Understanding POSB Annual Fees
POSB, a leading bank in Singapore, charges annual fees for certain account types. These fees vary depending on the account features and benefits. For example, the POSB Everyday Account has an annual fee of S$12, while the POSB Savings Account has no annual fee.
Simple Steps to Waive POSB Annual Fees
To avoid paying these annual fees, follow these simple steps:
Step 1: Maintain a Minimum Balance
Maintain a minimum balance in your POSB account throughout the year. The required minimum balance varies depending on the account type. Refer to the table below for details:
| Account Type | Minimum Balance |
|---|---|
| Everyday Account | S$500 |
| Savings Account | N/A |
| Premium Savings Account | S$50,000 |
| Multiplier Account | S$30,000 |
Step 2: Set Up GIRO Arrangements
Set up GIRO arrangements for your salary or other recurring payments to be credited into your POSB account. This can help you meet the minimum balance requirement and avoid the annual fee.
Step 3: Use POSB Debit Card Regularly
Use your POSB Debit Card for at least eight transactions per month. This includes both online and offline purchases. Each transaction must be at least S$10.
Step 4: Link to DBS/POSB Credit Card
Link your POSB account to a DBS/POSB Credit Card. This will automatically waive the annual fee on your POSB account.
Step 5: Contact Customer Service
If you are unable to meet the above requirements, you can contact POSB customer service to request a waiver. They may be able to grant you a waiver based on your individual circumstances.
Tips and Tricks for Waiving Fees
- Keep your account balance slightly above the minimum requirement, even during weekends and holidays.
- Set up multiple GIRO arrangements to ensure you meet the minimum balance consistently.
- Use your POSB Debit Card for small purchases, such as groceries or gas.
- Link your POSB account to a high-value DBS/POSB Credit Card to qualify for a waiver even if you do not meet other requirements.
Pros and Cons of Waiving Fees
Pros:
- No additional costs associated with your POSB account.
- Easy to achieve waiver requirements for most account types.
- Can save you money in the long run.
Cons:
- May require some effort to maintain account balance or use Debit Card regularly.
- Not all accounts are eligible for waivers.
- May not be possible if you have a high turnover in your account.
Conclusion
By following the steps outlined above, you can effectively waive the annual fee on your POSB account. Remember to explore all available options and choose the method that best suits your financial situation. By doing so, you can enjoy the benefits of your POSB account without unnecessary financial burdens.
