Should I switch my OCBC 360 account to DBS Multiplier since ocbc interest rate is getting lower?

Hi,

I would like to check whether I should consider change ocbc 360 account to DBS Multiplier account as my usage of the account are as below:

1) Salary credit to my ocbc 360 account.
2) Insurance premium and expenses
3) Invested around 7k using ocbc 360 account on BCIP RSP. (Not sure will it affect if I close the account. But i have already stopped investing, left the stock in there.)
4) Only have around 5k in this account

Should I consider to close the account to switch to dbs Multiplier?

DBS/POSB Multiplier Account OCBC 360 Account

2

Discussion (2)

What are your thoughts?

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Chin Guo Qiang (ITIL4 / CSPO / CSM)

17 Oct 2023

Assistant Vice President, IT Operations at Bank of China Limited

I would suggest status quo since you already have the ecosystem in place with OCBC.

You can also consider using OCBC NXT Card to stretch your dollars for insurance premiums (1% cashback with min $1,000 spending). I personally use this with my annual insurance premiums (2% cashback if applicable) + 1% cashback from OCBC.

OCBC NXT Card - https://www.ocbc.com/personal-banking/cards/bnp...

Next, you might want to consider the following bank accounts (albeit digital ones) for your case.

CIMB FastSaver @ 3.5% pa promotional rate (till 31/10/2023, min $10k deposit for the duration),1.5% pa (first $25,000 thereafter, after 31/10/2023)
MariBank (SeaMoney) @ 2.88% pa (till 31/12/2023, not specified but with SDIC limit of up to $75,000), 2.5% pa thereafter
Trust Bank @ 1.5% pa (first $125,000, take the debit card for starters promo vouchers, can pm me for referral codes if you need 1).