POSB Cashback Bonus is an interesting savings account. Instead of giving you interest on your account balance based on what transactions you perform like DBS Multiplier or OCBC 360, it directly rewards you for the transactions done.
With the major banks nerfing their bank accounts (UOB, DBS, OCBC), could this be a viable alternative?
How does it work?POSB Cashback Bonus gives you cashback on the following categories, if you can perform at least 3 of them:
Salary Credit (0.3%) – Capped at $20Credit Card Spend (0.3%) – Capped at S$20Home Loan Instalments (3%) – Capped at S$30Insurance (3%) – Capped at S$30Investments (3%) – Capped at S$30Note that you have to choose between DBS Multiplier and POSB Cashback Bonus. The bank does not allow you to have both accounts at the same time.
For an example of how Cashback Bonus works, if you credit a salary
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