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Savings Accounts/DBS/POSB Multiplier Account
Savings Accounts/DBS/POSB Multiplier Account
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Summary

DBS/POSB Multiplier Account Review 2021

DBS/POSB 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!

...see more

DBS/POSB Multiplier Account

Up to 3.00% p.a.

INTEREST RATES

$0

MIN. INITIAL DEPOSIT

$3,000

MIN. AVG DAILY BALANCE

DBS/POSB Multiplier Account

Up to 3.00% p.a.

INTEREST RATES

$0

MIN. INITIAL DEPOSIT

$3,000

MIN. AVG DAILY BALANCE

Reviews (308)

4.4

308 Reviews

5
172
4
92
3
33
2
6
1
5

Service Rating

Customer Support

4.3

Ease of online banking

4.7
      Posted 07 Jun 2022

      Purchased

      DBS/POSB Multiplier Account

      Surprisingly higher interest rate! With the user friendly interface and I like the good customer service.

      0

      What are your thoughts?

      Posted 11 May 2022

      Purchased

      DBS/POSB Multiplier Account

      ibanking website and app interface are easy to use. fuss free. application process is smooth, pls give higher interest rates.

      0

      What are your thoughts?

      Posted 02 May 2022

      Purchased

      DBS/POSB Multiplier Account

      I like how the account considers salary crediting in other DBS and POSB accounts. I was so relieved that I didn't have to change my salary crediting to the multiplier account. Thanks for being so flexible! [Customer Service]

      0

      What are your thoughts?

      Posted 22 Apr 2022
      [Customer Service] - 5 star It is very good. The staff at the branch was patient and helpful. [Others] - 1 star or below: The only way to update my mobile phone number is by visiting the physical branch. PERIOD. This is despite what the website says that it can be done through Singpass or Virtual teller. www dbs com sg/personal/support/general-profile-update-mobile-number.html Try 1) I tried Singpass - it leads error page requesting to call the customer service hotline. Try 2) Then i tried calling the hotline - the hotline says try Singpass, or virtual teller machine at the branch Try 3) Then I tried virtual teller machine - the machine does not have any option to update mobile phone number Try 4) - Succeed. After i queue up for ONE hour to update my number at the branch counter. Totally very painful experience ..lol

      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 13 Apr 2022

      Purchased

      DBS/POSB Multiplier Account

      I like how the account considers salary crediting in other DBS and POSB accounts. I was so relieved that I didn't have to change my salary crediting to the multiplier account. Thanks for being so flexible!

      0

      What are your thoughts?

      Posted 07 Apr 2022

      Purchased

      DBS/POSB Multiplier Account

      [Application Process] It was easy to sign up. [Fuss Free] Both the website and the mobile application are user friendly. [Interest] Interest depends on whether you are able to hit the criteria stated on their website.

      0

      What are your thoughts?

      Posted 06 Apr 2022

      Purchased

      DBS/POSB Multiplier Account

      There is good reason why this is one of the most common household name in Singapore, because there is an ATM around every corner. Makes it convenient for cash withdrawals.

      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 03 Mar 2022

      Purchased

      DBS/POSB Multiplier Account

      Very easy to set up the account through online baking website or app. High minimum deposit to incur interest might be unsuitable for people with little to no cash assets.

      0

      What are your thoughts?

    Discussions (0)

      No Posts Found.

      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/POSB 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/POSB Multiplier Account 2021

      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:

      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/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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