DBS Multiplier
4.5
77 reviews
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Reviews (77)
4.5
Reviews (77)
4.5
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  • Updated 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 :)
    0 comments
    4
  • Updated 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.
    0 comments
    3
  • 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!
    0 comments
    3
  • Hopping 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 comments
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    Tee-Ming Chew
    Tee-Ming Chew

    02 Mar 2018

    Thank you so much! Signed up and left a review on DBS Multiplier!
    Ai Chung
    Ai Chung

    12 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.ds
  • DBS Multiplier - Just found the Catch 😑 [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 comments
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    HC Tang
    HC Tang

    31 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
    Leong Wen Fong
    Leong Wen Fong

    31 Aug 2018

    Ohhh, I see! Thanks for sharing! Was thinking of getting this too!
  • Updated on 20 Mar 2018
    Switched 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 comments
    2
  • Unfortunately I changed job and my salary now pays by cheque so there goes all my benefits in multiplier account 😢 Otherwise I think it would be great.
    1 comment
    1
    HC Tang
    HC Tang

    23 Aug 2018

    Try to change to another job soon. Haha 😄
  • Updated 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.
    0 comments
    1
Questions (40)

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DBS Multiplier

SCB Unlimited Cashback Card

Yinghua Liu
Yinghua Liu,
Level 3. Wonderkid
Answered 1d ago
Only spend on DBS/POSB credit Card is counted for the DBS multiplier. You can just spend any amount on the DBS/POSB credit card (no min spend) to fulfil that criteria.

Savings

Bank Account

DBS Multiplier

SCB Bonus$Saver

Yinghua Liu
Yinghua Liu,
Level 3. Wonderkid
Answered 2d ago
I would recommend that you take a look at what categories/criteria you are able to fulfil before making a decision. DBS Multiplier gives 1.55% interest when you credit your salary and spend any amount (no min, only 1 transaction per calendar month) on your credit card each month Other criteria to increase your interest would be investment (you can read up on the SSB ladder hack or Invest saver (eligible for first 12months only)), home loan and insurance. Also the amount transacted per month also increase your interest rate (the more you transacted through DBS, the higher the interest) But if you spend more on credit card ($500) a month, SCB would be a better choice (1.78% interest) Other criteria to increase your interest would be Paying bills of at least $50 each, investing min 30k or insurance (eligible for first 12 months only). You can also look at other high interest savings accounts such as UOB ONE (no salary credit required), OCBC 360 etc before deciding. https://blog.seedly.sg/best-savings-accounts-singapore/ Personally, I have UOB ONE and DBS Multiplier accounts to complement each other.

Savings

DBS Multiplier

Bank Account

Jessica Chuah
Jessica Chuah,
Level 3. Wonderkid
Updated 3w ago
Check with your HR why this is so. I'm not sure about your situation but sometimes it is only the first month salary that you will get via cheque due to pro-ration. Most companies should be paying their staff salaries via some form of bank transfer or GIRO instead of cheques or other forms of payment modes. Companies that do via bank transfer and indicate in the bank transfer reference as salary would also satisfy this criteria.

Investments

DBS Multiplier

DBS Vickers Securities

Savings

Bank Account

LC
Lee Chun Chuan,
Level 2. Rookie
Answered 3w ago
I think the issue is that if you have a multi-currency account, cashupfront will link with that and are unable to change to other accounts.

Investments

DBS Multiplier

Hey Anon, you have a rather imbalanced and heavily concentrated portfolio as of now. You should at max keep either 6 months of your income as cash or 5% of your entire portfolio whichever higher. For your equity holding, you should be more diversified across multiple stocks in different industries and geographies. I'd probably limit any one stock to about 5% of my portfolio as well. In terms of your total equity holding, you can probably hold 65% in total. You're definitely missing other negatively correlated or uncorrelated assets to your portfolio such as property and bonds. This should make up the remaining 30% of your portfolio. There's definitely quite a lot of things you'll need to consider and take action on to have a globally diversified and balanced portfolio. These numerical guidelines will of course change based on your immediate goals, requirement to take risk, ability to take risk, and changing investment horizon. Shorter term goals should be invested with less risk and volatility and as you age, you should be more conservative to preserve your assets.

Credit Card

DBS Multiplier

POSB Everyday Card

Aik Kai
Aik Kai,
Level 5. Genius
Answered on 25 May 2019
Your credit card is an account on it own (confusing I know) so there is no need to "link" it to your mulitpler. As long as your credit card and your Mulitpler account is under your name, DBS will recognise it so there is no need to do any extra steps.

Savings

DBS Multiplier

Investments

Lifestyle

Fresh Graduates

Bank Account

Credit Card

Ericsson Ting
Ericsson Ting,
Level 3. Wonderkid
Answered on 25 May 2019
For one,you can start as little as $100 with posb invest saver plan,it invest in A35 (sg bond etf) and g3b(sti etf) Summary: 1.investing $100-$500 per month use posb and Maybank 2.investing $500-$1000 per month use OCBC @3%,min $5 or Maybank @1%,min $5 3.investing $1000-$3332 per month use OCBC @0.3% ,min $5 4.investing $1000-$5000 per month Use standard chartered,@0.2, min 10 For monthly purchase of A35, there are only two options, standard chartered and posb 1.below 1k,use posb invest saver 2.above 1k,use standard chartered @0.2%,min $10 Due to me serving in national service with a paltry pay of $800, allocating $100 to Singapore bond index fund and $100 to STI ETF(g3b) is just right manageable hence I choose POSB invest saver. Besides, I am pretty sure everyone owns a Posb account from the first day you were born, hence convenient is also a huge factor here you can either pm me through fb or comment on blog or simply read more about POSB invest saver at my blog:http://sonicericsg.blogspot.com/2019/01/post-77week-59investment-project.html hope this helps!:)

DBS Multiplier

POSB Everyday Card

Credit Card

Lifestyle

Einn Hann
Einn Hann,
Level 1. Freshie
Answered 2w ago
1. Yes, you don't even need to call in to request to waive off the annual fee. You can just submit a request thru internet-banking. You may referring to this http://sgbeyourownboss.com/dbs-3-8-high-interest-saving-account/. 2. For investment, you can consider POSB Invest-Saver, or buying SSB. The dividend credited in your DBS account will be counted.

Credit Card

DBS Multiplier

Miles

Hey there! I’m planning to get a DBS Live Fresh Card too so I did a little research into it. Earning cashback and miles is really important to me too, so I got your back! Hopefully, the information I found and my recommendations would be helpful! ! TL;DR 1. Know the monthly cashback caps you can be rewarded 2. Understand the types of spending that are eligible for cashback 3. Sort out if you’re prioritising miles or cashback 4. Use a combination of recommendations to maximise your gains Reasons & Recommendations (for the lack of eligible cashback): 1. Monthly caps. - Perhaps you were unaware of the monthly caps for the various types of spending. This explains why you thought some of your transactions were “uncaptured as eligible cashback spend”. - Recommendation: Look through your previous month’s statement and identify which transactions qualified for cashback. Calculate the total cashback you were rewarded for that month and check if it tallies up with the various types of monthly cashback cap. If they do, great! If they don’t, move on to the next recommendation. 2. Exceptions for the different types of spending. - There are various types of transactions that do not qualify as Online Spend, Visa Contactless Spend and All Other Spend. Some of your S$800 monthly expenses might be the exceptions under this category and therefore, aren’t rewarded with the due cashback. - Recommendation: Identify the type of transactions you’ve made in the month and whether they fall under the exceptions. If they do, that would most likely be the reason why you weren’t rewarded with the cashback. If neither of these reasons is why you didn’t get your due cashback, I would suggest speaking to DBS directly to check if there were any other unnoticed discrepancies. BTW, you can earn an extra 5% cashback! - I also found out in my research that 5% cashback on Overseas Spending is valid from 5 Apr - 30 Jun 2019 if you didn’t know! All you gotta do is hit a min. spending of S$700. - Just like the other types of cashback, there is an S$35 monthly cashback cap for your overseas spending too. Recommendations: Before getting into further recommendations to help you earn greater cashback (or miles), I suggest you check out our Seedly blog article on the differences between them. Knowing the different types of rewards helps you understand which one you should prioritise based on your spending behaviour and therefore, which CC you should get on top of your DBS Live Fresh. 1. If you would like to get a new CC that focuses on miles , you should check out SeedlyTV Ep 2 where Aaron (Founder of Milelion) broke down the differences between miles and cashback rewards that a CC can offer. On top of that, he also gave some tips for anyone starting their miles collection! Have a look at Milelion’s comprehensive categories of miles CC here. But before that, do determine the following first: - What’s your spending priority (e.g. local spending, foreign currency spending or others)? Different CCs offer different miles rates based on it. - How often do you travel/intend to travel? This helps you in strategising a plan to collect the right amount of miles by your designated deadline. - How much do you spend every month? Certain CC’s miles promotions are only valid with minimum spending, or else you would be earning slightly lesser miles. As a loyal fan and frequent traveller on SIA, my personal recommendation would be the KrisFlyer UOB Credit Card . I find their miles rate pretty reasonable and appreciate the additional exclusive privileges when I travel too. 2. If you are looking for another CC that can give you further cashbacks , here’s another Seedly blog article for your reference. It’s best to understand the following before deciding on another CC that provides you with extra cashback: - What’s your main form of expense (e.g. dining out)? Different CCs provide different cashback rates based on it. - How much do you spend every month? Certain CC’s cashback offers are only valid with minimum spending. - Understand the monthly cashback caps for these CCs too and see if they suit your spending behaviour. My personal recommendation would be the POSB Everyday Credit Card . I find the cashbacks offered for Watsons and Sheng Shiong really applicable for me, and there isn’t a minimum spending too! Additionally, I get to enjoy greater interest rates from my DBS Multiplier account with this card too. 3. Other Suggestions: - ShopBack: If you’re a frequent online shopper, ShopBack is the place to go if you would like to earn some additional cashback. Cashback also applies for your travel expenses on ShopBack (e.g Agoda, Expedia), so even if you’re not earning the miles, perhaps you can consider gaining some extra cashback from your travels instead! The cashback I got from booking my hotels via ShopBack is amazing. - DBS Multiplier Account: If you haven’t opened a DBS Multiplier Account, I would highly recommend it. Instead of earning cashback, you get to earn from greater interest rates when you accompany your DBS Live Fresh Card with the Multiplier Account. I hope my research and recommendations are helpful!!
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OCBC 360

DBS Multiplier

If you are spending more than 2k from Your credit card. You may want to consider having UOB one and OCBC 360 or DBS multiplier. Put 75k into UOB one and the rest into the other account. Split your spending accordingly too. 2k with UOB one and the rest on the other account. This was you will get the maximum rebate and interests on UOB one and still earn a higher interests on the other account. If you are not able to spend 2k on your CC. Then choose the bank that works best with you and put the CAP amount in the account. Assuming you still have surplus after the CAP, you may consider CIMB which offers 1% for your deposits.
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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)

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.