Post Office Savings Bank (POSB) Hot
The Post Office Savings Bank was established on 1 January 1877 in the General Post Office Building, in Raffles Place by the British Colonial Government in Singapore.
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User rating summary from: 13 user(s)
As a student with a Savings account with POSB, I find the many ATMs scattered around Singapore very convenient. Neighbourhood ATMs also allow small withdrawals of $20, which are suitable for students like me as compared to Citibank ATMs, which usually have minimum withdrawals of about $50.
That being said, some POSB ATMs only have $50 notes, like the ones in the City area. So if you do not wish to withdraw so much at one go, do take a trip down to a neighbourhood ATM to do your withdrawals first!
Service has been satisfactory, with not many encounters of faulty ATMs or poor service at the POSB bank. However, I do realise that POSB does not offer much perks or enticements as compared to other banks. So if you are looking for just a stable, good service bank, POSB is good. However, if you are a bigger spender and want to get cashbacks and rewards, I think Citibank would be more suitable.
Singapore's Pillar of Financial Strength
Being THE bank of Singapore with the most ATMs around, I would say that POSB has achieved a pretty good customer base. Everywhere you go, you see queues at it's branch offices and ATMs. It is really accessible to almost everyone, with a really low fee for account opening.
The branch tellers are friendly and efficient, they smile at you and process whatever you are there for with accuracy and speed. They are quick to offer you services but are never pushy when you say "No, thank you."
Like most Singaporeans, my first savings account was opened at POSB. Until now, I am still holding the account because of it's convenience. I normally do my banking online, so that I can avoid the queues at the branch offices. The only time I visit a bank is during the Chinese New Year period; which is to change new notes!
The Bank of Singapore
Its not really our National bank but if you ask any Singaporean to name the first bank that pops into their mind, the answer would be POSB.
POSB was the first bank account I had. It was opened for me by my mom when I was a kid and I still bank with them today. I closed my account for some years as the interest rates they offer pale in comparison to other banks. However, I recently re-opened my account with POSB as they are the most convenient bank. Their ATMS are everywhere for easy withdrawals. And their POSB Everyday Card makes travelling simple with their EZ-link Reload facilities. This particular credit card doubles as ATM card and Ez-link card which automatically reloads the value when it runs out.
The most used local bank
Now to be very exact, POSB and DBS have since merged so you can use both their ATMs for withdrawal, making it supposingly very convenient. Yes, indeed, you can find their ATMs all around, in every shopping mall, outside every MRT stations or in any heartland centers. However, being the most commonly used bank has its drawbacks as well. Despite the numerous ATMs you see around, there are always a long queue at the machines. It's really seldom you see a free POSB/DBS ATM unless you go in the wee hours.
Back in the days, POSB was the first ever saving bank I've had. They used to attract primary school children to start saving young by holding events, having the cute squirrel passbook and if I remember correctly, you only need to save $1 to open you first banking account. Gone were the days when POSB is the public bank of Singapore. Having merged with DBS now, it became a commercial bank where you need to maintain at least $500 average daily balance in the account or they will deduct a $2/month fees from your account. I still prefer the old POSB thinking, attracting young children to start saving from small amount. It's not like every young children have $500 to start a saving account, even in this days right?
One thing about POSB is that, they've got banks and ATMs everywhere. You can never encounter a shortage of money as an ATM will just be a few steps away. It is extremely convenient especially now that they have internet banking services too. Online shopping, payments of bills can all be done with just a click of the mouse and it is extremely safe. I have done tons of online banking transaction and nothing have gone wrong, yet.
Though its interest rates are rather low as compared to other banks, I use POSB as an account for spending. I would definitely recommend getting another savings account with another bank with higher interest rates.
The first name in banks
Think of a bank in Singapore and POSB would be the first name that you'll think of. Perhaps it is because most parents would start off a bank account for their children at one of their branches, In fact POSB had become synonymous with the word bank.
There used to be a branch at every neighbourhood no matter how small it is. However, ever since it was taken over by DBS, things were a little different. I am no banker, but the takeover had taken away a little of the soul of POSB.
The 'national' bank
Everyone I know has a POSB account. This is one financial institution I can safely say Singaporeans cannot do without. You can skimp on personal insurance, you can not have a stockbroker, but like it or not, you need a bank account.
Personally, I prefer Maybank over POSB (due to the interest rates and customer service, both of which are non-existent in the latter), but they do have their benefits. As the most used bank in our country, ATMs can be found almost everywhere. Most employers will also credit your salary to a POSB account automatically unless asked otherwise - this shows how prevalent it has affected our society. Can you imagine what would happen if it pulls a Lehman and falls?
It's not a bank in Singapore. It's THE bank in Singapore.
Who doesn't have an account there?
Alright, hands up if you don't have an account with POSB?
I remembered getting the POSB piggy banks when I was young. Its almost like the bank grow up with us - from the time we first opened an account, deposited our angbaos after Chinese New Year every year and seeing our first paycheck when we started working credited into our account. Of course, over the years, we also started opening new accounts with other banks and POSB becomes just one of the many banks which we make our money transactions.
Expect long queues at the bank and it gets worse during the peak hours. Since the last security commotion, it still seemed to be the "people's bank". What I was quite upset was that they changed the ATM card from the sliver one to the existing blue one some years back. The quality of the sliver one is much better than the blue one. A bank teller recently told me that since the change, she has seen more people approaching the counters for new ATM cards as the latter is easily damaged by the daily wear and tear.
I don't understand how this is a listing
Because honestly? Reviewing a bank?
Unless you're a dried-up investor or studying banking, I see no reason why you are reading this. But regardless, let me borrow the favourite words from all my paragraphs to describe this quaint bank.
POSB has a homely vibe to it. It's nothing like Standard Charted or American Express. If the other banking giants are like business men in tailored suits eating caviar off a glass-bottom yacht, POSB would be the guy in berms and a tee smoking at a coffeeshop. It is a starter's bank for everyone. My baby brother started with POSB and has decided blue was his favourite banking color.
But that asides, there's nothing much it can't say for itself.