Hi, I have recently opened the DBS Multiplier account. I would like to increase the interest rate by making transactions in the investment category. What are some possible unit trusts to consider if I already have the POSB Investsaver? ? - Seedly
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Anonymous

Asked on 10 Jul 2018

Hi, I have recently opened the DBS Multiplier account. I would like to increase the interest rate by making transactions in the investment category. What are some possible unit trusts to consider if I already have the POSB Investsaver? ?

Is it worth it to redeem the investsaver, wait 6 months and invest in it again for it to count as an eligible transaction?

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    Isabella Jo

    Isabella Jo

    Level 5. Genius

    Answered on 21 Jul 2018

    Can consider making SSB ladder by buying 6 months of SSB consecutively. What I read is the interest from SSB is considered as investment. Since SSB pays out twice a year, by buying 6 consecutive SSB, you will get continuous stream of interest income for the next 10 years. You only need to spend $2 to buy SSB and minimum purchase is $500.

    So far this is the theory which I read. Personally I am still building my SSB ladder and will only get my interest Jan next year.

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    Randall Tan

    Randall Tan

    Level 6. Master

    Answered on 11 Jul 2018

    Good for:

    -Young working adults who just started working (Low salary credit of $2k)

    -Low credit spending (those who cannot meet $500 spending)

    -New or want to start POSB invest-saver

    -Less than or equal to $50k savings (anything above, transfer to CIMB Fastsaver)

    My strategy to utilised DBS Multiplier Account: -DBS Credit card spend (at least $1)

    -DBS visa debit card(5% rebate t&c applies)

    -POSB invest-saver

    Salary credit: $2000

    Credit card: $1 Total interests earn: 1.55% ($31/mth)

    Salary credit: $2000

    Credit card: $1

    POSB Invest-Saver: $100

    Total interests earn: 1.85% ($38.80/mth)

    So effectively, POSB Invest-Saver is commission fee FREE! ($7.80 per month extra to invest) *Only applies for 12mths for POSB Invest-Saver

    This is what I'm doing now and will update after a year on POSB Invest-Saver.

    Feel free to ask questions :D

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    You can consider to tap into the NikkoAm STI ETF OR ABF Singapore Bond Index for the investment category.

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    Yong Kah Hwee

    Yong Kah Hwee

    Level 8. Wizard

    Answered on 23 Sep 2018

    I don't think it is worth it to redeem the investsaver like you mentioned. Even after you did all those, you only get 12 months worth of bonus interest under the investment category. A better solution would be to get the Singapore Savings Bond every month for 6 months. Interests should come in every month after that, making it a longer term solution :)

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