DBS announced that clients who have MySavings Account, a special automatic monthly savings feature that let you save with ease and flexibility by moving a specified amount from your DBS/POSB Savings Account on a monthly basis, can now perform the following transactions from their MySavings Account:

  • Phone Banking – Perform funds transfer from MySavings Account to POSB/DBS accounts. All you need is a Phone Banking user ID and PIN.
  • ATM – Withdraw cash or perform funds transfer from your MySavings Account at any POSB/DBS ATM.

DBS added, note for existing MySavings Account holders:

MySavings Account will be automatically linked to all your existing ATM/Debit card by 22 June 2010. If you do not have an existing ATM/Debit card, please mail the completed POSB Self-Service Banking Services application form to us today!

If you do not want to link your MySavings Account to your cards, you could remove the linkage by:

Contact us at 1800 339 6666 and we will process your request within 3 working days or visit any POSB branch

Before June 22, you can only withdraw on your MySavings over the counter by visiting a bank branch. This is feature and it discourages you to withdraw money because it is supposed to be your saving. But by introducing Phone/ATM fund transfer and withdrawal, it may lessen the effectiveness of MySavings.

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