For those who are switching out of DBS Multiplier, where are you guys switching over to? - Seedly
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Anonymous

Asked on 10 Jan 2020

For those who are switching out of DBS Multiplier, where are you guys switching over to?

What are the best options to switch to after the DBS multiplier account changes?

Admin: Check out the best Savings Accounts here!

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Catsnipss
Catsnipss
Level 3. Wonderkid
Answered on 15 Jan 2020

Either uob1 or ocbc360 could be a good alternative

However I really like dbs no minimum credit spend, allows me to hit 1 category easily to be tiered at 1.95% BUT cap at 25K.

you can explore cimb fast saver, or stashaway simple to put your overflow cash.

Im sticking to DBS because I don't think im able to hit the minimum spend on credit cards for uob / ocbc.

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Bayle

16 Jan 2020

The minimum credit card spend required for both the UOB One Account and OCBC 360 Account is just $500 though. If you have regular household expenses (utilities bills, telco bills, groceries, etc.), it's really not hard to meet this requirement on a regular basis. Another way to look at it is: if you place the maximum $75k in a UOB One account, you'll get ~$140/month in interest that's paid to you in cash. But if you only have $25k in a DBS Multiplier account, you'll only get ~$40/month in interest (assuming an interest rate of 1.90% p.a.).
Andy Sim
Andy Sim
Level 7. Grand Master
Answered on 24 Feb 2020

OCBC 360 for me. Though interest might be lower compared to UOB (assuming ceteris paribus), it gives me more flexbility on CC spend as I may not be able to hit the $500 CC spend on UOB every month which is one of the criteria to get the high interest. For OCBC, if you can hit $500, then good, you'll have higher interest, but if you don't you'll still get a decent amount of interest, since CC spend is not a compulsory criteria

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Sharon
Sharon
Top Contributor

Top Contributor (Jul)

Level 6. Master
Answered on 15 Jan 2020

Do note DBS gives a dividend yield of 4.6% p.a. if you're a shareholder. One may not need to switch bank.

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Sharon
Sharon

15 Jan 2020

No that's not what I meant. Some people may not choose to switch banks, as they could invest their money in the stock which gives better returns than the multiplier account.
Chin Guo Qiang
Chin Guo Qiang

19 Jan 2020

It’s a different track if you hold DBS Stock, but the high entry price may deter a lot off. Cheaper stocks like CapitaLand can be a good dividend stock as well, for DBS Multiplier req, via DBS Vickers trading account.
Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered on 24 Feb 2020

OCBC360, if it's based on the salary crediting criteria alone since it has a higher limit cap of $70k. Alternatively, you might want to consider taking up a RSP with POSB investsaver to unlock the 2nd category (investment) for DBS Multiplier.

Might be helpful to use the calculators on the bank's website to have a better sense of the potential interest you can gain.

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Back to OCBC 360 / CIMB FastSaver / Singapore Savings Bond trifecta combo.

Recent switched out of Citibank Citi Priority due to nerfed interest rate from 2.2% to 1.5% pa.

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JL
Jayden Lee
Level 5. Genius
Answered on 13 Jan 2020

OCBC 360!

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Lky
Lky
Level 4. Prodigy
Answered on 12 Jan 2020

Maxing out SCB Jumpstart and then OCBC 360.

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Personally, I put a fraction of my money in UOB One and the rest of it in instruments that are capable of helping me reach my financial goals.

Here is everything about me and what I do best.

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Sarah
Sarah
Level 4. Prodigy
Answered on 11 Jan 2020

UOB ONE

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Tee-Ming Chew
Tee-Ming Chew

15 Jan 2020

Understand.... Am considering to switch to UOB as well since most of my credit spend is via UOB!
Bayle

16 Jan 2020

Do note that your credit card spend MUST be on one of the "selected" cards to be counted for the One account's bonus interest: (1) UOB One Card, (2) UOB Lady’s Card, (3) UOB YOLO Card, (4) UOB Debit Card and UOB Direct Visa Debit Card, or (5) Mighty FX Debit Card.