DBS Multiplier Reviews and Comparison - Seedly
 

DBS Multiplier

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  • Reviews (133)
  • Questions (97)
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DBS Multiplier

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

    DBS Multiplier

    Up to 3.8% p.a.
    INTEREST RATES
    $3,000
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE
Reviews (133)

4.6

133 Reviews

  • 5
    92
  • 4
    32
  • 3
    5
  • 2
    3
  • 1
    1

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salary credit

minimum spend

card spend

high rate

higher rate

posb account

joint account

credit credit

dbs credit

posb credit

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  • Updated on 15 Aug 2018
    Good Interest Saving account for DBS Multiplier. Consider one of the highest interest rate Saving Account in the market. No minimum spend on credit card monthly and can easily go up to two or more transaction including salary credit in. Bonus Interest are credited every month. It will be even awesome if higher interest rates are applicable to the S$ balance in your DBS Multiplier Account, can go even higher than S$50k. #PowerOfCommunity #SeedlyReviews #sharonchan78
    0 comments
    0
  • Updated 3d ago

    Purchased

    DBS Multiplier

    TLDR: An okay offering but I can't see a reason to stay with it. OCBC 360 has better interest rates with similar conditions, while CIMB has the same interest rates with no conditions. Other better options out there. Skip this. [Application Process] 5/5 It's incredibly easy to sign up for Multiplier if you already bank with DBS. Within 5 minutes I had set up my account and applied for my POSB credit card to get the 2nd category. [Online Banking] 5/5 DBS has the best online experience amongst all the banks with how seamless everything is. Their app is easy to use and intuitive, and their website is equally easy to navigate. [Interest] 3/5 It's not hard to hit 1.85% interest (at the time of writing), but I understand they're changing the terms such that the higher interest applies only to the first $25,000. It seems really bone-headed to do so. OCBC360 offers higher interest for very similar requirements and reward you more if your balance is higher. Strange that DBS is going in the other direction. [Others]Conclusion: 3/5 I can't see why anyone would continue with DBS Multiplier once the new terms kick in. Lower interest rates and a very low cap on what the interest applies to makes DBS Multiplier very unattractive. With FAST transfers available between banks, it's so easy to switch over to another bank. I wouldn't recommend unless you somehow really love DBS's user experience, which admittedly is very good. [Terms and Conditions]
    0 comments
    1
  • Updated 3w ago

    Purchased

    DBS Multiplier

    Was disappointed with the latest revamp of the T&C. Personally I do not spent much and have been hitting 2 categories with CC spend [Spend] + SSB ladder . Now with the revamp, SSB ladder is now considered salary, so I have 1 category, and 1 category bonus interest was reduced from 50k to 25k only. The alternative is to hit other categories like invest / insure / loan, but note that these ONLY LAST FOR 12 months, afterwhich do find yourself an exit strategy because its simply not sustainable. I'll be moving my funds over to OCBC360, as it better suits my needs, so long DBS, you have changed for the worse. To anyone considering this product, I ABSOLUTELY do NOT recommend this product! Well its superb in the User interface of the online banking, but who cares? Your faithful DBS Multiplier customer for the past 2 years.. [Investment] [Interest]
    2 comments
    0
    Mujimoro
    Mujimoro

    3w ago

    Its a bummer, I only just switched to multiplier in Dec, even applied for POSB CC to bump up interest. I'll be looking to move out to another bank now
    Raymond Kwan
    Raymond Kwan

    3w ago

    That's bad news for anyone who has more than 25K savings in Multiplier. I was consistently earning interest for a year with them, meeting Salary credit and spending on POSB Everyday card. Starting Feb, I will only maintain $25K in my Multiplier and move the surplus to UOB One. Need to start hunting for a better alternative and if I find one, I will say goodbye to both my POSB and DBS accounts!
  • Updated 4w ago

    Purchased

    DBS Multiplier

    They recently did a revamp of the T&C of multiplier from 1 Feb 20 onwards, the bonus interest only applies to the first $25k. Good to have multiplier if you're a graduate just starting to accumulate wealth. Anything above , might consider other banks instead.
    0 comments
    0
  • Updated on 26 Dec 2019

    Purchased

    DBS Multiplier

    I like that it is fuss free and easy to jump all the hoops compared to others high-interest savings account, largely due to the no minimum spending on your CC (which is great for people who are trying to cut on their spendings, and not worry about whether they hit the threshold spend or not for that month), and the basic salary crediting. Most people will definitely hit the 2 hoops, i.e. salary crediting and CC, giving you 1.85% interest p.a. Plus, if you happen to spend more, then you'll get more interest too once you cross over the transactions tier (total of your salary crediting and CC spendings). Plus, they allow you to do joint-account for doing a combined transactions to hit the higher tiers too. Furthermore, the recently revamped Digibank app from DBS is damn slick too with easy sign-in using your fingerprint biometric, and allows you to keep track of your spending easily with charts and graphs. The only disadvantage for me is that you'll have to maintain at least SGD3,000 in your account else, you will get a fall-below fees of SGD5 (not sure if it is monthly or what, this seems to be buried in the long T&Cs document and not stated upfront).
    0 comments
    1
Questions (97)

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Bank Account

Savings

Expenses

Fresh Graduates

DBS Multiplier

SCB Jumpstart

Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/ Next, I will suggest for you to have a maximum of two bank accounts for budgeting. The best way to do this is via automation and this is how I do mine: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/ For the salary account, you may consider one of the high yield salary crediting accounts like DBS Multiplier or UOB One. Either way, do your own analysis by understanding your cashflow and choose one that fits into your needs. For the expense account, Standard Chartered JumpStart works well or another other accounts with zero minimum balance works fine. If you plan it right, you won't need three bank accounts or bank accounts for three purposes. In your case, if you were to plan savings and expense within the same account, then there exists temptation to use more money than you actually need. (Check the post on how to create a monthly budget for more details.) Here is everything about me and what I do best.

DBS Multiplier

Investments

Regular Shares Savings Plans (RSS/RSP)

POSB

Hi anon, I'd recommend you to give another platform a try, especially if you are doing it on your own; you shouldn't be paying sales charges. RSP for UT (with the intent of DCA) should be transactionally cost free. Fund expenses, such as TER, and Management Fees, are already priced into fund NAV. So what you see (the NAV) is what you get. Skip the STI and go for more broadly diversified funds, a single country fund is quite narrow and focused and you will be taking on higher risk. Regional equity funds can be considered.

Bank Account

Savings

OCBC

OCBC Frank

Standard Chartered

DBS Multiplier

Lky
Lky
Level 4. Prodigy
Updated 10h ago
You should move all your funds out of OCBC. You can consider keeping most of your savings in SCB JumpStart if it gives a higher interest than your DBS Multiplier and use DBS as the current account. You can always do instant FAST transfer between them! I keep my FRANK account with little to no balance as my savings like you are in accounts with higher interests, most likely to be cancelled before I turn 26. I use it mainly for withdrawals without my debit cards using the PayAnyone app

Investments

Savings

Bank Account

Payments

Lifestyle

DBS Multiplier

SCB Jumpstart

SW
Shaun Wq Lim
Level 6. Master
Answered 4d ago
Please be aware that there are some changes to the DBS Multiplier account from 1 Feb 2020. Salary and dividend credit will be grouped under income category. And cap of $25000 for salary + 1 other category interest rate. Something you may want to think about after the 12 months recognition for the investment RSP ends.

Investments

Savings

Credit Card

Bank Account

DBS Multiplier

Catsnipss
Catsnipss
Level 3. Wonderkid
Answered 2w ago
Either uob1 or ocbc360 could be a good alternative However I really like dbs no minimum credit spend, allows me to hit 1 category easily to be tiered at 1.95% BUT cap at 25K. you can explore cimb fast saver, or stashaway simple to put your overflow cash. Im sticking to DBS because I don't think im able to hit the minimum spend on credit cards for uob / ocbc.

Savings

Bank Account

DBS

DBS Multiplier

Hi anon, For really no frills accounts, you can consider CIMB fastsaver as there are no requirements at all. Not even salary crediting. If you want something basic without being implicitly pressured to spend or invest to unlock bonus interest, the OCBC 360 account does a good job as you only need to credit salary to start earning bonus interest, and increasing your average account balance will also unlock bonus interest as well. Hope that helps!

Bank Account

Singapore Saving Bonds (SSB)

DBS Multiplier

DBS

Investments

Dividends

Adriel Thin
Adriel Thin
Level 4. Prodigy
Answered 2w ago
When you purchase SSB, the amount of money invested to buy the SSB should count towards the investment category for that month. However, what's changed is that the dividend received from the SSB now falls under Income and not Investment.

Credit Card

DBS Multiplier

DBS

Lky
Lky
Level 4. Prodigy
Answered 2w ago
For no min spend, POSB Everyday for cashback and DBS Altitude for miles. Annual cc fee waiver requests can be done online.

Bank Account

DBS Multiplier

Savings

Interest Rates

Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 9. God of Wisdom
Answered 3w ago
Interest is always calculated on your average daily balance in your bank account.

Regular Shares Savings Plans (RSS/RSP)

STI ETF

DBS Multiplier

DBS

Hi anon, I would probabl ynot recommend that. The fees on $100/mth might outweight whatever interest benefits you get. This is like buying something that is on sale because it is on sale, and not because you need it. Also, do note that fulfilling the criteria for the investments category is only going to be recognised for the first 12 months, and after that it will no longer count. You should invest because you want to invest, and not because it will lead to a higher interest on your savings. Getting a higher interest on your savings as a by product of investing would be a better way to see it.
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How to maximise the interest rate for DBS Multiplier Savings Account?

Base interest rate(%) p.a.

The base interest rate per annum for DBS Multiplier savings account is 0.05%

Bonus Interest Rate(%) p.a

The bonus interest rate per annum for DBS Multiplier account comes with a few criteria:

When you credit your salary via GIRO and fulfil 1 transaction category:

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$50,000

When you credit your salary via GIRO and fulfil 2 transaction categories, your bonus interest for the same amount of monthly transactions will be higher:

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

Categories include credit card spend, home loan instalments, regular premium insurance or investments with DBS or POSB.

Terms and fees for DBS Multiplier Account

  • Initial deposit: S$3000
  • Citizenship status: Singaporeans, PRs and foreigners
  • Minimum age to open account: 18
  • Minimum Average Daily Balance: S$3,000
  • Fall below fee: S$5 (waived for customers up to 29)
  • Early closure fee: S$30 if below 6 months

For more information, you can check out their website here.