Savings Account for NSF – POSB Save As You Serve

National Service is compulsory for all Singaporeans male. I myself is enlisting to serve the nation this year too. Before I go into today’s post, this post is not sponsored by POSB. The reason I wrote this post because I came across this savings account while suggesting some recommend bank accounts for my friend in NS. This post is to share the savings account NSF should have for the next 2 years of service. NS is a great opportunity where you can save as much money as possible to partially fund your further education fees.

Remember how our parents will help us to sign up for POSB Kids Account which yield 0.05% interest per annum? The interest amount credited into our account is so meagre that we might not be motivated to save more.

3 years ago, POSB introduced a savings plan for NSF called POSB Save As You Serve (POSB SAYS). POSB SAYS allows NSF to save more with up to 2.25% p/a of interest credited to the account. You can refer to their website right here for more information.

In order to get up to 2.25% p/a of interest, certain requirements must be met. The first requirement is to ensure that you do not miss crediting your NS allowance into a POSB/DBS account. The account must not be a joint-all account. To identify if your account is a joint-all account, you will not be able to use that account for any fund transfer internally or using FAST method. A joint-alternate account is fine to credit your NS allowance into it.

You can refer to this website for the base interest according to the amount of savings you set aside for POSB SAYS. Personally, I will recommend setting aside at least $300 for monthly savings amount to enjoy 0.2% base interest. $300 is half of a recruit allowance so I feel that it is a great starting amount for savings and one can increase the savings amount (in multiple of $10) after every promotion. I understand that all work and no play make Jack a dull boy. NSF can spend the remaining on their needs and wants. However, it is important to cultivate the habit of savings so I do not suggest NSF to spend all their NSF allowance but to save some so therefore at least $300 is recommended.

You can choose your preferred monthly savings date between the 1st and 25th day of the month. A pro tip given by a contributor on Seedly group mentioned that one should set the savings date for the first allowance to be after the first book out. Going forward, allowance will be credited on the 10th of every month or one/two days earlier/later so be sure to set the savings date to be few days after your allowance has been credited.

Additional Interest is calculated based on the accumulated successful monthly savings amount. If you did not fulfil the requirements of crediting your allowance or to transfer the monthly savings amount to POSB SAYS, the accumulated amount on which the Additional Interest is calculated will exclude Monthly Savings Amount for that month. Do take note that you must not make any withdrawal from the POSB SAYE account to prevent your bonus interest to be forfeited.

How to Apply?

  1. Sign in to your DBS/POSB Internet Banking
  2. Hover on Apply New Products tab
  3. Click on Deposit Accountsposb says1
  4. Click on Special Savings Accounts as shown in the screenshot above.
  5. Click on Instant Applyposb says2
  6. Select Reference Account for Signature. Reference Account for Signature page allows the bank to default the account mailing address and specimen signature for the new account.
  7. Select the Account you want the Monthly Savings Amount to withdraw from for POSB SAYS. Note that only existing personal and joint-alternate deposit accounts (excluding POSB Current Account) are available for debiting.


posb says


POSB also provides a simulation on how much you can save at the end of your service if you set aside a certain amount each month. If you were to save $300/month then your projected savings will be $7365.16 and if you were to save $400/month then the figure will be $9820.23. I guess you will be surprised by how much you can save if you were to cut down on your expenses and save more.



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