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- Updated on 05 Jul 2019I've always been lazy to switch my salary crediting account, but I recently switched over to DBS Multiplier because they were having a $50 cash reward promotion, and that prompted me to get off my lazy bum. Most of the main perks of DBS Multiplier would have been mentioned above, so I shan't repeat them. My main gripe is that in order to change my salary crediting, I needed proof of account number, and I find that the monthly e-statement takes quite long to generate (~8th to 10th of the next month), so I missed the cutoff period for my employer to change my salary account in the immediate month following my application. Took me 2 months to get the salary in, but after all that everything's fine. One good thing I like about it is that DBS will send you a SMS each month to tell you the bonus interest received and the effective % interest rate, which I think is a nice touch to simplify things for customers :)1 comment4Ck Chai
05 Jul 2019
Ooh I never receive any SMS from DBS on bonus int nor effective % int rate... - Updated on 10 Jan 2019Opened this account last year and it is the best decision I made in my finance planning. No min salary nor min spending on credit card. Great starting account for young working adults. - Just need to use a DBS credit card and use it as your primary EZ-Link to easily unlock the credit card portion. - Just need to set aside $500/mth to invest in SSB for 6 months straight to unlock the investment category.0 comments3
- Updated on 23 Aug 2018Good for: -Young working adults who just started working (Low salary credit of $2k) -Low credit spending (those who cannot meet $500 spending) -New or want to start POSB invest-saver -Less than or equal to $50k savings My strategy to utilised DBS Multiplier Account: -DBS Credit card spend (at least $1) -DBS visa debit card(10% rebate t&c applies https://www.dbs.com.sg/personal/promotion/beepbeepkaching) -POSB invest-saver Salary credit: $2000 Credit card: $1 Total interests earn: 1.55% ($31/mth) Salary credit: $2000 Credit card: $1 POSB Invest-Saver: $100 Total interests earn: 1.85% ($38.80/mth) So effectively, POSB Invest-Saver is commission fee FREE! ($7.80 per month extra to invest) *Only applies for 12mths for POSB Invest-Saver DBS also took the initiative to set up "The Burrow" Facebook group for those who have a DBS Multiplier account. The group focus on: - Weekly special deals curated just for The Burrow - Tips to unlock the full potential of your DBS Multiplier Account - Educational content to help you make better financial decisions and reach your life goals - Occasional contests to test your knowledge and skills I have attended the events organised by DBS and they do not do any hard selling on their products. Mainly focus on educating the bunnies!0 comments3
- Updated on 13 Jun 2019Hopping over from OCBC 360 account too... No requirement of $500 minimum spend. Just need 1 credit card transaction, using POSB Everyday card as EZlink or paying of SP service bill. Using DBS Altitude Card as well for travel related bookings to get higher miles. So far DBS's customer service is efficient and responsive too, thumbs up :)3 comments2
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Ai Chung12 Feb 2018
I'm also surprise to receive the $20. You can find out more about the free $20 for open an account online at following link https://www.dbs.com.sg/personal/promotion/online-account-opening?cid=sg:en:cbg:bsd:sem:goo:na:na:fpg:cen_fpg_sem_2018:na:%2Bdbs+%2Bonline+%2Baccount+%2Bopening&gclid=EAIaIQobChMI6vDGzvmE2QIVDhSPCh16Dg9SEAAYASAAEgIZtvD_BwE&gclsrc=aw.dsTee-Ming Chew02 Mar 2018
Thank you so much! Signed up and left a review on DBS Multiplier! - Updated on 13 Jun 2019DBS Multiplier - Just found the Catch π [The Sal + 2 (Credit card spending + Investment) ]: 1) The investment part: Have to open multiplier a/c then only can open the investment a/c to be consider as part of transaction. 2) If you already have investment a/c (eg. POSB invest Saver), then WON"T be consider. 3) Even if you fulfill #1, the higher interest on Multi-saver will only last 12 months from the day you start the investment The big issue is that most company salary credits to DBS / POSB only and not willing to change to other bank, so many were stuck to DBS / POSB. Yet they play such games. In the end it seems like for more liquid cash savings, only Singapore Saving Bonds is the available choice, 1 year at 1.55%.5 comments2
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Leong Wen Fong31 Aug 2018
Ohhh, I see! Thanks for sharing! Was thinking of getting this too!
HC Tang31 Aug 2018
Welcome. So far it's easier to get 1.9% with 2 transactions. Only the investment part is tricky and need to call the CSO to match your scenario to make the right move - Updated on 20 Mar 2018Switched over from ocbc360 to the new dbs multiplier last month. It was a seamless process which took 5mins or less via iBanking. I think this would be a better savings account for a miles chaser like myself. For me, the multiplier was naturally better since I was already using altitude/wwmc. Uob is out since they excluded all their miles earning cards. My Ocbc 360 tgt with the titanium rewards card was pegged at 1.85% max. The multiplier was 1.85% when my total transaction was below 5k. Which means, thee more I earn/spend, the possibility of higher interest rate. What's not to love! Plus,having dividends credited to my Posb account was considered under the 'invest' category in dbs. Satisfying 2 categories, I could bump my interest rate even higher on certain months with dividends.0 comments2
- Updated on 13 Jun 2019Unfortunately I changed job and my salary now pays by cheque so there goes all my benefits in multiplier account π’ Otherwise I think it would be great.1 comment1HC Tang
23 Aug 2018
Try to change to another job soon. Haha π - Updated on 10 Jan 2019Opened the DBS Multiplier account about 3 months ago and I am loving it so far! It is really good & pressure free for me as there is no minimum amount required to hit for the credit salary credit and the credit card spending category! I strongly encourage every working adult to open this account! I'm looking to unlock one more category for a higher interest rate. Hence, I am considering to purchase the SSB over the next few months.0 comments1
Questions (53)
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DBS Multiplier
DBS
Bank Account
Aik Kai
Level 5. Genius
Answered 1d 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 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
Level 3. Wonderkid
Updated 1d ago
Hereβs 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 cardβs primary account 5. Choose a secondary account (if neccessary) 6. Click submit Hope this helps!
Credit Card
DBS Multiplier
DBS Altitude Visa Signature Card
POSB Everyday Card
DBS Live Fresh Card
Fresh Graduates
Huang Yixuan, Product Designer at Seedly
Level 6. Master
Updated 3d ago
Hey! Is this your first card? For me the Live Fresh card is my base card because you get up to $20 cashback on online spend (total $400) and $20 cashback on paywave (total $400), I usually spend using these two methods so most months I can get $40 back. On top of that, for big ticket items like plane tickets or travel accoms I use another miles card to book!
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 1w ago
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
Level 3. Wonderkid
Answered 1w ago
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
Cherie Julianne Tan, Content Strategist at Seedly
Level 6. Master
Updated 3w ago
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
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 8. Wizard
Updated 2w ago
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
Credit Card
Savings
Bank Account
DBS Multiplier
POSB Everyday Card
Expenses
Salary
Yinghua Liu
Level 4. Prodigy
Answered 2w ago
Don't worry about the annual fees. Most of banks waive the fees upon request. If in the case where the bank don't waive the annual fee, you can cancel and apply for another card. Till now, I do not have a problem waiving the annual fees for DBS/ POSB credit cards. As for the insurance/ endowment plans portion, you can find other cards that will give you cashback for insurance premiums (Do read the Terms & conditions for the exclusion part) Also, take note that some insurer companies do not accept giro payment of the premiums via credit card.
Fresh Graduates
DBS Altitude Visa Signature Card
DBS Multiplier
Credit Card
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 8. Wizard
Updated 2w ago
You can setup an automatic giro payment for credit card bills. For example, this is the steps for DBS/POSB https://www.dbs.com.sg/personal/support/card-payment-giro-application.html For manual payment you can pay by ibanking which is the most convenient and fastest. The other way is by cheque payment, where you send it together with the paper statement you receive.
DBS
DBS Multiplier
Loans
Property
Charmaine Ng, The Value Maximizer at @ Every Ma La Xiang Guo Stall
Level 6. Master
Answered on 15 Jun 2019
Repayments are actually excluded from cashback/rewards schemes. Only spendings will get you these rebates.
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About DBS Multiplier
| Min Rate | 0.05% |
|---|---|
| Max Rate | 3.5% |
| Min Initial Deposit | $3,000 Waived customers up to age 29 |
| Interest Tiers | Hit at least S$2,000 when you add your salary credit to any DBS/POSB account (compulsory) and eligible transactions in at least 1 category (credit card spend, home loan instalment, insurance, investments) |
How to maximise the interest rate for DBS Multiplier Savings Account?
Base interest rate(%) p.a.
The base interest rate per annum for DBS Multiplier savings account is 0.05%
Bonus Interest Rate(%) p.a
The bonus interest rate per annum for DBS Multiplier account comes with a few criteria:
When you credit your salary via GIRO and fulfil 1 transaction category:
Monthly transactions and relative bonus interest
- 1.55% p.a. bonus for monthly transactions of S$2,000 to S$2,499
- 1.85% p.a. bonus for monthly transactions of S$2,500 to S$4,999
- 1.90% p.a. bonus for monthly transactions of S$5,000 to S$14,999
- 2.00% p.a. bonus for monthly transactions of S$15,000 to S$29,999
- 2.08% p.a. bonus for monthly transactions of above S$30,000
*Bonus interest only applies to the 1st S$50,000
When you credit your salary via GIRO and fulfil 2 transaction categories, your bonus interest for the same amount of monthly transactions will be higher:
Monthly transactions and relative bonus interest
- 1.80% p.a. bonus for monthly transactions of S$2,000 to S$2,499
- 2.00% p.a. bonus for monthly transactions of S$2,500 to S$4,999
- 2.20% p.a. bonus for monthly transactions of S$5,000 to S$14,999
- 2.30% p.a. bonus for monthly transactions of S$15,000 to S$29,999
- 3.50% p.a. bonus for monthly transactions of above S$30,000
*Bonus interest only applies to the 1st S$50,000 in your Multiplier account
Categories include credit card spend, home loan instalments, regular premium insurance or investments with DBS or POSB.
Terms and fees for DBS Multiplier Account
- Initial deposit: S$3000
- Citizenship status: Singaporeans, PRs and foreigners
- Minimum age to open account: 18
- Minimum Average Daily Balance: S$3,000
- Fall below fee: S$5 (waived for customers up to 29)
- Early closure fee: S$30 if below 6 months
For more information, you can check out their website here.