of up to 4.1% p.a. on your balance of S$100,000, when you credit your income and transact in 3 or more categories, including credit card/PayLah! Retail spend, home loan instalment, insurance or investments.
This will amount up to S$1,718 of interest over the five months from August to December 2024.
In addition, you will receive a cash reward of S$1,250 when you fulfil the requirements of the POSB Save and Spend promotion.
This means that you can receive up to S$2,968 through the interest on the DBS Multiplier Account and the POSB Save and Spend promotion by putting in fresh funds of S$100,000.
You will be earning an effective interest rate of up to 7.1% p.a.!
Stand a chance to win a pair of Singapore Airlines Suites tickets to Sydney
On top of the cash rewards, you can stand to be one of the 5 winners to win a pair of Singapore Airlines Suites tickets to Sydney in the Lucky Draw!
Each of these Suites tickets currently cost more than S$10,000 for a booking in March next year!
This promises to be a luxurious experience, featuring spacious private cabins, gourmet dining, and top-notch service that ensures utmost comfort and privacy.
To me, the journey becomes a destination in itself with amenities like a full-sized bed, fine wines, and personalized attention, making it an unforgettable flight.
You will be automatically enrolled into the Lucky Draw if you are eligible to receive the guaranteed cash reward.
What would Beansprout do?
The “POSB Save, Spend and Win!” Promotion is one of the ways that we can earn a higher yield on our savings by allowing us to receive a cash reward in addition to the interest earned on our DBS/POSB savings accounts.
Most importantly, the cash credit is guaranteed!
On top of the cash rewards, you can stand to be one of the 5 winners to win a pair of Singapore Airlines Suites tickets to Sydney in the lucky draw!
This looks even more attractive if you are already able to meet the requirements to earn up to 4.1% p.a. interest rate on the DBS Multiplier Account, as the cash reward can bring the effective interest rate up to 7.1% p.a. over five months.
Visit the “POSB Save, Spend and Win” Promotion page and register by 31 July 2024!
Disclaimers
The information and opinions contained in this article has been obtained from sources believed to be reliable, but DBS makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose. • This article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability. • It is provided in Singapore by DBS Bank Ltd (Company Registration. No.: 196800306E), an Exempt Financial Adviser as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore.
T&Cs apply. SGD Deposits are insured up to S$100K by SDIC.
