Good news for us in NS! Other than putting the allowance into other savings accounts that offer meagre interest rates, we have this option now! An option to save for the 2 years or 22 months of service.

Introducing the POSB Save As You Earn (SAYE) account.

I was truly excited for this when I got wind of this. Looking deeper, I made some comparison. I thought the CIMB FastSaver might serve as a useful comparison as well.

POSB SAYE

1. Saving
At the end of 2 years
  • Good for new enlistees who just wants to save a fixed amount every month and not do anything with it until they ORD. It gives fixed deposit rates for small amounts.
  • Note: This works like a 24-month fixed deposit,  so you will lose the 2% cash gift interest if you withdraw the sum. So do make sure you are comfortable with the amount being put in and go with it for …