Should I switch to DBS multipler? Currently using OCBC 360. Assume I have 70K, will hit $600/$800 credit card spend and hit 3 bill. ? - Seedly
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Jayden Ng

Asked on 04 Sep 2018

Should I switch to DBS multipler? Currently using OCBC 360. Assume I have 70K, will hit $600/$800 credit card spend and hit 3 bill. ?

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Lok Yang Teng
Lok Yang Teng
Level 8. Wizard
Updated on 07 Jun 2019

Assuming salary credit $2000

For OCBC 360:

  • Base interest: 0.05

  • Credit salary:1.2

  • Pay 3 bills online through GIRO with total amount of at least S$150: 0.3

  • Spend min. $500 on OCBC credit cards: 0.3

Total: 1.85%

For DBS Multiplier:

  • Base interest: 0.05

  • Credit salary: 1.55

Total: 1.60%

However, if your salary credit is $5000 or more monthly, or have a 2nd salary credit (min. $2000), then DBS Multiplier is better. As it stands currently with the information given, OCBC 360 gives better interest.

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Serene Toh
Serene Toh

21 Sep 2018

Add on. If got more than $70,000. Can consider setting up another account without salary crediting like UOB ONE etc, to get interest for the amount above the base.
JianHao Soo
JianHao Soo
Level 5. Genius
Answered on 15 Sep 2018

Do note that Multiplier bonus interest is capped at $50k :) May want to consider putting the other $20k at other platforms such as CIMB Fast Saver/SSB

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Yong Kah Hwee
Yong Kah Hwee
Level 8. Wizard
Answered on 15 Sep 2018

You might want to check out this calculator made by seedly: https://seedly.sg/tools/savings-account-calculator

Fill in the various fields, and the calculator will tell you which savings account is best for your current situation :)

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