I rarely make posts back to back on two consecutive days but a mistake absolutely calls for it.
After yesterday’s post on the POSB Cashback Bonus scheme, a reader emailed me and told me that he was in the same boat as me (i.e. on the POSB HDB Loan and using his POSB everyday card). And apparently, he made an enquiry online and he would qualify if he signed up for POSB Invest-Saver.
Therefore, I made a trip down to my nearby Waterway Point POSB Branch and checked with the branch manager on what I had been told by the bank officer last Friday. And it turned out that yes, the POSB Invest-Saver would qualify me for the POSB Cashback Bonus.
I also found out that I couldn’t sign for it at the branch and both the POSB Invest-Saver and the POSB Cashback Bonus are applied online.
It then seemed pretty obvious to me that the officers at the branch are unlikely to make a commission out of any of the above two programs.
Which makes me suspicious whether the bank officer who advised me last Friday was just plain ignorant or was intentional in trying to make me sign up for a saving plan to qualify for the POSB Cashback Bonus. Hmm…
I am still undecided on whether I should email POSB about this incident but I am leaning on the side of giving him the benefit of the doubt.
Anyway, moral of the story is not to take advice at face value and always to verify with “black and white” evidence. I literally took what he said for granted and assumed it was some updated policy to exclude POSB Invest-Saver from the POSB Cashback Bonus. And of course, not blog about it unless one is absolutely sure what one is writing.
So sincere apologies there to POSB and my readers for my boo boo. #thereisalwaysafirsttime
AND YES, I WILL BE SIGNING UP FOR POSB INVEST-SAVER TO QUALIFY FOR THE POSB CASHBACK BONUS.
It’s literally a no brainer as based on this calculator, I can easily get more than $30 worth of cashback (the bulk of it coming from the home mortgage) just by signing up for a $100 monthly contribution to the STI ETF.
That’s like getting a 30% return from my $100 monthly investment.
Next move would be to check whether both the Mrs and I can qualify separately. There is a strong likelihood that we can and $60 of cashback a month sounds rather insane.
I will probably do another update when the accounts are opened and the cashback are in.
So this POSB Cashback Bonus is a great product for me since the POSB Everyday Card is my EZ Link and I already am on the POSB HDB Home Loan.