Anonymous

09 Mar 2020

∙

What is the interest rate after the first 25k on DBS multiplier? Is it 0.05% (standard bank interest rate)? If so, should i park my money (in excess of 25k) elsewhere for higher interest?

Assuming I only have SALARY + 1 category spend. Are there other bank accounts that I should be considering?

DBS/POSB Multiplier Account

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Andy Sim

09 Mar 2020

HR Professional at a Financial Institution

Yep you should definitely park your excess funds out of Multiplier. You can consider SCB Jumpstart or CIMB Fastsaver.

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MT2020

09 Mar 2020

If you are between the age of 18-26, you can consider creating a standard chartered jumpstart accounts which pays an interest of 2% per annum.

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Pang Zhe Liang

13 Feb 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

It will be based on the prevailing interest rate, currently at 0.05% per annum.

It depends on wheth...

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I am currently enjoying the highest interest rate possible on the DBS multiplier (2 categories). Should I get another savings account or invest the excess money (amount above 50k) into digiportfolio?

Parking money in deposits with high interest rate or low-risk money funds with higher interest rate?

Would you save your money in an investment plan (projected interest rate at ~7-10%) or save it in the bank (interest rate at 0.05%) or save it in a savings plan (interest rate at 3%)?

DBS will cut interest rates on flagship Multiplier savings account again from Aug 1, amid a low interest rate environment and macro uncertainties. Will this push you to consider other banks instead?

I currently have $20k in my DBS mulltiplier earning 1.6%, intending to use this money in near future e.g. 3 to 4 years time. Where else will be good and secure to park this money for higher interest?