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DBS Multiplier Account

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Hi all, I have a DBS multiplier account and want to increase my interest rate. I'm currently spending less than $600 per month, should I still get a credit card (I'm looking at Live Fresh CC)?
Hi Anon, Not sure if you've come to a decision on this question yet, but here are my thoughts. For one, I believe that you don't need to hit the monthly minimum spending to get an annual fee waiver - the minimum spending is simply to be eligible for the rewards, in this case, cashback on various categories of spending. However, even if your annual fee can get waived if you don't meet the monthly minimum spending, I feel like it would be a waste to use the credit card and earn nothing. Some other cards you can consider are: 1. DBS Womans Card: earn 5x DBS Points/$5 spending on online spend 2. DBS Altitude Visa: earn 3x DBS Points/$5 spending on local spending Both of these cards have no minimum spending, so even if you spend only a little every month, you will still earn some points. One thing to note is that while DBS Altitude is marketed as a miles card, it actually earns DBS Points, which can then be converted to miles. So by using DBS Altitude, you are not locked up into using them for miles only. What's more is that the DBS Points earned from the DBS Altitude card never expire, unlike those earned by other cards which have a fairly short shelf life of ~ 1 year. DBS Points can be converted to miles and cash vouchers at various merchants. Hope this helps! Regards, thefrugalstudent

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I applied for 2 credit cards in the last 6 months and failed, and my credit report is HX, should I try applying for another?
Hi Anon, I am assuming that you meet the basic requirements for the credit cards that you have been trying to apply for (ie annual income requirement + nationality). May I ask if you have been applying to the same bank for both times, or were they to 2 different banks? The reason is because some banks may be more stringent with credit card approvals - and if you have been applying to such a bank 2x in a row, it is not surprising that you have failed again. You may want to consider trying to improve your credit score first by applying for lower limit credit cards such as the CIMB AWSM card or the Standard Chartered Manhattan 500 card. Both of these have low credit limits and should thus be easier to get approved for. If you are successful in applying for these cards, use them for a few months and pay off the bill on time every month before applying for a better credit card again. Also, to make sure that you submit the correct documents in future, you can consider applying online via Myinfo - it will get all your necessary information via SingPass, then you simply need to check that they are correct. Hope this helps and all the best! Regards, thefrugalstudent

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What is the best brokerage platform to start investing in US stocks/UTs? I have a DBS Multiplier(multi-currency contains SGD & USD) account and recently opened a Saxo account(yet to start investing)?
Hi, I will definitely recommend Tiger Broker given that their low commission fee as low as 2 usd per trade. Tiger Fees and Charges: https://www.tigerbrokers.com.sg/commissions?casValidated=true#usstocks You can also deposit USD currency from your DBS account direct into Tiger account withour additional charges. If not, you can just deposit sgd into tiger and convert in within the tiger broker app itself to usd (competative rates)!! You can take a look at my blog post on how to sign up Tiger as you can complete the account opening within a few days and start trading: https://investorean.blogspot.com/2020/12/how-to-open-account-with-tiger-broker.html?m=1 For saxo wise, I did consider before but due to their expensive comission charges, I did not use it. IKBR wise, if i not wrong, from my understanding they charge a managing fee monthly (correct me if i am wrong) TDAmeri wise can forget about it. I completed the account registration at start of November last year. Only till last week they ema me that they required additional documents. As of now, its already more than 2 months and my account have yet to be open.

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Is opening a DBS multipliers and SAYS account worth it?
I think SAYS & SAYE is the same account? If is the same then no worth, because you can only do it once. If is the same you would rather wait till you come out and work credit $3k per mth in. multiplier is worth. ! https://www.dbs.com.sg/personal/rates-online/multiplier-account.page#
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Are you going to continue using DBS Multiplier or migrating somewhere else?
I've been using DBS multiplier as well but with the reduced interest rates, I have started moving my funds over to Endowus Cash Smart (Enhanced) to enjoy up to 1.7% interest rates (I have a referral code as well if you're keen!) Seedly has a pretty good article covering alternatives: https://blog.seedly.sg/cash-management-accounts-singapore/.

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Effective 1st Jan 2021, the DBS Multiplier Account and Standard Chartered Jumpstart Account will be reducing its deposit rates. What are other alternatives that you are looking at right now?
Yu Qi Tan

Yu Qi Tan

Level 5. Genius

Answered on 07 Dec 2020

I think singlife would be one of them to look out for. Then there would be roboadvisors too hmm. But personally i think the low interest rates makes the opportunity cost of not investing even bigger. Personally i would deploy more cash into stocks/companies that i have conviction in. If not, dollar cost averaging on ETFs that track the S&P 500 would be something that i’ll look out for as well. The etfs with low expense ratio, such as VOO. Hope it helps! Please do carry out your own due diligence before doing anything! This is just my opinion and not a recommendation to do anything!

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Since DBS is going to reduce their interest rates for the multiplier account, anyone looking to shift funds and where? I am looking at Maybank Saveup and OCBC 360... thoughts?
Hi Freddy, I expect that most banks will be cutting rates across the board over the next few months. DBS has made the first move this time. Personally, I will just look for an account where I can regularly meet the qualifying criteria without much hassle. For example, since I can regularly save mroe than $500/mth and credit my salary, OCBC 360 is pretty much a no brainer for me. Even if the interest rates drop, the hassle of changing salary crediting accounts every few months may not be worth it. If I had a DBS credit card, and a DBS home loan, then yes, I would probably go with DBS multiplier since I can reliably meet most of the criteria. You can consider CIMB also, as there are no criteria to their fastsaver account. Personally, salary crediting is about the only hoop that I will jump through, anything else like forcing me to spend or invest or insure with the bank and I will have to give it a miss

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How do I increase my interest rate in the DBS multiplier account? I have credited my salary and linked a credit card to this DBS account. What else can I do to earn more interest rates? Thank you!?
From https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier there's home loan instalment, insurance and investment. But there are some additional terms: For insurance: - The first 12 months of your regular premium policy will be recognised for higher interest on your Multiplier Account balance. - Regular premium due will be recognised once the policy is in-force, after the free-look/cancellation period. For investment: - Valid for new DBS Invest-Saver purchased after opening your Multiplier Account. - The monthly contribution amount of Invest-Saver plan for Unit Trusts (UT) or Exchange Traded Funds (ETF) will be recognised for the first 12 consecutive contributions per investment fund. - Contribution must be made in cash, not using funds from your CPF or Supplementary Retirement Scheme (SRS) account. Not something that can be maintained for a long time because of the "first 12 months" rule. As for the home loan, I have not taken such a loan so I'm not entirely sure what the actual terms really mean.

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POSB Everyday Card or DBS Live Fresh Card? Minimal spending every month (online shopping and visa contactless) and wanna optimize rebates/cashback.?
Depending on your main type of spend + how much you spend, that would narrow down your choices. Although I am curious as to why you would only want to choose between the 2 of this? I personally use CitiRewards+ as one of my main cards, as it gives 4 miles per SGD for online spend. I don't spend much on it (around 400-500/mth), but I do think that that is one of the cards that give me the best value. If you don't spend much, and the spend varies across types (eg dining, contactless, retail), and you don't want to read too much into it, then I might suggest getting SC Unlimited Cashback, the cashback is only 1.5%, but you don't have to keep calculating and thinking about where to spend etc.

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