DBS Multiplier Account Reviews and Comparison - Seedly
Seedly logo
Seedly logo
 

DBS Multiplier Account

  • Overview
  • Reviews (209)
  • Questions (112)
  • More Details
Savings Accounts/DBS Multiplier Account
Savings Accounts/DBS Multiplier Account

DBS Multiplier Account

4.4
209 reviews

USER RATINGS

Customer Support

4.3

Ease of online banking

4.6
Use our comparison tool to choose the best plan for you
Go
Beta
Similar Products
Savings Accounts/DBS Multiplier Account

DBS Multiplier Account

4.4
209 reviews

USER RATINGS

Read reviews

Customer Support

4.3

Ease of online banking

4.6

DBS Multiplier Account

Up to 3.8% p.a.
INTEREST RATES
$3,000
MIN. INITIAL DEPOSIT
$3,000
MIN. AVG DAILY BALANCE

    DBS Multiplier Account

    Up to 3.8% p.a.
    INTEREST RATES
    $3,000
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE
Reviews (209)

4.4

209 Reviews

  • 5
    120
  • 4
    51
  • 3
    15
  • 2
    5
  • 1
    4

Read Review About...

salary credit

account multiply

save account

fuss free

online bank

customer service

minimum spend

process application

card spend

rate good

Most Recent

  • Most Helpful
  • Most Recent
  • Low to High
  • High to Low
Most HelpfulMost RecentLow to HighHigh to Low
  • Michael Nam
    Michael Nam
    Level 2. Rookie
    Updated 2h ago

    Purchased

    DBS Multiplier Account

    Although there are some changes to the Terms and Conditions. It still suits me best and I am earning decent interest of 2.2% every month. Hope it last during these uncertain economic outlook.
    0 comments
    0
  • John Ych
    John Ych
    Level 2. Rookie
    Updated 3h ago

    Purchased

    DBS Multiplier Account

    [Online Banking] [Fuss Free] This is the most incredible bank I ever came across that remittance with no charge. The most efficient bank that process any request in the shortest time possible.
    0 comments
    0
  • Soon Lay Hoon
    Soon Lay Hoon
    Level 2. Rookie
    Updated 6h ago

    Purchased

    DBS Multiplier Account

    [Online Banking] Easy to use and accessible without using token. Choosing of sms works better. Able to trace transaction and provide replies promptly and professional.
    0 comments
    0
  • Kelvin Kwek
    Kelvin Kwek
    Level 2. Rookie
    Updated 9h ago

    Purchased

    DBS Multiplier Account

    Interest rate has been lowered...no longer attractive to have fund being locked up after the signed up and opening of the fund. Kind of bait and switch marketing ploy👎
    0 comments
    0
  • Jin Shun
    Jin Shun
    Level 3. Wonderkid
    Updated 10h ago

    Purchased

    DBS Multiplier Account

    When the multiplier account first started, it allowed a savings of up to $75,000. Ever since the change in the game rules, I couldn’t satisfy the criteria for higher interest because I only credit my salary and spend with my card. Therefore, I have since transferred the excess amount out to other banks offering higher interest, leaving the maximum amount allowed under the criteria.
    0 comments
    0
Questions (112)

Recent Activity

  • Recent Activity
  • Unanswered
  • Trending
Recent ActivityUnansweredTrending

DBS Multiplier Account

Standard Chartered JumpStart Account

3 answers
Pang Zhe Liang
Pang Zhe Liang, Senior Financial Services Consultant at AIA Singapore Private Limited
Top Contributor

Top Contributor (Mar)

Level 9. God of Wisdom
Answered 6d ago
If you are between 18 to 26 years old, then you should consider Standard Chartered JumpStart account. This is because it gives an interest rate of 2% per annum for your first $20k balance. Furthermore, there is no fees and minimum balance required in order to maintain the account. Moreover, it comes with a debit card that gives you 1% cashback on eligible spending. With this in mind, it is certainly a worthy account for a start. Alternatively, you may consider CIMB FastSaver. This is because it gives an interest rate of 1% per annum for the first $50k account balance. In like manner, there is no monthly fee associated with maintaining the account. Hence, it is worth taking a look as well. Beyond that, you will need to evaluate whether you need so much short term liquidity. Here is everything about me and what I do best.
👍 0

Savings

DBS Multiplier Account

UOB One Account

Investments

Interest Rates

Savings Accounts

3 answers
Elijah Lee
Elijah Lee, Independent Financial Advisor at Phillip Securities (Jurong East)
Top Contributor

Top Contributor (Mar)

Level 10. Unicorn
Answered 2w ago
Hi anon, You'll have to see if the hassle of changing is worth it. Personally, if the increase in interest from switching is going to be in the region of an extra dozens of dollars, I would rather focus on growing my human capital. Also, you need to be aware of the trade off of starting an investment portfolio with UOB. If the way to reach a higher interest was to charge a savings plan or equivalent to the card to reach a higher tier of credit card spend, you may actually be worse off if the plan is not a decent one. Or, if it was to buy unit trusts with sales charges, you'll be worse off as well, since there are zero sale charge platforms out there. However, if the increase is significant without requiring a change in your lifestyle or expenditure, then you will probably benefit from switching and should do so. When (it's going to happen) conditions change again, then evaluate the new situation and see if UOB is still the best account for you.
👍 2

DBS Multiplier Account

Savings

Savings Accounts

1 answer
Pang Zhe Liang
Pang Zhe Liang, Senior Financial Services Consultant at AIA Singapore Private Limited
Top Contributor

Top Contributor (Mar)

Level 9. God of Wisdom
Answered 3w ago
Firstly, you need to evaluate and ask yourself whether you need so much short-term liquidity. This is because your money could be working harder for you by placing them in the right instrument. To understand this, it will be good to go back to the basics by understanding your cash flow: More Details: Understanding Your Personal Cash Flow Next, you need to plan and decide the number of categories that you can fulfil for DBS Multiplier. This is because the higher interest rate is directly correlated to the number of categories that you can fulfil. For instance, you need to meet the minimum amount for the eligible transaction every month in order to receive the higher interest rate. Therefore, you need to plan and know whether this is feasible in the long run. Otherwise, evaluate your situation again or choose another account if this does not work out for you, Here is everything about me and what I do best.
👍 0

DBS Multiplier Account

Interest Rates

Savings

Savings Accounts

3 answers
Andy Sim
Andy Sim, HR Professional at a Financial Institution
Top Contributor

Top Contributor (Mar)

Level 7. Grand Master
Answered 4w ago
Yep you should definitely park your excess funds out of Multiplier. You can consider SCB Jumpstart or CIMB Fastsaver.
👍 0

DBS Multiplier Account

Miles

Rent

MileLion

DBS Altitude Visa Signature Card

Credit Cards

1 answer
Aaron Wong
Aaron Wong, Founder at The Milelion
Level 6. Master
Answered 4w ago
Dont do it- it's considered a cash advance, and not only will you not earn miles, you'll be hit with fees!
👍 1

Standard Chartered

DBS Multiplier Account

Savings Accounts

Credit Cards

8 answers
Andy Sim
Andy Sim, HR Professional at a Financial Institution
Top Contributor

Top Contributor (Mar)

Level 7. Grand Master
Answered on 01 Mar 2020
Hi Anon, you can maximise the 20K into SCB Jumpstart account and don't touch it. Remain your salary crediting into your Multiplier, apply for a cc to earn higher interest (since there's no min spend) and accumulate your money there again. So in essence you'll have 2 bank accounts. Banks in SG are generally safe. Your Jumpstart account is also SDIC insured up to 75K so don't worry about it :)
👍 2

Fresh Graduates

DBS Altitude Visa Signature Card

DBS Multiplier Account

Credit Cards

4 answers
Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 9. God of Wisdom
Updated on 07 Aug 2019
You can setup an automatic giro payment for credit card bills. For example, this is the steps for DBS/POSB https://www.dbs.com.sg/personal/support/card-payment-giro-application.html For manual payment you can pay by ibanking which is the most convenient and fastest. The other way is by cheque payment, where you send it together with the paper statement you receive.
👍 2

Investments

DBS Multiplier Account

STI ETF

3 answers
Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered on 26 Feb 2020
If you need the funds within the next 3-5 years, my recommendation is not to go for assets with the highest risks - consider local bonds like Temasek bonds (if available) or Bond ETFs such as MBH or A35. Alternatively, if you're don't need the funds in the next 5-10 years, you might want to consider diversifying them into Global ETFs like IWDA, VWRD, etc. since you are already familiar with STI ETF.
👍 2

Savings

Singapore Saving Bonds (SSB)

DBS Multiplier Account

Savings Accounts

2 answers
Tee Hon Eng
Tee Hon Eng
Level 4. Prodigy
Answered on 24 Feb 2020
Hi Joel, You can always redeem and purchase the next SSB, in this case your opportunity cost would be $4. (If the interest generated is more than the opportunity cost) Any dividend from your CDP account would qualify, but corporate dividend might not have a fixed payment date, thus you may be at risk of not hitting the salary criteria. Also, do ensure that your total transaction amount is more than $2000 otherwise the interest rate is only 0.05%.
👍 1

Investments

DBS Multiplier Account

1 answer
Ting Jian
Ting Jian
Level 3. Wonderkid
Answered on 24 Feb 2020
For your first question, transactions can be made from the any DBS accounts. (Refer to Q2 of https://www.dbs.com.sg/iwov-resources/pdf/deposits/multiplier-programme/DBS%20Multiplier%20ProgrammeFAQ.pdf)
👍 0
Load more questions
Similar Products

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.