POSB Cashback Bonus

Hi Everyone,

I believe most of you have heard about POSB Cashback Bonus program introduce by POSB (obviously). After reading the requirements online, I find that this might be a good way for me to earn some cashback if I buy my property next year and get a loan from POSB. If I manage to do that I think this will be an additional passive income for me!

The requirement as shown in the picture below

So if I were to get it, I will be aiming for these three requirements, 1) Credit Card, 2) Home Loan Installment (condo loan) and Investment (Invest Saver). 

I did a rough calculation (Just an estimation)

Spending $100 - Credit Card

Home Loan $1800 per month

Investment - $200 per month

With the above, I can earn about $36 per month, which I think is good. Because with this $36, it is another avenue where I can earn additional income and use it to save up for my investment. So if you have home loan and intend to do some investment (invest saver), do try this out. With this small amount of investment and spending (credit card), coupled with home loan, make use of this to earn more!

Certainly, if this program still available (mid of 2017 or late 2017), I will certainly go for it!

POSB Launch Saving Programme For National Service Man or NSF?

Hi Everyone!

Good news! There is a new POSB Programme for National Service Man! I am included! Yay! Oh wait.. Let me take a good look at this article again.. POSB Launches Savings Programme for NSmen

Alright, it is for NSF rather than NSmen, there is a serious mistake written on the Channel News Asia website which is quite misleading for NSmen.

Definition:

NSF: Singapore Man / Permanent Residence who are currently serving their National Service

NSmen: Who are operational ready, in other words, completed their 2 years of National Service.

So this program is really good for NSF to save their monthly allowance so that they can build their own savings when they are serving their nation. Under this programme, NSF will get an interest rate of 2 per cent per annum on their monthly contribution to their saving account for the entire duration of their full time national service period.

Below is the diagram for NSF saving programme

Source: http://www.posb.com.sg/personal/deposits/savings-accounts/posb-says

My opinion:

For those who are not financial savvy or don't want to take risk in investment, this will definitely be a good tool for you to grow your savings. However, do take note that only your monthly NS contribution will be taken into account for the 2% growth, other than that, it will not be counted in the 2% interest. 

It will be great for officers who are getting huge allowance as they can contribute more to their saving account to earn 2% per year. Let's say if an officer contributes (after expenses) $900 per month, which gives around over $2,000 worth of interest. Of course, for the others, you can still save and earn interest from this programme. So it is certainly a win-win situation whereby it helps you grow your wealth when you are serving your nation.

This is certainly NOT for NSman!