6 ways we are making banking accessible
If you’ve only got a minute:
- We remain committed to be the bank you trust and can partner through life
- Through POSB Smart Buddy, NAV Planner and our Financial Planning eco-system, we’ve put together different resources to help customers with money management regardless of what age and where you are on your financial planning journey
- Work permit holders can use the POSB jolly app to fulfil their essential banking needs, as well as have a peace of mind knowing their hard-earned money has been safely transferred
- We’ve worked with the Family Justice Courts to facilitate access to emergency funds for a loved one
Banking has seen significant changes with the help of technology in the last few years. You no longer have to leave your home to open a bank account; applying for a credit card can be done instantly online; deposits and transfers are made right from your mobile phone.
But this may not come naturally for many others. There are those who do not know what to do with their savings, or a non-citizen who needs a bank account to receive their salary. Or those who have started a business to better society yet find themselves worrying about financing and paperwork.
Today, we remain committed to be the bank that you can trust and partner through life and have set out to make banking not just simple, but also accessible for our community. Learn more about our initiatives below and share them with your network!
1. Partnering parents in money management
Learning to manage money doesn’t start from your first pay check - it should begin as early as possible. One way we are enabling the journey at an early age is through a wearable device for children, the POSB Smart Buddy, that’s like a watch.
With a tap, your child can check the balance of his/her allowance, pay for books and meals in school and at selected merchants, and even track the number of fitness steps taken.
And it’s one less worry for you, too. Paired with a mobile app, you can manage your child’s allowance and stay updated on their expenses – and most importantly, guide your child along the initial years of his/her money management journey. You can even set alarms and reminders to encourage them to regular meals or sleep early to stay healthy!
2. Facilitating access to emergency funds for a loved one
It is hard to imagine the pain of seeing a loved one slip away mentally while they are physically present.
If you are an immediate family member of someone who has lost his or her mental capacity, you can apply to withdraw up to S$5,000 from their bank accounts to care for their - and their dependents’ - needs.
We have worked together with the Family Justice Courts to simplify the application process to be as easy as possible. Find out more about the three-step process here.
3. Supporting our NSFs with Save As You Serve
A rite of passage for every young adult male in Singapore, National Service is a time to learn more about themselves, the country they live in, and why their service is of utmost importance.
POSB Save As You Earn Account (SAYE) is set up to help our NSFs make the most of their allowance while serving the nation. Through the SAYE programme, you can earn an additional 2% p.a. interest on your monthly NSF savings and up to 2% cash rebate on their purchases with the SAFRA DBS Debit Card or HomeTeamNS-Passion-POSB Debit Card.
4. Making banking easy for work permit holders
Singapore was built by many who have left their families and loved ones behind in their home countries to pursue different opportunities on this small island.
An integral part of our community, work permit holders fill in various roles here ranging from domestic helpers to healthcare workers, or as cleaners to the construction workers who labour every day to build the very homes we live in.
We value your contributions and your toil. The POSB jolly app is designed to offer ease of use to the key banking services you require to fulfil your essential banking needs, as well as to give you peace of mind knowing your hard-earned money has been safely transferred to your loved ones.
With a few taps, you can check if your salary has been credited, remit money home or overseas, and top up your prepaid SIM cards any time to get in touch with your dear ones back home.
5. Helping social enterprises focus on your mission
We recognise the work social enterprises do and their role in bettering the world we live in. As you seek to provide sustainable employment opportunities for many others toward the greater good, we believe your banking needs should be the least of your worries.
Delivering on our focus on sustainability, we are proud to be the only bank in Singapore to offer solutions tailored for social enterprises and the first to launch a foundation dedicated to championing social entrepreneurship. Our Social Enterprise Package includes preferential transaction rates and zero account fees - annual account service fees are waived and we’ve added a preferential interest rate for loans.
If you run a social enterprise, let us help your efforts be on the cause and not the cost of doing so.
6. Helping our community learn more about money
It’s a scenario we’re familiar with. You receive your salary and within days, you’re wondering why your bank balance has dwindled. Even if it does not happen to you, you could hear from someone in this position.
That’s where NAV comes in. With the digital advisory NAV Planner tool, informative reads and videos covering 101s to advance topics, think of NAV as your free go-to guide for the money questions you have: Saving enough, or too much? How to start investing? What are some common money mistakes?
Life and money can seem complicated, so let us navigate them together with you.
Ready to start?
Speak to the Wealth Planning Manager today for a financial health check and how you can better plan your finances.
Alternatively, check out NAV Planner to analyse your real-time financial health. The best part is, it’s fuss-free – we automatically work out your money flows and provide money tips.
Disclaimers and Important Notice
This article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability.