DBS Multiplier Account

Newest Interest Rates for DBS Multiplier Savings Account

With effect from 1 January 2021, these are the following changes that will be made to DBS Multiplier:

If you're keeping score, this is the fourth time DBS has revised the interest rates for DBS Multiplier in 2020.

Let's hope that they'll stop revising the interest rates.

Otherwise it'll be hard to multiply your money by leaving it in the DBS Multiplier.

Besides the interest rate revision, there will also be a small revision to the Income and/or PayLah! Retail Spend category.

For the first S$10,000 under Income + PayLah! Retail Spend only, for transactions that are ≥$500 per month, that will be reduced from 0.50% p.a. to 0.40% p.a come 1 January 2021.

Check out our DBS Multiplier Review article for a more in-depth review of the changes made to the savings account.

How does the DBS Multiplier Work?

In order to start earning interest with your DBS Multiplier account, you'll need to first credit your salary or dividends regularly.

Next, you'll need to make transactions in at least one or more categories, namely:

1. Credit Card Spend: eligible transactions only
2. Home Loan Instalments: monthly instalments both cash and CPF included
3. Insurance: selected regular premium policies
4. Investments: new DBS Invest-Saver, monthly contribution of Invest-Saver plan for Unit Trusts or ETFs

The amount of interest you can get will depend on how many categories you fulfil as well as the amount transacted.

Obviously, the more you spend and the more categories you hit will mean that you'll get more to earn more interest.

However, this is NOT a legit excuse for you to be spending more than your budget tho...

1. When you fulfil the income category + 1 transaction category, for the 1st S$25,000

Monthly transactions and relative bonus interest

• 0.40% p.a. bonus for monthly transactions of S$2,000 to S$2,499
• 0.40% p.a. bonus for monthly transactions of S$2,500 to S$4,999
• 0.50% p.a. bonus for monthly transactions of S$5,000 to S$14,999
• 0.50% p.a. bonus for monthly transactions of S$15,000 to S$29,999
• 0.60% p.a. bonus for monthly transactions of above S$30,000

Balance cap: bonus interest only applies to the first S$25,000

2. Fulfil income category + 2 transaction categories, for the 1st S$50,000

Monthly transactions and relative bonus interest

• 0.60% p.a. bonus for monthly transactions of S$2,000 to S$2,499
• 0.70% p.a. bonus for monthly transactions of S$2,500 to S$4,999
• 0.80% p.a. bonus for monthly transactions of S$5,000 to S$14,999
• 1.00% p.a. bonus for monthly transactions of S$15,000 to S$29,999
• 2.00% p.a. bonus for monthly transactions of above S$30,000

Balance cap: bonus interest only applies to the first S$50,000

3. Fulfil income category + fulfil 3 transaction categories, for the next S$50,000

Monthly transactions and relative bonus interest

• 0.05% p.a. bonus for monthly transactions of S$2,000 to S$2,499
• 1.20% p.a. bonus for monthly transactions of S$2,500 to S$4,999
• 1.40% p.a. bonus for monthly transactions of S$5,000 to S$14,999
• 1.60% p.a. bonus for monthly transactions of S$15,000 to S$29,999
• 3.00% p.a. bonus for monthly transactions of above S$30,000

Balance cap: bonus interest only applies to the next S$50,000

You'll notice that there are various balance caps for the different categories.

And that's basically DBS telling you that the only way to get more interest is to unlock more categories by spending more on your credit card, taking a home loan with DBS, buying an insurance policy or by investing actively with them.

How to maximise the interest rate for DBS Multiplier Account?

Erm... by spending a lot in a LOT of categories?

If you've got your entire financial life with DBS, then sure.

This should come pretty easy since the bonus interest rate per annum applies if you transact in a wide range of categories and can transact in large amounts too.

It's not totally unimaginable to have your monthly salary credited, a home loan with the bank, maybe even a couple of insurance policies and some investments with DBS too.

Overall, it's always more ideal to transact in more than 1 category as within the same band of amounts transacted, for eg. ≥S$2,000 to <S$2,500, the bonus rates for spending in 2 categories is almost double that of the bonus interest if you just clocked 1 category.

So wherever possible, try to optimise your transactions so that you can clock more than 1 category.

Want to know how the DBS Multiplier stacks up against other savings accounts? Here's a comparison of The Best Savings Accounts in 2021

Is It Still Worth Opening A DBS Multiplier Account?

Given this current low-interest-rate environment, it's a given that most banks will revise their interest rates over time.

If you currently have a DBS Multiplier account, switching to another high-interest savings account doesn't necessarily guarantee that the new bank you're with won't revise their interest rates too.

Think about it, it'll be a huge hassle for you to have to move all of your accounts again right?

If you don't have a DBS Multiplier account yet and are considering...

It's not a bad idea if you are already using most of DBS' financial services because you'll definitely be able to easily hit the categories and required transaction amounts.

Otherwise, make sure you do a proper comparison between the various high-interest savings accounts available before committing to one!

Other Features of DBS Multiplier Savings Account

• Rewards you on your credit card spend
• Multi-currency credit card capabilities
• Easy and convenient to track interest earned and past eligible transactions
• No foreign exchange fees
• Savings account interest calculator

Terms and fees for DBS Multiplier Account

• No initial deposit
• No monthly account fee
• Minimum Average Daily Balance: S$3,000 (negligible for first-time account holders who apply online)
• Fall below fee: S$5 (waived for customers up to 29)
• Early closure fee: S$30 if below 6 months

Eligibility: who can apply for a DBS Multiplier Savings Account?

• Citizenship status: Singaporeans, PRs and foreigners
• Minimum age to open an account: 18 years old

How to apply for DBS Multiplier?

• Apply online (with or without MyInfo)
• Visit DBS branches in person

Contact us at [email protected] should you require any assistance or spot any inaccuracies.