What are the pros and cons between DBS Multiplier & OCBC 360? - Seedly
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DBS Multiplier Account

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Cassandra

Asked on 19 Nov 2019

What are the pros and cons between DBS Multiplier & OCBC 360?

Which one would you recommend?

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Hi Kenny,

Quite a number of differences between both accounts, so it does depend on whether you bank with OCBC or DBS, if your home loan is with any of the banks, etc. I will highlight the key points here.

  • OCBC 360 can award bonus interest just by the crediting of your salary, whereas DBS cannot

  • OCBC 360 needs $2000/mth salary credit as a minimum. DBS requires your 'transactions' with them to be more than $2000/mth to get the first layer of bonus interest

  • OCBC 360 bonus interest caps at $70K spread over the first $35K and the next $35K, DBS is $100K over the first $50K and the next $50K

  • The theoretical maximum interest is higher on DBS

  • Husband and wife can credit salary to a joint DBS account which will trigger the multiplier bonuses on their individual accounts (no word from OCBC on this)

  • OCBC award extra interest just by ensuring you increase your account balance. DBS does not

  • Both award interest if you get insurance or investment products from them, but I would caution against it.

  • OCBC needs a minimum spend of $500 on thier credit cards, DBS just needs you to spend any amount

Those are the key considerations, in my view. So keep them in mind when deciding which would suit you better.

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ūüĎć 2

They're both High Interest Savings Accounts with multiple hoops to jump through to get the maximum possible interest.

The pros is that its simple to get a higher interest just from crediting your salary and spending money with their respective credit cards.

But the cons are the harder hoops to jump through are investment and insurance and the bonus interest only lasts for 12 months.

Also these interest rates are not guaranteed and subjected to change anytime. Banks giveth and banks can taketh away. You're exposed to what we call reinvestment risk. Because if let's say they do take the bonus interest away, where else will you deploy your money.

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ūüĎć 1

This article from Seedly may help you: https://blog.seedly.sg/best-savings-accounts-singapore/

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ūüĎć 1
Tee-Ming Chew
Tee-Ming Chew, Co-founder at Seedly
Level 6. Master
Updated on 19 Aug 2019

This question has been asked before and is definitely not new. This is why the Seedly team has built a quick and easy tool to help you determine which savings account is best for you.

Do checkout our Savings Account Calculator!

https://seedly.sg/tools/savings-account-calculator

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ūüĎć 1
Question Poster

18 Aug 2019

Hello, thank you for answering :) However, I noticed that the savings calculator does not take into consideration OCBC's above 35k bank balance rates as well as the step up interest. Which is why I'm writing a post here! :)
Tee-Ming Chew
Tee-Ming Chew

19 Aug 2019

Ahh understand now.. I don't really have the exact calculations now but I believe (based on a quick glance) that the difference will not be big for your case since you just hit $35K. Hope someone can jump in to answer this!

Indepth comparison done by Seedly previously below https://blog.seedly.sg/best-savings-accounts-singapore/ The big gotcha for OCBC 360 is that to qualify for credit card spend requirement needs 500 of spend per month whereas DBS is anything... best to readc through conditions and see how your own transaction pattern would go with requirements.

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ūüĎć 0
Elijah Lee
Elijah Lee

24 Nov 2019

Kelly, its $500 for OCBC in terms of the spend for the 360 bonus interest, but $800 if you want to get the full cashback rewards.
Kelly Trinh
Kelly Trinh

24 Nov 2019

That thanks - updated