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DBS Multiplier
- Overview
- Reviews (130)
- Questions (77)
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Reviews (130)
4.6
130 Reviews
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salary credit
minimum spend
card spend
high rate
higher rate
joint account
posb account
dbs credit
credit credit
easy hit
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- Posted 1d ago
Purchased
DBS Multiplier
Very high interest and quite easy to hit the requirement. Setting up a joint account would allow me and my wife to earn decent interest on both Multiplier accounts!0 comments0 - Updated 2w ago
Purchased
DBS Multiplier
Very high interest and very easy to hit the requirement. The only downside is the 3k minimum deposit..0 comments0 - Posted 2w agoEasy application and great interest rates! It is easy for fresh grads to hit 1.55 - 1.85% interest per annum and if you invest in ETF through DBS you could unlock a higher interest tier.0 comments0
- Posted 2w agoLove the no min spend for CC category! As well as the eligibility of CDP dividend crediting for the Investment category.0 comments0
- Posted 2w agoGood account for fresh grad or someone who just started working and do not have much money in their account. Easily 1.85% when you credit salary and credit card spending. However, requires more categories and higher monthly transaction to hit a higher interest.0 comments0
Questions (77)
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DBS Multiplier
Savings
DBS Multi Currency Account
Pang Zhe Liang, Senior Financial Services Consultant at AIA Singapore Private Limited
Top Contributor (Nov)
Level 8. Wizard
Answered 4d ago
There is no way to use a credit card to pay for another credit card's bill. Therefore, it won't work as described. =/ Here is everything about me and what I do best.
Savings
DBS Multiplier
SG Budget Babe
Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
Top Contributor (Nov)
Level 10. Unicorn
Answered 2w ago
The only way to grow your money is to buy assets or earn an interest on them. If you don't want to take too much risk, then you can invest in bonds instead of stocks. Buying an investment grade bond fund can provide you income, potential growth, with very little volatility. Investing isn't always risky. It depends on what you invest in. Buying insurance savings plans like you did is also investing and they are lower risk portfolios that can give you 3-4+% over a decade or two.
Bank Account
Credit Card
DBS Multiplier
Standard Chartered
Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
Top Contributor (Nov)
Level 10. Unicorn
Answered 6d ago
Just not that only the first $20k in SCB JumpStart gets the 2% interest, anything above that is 0.1%. This means the $400 interest you earn per year would need to be moved out for it to work harder. So I'll keep $20k in SCB but keep transferring any amount above $20k elsewhere.
Savings
OCBC 360
DBS Multiplier
R
Rohith, M.Tech at University
Level 2. Rookie
Answered 1w ago
I think it qualifies! It's better to ask the customer service for better understanding for no issues.
Savings
OCBC 360
DBS Multiplier
Elijah Lee, Independent Financial Advisor at Phillip Securities (Jurong East)
Top Contributor (Nov)
Level 10. Unicorn
Answered 3w ago
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.
Savings
Bank Account
Citi MaxiGain
DBS Multiplier
UOB One
Maxigain is tagged to another component which is the 1mth sibor. Unless it is poised to goes up, if not ocbc is offering $50 for every $5k deposit and will need to lock in for 7 months.
Savings
Bank Account
DBS Multiplier
OCBC 360
Elijah Lee, Independent Financial Advisor at Phillip Securities (Jurong East)
Top Contributor (Nov)
Level 10. Unicorn
Updated 3w ago
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.
Investments
Bank Account
DBS Multiplier
DBS Multi Currency Account
DBS digiPortfolio
Arun Pai, Chief Kristals Officer at Kristal.AI
Level 4. Prodigy
Answered 4w ago
I use both the accounts and personally have not encountered any issues with amounts being different. Did you convert currencies too by any chance?
Savings
Investments
DBS Multiplier
Paridhi Jhunjhunwala, Associate at Kristal.AI
Top Contributor (Nov)
Level 6. Master
Updated on 12 Nov 2019
Hi! Congratulations on starting your investment journey! However, since it is your first investment, here are a few things that you should assess before actually investing. You can start by assessing your insurance and emergency funds needs. Insurance should not be loo large, but enough to cover for risks. Emergency funds should be enough to cover 4-6 months of expenses and this fund can be left in the DBS Multiplier itself so that it can be used as and when required. The remaining amount can be used in investments. You should arrive at your financial goals and an investment horizon based on those goals. For major goals like retirement, you will typically have a longer horizon and for any other goals, you can have a short horizon. Once this is clear, you will also have to assess your risk profile. This will depend upon various factors including age, knowledge about the markets etc. Using the above information, you can arrive at the asset allocation and start investing. All of this may seem a little overwhelming since you are just starting out, so I suggest you look into robo-advisors. They will charge lower fees and help you go through your investment process smoothly and provide you access to international markets. I work at Kristal.AI, and it's my passion to evaluate various upcoming investment opportunities.
Investments
DBS Multiplier
ETF
STI ETF
JW
jiajing wang
Level 5. Genius
Answered on 12 Nov 2019
I am in the same situation as you but I have already jumped in the bandwagon.. The transaction starts 15th of every month I won't know the impact.I decided to do it because I am OK with the risk and since it is valid for 1 year only. Based on the advise you got, I would recommend you to wait and see if it is worth it.. Maybe if I remember, I will tell u if there is gain or. Loss few months later
Load more questions
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.