facebookDBS will cut interest rates on flagship Multiplier savings account again from Aug 1, amid a low interest rate environment and macro uncertainties. Will this push you to consider other banks instead? - Seedly

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Clara Ng

Clara Ng

Community Manager at Seedly

02 Jul 2020

Saving Hacks

DBS will cut interest rates on flagship Multiplier savings account again from Aug 1, amid a low interest rate environment and macro uncertainties. Will this push you to consider other banks instead?

Or will you stick with DBS despite the changes, considering that other banks might do the same amid the bleak economic outlook.

Discussion (4)

What are your thoughts?

Elijah Lee

Elijah Lee

02 Jul 2020

Independent Financial Advisor at Phillip Securities (Jurong East)

Hi Clara,

The hassle involved with switching accounts every time a bank changes interest rate is probably going to deter me from doing so. I'm with OCBC by the way.

To me, even if OCBC follows suit and cuts again, I have no problem meeting the criteria for extra interest (Just need to credit salary). Since time is money, trying to figure out every 2-3 months which bank would give a better interest each time and then going through the paperwork with HR, and waiting for approval, is probably going to detract me from my job, and all that for an extra $10-$20 a month maybe? Doesn't seem worth it to me. I'd rather spend that time analyzing what's my next step in my investment plan, like which stock I'd like to add on to my portfolio, for example.

Tan Wei Ming

Tan Wei Ming

02 Jul 2020

Founder and Writer at Frugal Youth Invests

For myself, I think I will try to compare between different savings account to see if I can eek out some more returns instead of sticking to the same bank account.

Even if I am able to find a savings account that yields slightly higher interest rate, I would need to see if it is worth to change. Etc some accounts may have minimum account maintenance fee. This is something that I have to take into consideration too. So if it is not worth then we just have to accept the cut in interest rate and live with it for the time being.

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Clara Ng

Clara Ng

02 Jul 2020

Community Manager at Seedly

Singapore's largest lender DBS will again this year cut rates on its flagship deposit account from A...

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