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DBS Multiplier

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DBS Multiplier

DBS

Investments

ETF

Constant Dollar Amount is good for RSP. Say prices go up, you buy fewer units with a fixed $200. Your current assets rise in price anyway, so not a bad thing. Prices go down, you buy MORE units with the fixed $200. Your current asset dropping in price, but you are averaging per month. May not sound like much, but do it regularly monthly for a few years, you will appreciate the consistent investments that add extra growth.

Credit Card

Bank Account

UOB One Card

UOB One

DBS Multiplier

Nicholes Wong
Nicholes Wong
Top Contributor

Top Contributor (Mar)

Level 6. Master
Updated 2w ago
I would say both have its own strength and weakness. For DBS Multiplier, you can hit actually hit salary crediting, credit card spending and investment category. If you were to do a SSB ladder, you can get the investment category part of the crediting dividends as long as they don't change the criteria. All you need to do is to buy 6 months of SSBs consecutively and make sure your CDP is connected to DBS/POSB account. This way, after the 6 months of buying SSBs, you will receive SSBs interest every month for 10 years which will count as investment category under DBS multiplier. SSB minimum amount is $500 every time so it will take you at least $3,000 but of course, you can put more if you want to. The more transactions you have with DBS, the more interest you get. But for me their credit card doesn't really suit me, they have slightly higher minimum monthly balance, an additional step which is the SSB ladder and I don't have that much transactions in the first place. For UOB one, their credit card gives cashback for most stuff although you have to spend at least $500. (not very hard if have fixed expenses that UOB one give cashback.) Their EIR or effective interest rate is only 2.44% if you have 75k in the UOB one account. They also allow 3 giro transactions instead of salary credit so a bit different as well which means if you plan to keep a big amount of money with the banks you can do both DBS multiplier and UOB one at the same time with a single salary crediting. The headache part is if you don't hit $500 for a single time, you won't get the interest and you won't get the cashback for the quarter. Overall, just choose the accounts and credit cards that suit your need the most.

Credit Card

DBS

DBS Multiplier

Pat
Pat

()

Level 4. Prodigy
Answered 2w ago
Depends on your expenditure. If you are not much of a spender, the Everyday is sufficient. Even a charge of $1 to this card gets you your additional interest. Read their partner offers to max out the rebates that you can get. If you spend and like to travel, you can consider the Altitude card but tbh I only recommend it if your annual spending is $25k a year so you can get the annual fee waiver.

Credit Card

DBS Multiplier

DBS Altitude Visa Signature Card

POSB Everyday Card

DBS Live Fresh Card

Fresh Graduates

Yong Kah Hwee
Yong Kah Hwee
Top Contributor

Top Contributor (Feb)

Level 6. Master
Answered 4w ago
Most cashback cards require you have had minimum spending before you can get the cashback. As for the DBS Altitude, if you don't think you can hit that amount, then don't force yourself to. There's no need to take advantage of the promotion; the card benefits are good enough (in my opinion at least).

DBS Multiplier

DBS

Bank Account

Aik Kai
Aik Kai
Top Contributor

Top Contributor (Aug)

Level 5. Genius
Answered 4w ago
Only the multiplier account. Your other accounts earn their own interest rate. Case in point, I have a POSB Savings and DBS Multiplier account. My POSB savings earns 0.05% interest while the Multiplier earns 1.55% to 1.85%. How do I know? Every month, my Multiplier has interest deposited while my POSB savings has nothing deposited other than the end of the year.

Credit Card

DBS Multiplier

Savings

Pierre Teo
Pierre Teo

()

Level 3. Wonderkid
Updated 4w ago
Here’s how to link your ATM card to a specific DBS bank account: 1. Login to your DBS iBanking on desktop 2. Under Cards , select Link Card to Deposit Account for ATM Use 3. Choose the ATM card you wish to link 4. Choose the account you want to set as the card’s primary account 5. Choose a secondary account (if neccessary) 6. Click submit Hope this helps!

Bank Account

DBS Altitude Visa Signature Card

DBS

DBS Multiplier

OCBC 360

OCBC

Credit Card

Savings

Family

Expenses

XY
Xue Yi Hang

()

Level 2. Rookie
Answered on 13 Aug 2019
It won't affect your credit score. Personally I keep multiple bank accounts as it 1. Makes it easy to segregate my money so I only touch what is in my spending account 2. DBS ATMs often have long queues so I just draw money at OCBC ATMs which usually have nobody and then ibank money between my own accounts lol

DBS Altitude Visa Signature Card

DBS Multiplier

Credit Card

DBS

Justin Kieran Ong
Justin Kieran Ong

()

Level 3. Wonderkid
Answered on 13 Aug 2019
Any credit cards under your name can be seen on the ibanking portal home page as it's own "account". From there, you can see all the transactions much like a normal bank account (though it usually takes a few days for you to see the actual transaction) When the payment is due, you can choose to pay using funds from your multiplier account. Eligible transactions from any DBS / POSB credit card under your name will add towards your monthly transaction under the bank and earn tab. I hope this helps

Credit Card

DBS

DBS Multiplier

Expenses

Hey there! I AM IN A HUGE DILEMMA AS WELL. Based on your spending patterns, I believe DBS Live Fresh works best for you. Unless you are a miles person then you should consider DBS Altitude (btw the miles don't expire) or DBS WWMC (miles expires every year). For DBS Live Fresh , it is 5% cashback cap at $400 per category spent (min. $600 spent per month) Category meaning: Online, Contactless (PayWave) and Other Spend. Based on your $400-$950 spent on expenses, it doesn't look to me that you're reaching the cap of $400 per category spent. If you are for ONE category then consider rearranging your expenses, so like instead of spending online, go to a physical store to make the same purchase but using PayWave. :) Anyway, just wanna add that you don't have to spend just to earn the extra interest rate on the Multiplier. A decent S$1 macs ice cream like what Gabriel mentioned will do the trick. Edit: Forgot to mention Live Fresh is having a 10% cashback SimplyGo promo too!

Savings

Bank Account

Investments

Credit Card

DBS

DBS Multiplier

Hi As your salary credit is 1.6k and no credit card,the rest of of category is short term and it's not worth doing everything to get the DBS mulplier interest. You're better of with A+B below: A. Save into the CIMB fast saver and earn 1% (need to maintain min 1k inside and if early close penalties is $50) I've check using Seedly best savings account calculator: https://seedly.sg/tools/savings-account-calculator eg. Assume u have 4k savings, monthly credit salary 1.6k into the account and not withdrawal, you can earn $40 interest per year. Of course you also need to live so the amount would be lessor, but is the best suited plan for your current situations. B. After that monthly buy SSB via POSB / DBS ATM of the amount you could. This will makes it like a bond ladder (LIke multiple investment and matures at different date so that you can have $ every payout month when it matures) . See: ! With A+B, is much better interest that DBS multiplier and much easier for achieve for your case. Hope it helps! Happy Savings! Ref: CIMB Fast saver link: https://www.cimbbank.com.sg/en/personal/products/accounts/savings-accounts/cimb-fastsaver-account.html
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