Asked by Anonymous
Asked on 26 Jul 2018
I have a POSB Savings and DBS Multiplier; and wondering if the amount in POSB Savings will earn the 1.85% interest as well. I use the POSB Savings as a spending account and hope to transfer monthly budget (few thousands) into it but am afraid it will lose the 1.85% interest
Top Contributor (Jun)
No. POSB and DBS accounts all works separately as indepedence.
DBSM (DBS Multiiplier) accounts interest were only given for the $ save in the DBSM a/c, not including any other a/c and those other a/c will have their own interest.
So to earn the 1.85%, transfer all you savings / $ into the DBSM a/c.
Interest calculation is at page 8, section C in the T&C above.
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Only the balance in your multiplier account is qualified for the higher interest. An alternative would be to use a spreadsheet to keep track of how much you can spend
No, the balance from the other DBS savings account is not Included. Only the balance inside your Multiplier account will enjoy 1.85% interest. However, salary need not be credited to Multiplier account. You can credit your salary to any DBS/POSB account will do.