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Should I migrate funds from DBS Multiplier?
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Jiayee
02 Dec 2020
Salaryman at some company
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Elijah Lee
01 Dec 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi Freddy,
I expect that most banks will be cutting rates across the board over the next few months.
DBS has made the first move this time.
Personally, I will just look for an account where I can regularly meet the qualifying criteria without much hassle. For example, since I can regularly save mroe than $500/mth and credit my salary, OCBC 360 is pretty much a no brainer for me. Even if the interest rates drop, the hassle of changing salary crediting accounts every few months may not be worth it. If I had a DBS credit card, and a DBS home loan, then yes, I would probably go with DBS multiplier since I can reliably meet most of the criteria.
You can consider CIMB also, as there are no criteria to their fastsaver account. Personally, salary crediting is about the only hoop that I will jump through, anything else like forcing me to spend or invest or insure with the bank and I will have to give it a miss
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I donβt think Maybank & OCCB 360 have better rates, maybe just +0.2%Pa compare to DBS. Suggest you t...
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The alternatives tend to slash their interests soon after so I may stay put.