POSB pays tribute to nation with launch of heritage gallery and brings back iconic "Save-As-You-Earn" (SAYE) programme
Programme from 1970s makes a comeback, providing a bonus interest rate of 2% p.a. on customers’ monthly savings
First launched in 1974, the POSB SAYE programme was introduced to encourage Singaporeans to cultivate a habit of setting aside a portion of their salary as savings. Those who did so were rewarded with bonus interest on their savings. The initiative was so effective in encouraging Singaporeans to start saving regularly that by the end of 1974, the bank had more than 800,000 savings accounts with deposits totalling some SGD 296.4 million, up from 600,000 depositors and SGD 125 million in deposits in 1972.[1]
In June this year, the programme was reintroduced and offered exclusively to full-time national servicemen (NSFs) to recognise their contributions towards nation building under the POSB “Save As You Serve” (SAYS) programme. The programme was lauded by the public and NSFs alike for encouraging NSFs to take early steps towards saving a portion of their salary. The demand for a programme such as POSB SAYS was demonstrated by the substantial rises in salary crediting and deposits by NSFs after its launch.
POSB has now expanded 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.
Said Jeremy Soo, Managing Director & Head of Consumer Banking Group (Singapore), DBS Bank, “When POSB SAYE was first launched in 1974, it was unique in the industry – no other bank in Singapore had a savings programme like it. The programme was pivotal in inculcating the habit of thrift among Singaporeans and many of us still routinely set aside a portion of our monthly salary for a rainy day. We believe POSB SAYE is still relevant today and by bringing it back with an attractive 2% bonus interest as incentive, we hope to carry on POSB’s enduring legacy of encouraging generations of Singaporeans to save.”
POSB customer Jasmine Yeo, 44, recalls, “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!"
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.
[1] Source: National Library Board, “Post Office Savings Bank (POSB)”, 11 September 2013.
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About POSB
A part of the DBS Group, POSB is the largest and oldest local bank in Singapore with over 4 million customers. Having served generations of Singaporeans for the past 139 years, it is known as the "People's Bank", and prides itself on being "neighbours first, bankers second".
With a good understanding of Singaporeans through the years, POSB offers products and services that are relevant to the savings, borrowing, investment and insurance needs of all Singaporeans. With over 50 branches conveniently located islandwide, and over 1,000 ATMs and Cash Acceptance Machines across the island, POSB's distribution network is the largest in Singapore.
POSB acknowledges the passion, commitment and can-do spirit in each of its staff. For more information, please visit www.posb.com.sg