A Multi-Currency Account (MCA) was created automatically when I created my DBS Vickers trading account. However DBS Multiplier Account appears to do everything MCA does and has better interest rates.
Yes you are right, DBS Multiplier is just a DBS MCA with steroid at higher interest rate.
I don't see any downside except the min 3k balance or else with admin charges and the higher interest rates (eg.1.85%) comes at the cost that one must do 2 types of transactions with DBS.
The only downside I can think of is that it has a fall below fee if you have less than $3000 daily average balance in your account!
The Multiplier Account is A High Yield Savings Account that increase the interest rate bases on the criteria fulfilled.
The downside is not fulfilling any of the criteria when this account is not suitable for u other then the normal $1k base amount and $2 monthly deduction due to tt.
Multi Currency Accounts works like a currency wallet and is useful when you have transaction other the SGD.
There are waiver now but don't ignore the accounts you dun need.
Is best to close accounts that are not required after the penalty period.
I love how it allows us to bank in a more seamless manner
It's just a higher-interest savings account, so it behaves like normal savings account.
One downside I could spot is the fall-below-service-fee they charge. DBS Multiplier's minimum average $3000 or they will start charging you $5, whereas the normal savings account is just $1000.
If you don't wish to park $3000 there, you might want to close the account. I don't use Vickers.