Anonymous

12 Jun 2020

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I am a fresh graduate who is about to commence work. I have the Jumpstart and OCBC360 savings account but the interest rates plunged so I am thinking of opening DBS Multiplier. Should I?

Based on my spending habits, I will probably spend <$500 on credit card so I was thinking of applying for a DBS Multiplier account. I intend to credit my salary to the DBS Multiplier account and spend minimally on cards which will yield 1.60%. This is much better than Jumpstart (1%) and OCBC360 (0.8%). But I am unsure if DBS Multiplier will cut their rates soon, so I am also unsure if I should go ahead with this plan.

Standard Chartered JumpStart Account DBS/POSB Multiplier Account OCBC 360 Account

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Hong Foo Shen

12 Jun 2020

You got your answer there in terms of comparing interest rates based on your spending habit. I suggest you to just go ahead with your plan and worry about DBS changing terms later, nobody knows and it takes minimal effort to just inform your HR to change your salary crediting account. You can observe and make the change later, if necessary.

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