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DBS Multiplier
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- Reviews (132)
- Questions (94)
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Reviews (132)
4.6
132 Reviews
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salary credit
minimum spend
card spend
high rate
higher rate
joint account
posb account
credit credit
dbs credit
hit higher
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- Updated 2w ago
Purchased
DBS Multiplier
Was disappointed with the latest revamp of the T&C. Personally I do not spent much and have been hitting 2 categories with CC spend [Spend] + SSB ladder . Now with the revamp, SSB ladder is now considered salary, so I have 1 category, and 1 category bonus interest was reduced from 50k to 25k only. The alternative is to hit other categories like invest / insure / loan, but note that these ONLY LAST FOR 12 months, afterwhich do find yourself an exit strategy because its simply not sustainable. I'll be moving my funds over to OCBC360, as it better suits my needs, so long DBS, you have changed for the worse. To anyone considering this product, I ABSOLUTELY do NOT recommend this product! Well its superb in the User interface of the online banking, but who cares? Your faithful DBS Multiplier customer for the past 2 years.. [Investment] [Interest]2 comments0Mujimoro2w ago
Its a bummer, I only just switched to multiplier in Dec, even applied for POSB CC to bump up interest. I'll be looking to move out to another bank nowRaymond Kwan2w ago
That's bad news for anyone who has more than 25K savings in Multiplier. I was consistently earning interest for a year with them, meeting Salary credit and spending on POSB Everyday card. Starting Feb, I will only maintain $25K in my Multiplier and move the surplus to UOB One. Need to start hunting for a better alternative and if I find one, I will say goodbye to both my POSB and DBS accounts! - Updated 3w ago
Purchased
DBS Multiplier
They recently did a revamp of the T&C of multiplier from 1 Feb 20 onwards, the bonus interest only applies to the first $25k. Good to have multiplier if you're a graduate just starting to accumulate wealth. Anything above , might consider other banks instead.0 comments0 - Updated 4w ago
Purchased
DBS Multiplier
I like that it is fuss free and easy to jump all the hoops compared to others high-interest savings account, largely due to the no minimum spending on your CC (which is great for people who are trying to cut on their spendings, and not worry about whether they hit the threshold spend or not for that month), and the basic salary crediting. Most people will definitely hit the 2 hoops, i.e. salary crediting and CC, giving you 1.85% interest p.a. Plus, if you happen to spend more, then you'll get more interest too once you cross over the transactions tier (total of your salary crediting and CC spendings). Plus, they allow you to do joint-account for doing a combined transactions to hit the higher tiers too. Furthermore, the recently revamped Digibank app from DBS is damn slick too with easy sign-in using your fingerprint biometric, and allows you to keep track of your spending easily with charts and graphs. The only disadvantage for me is that you'll have to maintain at least SGD3,000 in your account else, you will get a fall-below fees of SGD5 (not sure if it is monthly or what, this seems to be buried in the long T&Cs document and not stated upfront).0 comments1 - Posted 4w ago
Purchased
DBS Multiplier
Decent account, there are other banks offering similiar programs. Just that DBS ATM and branches are packed at all times.0 comments0 - Posted on 09 Dec 2019
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
Questions (94)
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Investments
Savings
Credit Card
Bank Account
DBS Multiplier
Catsnipss
Level 3. Wonderkid
Answered 2d ago
Either uob1 or ocbc360 could be a good alternative However I really like dbs no minimum credit spend, allows me to hit 1 category easily to be tiered at 1.95% BUT cap at 25K. you can explore cimb fast saver, or stashaway simple to put your overflow cash. Im sticking to DBS because I don't think im able to hit the minimum spend on credit cards for uob / ocbc.
Savings
Bank Account
DBS
DBS Multiplier
Elijah Lee, Independent Financial Advisor at Phillip Securities (Jurong East)
Top Contributor (Dec)
Level 10. Unicorn
Answered 2w ago
Hi anon, For really no frills accounts, you can consider CIMB fastsaver as there are no requirements at all. Not even salary crediting. If you want something basic without being implicitly pressured to spend or invest to unlock bonus interest, the OCBC 360 account does a good job as you only need to credit salary to start earning bonus interest, and increasing your average account balance will also unlock bonus interest as well. Hope that helps!
Bank Account
Singapore Saving Bonds (SSB)
DBS Multiplier
DBS
Investments
Dividends
Adriel Thin
Level 4. Prodigy
Answered 5d ago
When you purchase SSB, the amount of money invested to buy the SSB should count towards the investment category for that month. However, what's changed is that the dividend received from the SSB now falls under Income and not Investment.
Credit Card
DBS Multiplier
DBS
Lky
Level 3. Wonderkid
Answered 5d ago
For no min spend, POSB Everyday for cashback and DBS Altitude for miles. Annual cc fee waiver requests can be done online.
Bank Account
DBS Multiplier
Savings
Interest Rates
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 9. God of Wisdom
Answered 1w ago
Interest is always calculated on your average daily balance in your bank account.
Regular Shares Savings Plans (RSS/RSP)
STI ETF
DBS Multiplier
DBS
Elijah Lee, Independent Financial Advisor at Phillip Securities (Jurong East)
Top Contributor (Dec)
Level 10. Unicorn
Answered 2w ago
Hi anon, I would probabl ynot recommend that. The fees on $100/mth might outweight whatever interest benefits you get. This is like buying something that is on sale because it is on sale, and not because you need it. Also, do note that fulfilling the criteria for the investments category is only going to be recognised for the first 12 months, and after that it will no longer count. You should invest because you want to invest, and not because it will lead to a higher interest on your savings. Getting a higher interest on your savings as a by product of investing would be a better way to see it.
DBS Multiplier
DBS
Fresh Graduates
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 9. God of Wisdom
Answered 2w ago
It is the average daily balance amount in your bank account. So long as you have 25k inside, that is the first 25k. If you have 50k, also same logic, the first 25k get special interest. In this case, FIRST does not mean timing or queue. Just means the amount. Even you have 1 million inside, only the first 25k of this amount.
Savings
SG Budget Babe
DBS Multiplier
DBS
POSB
Do also note that there are recent changes to the terms of the multiplier account! (in case your savings exceeds 25k there are other better options) https://www.dbs.com.sg/iwov-resources/pdf/deposits/multiplier-terms-and-conditions-update-notice-dbs.pdf
Investments
Bank Account
DBS Multiplier
StashAway
Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
Top Contributor (Dec)
Level 10. Unicorn
Answered 2w ago
By using Stashaway, you've hired a digital financial advisor to manage your money in relation to your goal and investment horizon. So you can definitely invest more with Stashaway. But if you aren't sure about how you should plan your life over 40 years, it may be better speaking to a human financial advisor and running through options and doing some actual goals based planning for any short, immediate, and long term goals. You would need a Blueprint to understand what should be your next move. Investing without a Blueprint, is like buying raw materials without knowing how your financial "building" is going to look like. This would include planning scenario based planning if you plan on staying in Singapore and eventually becoming a PR or citizen, or planning for a time where you may move to another country or move back home. It may include building a financial safety net in your home country, or in Singapore, and what currency you should be exposed to. There's a lot of considerations required. If this is something you'd like to have a discussion about, you could drop me a message on Facebook. :)
Bank Account
Investments
SG Budget Babe
Payments
OCBC 360
DBS Multiplier
Regular Shares Savings Plans (RSS/RSP)
Loans
Property
Pang Zhe Liang, Senior Financial Services Consultant at AIA Singapore Private Limited
Level 9. God of Wisdom
Answered 2w ago
Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/ Next, use the respective bank's online calculator to have an estimation on the potential interest to be earned from each account. Accordingly, it gives you an idea on what to expect from each account. Personally, I will prefer UOB One over the other two accounts mentioned - simpler criteria with similar yield. For your second question, it will require a more in-depth calculation to determine if the switch is worth the interest earned - use an excel to help you. Finally, before you start investing, it will be best to understand your objective. Here are some questions to help you: 1. What is your capital? 2. How will you want to invest your capital? E.g. lump sum or an amount on a regular basis 3. How long will you want to stay invested? E.g. 10 years 4. What is your risk appetite? E.g. How do you feel about short-term volatility? 5. What is your objective for investing? There are many investment tools available in the market to help you achieve your goals. Instead of focusing on the solutions, spend more time to understand yourself and your objectives. At the end of the day, these tools are to help you achieve your goals, rather than to create a goal to use the tool. Here is everything about me and what I do best.
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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
For more information, you can check out their website here.