My Mistake On POSB Cashback Bonus

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


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. 

13 thoughts on “My Mistake On POSB Cashback Bonus

  1. Jared - SMOL


    Who we are today are the sum of the past experiences.

    Now your understanding of “Trust but Verify” will be much deeper with this personal experience 😉

  2. Tom

    our big B and P bank always like to play this kind of stance. Their card has also holes that I have pointed out and needed at least 3 weeks to rectify.

  3. James

    Just wondering, how will this affect your OCBC 360 account? Does this mean you will be shifting over all your spending to this instead?

    1. My 15 HWW Post author

      Hi James,

      Nope. I will still be using my OCBC 365 card for my grocery and dining cashback.

      The bulk of the cashback bonus for POSB comes from the mortgage (3% on $1000) so I am taking advantage of that.

    1. Considerposb

      What about exit fee? What is the cost I want to sell off the etf I bought through the rsp? For example, I invest for a year at 100 a month. Then the cost is 12 dollars for a year. Then I have roughly 1188 dollars worth of etf. If I want to cash out, what is the cost from posb investor savor? Thanks.

      1. My 15 HWW Post author

        Hi Considerposb,

        Based on my understanding, the 1% sales charge is the only fee that POSB Invest Saver is charging. But if you are concerned, best to drop POSB an email to get a written reply and assurance from them.

      2. Early Retirement SG

        I agree the sales charge is high. But I’ll take it as it comes. Cos considering that
        1. Spending on Everyday card is natural. PUB is on everyday card
        2. Paying mortgage is natural.
        Meaning these 2 items will be done regardless.
        So the only unnatural thing. ie, special effort is doing the invest saver
        Considering investing $100 per month, sales charge or management fees. Is not even 3% in total. That’s only like $3.
        I get back $30. (max on mortgage) Meaning I buy the STI ETF at 30% discount.
        Not too shabby.

    1. My 15 HWW Post author

      Hi ERSG,

      I have not received any cashback yet although I have signed up for the POSB Invest Saver last month. Let’s hope I will receive it in the new cycle. Otherwise, I will have to give them a call since theoretically, it should work.

  4. Chloe

    The unfortunate thing for me is that I’m crediting my salary, using credit cards, and have been contributing $1000 a month in POSB invest saver prior to this posb cash back bonus. Was told that if I cancel by current investments, I can only buy it back 6 months later to qualify.
    Otherwise, i’ll have to set up a new rsp to qualify for the investment category.

  5. Early Retirement SG

    would it work if you buy a different fund? Like maybe put in $100 per mth in a different fund.
    actually i’m also wondering what they mean when they say the cashback is only valid for 12 month per fund.