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


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DBS Multiplier

OCBC 360

Asked by Cassandra

Asked on 19 Nov 2019

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

Which one would you recommend?


Answers (3)

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Hi Cassandra,

Quite a number of differences, and they do make you jump through several criteria before giving the bonus interest, but 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

  • 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.

Those are the key considerations, in my view.



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.



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