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DBS Multiplier Account

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  • Reviews (292)
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Savings Accounts/DBS Multiplier Account
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USER RATINGS

Customer Support

4.3

Ease of online banking

4.7
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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

DBS Multiplier Account Review 2021

DBS Multiplier Savings account provides a base interest rate of 0.05% p.a.

From 1 January 2021, the highest possible interest rate which you can enjoy with DBS Multiplier will be 3.00% p.a. when you credit your income and make transactions in 3 or more categories:

  • Income + transactions in 1 category allows you to earn up to 0.60% p.a. (previously 1.30% p.a. before 1 January 2021)
  • Income + transaction in 2 categories allows you to earn up to 2.00% p.a. (previously 2.80% p.a. before 1 January 2021)
  • Income + transaction in 3 categories allows you to earn up to 3.00% p.a. (previously 3.80% p.a. before 1 January 2021)

The compulsory Income category can be fulfilled by crediting your Salary and/or Dividends to your DBS Multiplier account.

For the rest of the categories, they can be transactions in any of the following:

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

The more categories you clock transactions in, the more interest you'll multiply and earn!

Read More about DBS Multiplier Account
Reviews (292)

4.4

292 Reviews

  • 5
    167
  • 4
    82
  • 3
    32
  • 2
    6
  • 1
    5

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      Posted 17d ago

      Purchased

      DBS Multiplier Account

      The user interface is easy to navigate. For this account, the interest rates can be better with better tier system.

      0

      What are your thoughts?

      Reply

      Posted 19d ago

      Purchased

      DBS Multiplier Account

      Fuss free banking service. Tiers can be useful to help you plan financials (i.e reminds me to invest consistenly monthly to hit next tier in interest.) Like that you are under 29 with no crediting income, you can qualify for a tier (0.3%) if you spend using paylah (no min amount). However downside is your salary has to be credited via giro, else not considered as salary tier Would recommend as a starting account for people looking into high interest savings account. - current user and has no plans to change out

      0

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      Reply

      Posted 24 Aug 2021

      Purchased

      DBS Multiplier Account

      [Interest] Currently low interest across all banks. Significant drop in the amount of interest earn money from the account. [Online Banking] Convenient and information are clear

      0

      What are your thoughts?

      Reply

      Posted 11 Aug 2021

      Purchased

      DBS Multiplier Account

      Opened the account in 2020 to have some interests for my savings. The rest of my spend and bills are in other bank accounts. After about a year, the interest is just insignificant. So I just terminated the account and parked my savings elsewhere instead. The multiplier account doesn't multiply on savings only - Not the best parking area for savings..

      0

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      Posted 01 Aug 2021

      Purchased

      DBS Multiplier Account

      [Application Process] Application process is quick and simple, and was able to set up an account quickly [Others] While their mobile app is fairly easy to use, am not a fan of the overall interface and find it quite hard to track my different accounts or services with DBS

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      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:

      DBS Multiplier revised interest rates as of January 2021

      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.

      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

      0.40% p.a.

      0.60% p.a.

      1.20% p.a.

      ≥S$2,500 to <S$5,000

      0.40% p.a.

      0.70% p.a.

      1.40% p.a.

      ≥S$5,000 to <S$15,000

      0.50% p.a.

      0.80% p.a.

      1.60% p.a.

      ≥S$15,000 to <S$30,000

      0.50% p.a.

      1.00% p.a.

      1.70% p.a.

      ≥S$30,000

      0.60% p.a.

      2.00% p.a.

      3.00% p.a.

      Updated Interest Rates for DBS Multiplier Account 2021

      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.

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