DBS Multiplier

DBS Multiplier

4.5
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More about DBS Multiplier
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)

More About DBS Multiplier

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)

Ratings Breakdown

70 Reviews
4.5
  • 5
    45
  • 4
    21
  • 3
    3
  • 2
    0
  • 1
    1

Reviews

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  • Kah Hwee
    4 Reviews, 73 Upvotes
    Posted 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!
    Comments (0)
    1
    0
  • Kenson Tan
    1 Reviews, 2 Upvotes
    Posted 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!
    Comments (0)
    2
    0
  • Randall
    5 Reviews, 60 Upvotes
    Updated on 23 Aug 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!
    Comments (0)
    3
    0
  • Edison Pua
    2 Reviews, 3 Upvotes
    Posted 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
    Comments (0)
    2
    0
  • Gerard
    2 Reviews, 8 Upvotes
    Posted 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 :)
    Comments (0)
    3
    0
  • Daniel Tan
    1 Reviews, 1 Upvotes
    Posted 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
    Comments (0)
    1
    0
  • Sarah Ho
    1 Reviews, 1 Upvotes
    Posted on 23 Aug 2018
    Apart from salary crediting, needs to combine with credit card spending or investments to attain higher interest rate. I was not working prior and don't have a credit card or any other categories. Hence, until i get my first credit card with them 3 months later, i only enjoy 0.05% interest. I decided to proceed as they offer a $20 + $80 promotion for opening an account and salary crediting which could cover my interest losses for the first 3 months. The call operator was able to answer my queries and all is smooth for now.
    Comments (0)
    1
    0
  • Kent
    10 Reviews, 14 Upvotes
    Updated on 23 Aug 2018
    Really good and convenient account to use and to maintain. Best part, good interest rates with no minimum credit spending and SSB dividends.
    Comments (0)
    2
    0
  • PK Tan
    1 Reviews, 1 Upvotes
    Posted on 18 Aug 2018
    Plus points - can get the 1.88 % easily if compared to the competitor, OCxx (1.55%), subject to respective banks T&C - multiplier account allow you to get cash back from your DBS credit card with the min spend of $1.00 only !! - there is a Facebook platform, The Burrow will actively engage the users. Awesome moderators will share various investment and personal finance knowledge. Shortcomings - ibanking platform is not as user friendly if compared to OC xx especially I can’t lock my money for my own goal. - The balance amount will only be updated on the next days. Bit confusing though - personally, i always need to Q for DBS/ POSB ATM, while OCxx hardly has Q 🤭
    Comments (0)
    1
    0
  • Mohamed Shameer
    1 Reviews, 1 Upvotes
    Posted on 18 Aug 2018
    Get higher interest with less spending criteria. Unlike other banks which require you to have 3-5 ticks in order to enjoy the high interest.
    Comments (0)
    1
    0
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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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