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

DBS Multiplier Account

  • Overview
  • Reviews (259)
  • Questions (0)
  • More Details
Savings Accounts/DBS Multiplier Account
Savings Accounts/DBS Multiplier Account
claimed

Unclaimed

This product has not been claimed by the company yet.

USER RATINGS

Customer Support

4.3

Ease of online banking

4.7
Use our comparison tool to choose the best plan for you
Go

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 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 still remains at 3.80%p.a. when you credit your income and transact in 3 or more categories.

On top of depositing income into your account, the more categories and higher amounts transacted will help you earn bonus interest rates.

  • Income + 1 category allows you to earn up to 1.30% p.a. (previously 2.00% p.a. before 1 Aug 2020)
  • Income + 2 categories allows you to earn up to 2.80% p.a. (previously 3.50% p.a. before 1 Aug 2020)

The compulsory Income crediting can be attained from Salary and/or Dividends.

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 (259)

4.4

259 Reviews

  • 5
    151
  • 4
    73
  • 3
    26
  • 2
    6
  • 1
    3

Read Review About...

Most HelpfulMost RecentLow to HighHigh to Low
  • Updated 4d ago

    Purchased

    DBS Multiplier Account

    [Interest] Generally nice. May consider setting up InvestSaver with minimum amount on annual rotational basis to get the additional category. [Online Banking] Quite transparent. Mobile app tries to give an update picture of how many categories are fulfilled based on transactions that occur. [Others] Move here from OCBC 360 after their interest rate slash in 2020, and enjoying the multiplier account thus far~
    0 comments
    0
    Post
  • Updated 3w ago

    Purchased

    DBS Multiplier Account

    I have been using DBS Multiplier since the start of my first job after graduating this year. Was debating between setting up a multiplier or UOB One or OCBC 365 account. Kind of glad I choose to open multiplier in the end as the interest rate earned is currently the highest among the 3 after banks started slashing their interest rates.
    0 comments
    0
    Post
  • Updated 3w ago

    Purchased

    DBS Multiplier Account

    I am early in my career with no dependents yet, irregular monthly expenses, and no regular bills via GIRO. As such, I can only get higher interest rates with DBS Multiplier compared to other bank accounts (e.g. OCBC 360, UOB One). Although DBS has been slashing its interest in response to the current economic situation, I'm still better off sticking with DBS.
    0 comments
    0
    Post
  • Updated 3w ago

    Purchased

    DBS Multiplier Account

    I was using DBS Multiplier Account (MA) since I started my first full time job after graduation and all the way through 2019, I was really pleased with the MA. However, with the slew of changes throughout 2020 to the hurdle savings interest structure, the SSB bond ladder strategy no longer satisfied the investment criteria and dividends were considered salary instead. I'd consider DBS MA again if I choose to take up their Regular Savings Plan for investments. PS. While interest rates have been dampened significantly for DBS MA, the same can be said for the hurdle savings accounts on the other banks. I think the playing field has leveled significantly as the interest rate cuts seem to be in tandem, do your due diligence!
    0 comments
    2
    Post
  • Updated on 29 Sep 2020

    Purchased

    DBS Multiplier Account

    [Interest] [Online Banking] [Salary Crediting] Overall i enjoy the online banking experience with DBS Multiplier. Wish it was more flexible and with technology now, why cant they offer excel versions of statements. But other than that the concept of the multiplier is easy enough to understand and participate in for a new entrant to the workforce.
    0 comments
    0
    Post
Questions (0)
Recent ActivityUnansweredTrending
No questions found.

UPDATE: As of 1 August 2020, DBS will once again be changing their interest rates. Interest Rates that have been affected are within the band of income + spending in 1 category, and income + spending in 2 categories, on eligible transactions from S$2,000 onwards. Additionally, DBS Multiplier Account has also added new eligible dividends to the Income criteria. These changes will be further explained in the next section.

Newest Interest Rates for DBS Multiplier Savings Account

With effect from 1 August 2020

Updated DBS Multiplier Account interest rates as of August 2020

DBS will begin charging its revised interest rates for the DBS Multiplier Savings Account again with effect from 1 August 2020. This change comes 2 months after the previous May 2020 revision.

1. Interest rates for Income + transactions changes

The DBS Multiplier Interest Rates change in August 2020 will affect the of bonus interest rates of:

  1. Income + Transactions in 1 category, and
  2. Income + Transactions in 2 categories

According to DBS, the eligible categories still remain as any of the following:

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

2. Dividend Credit definition changes

Secondly, DBS Multiplier has also revised its definition of eligible dividends.

Eligible Dividends now include:

  1. Central Depository Pte Ltd (CDP)
  2. DBS Vickers (All Markets) - initially only SGX
  3. DBS Online Equity Trading (OET, All Markets) - initially SGX only
  4. DBS Unit Trysts - NEW
  5. DBS Online Funds Investing - NEW
  6. DBS Invest-Saver - NEW

Dividends can now be credited into:

  1. Personal or joint DBS/POSB Savings/Current accounts
  2. Supplementary Retirement Scheme (SRS) Account - NEW
  3. CPF Investment Account (CPFIA) - NEW

Read more about DBS Multiplier's changes on Seedly blog where we discuss the changes in-depth

Updated Interest Rates for DBS Multiplier Account 2020

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

0.70% p.a.

1.30% p.a.

2.00% p.a.

≥S$2,500 to <S$5,000

0.90% p.a.

1.50% p.a.

2.20% p.a.

≥S$5,000 to <S$15,000

1.10% p.a.

1.80% p.a.

2.40% p.a.

≥S$15,000 to <S$30,000

1.20% p.a.

1.90% p.a.

2.50% p.a.

≥S$30,000

1.30% p.a.

2.80% p.a.

3.80% p.a.

How does DBS Multiplier Work?

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

Secondly, you need to transact in One or more of their set categories of Credit Card Spend, Home Loan Instalments, Insurance or Investments. 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.

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

i. Credit Card Spending - eligible transactions only

ii. Home Loan Instalments - monthly instalments both cash and CPF included

iii. Insurance - selected regular premium policies

iv. Investments - new DBS Invest-Saver, monthly contribution of Invest-Saver plan for Unit Trusts or ETFs.

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

Monthly transactions and relative bonus interest

  • 0.70% 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
  • 1.10% p.a. bonus for monthly transactions of S$5,000 to S$14,999
  • 1.20% p.a. bonus for monthly transactions of S$15,000 to S$29,999
  • 1.30% 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

  • 1.30% p.a. bonus for monthly transactions of S$2,000 to S$2,499
  • 1.50% 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
  • 2.80% 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.

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.

Secondly, you are required to spend at least S$2,000 per month to qualify for the first bonus rate tier above 0.05%

Thirdly, it will be more ideal to transact in more than 1 category as within the same band of amount transacted of example ≥S$2,000 to <S$2,500, the bonus rates for spending in 2 categories is almost doubled that of the bonus interests for 1 category.

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

Is It Still Worth Opening A DBS Multiplier Account?

From our blog analysis, the newly added definitions to the dividend crediting means more markets and accounts will now be eligible to fulfil the Income category. For example, dividends from the Hong Kong market credited into your DBS account can now qualify.

This newest change can aid your account balance to hit the higher tier. This would be beneficial for full-time investors or retirees who have the DBS Multiplier Account and don’t have a salary coming in each month.

However, increasing your account balance without increasing spending and categories will limit your bonus rate earnings.

We will refrain from giving further comparisons as we believe that with the newest rate revisions, the pros of DBS Multiplier will become highly limited.

We are also anticipating other savings accounts to follow suit. As such, we will hold off making verdicts until the dust has settled.

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?