DBS Multiplier Account
Asked on 04 Dec 2019
Just opened a DBS multiplier account but only crediting my salary. Asking this question as I’m slightly uncomfortable moving most of my savings to a bank (StanChart) that I’m unfamiliar.
Hi Anon, you can maximise the 20K into SCB Jumpstart account and don't touch it. Remain your salary crediting into your Multiplier, apply for a cc to earn higher interest (since there's no min spend) and accumulate your money there again. So in essence you'll have 2 bank accounts.
Banks in SG are generally safe. Your Jumpstart account is also SDIC insured up to 75K so don't worry about it :)
Why not both!
I am putting $20k in SCB JumpStart and salary credited to DBS Multiplier. POSB Everyday is not my main card so I make a small payment (e.g. public transport using SimplyGo) every month to satisfy the CC category.
SCB JumpStart is SDIC protected and you can access your savings easily by transferring to DBS via FAST or PayNow.
You should move your funds to standard chartered jumpstart to get the 2% interest. As i believe you are still quite young, there is no need to apply for a credit card at this point in time.
Hi there, I faced a similar issue as you. I opened a DBS Multiplier Account when I started working and even before that, most of my savings were in POSB savings for pretty much the entirety of my life. I do think there are some things to consider like accessibility of ATMs, how often you pay with card vs cash.
For me, I left a small amount in POSB for my spending and transferred majority to StanChart Jumpstart and OCBC 360. However with salary crediting, you can also try looking around other hurdle savings account to see if any of them can offer you a rate above 2% given your spending habits etc.
Most here will suggest you to maximise your 20k into jump-start 2%.
U should probably start by understand y r u uncomfortable. It seems that because u r unfamiliar. Read reviews and do research. The purpose of u saving is you want to compound your money. It is advisable not to touch them.
Just not that only the first $20k in SCB JumpStart gets the 2% interest, anything above that is 0.1%.
This means the $400 interest you earn per year would need to be moved out for it to work harder.
So I'll keep $20k in SCB but keep transferring any amount above $20k elsewhere.
I would recommend you to move to SCB Jumpstart account as it gives you 2% fuss free without the need of any criteria as long as you are below 26. Max the $20K limit and the rest like your salary and monthly SCB interest put it to the DBS Multiplier if you can meet the requirements to gain better interest. If not do consider CIMB Fastsaver.
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