DBS/POSB Multiplier Account
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Summary
DBS/POSB Multiplier Account Review 2024
DBS/POSB Multiplier Savings account provides a base interest rate of 0.05% p.a. The highest possible interest rate which you can enjoy with DBS Multiplier is 3.50% p.a. when you credit your income and make transactions in 3 or more categories.
Account Features & Details
1) Key Features
- Base interest rate of 0.05% p.a when you credit your salary/dividends/connect SGFinDex
- Earn bonus interest rate from 0.85% p.a to 3.45% when you credit your salary/dividends/SGFinDex and fulfil other category requirements:
- Option 1: Credit salary/dividends/SGFinDex + transact at least S$2,000 monthly on either a DBS/POSB credit card, home loan instalment, DBS/POSB insurance premium, or DBS investments
- Option 2: Credit salary/divident/SGFinDex + spend up to S$500 on DBS PayLah!
- Option 3: Credit salary/divident/SGFinDex + PayLah! Retail spend with no minimum spend required for 29 account holders below 29 years old - No minimum deposit required
Salary/Dividends/SGFinDex
- Salary: Credit salary into any DBS/POSB account via GIRO with transaction code ‘SAL’ or ‘PAY’
- Dividends: Credit dividends into DBS/POSB account, DBS Wealth Management Account, Supplementary Retirement Scheme account, or CPF Investment Account
- SGFinDex: Connect SGFinDex through DBS NAV Planner
Credit Card Spend
- Transact with any DBS/POSB personal credit card(s)
- Eligible spend includes retail and cash advance transactions in the same calendar month
Home Loan
- New and existing DBS/POSB home loans are eligible
- Monthly instalment (both CPF and cash) due on your DBS/POSB home loan(s) are considered valid transactions
- Full monthly instalment amount will be accorded to the first three joint borrowers
Insurance
- Monthly premium of Regular Premium Policies and Single Premium Policies (purchased after opening a DBS Multiplier Account) will be considered an eligible transaction
- Premium transactions will only be eligible for bonus interest rates for 12 consecutive months as long as policy is in force
Investments
- Purchase of Unit Trust Lump-sum Investment, DBS Invest-Saver, Online Equities Trade, digiPortfolio, and Bonds & Structured Products will be deemed eligible investment products after Multiplier Account is opened
2) Interest Rates
- Base interest rate: 0.05% p.a
- Max interest rate: 3.50% p.a
3) Eligibility
- Age: 18 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: N.A
4) Fees
- Minimum average account balance: S$3,000
- Fall below fee: S$5 (waived for those below 29 years old)
- Monthly account fee: S$0
5) Application Process
How to apply?
- For existing DBS/POSB customers, apply online through the digibank app
- For new DBS/POSB customers, apply and open your account instantly with the following steps
- Register for SingPass
- Download the digibank app
- Apply for your account using SingPass
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Summary
DBS/POSB Multiplier Account Review 2024
DBS/POSB Multiplier Savings account provides a base interest rate of 0.05% p.a. The highest possible interest rate which you can enjoy with DBS Multiplier is 3.50% p.a. when you credit your income and make transactions in 3 or more categories.
Account Features & Details
1) Key Features
- Base interest rate of 0.05% p.a when you credit your salary/dividends/connect SGFinDex
- Earn bonus interest rate from 0.85% p.a to 3.45% when you credit your salary/dividends/SGFinDex and fulfil other category requirements:
- Option 1: Credit salary/dividends/SGFinDex + transact at least S$2,000 monthly on either a DBS/POSB credit card, home loan instalment, DBS/POSB insurance premium, or DBS investments
- Option 2: Credit salary/divident/SGFinDex + spend up to S$500 on DBS PayLah!
- Option 3: Credit salary/divident/SGFinDex + PayLah! Retail spend with no minimum spend required for 29 account holders below 29 years old - No minimum deposit required
Salary/Dividends/SGFinDex
- Salary: Credit salary into any DBS/POSB account via GIRO with transaction code ‘SAL’ or ‘PAY’
- Dividends: Credit dividends into DBS/POSB account, DBS Wealth Management Account, Supplementary Retirement Scheme account, or CPF Investment Account
- SGFinDex: Connect SGFinDex through DBS NAV Planner
Credit Card Spend
- Transact with any DBS/POSB personal credit card(s)
- Eligible spend includes retail and cash advance transactions in the same calendar month
Home Loan
- New and existing DBS/POSB home loans are eligible
- Monthly instalment (both CPF and cash) due on your DBS/POSB home loan(s) are considered valid transactions
- Full monthly instalment amount will be accorded to the first three joint borrowers
Insurance
- Monthly premium of Regular Premium Policies and Single Premium Policies (purchased after opening a DBS Multiplier Account) will be considered an eligible transaction
- Premium transactions will only be eligible for bonus interest rates for 12 consecutive months as long as policy is in force
Investments
- Purchase of Unit Trust Lump-sum Investment, DBS Invest-Saver, Online Equities Trade, digiPortfolio, and Bonds & Structured Products will be deemed eligible investment products after Multiplier Account is opened
2) Interest Rates
- Base interest rate: 0.05% p.a
- Max interest rate: 3.50% p.a
3) Eligibility
- Age: 18 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: N.A
4) Fees
- Minimum average account balance: S$3,000
- Fall below fee: S$5 (waived for those below 29 years old)
- Monthly account fee: S$0
5) Application Process
How to apply?
- For existing DBS/POSB customers, apply online through the digibank app
- For new DBS/POSB customers, apply and open your account instantly with the following steps
- Register for SingPass
- Download the digibank app
- Apply for your account using SingPass
DBS/POSB Multiplier Account
DBS/POSB Multiplier Account
Up to 4.10% p.a.
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
4.4
321 Reviews
Service Rating
Customer Support
Ease of online banking
High to Low
Posted 29 Jul 2023
Purchased
DBS/POSB Multiplier Account
This is a great way to make use of a high interest savings account. Helps to mitigate the inflation we see since 20220
What are your thoughts?Posted 28 Mar 2023
Purchased
DBS/POSB Multiplier Account
I have used it before and i was very happy with it, the only thing is very far from my house and i needed sometime to go to the area jsut to solve some issue with my accocunt.0
What are your thoughts?Posted 01 Nov 2022
Purchased
DBS/POSB Multiplier Account
CS was quite good. Interest rates are pretty good last time , but now tbills are better. But overall , great experience with DBS and thier customer support0
What are your thoughts?Posted 04 Oct 2022
Purchased
DBS/POSB Multiplier Account
[Fuss Free] [Online Banking] [Salary Crediting] I have been using DBS Multiplier Account for years now and I feel that it's the easiest to use compared to their rivals (UOB, OCBC).0
What are your thoughts?Posted 04 Sep 2022
Purchased
DBS/POSB Multiplier Account
[Interest] The Interest for the DBS Multiplier Account is considered to be one of the highest in the market at 0.40% p.a. if you are only using DBS PayLah! Retail Spend and not crediting salary with the bank. (29 Years Old and Below) If you are crediting your salary and using DBS PayLah! Retail Spend, the Interest Rates goes higher at 0.55% p.a. when your total eligible transactions is more or equal to S$500 per month. If you are holding a DBS Credit Card, DBS Home Loan or making Investments with DBS, the Interest Rates can go even higher. Interest Rates are at the point of writing and subjected to change. [Salary Crediting] Easy Crediting just like any other Bank in Singapore. Just provide your Bank Details and Account Number. [Application Process] Smooth Application Process through DBS/POSB I-Banking. A few clicks and verification of your personal details and you are done.0
What are your thoughts?Posted 03 Sep 2022
Purchased
DBS/POSB Multiplier Account
Good account for saving and combination of insurance, saving, and investment. Good interest rate with more combination.0
What are your thoughts?Posted 11 Jul 2022
Purchased
DBS/POSB Multiplier Account
Solid account if you are earning a regular wage and perform [Salary Crediting] to the account (assuming your finance team does so with the right transaction code). It provides decent interest rates and is relatively [Fuss Free] - no jumping through hoops of paying XXX bills, minimum spending of XXX amount, etc. [Online Banking] is a real convenience. DBS is not a bank any longer - they are a technology giant, which happens to be in the banking space. It's rather similar to Amazon, who's not really just an e-commerce site, but also a technology giant. [Customer Service] is decent, although the automated responses still need a ton of work. The AI really needs to be trained better.0
What are your thoughts?Posted 13 Apr 2022
Purchased
DBS/POSB Multiplier Account
Fuss free way to earn more interest if you already have your salary credited into DBS/POSB account and are a regular user of their credit card. Just need to convert the normal savings account to multiplier account and make sure you do not fall below minimum account balance.0
What are your thoughts?Posted 19 Mar 2022
Purchased
DBS/POSB Multiplier Account
You must have a DBS account if you are a Singaporean! It is the leading bank in Singapore. I have been able to change to other currencies using this account when i was overseas previously during my student exchange, a must-have!0
What are your thoughts?Posted 04 Feb 2022
Purchased
DBS/POSB Multiplier Account
[Fuss Free][Online Banking] I do like that the sign up process and online banking process is really smooth. Out of all the banks, the app is one of the most user friendly. I have not had any experience with customer support yet though.0
What are your thoughts?
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Newest Interest Rates for DBS Multiplier Savings Account
Total eligible transactions per month | Income + transactions in 1 category | Income + transactions in 2 categories | Income + transactions in 3 or more categories |
|---|---|---|---|
<S$2,000 | 0.05% p.a. | 0.05% p.a. | 0.05% p.a. |
≥S$2,000 to <S$2,500 | 0.90% p.a. | 1.20% p.a. | 2.0% p.a. |
≥S$2,500 to <S$5,000 | 0.90% p.a. | 1.30% p.a. | 2.20% p.a. |
≥S$5,000 to <S$15,000 | 1.00% p.a. | 1.40% p.a. | 2.40% p.a. |
≥S$15,000 to <S$30,000 | 1.00% p.a. | 1.50% p.a. | 2.50% p.a. |
≥S$30,000 | 1.10% p.a. | 2.50% p.a. | 3.50% p.a. |
Updated Interest Rates for DBS/POSB Multiplier Account 2022
How does the DBS/POSB Multiplier Work?
In order to start earning interest with your DBS/POSB 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:
- Credit Card Spend: eligible transactions only
- Home Loan Instalments: monthly instalments both cash and CPF included
- Insurance: selected regular premium policies
- 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
- 0.05% p.a. bonus for monthly transactions below S$2,000
- 0.90% p.a. bonus for monthly transactions of S$2,000 to S$2,499
- 0.90% p.a. bonus for monthly transactions of S$2,500 to S$4,999
- 1.00% 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
- 1.10% 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
- 0.05% p.a. bonus for monthly transactions below S$2,000
- 1.20% p.a. bonus for monthly transactions of S$2,000 to S$2,499
- 1.30% 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
- 1.50% p.a. bonus for monthly transactions of S$15,000 to S$29,999
- 2.50% 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 below S$2,000
- 2.00% p.a. bonus for monthly transactions of S$2,000 to S$2,499
- 2.20% p.a. bonus for monthly transactions of S$2,500 to S$4,999
- 2.40% p.a. bonus for monthly transactions of S$5,000 to S$14,999
- 2.50% 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
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/POSB 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/POSB 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/POSB 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/POSB 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/POSB 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/POSB 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/POSB 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/POSB Multiplier Savings Account?
- Citizenship status: Singaporeans, PRs and foreigners
- Minimum age to open an account: 18 years old
How to apply for DBS/POSB 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.
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