Alcander Seow
Environmental Engineer Minor in Business at Nanyang Technological University
I need help with understanding how the DBS multiplier account works?
Hi, recently I called DBS to ask why my whole month of Feb don't have any interest earn. They said that cos its prevailing base interest & interest is calculated daily, despite retail paylah spending under Option 3, my interest earned daily is $0.000, thus month-end is $0.00. Can someone help me understand how Multiplier is different to normal saving acc, e.g. eEveryday saving acc? Cos DBS say if I hold $1k in the acc, month-end earn $0.28.
1
Discussion (1)
Learn how to style your text
Reply
Save
Write your thoughts
Related Articles
Related Posts
Related Products
DBS/POSB Multiplier Account
4.4
321 Reviews
Up to 4.10% p.a.
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
Standard Chartered JumpStart Account
4.8
778 Reviews
OCBC FRANK Account
4.7
211 Reviews
Related Posts
First you give the bank your money via salary credit, then they ask you to buy some products from which they get fee income from you to pay their salesman and the rent at mbfc and of course dividends to their shareholders. In return for your salary credit they will pay u interest 200 bps lower than what they lend out thereby a net interest margin is generated and part of it goes to pay dividends to shareholders again.