Which is better: DBS Multiplier or SCB Bonus Saver accounts? - Seedly
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Mujimoro

Asked on 19 Jun 2019

Which is better: DBS Multiplier or SCB Bonus Saver accounts?

For some context, I am a fresh grad, going to start my full time job soon, which is more user friendly, gives a better interest rate and generally has more benefits?

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Yinghua Liu
Yinghua Liu
Level 5. Genius
Answered on 23 Jun 2019

I would recommend that you take a look at what categories/criteria you are able to fulfil before making a decision.

DBS Multiplier gives 1.55% interest when you credit your salary and spend any amount (no min, only 1 transaction per calendar month) on your credit card each month

Other criteria to increase your interest would be investment (you can read up on the SSB ladder hack or Invest saver (eligible for first 12months only)), home loan and insurance. Also the amount transacted per month also increase your interest rate (the more you transacted through DBS, the higher the interest)

But if you spend more on credit card ($500) a month, SCB would be a better choice (1.78% interest)

Other criteria to increase your interest would be Paying bills of at least $50 each, investing min 30k or insurance (eligible for first 12 months only).

You can also look at other high interest savings accounts such as UOB ONE (no salary credit required), OCBC 360 etc before deciding.

https://blog.seedly.sg/best-savings-accounts-singapore/

Personally, I have UOB ONE and DBS Multiplier accounts to complement each other.

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