I’m a fresh grad who has started work. I have consistently saved in Singlife & stashaway. A lot of people are recommending me to upgrade my normal posb acc to DBS multiplier. Should I do that? - Seedly
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Anonymous

Asked 1w ago

I’m a fresh grad who has started work. I have consistently saved in Singlife & stashaway. A lot of people are recommending me to upgrade my normal posb acc to DBS multiplier. Should I do that?

DBS will just be my spendings account so is there a need to sign up for multiplier since I will not be putting large sum of money into it? Maybe about $800 per month for spendings after putting the remaining of my pay into savings / investment channels. Thanks for the help!

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Mal
Level 3. Wonderkid
Answered 2d ago

Sounds like you are channeling all your available cash to investments and savings. With consistently <$800 per month inside, this amounts to <$16/year or <$1-2/month of interest given your fresh grad status. I'm pretty sure it will be less than calculated since you're using it as a current account. Practically speaking, I wouldn't rush to do it but it's still good to open one as your eligible criterias ramp up in the future (when life happens). The threshold signal to upgrade will probably be when your mulitplier interest rates exceeds Singlife's current 2.5%p.a. or Stashaway's 1.4% p.a..

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James
Level 2. Rookie
Updated 3d ago

Yea u should but u probably also should ensure that u hit at least 1 category of their eligible transactions (eg credit card) to get the bonus interest DBS multiplier provides :)​​​

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Daniel Kok
Daniel Kok
Level 5. Genius
Answered 4d ago

Definitely! DBS multiplier has one of the most attractive interest rates right now in the market.

the more terms you fufifll, the higher tier of interest you will be eligible! :)

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sucram
sucram
Level 4. Prodigy
Answered 5d ago

Yes you shoudl! If your posb acc is still POSBkids then definitely upgrade it! With DBS multiplier you get more interest when you credit your salary to the account and use the account to pay for insurance/home loan/credit card/investments

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