What are the main changes to the DBS Multiplier announced in Jan 2020?

Three things have changed will change after 1 February 2020:

1. Salary Credit

It is now renamed as Income category.

• Salary Credit: Must be credited via GIRO, with transaction reference codes 'SAL' or 'PAY'

• Dividends: Must be credited via GIRO, from Central Depository Pte Ltd (CDP)

2. Dividend Credit

Instead of qualifying under investment category, it will now be under Income Category.

3. Balance cap for salary credit + transactions in 1 category

Instead of getting higher interest on the first $50k, the higher interest is only applicable for the first $25k.

Read more: https://www.dbs.com.sg/iwov-resources/pdf/depos...

Here is everything about me and what I do best.

The main impact to most of the current users of DBS multiplier account is the loosing of investment category. Assumption is that most of us uses SSB dividends as the source to hit the investment category.

To counter this, most pple will either take up a low-cost insurance or a RSP investment into STI or ABF ETFs. However, good to note that these options are eligible for 12 months only. There are many good articles out there that explain the workaround to this 12 months eligibility, but they are not so important now as we anticipate new changes towards year end on the terms again.