Despite the long queues at POSB ATMs, I will always have a soft spot for this heartlanders’ bank.
At least for the first 20 years of my life, this was the only bank I transacted with and it was there when I saved my first $1, $10, $100 and then $1,000.
Therefore, I am not surprised by my favourable review in the past and even right now, it continues to benefit me even when I have long stopped withdrawing money from its ATMS.
Just last month, I signed up for the POSB Cashback Bonus (it has to be done online) and to qualify for it, I started a $100 contribution to the Nikko STI ETF using POSB Invest Saver.
Basically, to qualify for the cashback, you need to fulfil at least 3 out of 5 available conditions:
- Salary Credit (0.3% cashback, $20 cap)
- Credit Card (0.3% cashback, $20 cap)
- Home Loan (3% cashback, $30 cap)
- Insurance (3% cashback, $30 cap)
- Investments (3% cashback, $30 cap)
I have to admit I belong to the lucky few that stands to benefit from this program. Because in my humble opinion, if you don’t have a mortgage loan with POSB or DBS, there’s not much point making an effort to qualify for the cashback bonus.
How I qualify:
- The POSB HDB Loan was a wonderful program when it was first launched, with a ten year guarantee that the rates would be capped at 2.5%.
- It’s easy to spend at least a few bucks on the credit cards. I use the Everyday Card as my EZ link and charge my utility and conservancy fees to it.
- The POSB Invest Saver is a pretty good saving and investment program, especially for beginning investors.
My Experience So Far:
Summed up by this picture and indeed, a picture speaks a thousand words
I get a 3% cashback on my home loan which is close to $30 and then I also get a 3% cashback on my investments which more than covers the fees associated with the program.
This $33 can either cover a very decent dinner for the Mrs and me or pay for my breakfasts and lunches for a week.
Thanks POSB! You just made my Christmas a little sweeter this year.
Next?! Signing up the Mrs for this plan and if it works for her, we can look forward to another $33 in cashback.
Maybe, there is indeed more merits to delaying the repayment of the mortgage, at least for our case!