Every bank now wants a piece of the action. Thanks to the success of OCBC 360, DBS and Standard Chartered bank are coming up with the bonus interest plans now. However, timing is everything. It will take much more to get consumers to switch away.
Anyway, let’s evaluate:
POSB Cashback Bonus
POSB Cashback account is a very different account compared to the rest. Instead of computing the interest rates based on the bank balance that you have, it is based on the individual category. For example, Max Salary Credit interest = $20 cap per month/ 0.3% = $6667 salary that can earn additional interests. To qualify for the additional interests, you will just need to fulfill at least 3 out of the 5 categories above. One of the benefits about this is there is no minimum spending on the credit card unlike the other banks.
This account is also great for home owners with POSB/DBS loan as they generate 3% interest…