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

DBS Multiplier Account

  • Overview
  • Reviews (231)
  • Questions (122)
  • More Details

DBS Multiplier Account

Up to 3.8% p.a.
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$3,000
MIN. AVG DAILY BALANCE

    DBS Multiplier Account

    Up to 3.8% p.a.
    INTEREST RATES
    $0
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE

Details

As of May 2020, DBS will begin charging their revised interest rates for the DBS Multiplier Savings Account. Interest Rates that have changed are within the band of spendings in one category only, with the first S$25,000 in your account. The changes will be further explained in the next section.

DBS Multiplier Savings Account Review 2020

DBS Multiplier Savings account provides a base interest rate of 0.05% p.a. The highest possible interest rate you can enjoy goes up to 3.80%p.a. On top of depositing income into your account, the more categories and higher amounts transacted will help you earn bonus interest rates. According to DBS, the categories can be any of the following:

  1. Credit Card Spending
  2. Home Loan Instalments
  3. Insurance
  4. Investments

Read More about DBS Multiplier Account
Reviews (231)

4.4

231 Reviews

  • 5
    132
  • 4
    66
  • 3
    23
  • 2
    7
  • 1
    3

Read Review About...

salary credit

account multiply

save account

minimum spend

fuss free

card spend

online bank

customer service

application process

high rate

Most HelpfulMost RecentLow to HighHigh to Low
  • Updated 2w ago

    Purchased

    DBS Multiplier Account

    [Fuss Free] It was quite a good customer experience. I feel that my money is safe with DBS too and the returns are almost guaranteed. Only bad thing is the low returns.
    0 comments
    0
  • Updated 3w ago

    Purchased

    DBS Multiplier Account

    Great savings account for people who credit salary. Simple to register if you have existing dbs account. **Joint savings account hack complement with multiplier to hit possible higher interest tier! Sadly, the interest rate has been revised and you will get less interest if you only fulfill "Salary + one catergory." They counted dividends from investment as "salary catergory" instead of "investment catergory" :( However, with all banks revising their interest rates(UOB too...), there isn't much option on savings account front.
    0 comments
    0
  • Currently using DBS Multiplier as I'm investing using Vickers as well as having my pay sent into there. (having more services used on DBS grants greater interest rate btw) Customer service is decent as well. Could get better rates elsewhere but it's a bit too much work for me to source and apply a new account etc. UPDATED: Recently created the SC Jumpstart Account instead and switched to it since I'm no longer drawing a salary while in university.
    0 comments
    0
  • Updated 3w ago

    Purchased

    DBS Multiplier Account

    It is a good idea to upgrade from the basic savings account from posb if you are working and have a salary even though they are changing the % to a lower % this coming April so hold off and do your due diligence to Just got the everyday card for the cashback and for everyday grocery, utilities, petrol bills and there's a promo to get an airpods or 200 dollars cashback so cheers waiting to spend haha
    0 comments
    0
  • Application is easy if you already are an existing customer with POSB/DBS. The criteria has changed several times in the past 6 months, and the most recent one being lowered interest rates, and lower cap for amount that can get the interest. Not that great currently.
    0 comments
    0
Questions (122)
Recent ActivityUnansweredTrending

DBS Multiplier Account

I have an existing Ready builder 20 endowment plan I bought from DBS 2 years ago. Recently i opened the multiplier account. Does that still consider as 1 category transaction?
Hi Ying, It won't count as your multiplier account was open after you got the policy, and I also advise against getting another policy for the sake of fulfilling criteria for additional interest. You should only get another policy if it fits what you need. The bonus interest is only registered for the first 12 months , while your commitment to yet another policy will be for years. If you really needed such a policy, then that's fine, but you should also seek to compare your options across various insurers for similar policies before you commit. If the best option just so happens to be with DBS, then go for it, and the bonus interest is merely a plus.
👍 1

Robo-Advisors

StashAway

Savings

Savings Accounts

Interest Rates

DBS Multiplier Account

OCBC 360 Account

UOB One Account

I already have a "general investing" portfolio with SRI 16% and an "income" portfolio with SRI 12%. Should I also use Stashaway Simple with non-guaranteed returns of 1.9%?
SW
Shaun Wq Lim
Level 7. Grand Master
Answered 3d ago
Depends on how liquid you want your money to be. The last time I tried StashAway Simple, there was a lag time of a few business days before I can get my money out. Otherwise you can funnel your investment amount into StashAway Simple as a holding area to earn some interest before transferring into your other portfolios.
👍 1

Robo-Advisors

Investments

DBS digiPortfolio

DBS Multiplier Account

Any idea when DBS digiportfolio will be included as a part investment category for multiplier account benefits?
Lok Yang Teng
Lok Yang Teng
Top Contributor

Top Contributor (Apr)

Level 9. God of Wisdom
Answered 2w ago
According to DBS: "There are different digiPortfolios available on iWealth and digiBank. As the iWealth digiPortfolios (Unit Trust-based) were launched earlier, they have been linked to Multiplier and recognised as an investment component. We are currently working to link digiBank digiPortfolios (ETF-based) to DBS Multiplier and will provide updates in due course when this is ready."
👍 0

Investments

Stocks Discussion

DBS

DBS Multiplier Account

Is DBS Digiportfolio a good place to begin my investment journey? Along with DBS Vickers to purchase select US company shares I prefer?
Wilson Nid A Break
Wilson Nid A Break
Level 8. Wizard
Answered 3w ago
Sounds good for an individual whom dont want to spend time monitoring the market, and is disciplined to commit to DCA long-term basis. But if you want to buy US stocks, you had to define your investment objective, goals first
👍 0

COVID-19

Investments

Savings

DBS digiPortfolio

DBS Multiplier Account

I am working for around a yr and is using the Multiplier account to grow my money. Looking towards investments to grow my money - Digiportfolio or Invest Saver or keep all in Multiplier account?
CJ
Cynthia Jasmin
Level 6. Master
Answered 4w ago
Hi there, it’s great that you’re planning ahead for marriage and BTO. However, you should be focusing on both short term and long- term savings. As somebody already mentioned, a great way to take advantage of current market conditions is to invest in ETFs. I’d recommend a platform called Kristal.AI because it has zero fees for your first $50K (a deal you won’t find on any other platforms) and you get global access to a wide range of ETFs. They also have an algorithm you can use to get personalized investment recommendations so you don’t have to worry about timing the market. You can also look up their SIP program which allows you to invest smaller in longer period of time with bigger benefits compare to Lump Sump investment. Here's the link to Kristal.AI's review https://seedly.sg/reviews/robo-advisors/kristal-ai Hope this helps, Cynthia
👍 1

OCBC 360 Account

Standard Chartered Bonus$aver Account

Interest Rates

Savings Accounts

Salary

Supplementary Retirement Scheme (SRS)

DBS Multiplier Account

Best Salary account in terms of interest rates, ETFs investing and SRS? Considering spending only via credit/debit cards, is ETFs investing viable?
Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Updated on 21 Apr 2020
Hi there KB, hope to answer your questions here together. I will answer them one by one so that it is clearer for you to understand them! Starting my job soon (salary~ 4k+SRS) and looking for bank account that is best in terms of interest rate, long term investing (Ireland domicile ETFs) and investing SRS funds. - I would say that you should consider getting a high yield salary crediting account, which will either be the following: DBS Multiplier, OCBC 360 or UOB ONE. Highly suggest you use this simple savings account calculator here! https://seedly.sg/tools/savings-account-calculator ! For the topic on SRS account opening - You can only open up a SRS account with any of the three local players, I have written about it at length at this post here: https://blog.seedly.sg/supplementary-retirement-scheme-account-opening/ - Inside, I have also added a Step-by-step guide to opening up your SRS account. I did it in less than 5 minutes on my iBanking site, which I am currently using DBS now. It is really simple and easy to do. Considering OCBC 360 or Standard Chartered Bonus saver or DBS Multiplier. I am inclined to SCB as it gives option to invest in LSE ETFs at low cost even though additional interest rate on investments doesn't apply to ETFs. Any suggestions? - I have used both the OCBC360 (Which is my main salary crediting account now) and DBS multiplier which I have since reduced and closed. - I use the OCBC360 paired with my OCBC 90N miles card which allows me to collect more miles and also - I invest in ETFs using my VICKERS account tied to my DBS account, and my own online brokerage (FSM) and robo-advisors on the side for US and international exposure Is SRS a separate account that can only be used to invest within SG market? - Yes it is a seperate account which will be created as an "Investment" account which will exist in your own iBanking portal!
Answer image preview
👍 1

Payments

Insurance

Savings

Savings Accounts

DBS Multiplier Account

Do insurance premium payments count into DBS Multiplier’s “eligible monthly transactions”?
For insurance, only the following are eligible for the first 12 consecutive months: - CancerCare - Critical SelectCare - LifeReady Plus - ManuEdu First - Manulife SmartRetire - Manulife SmartWealth (II) - Manulife Spring - ManuProtect Decreasing - ManuProtect MoneyBack - ManuProtect Term - ManuProtect Term Lite - Ready LifeIncome - ReadyBuilder – Regular Premium - ReadyPayout Plus - RetireReady Plus – Regular Premium More Details: https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier I share quality content on estate planning and financial planning here.
👍 0

DBS Multiplier Account

DBS Live Fresh Card

Credit Cards

Cashback

Currently using DBS Live Fresh, and i'm thinking of changing to another cashback card. What do you guys think?
Carrie Rose
Carrie Rose, Senior Research Analyst at ValueChampion
Level 4. Prodigy
Answered on 13 Apr 2020
Hi Janice! Based on your spending habits (S$1.2k/month, mostly online & payWave transactions) DBS Live Fresh might still be the best card for you. With a focus on online shopping rewards, here are a few reasons why: - Most points/miles-earning shopping cards offer 4 miles per S$1, up to 4k miles/month. This can be maxed out by S$1k spend (below your budget), and is equal to roughly S$40 in value-to-consumer (lower than the cap with DBS Live Fresh). You'd also need to pay to redeem your points, which would cut into your earnings. In this case, cashback might be a better match for you - Other cashback cards that reward online shopping with boosted rates–OCBC Frank and UOB YOLO–are more restrictive and primarily reward weekend spending (weekday spending earns at lower rates). Rewards are capped at about the same level as DBS Live Fresh (OCBC Frank is slightly higher, at S$80/month instead of S$60/month) so you ultimately wouldn't earn much more if you made the switch - Finally, other credit cards have 'weird caps' in place that you should look out for. For example, CIMB Visa Signature offers 10% rebate on online spend–but this is capped at just S$20 in earnings (maxed out with S$200 spend). It's worth mentioning that Citi Cash Back (which you already have) also has an odd cap structure, where dining, groceries, and petrol are each capped at S$25, so if you don't have evenly distributed spending, you won't maximise rewards It sounds like with DBS Live Fresh, you've been able to consistently max out your rewards–that adds up to S$720/year (though the annual fee does cut into this total). This is a pretty competitive amount. That being said, I'll like to bring up that you can earn even more–at your current budget level–if you opt to consolidate all your purchases onto one card and lessen the focus on online purchases (if that's what you've currently been focusing on). I'd say the absolute best option would be Maybank Family & Friends Mastercard. If you spend S$1k/month (fits your budget), you'll earn 8% rebate on dining, groceries, transport, petrol, online TV streaming while simultaneously maxing out the S$80/month rewards cap. That means you'll earn S$960/year–substantially more than you can right now with DBS Live Fresh. Even better, at S$1k/month you earn a fee-waiver, so you won't have to worry about extra costs cutting into your earnings. On a final note, I wouldn't recommend any unlimited cashback cards. Those cards are best suited to consumers with budgets of S$6k-8k+ – we've done the math – as you can earn more with capped cashback cards below that level. If you want to learn more about online shopping cards or Maybank Family & Friends, here are a few links below. I hope this helps! Online Shopping Cards: https://www.valuechampion.sg/best-credit-cards-online-shopping-mobile-payments Maybank Family & Friends Review: https://www.valuechampion.sg/maybank-family-friends-mastercard-credit-card-review
👍 0

DBS Multiplier Account

Savings

Does USD in multiplier account earn interest?
Cherie Julianne Tan
Cherie Julianne Tan, Marketing at MoneyOwl
Level 6. Master
Updated on 12 Apr 2020
It does earn you interest. However, it ranges from a mere 0.03% to 0.1% sadly. Screenshot from their product page: ! If you're afraid to incur the forex fees at the moment, would suggest that you look at other alternatives (similar to deposit accounts) like Fixed Deposits: - SCB: 1.3% p.a. (realistic) for 6 months - UOB: 1.2% p.a. for 6 months - CIMB: 1.65% p.a. for 6 months Woah, honestly CIMB is quite attractive... Anyway, just do what your heart is most comfortable with, so you can sleep with a peace of mind. All the best!
Answer image preview
👍 1

Savings Accounts

Interest Rates

DBS Multiplier Account

OCBC 360 Account

UOB One Account

With the latest changes to the savings account interest rates, what are you doing differently to work around this?
Junus Eu
Junus Eu
Top Contributor

Top Contributor (Apr)

Level 9. God of Wisdom
Updated on 02 Apr 2020
Timely question! I was just at the banks today to move some cash around. If you know me, you would know that I have been quite a big fan of high i/r savings accounts for the remaining cash. The accounts that I had were: Citi Maxigain, CIMB and SC BonusSaver 1. First things first, CIMB . CIMB Starsaver and CIMB Fastsaver are two different accounts. One account change that i just made today was to move 100k from my CIMB Starsaver to CIMB Fastsaver. Note that while CIMB Fastsaver advertises up to 1.8% p.a., the true effective blended rate for S$100k is really 1.325% , and post which its 0.6%. First S$50,000 - 1.00% p.a. Next S$25,000 - 1.50% p.a. Next S$25,000 - 1.80% p.a. Above S$100,000 - 0.60% p.a. Pro-tip: If you really really like CIMB so much, you can even open another FastSaver-I ON TOP OF FastSaver, to max out 200k with 1.325%. This was the option given to me by the CIMB banker, but not so interesting for me as I am thinking about other options still. Second, Citibank. I am still contemplating my Citi Maxigain account - which was giving some no-frills interest rates of c.2%. Am speaking to the dedicated banker today - since she said 'might have some ideas for you which may meet what you’re looking for; maybe something conservative with higher interest.' No idea what that means, but in any case 1.5% is still higher than 1.325%, both for no frills accounts. If anyone has good things to say about Citibank Priority or Citigold, please let me know! Third - Standard Chartered BonusSaver. I have this, but I am not fully maximizing because I dont even have 3 bill payments to make online. Admittedly I need to look more into this. OCBC looks nice, but its the hassle of moving accounts again. Singlife first 10k for 2.5% is nice, but not guaranteed, and only for first $10k.
👍 4
Load more questions

DBS Multiplier Account change in interest rates for May 2020

Change in Interest Rates for DBS Multiplier Savings Account from May 2020

DBS will begin charging its revised interest rates for the DBS Multiplier Savings Account from May 2020. This change will affect the Income + Transactions in 1 category.

According to DBS, the categories can be any of the following:

  1. Credit Card Spending
  2. Home Loan Instalments
  3. Insurance
  4. Investments

When you credit your salary via GIRO + fulfil 1 transaction category, for the 1st S$25,000 (Before 1 May 2020)
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$25,000

When you credit your salary via GIRO + fulfil 1 transaction category, for the 1st S$25,000 (From 1 May 2020)
Monthly transactions and relative bonus interest:

  • 1.40% p.a. bonus for monthly transactions of S$2,000 to S$2,499
  • 1.60% p.a. bonus for monthly transactions of S$2,500 to S$4,999
  • 1.80% p.a. bonus for monthly transactions of S$5,000 to S$14,999
  • 1.90% 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

*Bonus interest only applies to the 1st S$25,000

All these changes are illustrated in the table below

Total eligible transactions per month

Previous Interest Rates for income + transactions in 1 category (first S$25,000)

Revised Interest Rates for income + transactions in 1 category (first S$25,000)

Interest Rates for income + transactions in 2 categories (first S$50,000)

Interest Rates for income + transactions in 3 categories (next S$50,000)

<S$2,000

0.05%

0.05%

0.05%

0.05%

≄S$2,000 to <S$2,500

1.55%

1.40%

1.80%

2.00%

≄S$2,500 to <S$5,000

1.85%

1.60%

2.00%

2.20%

≄S$5,000 to <S$15,000

1.90%

1.80%

2.20%

2.40%

≄S$15,000 to <S$30,000

2.00%

1.90%

2.30%

2.50%

≄S$30,000

2.08%

2.00%

3.50%

3.80%

How to maximise the interest rate for DBS Multiplier Savings Account?

The bonus interest rate per annum for DBS Multiplier account comes with a few criteria. As mentioned. the more categories and greater amounts transacted will help you gain higher bonus interest rates.

For your spending to count towards obtaining bonus interest rates, you have to first fulfil the income category either by salary crediting via GIRO or receiving investment dividends.

Then, complete eligible transactions that fall under at least one of these 4 categories:

i. Credit Card Spending

ii. Home Loan Instalments

iii. Insurance

iv. Investments

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

Monthly transactions and relative bonus interest

  • 1.40% p.a. bonus for monthly transactions of S$2,000 to S$2,499
  • 1.60% p.a. bonus for monthly transactions of S$2,500 to S$4,999
  • 1.80% p.a. bonus for monthly transactions of S$5,000 to S$14,999
  • 1.90% 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

*Bonus interest only applies to the 1st S$25,000

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

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

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

Monthly transactions and relative bonus interest

  • 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
  • 3.80% p.a. bonus for monthly transactions of above S$30,000

*Bonus interest only applies to the next S$50,000 in your Multiplier account

Do note that there is a balance cap for Income + transactions in 1 category. DBS is trying to encourage account holders to unlock more categories other than the usual credit card spend (and the mandatory income category), whether by taking a home loan, insurance or using their investment offerings.

Want to know how DBS Multiplier compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020

How does DBS Multiplier Work?

Firstly, for DBS Multiplier to work, you need to regularly credit your salary (or dividend credits).

Then, DBS Multiplier will reward you based on 2 aspects:

  • How many transaction categories you fulfil and
  • The total transaction amount

The categories are credit card spend, home loan instalment, insurance, investments. You will receive higher interest when you credit your income (salary and/or dividends) and transact in one or more of the aforementioned categories.

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?