Do you guys recommend using DBS multiplier account as a savings account?

Hi Anon,

Among the "salary crediting" bank accounts, DBS Multiplier is indeed the best option. It has the highest interest rate among the rest (even though they are all low now), flexible criteria for earning interest, and easier to hit higher tiers of interest rate. I actually wrote an article about it on my blog, you can check it out here!

Another way you can bump up your interest rate tier is by opening a joint account with your partner if you're attached. If both of you credit your salary into the joint account, your Multiplier account will record the total salary as your monthly salary. This is an easy way to boost your interest rate tier, but do remember to transfer out your salary from the joint account into your Multiplier account because only the balance in the Multiplier account is eligible for the bonus interest!

For DBS credit cards, I'm not a super big fan of any in particular. If you're looking for cashback, DBS Live Fresh is a fine choice as long as you can hit the monthly spending requirement. Otherwise, DBS Altitude is a good choice too. While marketed as a miles card, the Altitude card actually earns DBS Points that can be converted into miles. Soif you're not into miles, these points can also be converted into vouchers. DBS Black card shouldn't even be an option IMO, because it earns DBS points at the same rate as DBS Altitude, but the points earned from Altitude have no expiry, while those earned from Black do.

Hope this helps!

Regards,

thefrugalstudent

DBS multiplier is a better account. All the interest rates are quite low now so it doesnt make much of a difference. But like what Mika mentioned, the spending analysis is good. No harm in getting it!