UOB One or DBS Multiplier?

Here are my stats:

Goal: Max out possible interest rate + cash rebates

Willing to set aside $50 - 60k as deposit
Recurring bills payment (monthly fixed expenses): UOB One @ $2,000 (for maxing out cash back) - including insurance, biz expenses etc.
Work / travel expenses on DBS: $2k - $5k / monthly (on DBS WWMC / Altitude - for maxing out miles)
Monthly Salary = $7,500

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If I want to max out interest earnings on a savings account with my above stats - DBS or UOB?

TIA!

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Discussion (2)

What are your thoughts?

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Yinghua Liu

03 Jul 2019

I have done a rough calculation on the interest for the savings account. Do note that I assume 2.5k on the DBS card as extra spending on the card would not result in higher interest in the DBS Multiplier unless you fulfil one more category (investment/ insurance/ home loan)

Scenario 1
Account balance: 50k
DBS Credit card:2.5k per month
UOB credit card: 2k per month
Salary:7.5k

Interest rate (DBS): 1.9% ($949 per year)
Annual Cashback (DBS): award in points and extra cost to convert to KrisFlyer miles
Interest rate (UOB): ~2% ($1015 per year)
Annual Cashback (UOB): $1200

Scenario 2
Account balance: 60k
DBS Credit card:2.5k per month
UOB credit card: 2k per month
Salary: 7.5k

Interest rate (DBS): 1.5% ($952.65)
Annual Points/miles (DBS): award in points and extra cost to convert to KrisFlyer miles
Interest rate (UOB): ~2% ($1245 per year)
Annual Cashback (UOB): $1200

Based on the above and assuming 3miles for $1 spend & 1.8cents per miles, the miles from DBS card would be equivalent to be $135 to $270 estimated per month.
If you are able to spend the stated amounts for both DBS & UOB credit cards, UOB One would be a better choice for you.

FYI: max amount to put in the UOB One account is 75k which will result in 2.4% but for DBS Multiplier, if you only fulfil one or two categories, max to put in the account would be 50k.

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