facebookDoes cancelling your savings account(DBS multiplier) affect your chances to apply for it in the future? - Seedly

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Ben Lee

09 Nov 2022

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Saving Hacks

Does cancelling your savings account(DBS multiplier) affect your chances to apply for it in the future?

I have a DBS multiplier account currently and wish to apply for the 360 account and move my savings to the 360 account.

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Should i cancel my multipler account? Will it affect my chances to apply for it in the future?

Discussion (8)

What are your thoughts?

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I don't look at the rates only. Comparing DBS and UOB One Account, you need to do a lot more in DBS Multiplier to achieve the next interest rate. If you're not interested in buying the products to get the higher tiers of interest rates, I think UOB One Account might be a better option for salary crediting. I've earned quarterly bonuses just for spending $500-800 on One Card per month and having my salary credited monthly. I like that I only need to do the initial set up and don't need to be bothered of buying more products to get to the next interest tier.

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UOB One Account

Balance: $50,000,

Monthly salary: $3000

Monthly Credit Card spend: $500

You will receive: Annual interest of $720 + annual cash rebates of $200

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OCBC 360

Balance: $50,000,

Monthly salary: $3000

Monthly Credit Card spend: $500

You will receive: Annual interest $1350

(The interest for OCBC 360 will only gets higher if you ensure persistent minimum $500 increase in your balance, purchase insurance and make an investment)

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Another thing to point out is, I was a long time OCBC customers (20 years). The app has always been an issue. It's such a pain to navigate around. Bear with it for too many years and even gave feedback about the technical glitches and designs that are not taking usability into consideration.

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I have closed my OCBC bank account earlier this year and switched to UOB One Account. Comparing the ease of use with UOB app, UOB is much smoother, professional, clear and faster. The things that are important are emphasised with larger fonts. Simple layout for easy navigation. These are the things I would consider for a business that is holding my hard earned cash. They should work on improving usability and most importantly security. Some of the OCBC app functions looks too unfinished. After I switched to UOB, i realised how inefficient OCBC's app is. For this, I would rather forego the higher interest. I can earn these interests from SSB or other instruments.

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Just leave 3k minimum deposit and move the rest. Why is there a need to cancel your DBS multiplier account? 3k is not going to get you too much additional interest.

Don't think so......

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