DBS Multiplier

DBS Multiplier

4.5
(74)
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Ratings Breakdown (74)

4.5
  • 5
    48
  • 4
    22
  • 3
    3
  • 2
    0
  • 1
    1
Min Rate0.05%
Max Rate3.5%
Min Initial Deposit$3,000 Waived customers up to age 29
Interest TiersHit 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)
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Reviews (74)
Q&A (18)
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  • Soon Bing Xian
    Soon Bing Xian
    3 Reviews, 3 Upvotes
    Reviewed on 10 Jan 2019
    Opened 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.
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  • Malcolm Jia Hui
    Malcolm Jia Hui
    6 Reviews, 22 Upvotes
    Reviewed on 10 Jan 2019
    Opened 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.
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  • Teng Kian En
    Teng Kian En
    1 Reviews, 4 Upvotes
    Reviewed on 17 Dec 2018
    Currently using DBS Multiplier as I'm investing using Vickers as well as having my pay sent into there. (having more services used on DBS grants greater interest rate btw) Customer service is decent as well. Could get better rates elsewhere but it's a bit too much work for me to source and apply a new account etc.
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  • Gu Yiwei
    Gu Yiwei
    1 Reviews, 2 Upvotes
    Reviewed on 14 Nov 2018
    Very happy after DBS revamped their multiplier account. Like the fact that no minimum on any of the categories, hope it will stay this way.
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  • Yong Kah Hwee
    Yong Kah Hwee
    9 Reviews, 608 Upvotes
    Reviewed on 17 Sep 2018
    DBS Multiplier was extremely easy to set up. For a savings account, it offers very decent returns, which can be increased by fulfilling more categories! I like the fact that there is no minimum spending that needs to be charged to my credit card, making this the perfect account to be used for a fresh grad!
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  • Kenson Tan
    Kenson Tan
    1 Reviews, 7 Upvotes
    Reviewed on 24 Aug 2018
    Recently switched to DBS Multiplier, criteria and benefits seem quite straightforward and easy to understand. Things I have benefited: - No minimum salary or credit card spending - Able to combine salary from more than one person, if you are an existing joint account holder - Able to combine salary and spending to fulfill condition for bonus interest, is a flexible and fresh idea - Not limited to just one particular bank issued credit card Tips: - Use the bank & earn summary page on dbs web portal to monitor the interest band you qualify for the month as well as the breakdown - If you're considering crediting salary to this, spend at least a minimum of $1 to hit 2 categories. Personally I charged my SP utility bill to my POSB Everyday Card linked to this to get additional 1% rebate - Join The Burrow Facebook page, they have a thriving community that offers tips and special deals for Multiplier holders. Complete the short survey to get additional $5 welcome gift credited to your account Enjoy and multiply!
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  • Randall Tan
    Randall Tan
    5 Reviews, 60 Upvotes
    Updated on 19 Jan 2018
    Good 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!
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  • Edison Pua
    Edison Pua
    2 Reviews, 4 Upvotes
    Reviewed on 23 Aug 2018
    A simple no hassle high yield account. The best thing is that there is no minimum spending, so it's fairly easy to fulfil 2 criteria and hit about 2% interest on autopilot. Personally I just use a dbs card for a small monthly payment, and build a 6 month SSB to fulfil the investment category. Hope they don't nerf this. The biggest downside to me is that the bonus interest is only on the first 50k
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  • Gerard Ong
    Gerard Ong
    2 Reviews, 37 Upvotes
    Reviewed on 23 Aug 2018
    I'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 :)
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  • Daniel Tan
    Daniel Tan
    1 Reviews, 3 Upvotes
    Reviewed on 23 Aug 2018
    The interest is so easy to earn and there is not much hurdle . just have a regular 2k income , spend at least once on your dbs/posb credit card and have dividends credited into your dbs acccount
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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

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