POSB of Singapore is a consumer banking services arm of the Singapore-based DBS Bank. DBS acquired POSBank (Post Office Savings Bank) in November 1998. Before the acquisition, Post Office Savings Bank was a major public bank offering low-cost banking services to the people of Singapore. Post Office Savings Bank still continues its tradition of low-cost basic savings accounts by exempting students and people below 21 years from bank charges. Interestingly, POSB used to be a part of Postal Services Department before the country’s independence.
POSBKids Savings Accounts
POSB’s core mission is to help Singaporeans to save and prepare for the future. When the bank started operations before the pre-independence era, it used to visit children at schools and encourage them to save and open POSBank savings accounts. The bank continues this tradition with POSBKids savings account, which inculcates a sense of thrift and savings among young Singaporeans through innovative ideas like collecting savings stamps. POSBKids accounts do not require minimum deposits and fall-below fees until the child reaches 21 years.
POSBank - MySavings Account
POSBank’s MySavings account is a regular, flexible savings account designed to meet a person’s savings needs. This is a hassle-free savings account with automatic monthly savings feature. There is no monthly fee, minimum balance requirement and closure fees. This flexible account has no fixed savings period. One can change the monthly amount and date anytime. The bank offers rewards to MySavings accountholders with special interest rates from time to time.
POSB Cards
POSBank offers three cards, namely Post Office Savings Bank Everyday Card, Post Office Savings Bank MasterCard Debit and POSB GO! Card. The Everyday Card offers a unique cash rebate feature that allows users to earn reward points when using the credit card. The reward dollars can be used to offset the utility bills. POSB GO! is an enhanced ATM card that can be used as a credit card as well. These cards, with a MasterCard logo, can be used to purchase goods and services online or book orders through telephone or mail. Customers can also withdraw money at around 900 POSB ATMs in the country, or 900,000 MasterCard ATMs across the world.