Personally, I feel that it is one of the worst scheme out there. This is probably because I do not have a home loan, insurance or investment with POSB. With only a salary credit and credit card spend, I would need to purchase an insurance or investment with POSB before I am entitled to the cashback bonus. Furthermore, I feel that the cashback is quite paltry. One would be able to earn more interest if one were to deposit their money under BOC SmartSaver or OCBC 360 account. In fact, even Maybank SaveUp is much better than POSB Cashback Bonus, if one does not have all 3 criteria in the first place.
I think that if one does not have all 3 criteria in the first place, one should not even bother to look at this POSB Cashback Bonus. It really felt like an insult to customers POSB is trying hard to attract existing customers who already have several banking services with them to continue to stick with POSB.
Frankly speaking, I do not like this promotion at all, especially with all the "Kung Fu" elements that are in it. It is like... seriously, what has Kung Fu got to do with banking??
I would think that the team behind this promotion should go and reflect themselves deeply to understand more on what customers really want, and also come up with more appropriate advertising materials rather than linking unrelated stuff together and presenting to customers in what seems like a promotion put together in a couple of days. Definitely there are much room for improvement in this area, especially when its competitors are already forging much ahead in their high interest savings accounts.
On the other hand, those people who already have several banking services with POSB would definitely not give this scheme a miss, since the cashback which they will receive every month would be like for "free". For those who are interested, you may want to explore this link:
http://www.posb.com.sg/personal/landing/cashback-bonus/index.html?pid=sg-posb-pweb-bankhome-heroblock-deposits-cashback-bonus-btnlearnmore
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