DBS/POSB Multiplier Account
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DBS/POSB Multiplier Account
DBS/POSB Multiplier Account
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Summary
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.
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Summary
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.
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
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Posted 11 Jul 2022
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Posted 13 Apr 2022
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DBS/POSB Multiplier Account
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Posted 19 Mar 2022
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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. |
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:
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...
Monthly transactions and relative bonus interest
Balance cap: bonus interest only applies to the first S$25,000
Monthly transactions and relative bonus interest
Balance cap: bonus interest only applies to the first S$50,000
Monthly transactions and relative bonus interest
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.
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.
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!
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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