DBS Multiplier
4.5
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More about DBS Multiplier
| Min Rate | 0.05% |
|---|---|
| Max Rate | 3.5% |
| Min Initial Deposit | $3,000 Waived customers up to age 29 |
| Interest Tiers | Hit 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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More About DBS Multiplier
| Min Rate | 0.05% |
|---|---|
| Max Rate | 3.5% |
| Min Initial Deposit | $3,000 Waived customers up to age 29 |
| Interest Tiers | Hit 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
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- 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)10
- 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)20
- 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)30
- 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 50kComments (0)20
- 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)30
- 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 acccountComments (0)10
- 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)10
- 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)20
- 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)10
- 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)10
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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
