13 Jun 2019
I am a fresh grad interested in maximising my interest with DBS Multiplier! I have two basic questions on the investments and credit card categories of the account. ?
I wish to get the POSB Everyday card. However I do not wish to pay the $192 annual fee, and intend to use the card just to satisfy the multiplier criterion ($1 per month). How likely will my annual fee be waived? Understand that it’s common practice to call to request annual fee waiver.
I roughly understand the concept of Unit Trusts but navigating the dbs website throws me off. Can anyone share a basic framework on how to approach UT investing with DBS?
Very likely to get waiver. POSB/DBS is one of the most lenient when it comes to waivers. I also spent close to nothing on their card, still waived.
Process to waive also super easy. Now everything is done in ibanking. just fill in a form, 2-3 clicks, and its sent in. Wait few days, it should be waived.
For unit trusts, I personally do not recommend getting from banks. They typically charge a high sales fee. My guess is you are trying to fulfill the investment criteria, and for this I recommend Singapore savings Bond.
Buying singapore savings bond consecutively for 6 months and you will be getting interest for every month. This will trigger the investment category of multiplier account. Minimum to buy singapore savings bond is $500, fee is $2. Backed by sg govt so its pretty safe.
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DBS Multiplier Account
Up to 3.8% p.a.
MIN. INITIAL DEPOSIT
MIN. AVG DAILY BALANCE
POSB Everyday Card
Standard Chartered Unlimited Cashback Credit Card