Asked by Ang Bing Xian

Are there any downsides to the Multiplier Account?

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.

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  • HC Tang
    HC Tang, Financial Enthusiast, Budgeting at The Society
    Level 8. Wizard
    Answered on 23 Sep 2018

    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.

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  • Yong Kah Hwee
    Yong Kah Hwee
    Level 6. Master
    Answered on 23 Sep 2018

    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!

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  • Kenichi Xi
    Kenichi Xi, nᴉʍ oʇ dǝnᴉʇsǝd 不能说的秘密 at Tag Team with Gabriel Tham
    Level 6. Master
    Answered on 16 Sep 2018

    Short Answer

    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.

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  • Jeff Yeo
    Jeff Yeo, amateur Social contributor at School of social sharing
    Level 6. Master
    Answered on 16 Sep 2018

    Downside

    • Fall-below fee of S$5 if average daily balance falls below S$3,000 (based on total SGD equivalent of SGD & foreign currency balances). This fall-below fee is waived for you up until 29 years old.4
    • Early closure fees of S$30 if account is closed within 6 months.

    pros

    • higher interest rate !
    • Join the Facebook burrow for additional perks and community support
    • single sign on to DBS vickers
    • clearance of stock payments directly from multipler

    I love how it allows us to bank in a more seamless manner

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  • Teoh Zetong
    Teoh Zetong
    Level 3. Wonderkid
    Answered on 19 Jul 2018

    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.

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