DBS Multiplier Reviews and Comparison - Seedly
Reviews (104)
4.6
Reviews (104)
4.6
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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
  • I've always been lazy to switch my salary crediting account, but I recently switched over to DBS Multiplier because they were having a $50 cash reward promotion, and that prompted me to get off my lazy bum. Most of the main perks of DBS Multiplier would have been mentioned above, so I shan't repeat them. My main gripe is that in order to change my salary crediting, I needed proof of account number, and I find that the monthly e-statement takes quite long to generate (~8th to 10th of the next month), so I missed the cutoff period for my employer to change my salary account in the immediate month following my application. Took me 2 months to get the salary in, but after all that everything's fine. One good thing I like about it is that DBS will send you a SMS each month to tell you the bonus interest received and the effective % interest rate, which I think is a nice touch to simplify things for customers :)
    1 comment
    4
    Ck Chai
    Ck Chai

    2w ago

    Ooh I never receive any SMS from DBS on bonus int nor effective % int rate...
  • Updated on 10 Jan 2019
    Opened this account last year and it is the best decision I made in my finance planning. No min salary nor min spending on credit card. Great starting account for young working adults. - Just need to use a DBS credit card and use it as your primary EZ-Link to easily unlock the credit card portion. - Just need to set aside $500/mth to invest in SSB for 6 months straight to unlock the investment category.
    0 comments
    3
  • Updated on 23 Aug 2018
    Good for: -Young working adults who just started working (Low salary credit of $2k) -Low credit spending (those who cannot meet $500 spending) -New or want to start POSB invest-saver -Less than or equal to $50k savings My strategy to utilised DBS Multiplier Account: -DBS Credit card spend (at least $1) -DBS visa debit card(10% rebate t&c applies https://www.dbs.com.sg/personal/promotion/beepbeepkaching) -POSB invest-saver Salary credit: $2000 Credit card: $1 Total interests earn: 1.55% ($31/mth) Salary credit: $2000 Credit card: $1 POSB Invest-Saver: $100 Total interests earn: 1.85% ($38.80/mth) So effectively, POSB Invest-Saver is commission fee FREE! ($7.80 per month extra to invest) *Only applies for 12mths for POSB Invest-Saver DBS also took the initiative to set up "The Burrow" Facebook group for those who have a DBS Multiplier account. The group focus on: - Weekly special deals curated just for The Burrow - Tips to unlock the full potential of your DBS Multiplier Account - Educational content to help you make better financial decisions and reach your life goals - Occasional contests to test your knowledge and skills I have attended the events organised by DBS and they do not do any hard selling on their products. Mainly focus on educating the bunnies!
    0 comments
    3
  • Hopping over from OCBC 360 account too... No requirement of $500 minimum spend. Just need 1 credit card transaction, using POSB Everyday card as EZlink or paying of SP service bill. Using DBS Altitude Card as well for travel related bookings to get higher miles. So far DBS's customer service is efficient and responsive too, thumbs up :)
    3 comments
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    Tee-Ming Chew
    Tee-Ming Chew

    02 Mar 2018

    Thank you so much! Signed up and left a review on DBS Multiplier!
    Ai Chung
    Ai Chung

    12 Feb 2018

    I'm also surprise to receive the $20. You can find out more about the free $20 for open an account online at following link https://www.dbs.com.sg/personal/promotion/online-account-opening?cid=sg:en:cbg:bsd:sem:goo:na:na:fpg:cen_fpg_sem_2018:na:%2Bdbs+%2Bonline+%2Baccount+%2Bopening&gclid=EAIaIQobChMI6vDGzvmE2QIVDhSPCh16Dg9SEAAYASAAEgIZtvD_BwE&gclsrc=aw.ds
  • Updated on 13 Jun 2019
    DBS Multiplier - Just found the Catch ๐Ÿ˜‘ [The Sal + 2 (Credit card spending + Investment) ]: 1) The investment part: Have to open multiplier a/c then only can open the investment a/c to be consider as part of transaction. 2) If you already have investment a/c (eg. POSB invest Saver), then WON"T be consider. 3) Even if you fulfill #1, the higher interest on Multi-saver will only last 12 months from the day you start the investment The big issue is that most company salary credits to DBS / POSB only and not willing to change to other bank, so many were stuck to DBS / POSB. Yet they play such games. In the end it seems like for more liquid cash savings, only Singapore Saving Bonds is the available choice, 1 year at 1.55%.
    5 comments
    2

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    HC Tang
    HC Tang

    31 Aug 2018

    Welcome. So far it's easier to get 1.9% with 2 transactions. Only the investment part is tricky and need to call the CSO to match your scenario to make the right move
    Leong Wen Fong
    Leong Wen Fong

    31 Aug 2018

    Ohhh, I see! Thanks for sharing! Was thinking of getting this too!
  • Updated on 20 Mar 2018
    Switched over from ocbc360 to the new dbs multiplier last month. It was a seamless process which took 5mins or less via iBanking. I think this would be a better savings account for a miles chaser like myself. For me, the multiplier was naturally better since I was already using altitude/wwmc. Uob is out since they excluded all their miles earning cards. My Ocbc 360 tgt with the titanium rewards card was pegged at 1.85% max. The multiplier was 1.85% when my total transaction was below 5k. Which means, thee more I earn/spend, the possibility of higher interest rate. What's not to love! Plus,having dividends credited to my Posb account was considered under the 'invest' category in dbs. Satisfying 2 categories, I could bump my interest rate even higher on certain months with dividends.
    0 comments
    2
  • Updated on 13 Jun 2019
    Unfortunately I changed job and my salary now pays by cheque so there goes all my benefits in multiplier account ๐Ÿ˜ข Otherwise I think it would be great.
    1 comment
    1
    HC Tang
    HC Tang

    23 Aug 2018

    Try to change to another job soon. Haha ๐Ÿ˜„
Questions (42)

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Credit Card

Bank Account

DBS

DBS Multiplier

DBS Live Fresh Card

POSB Everyday Card

Hi there, if you are opening a DBS multiplier account, you really should pair it with a credit card to earn the bonus interest. Between those two cards, it doesn't matter too much, but be aware that the cash backs are subjected to various limits and criteria, and the annual fee is also payable (although you should be able to waive it). An alternative is to consider a miles card like DBS Altitude where you can earn miles on your first dollar with no restriction and save them up for aspirational travel. Annual fee payment on a miles card will also earn you additional miles.

Savings

DBS Multiplier

Bank Account

Yinghua Liu
Yinghua Liu
Level 4. Prodigy
Answered 3w ago
If your relatives are able to credit it in as SALARY, then yes. If they just deposit the money in every month, it wonโ€™t fulfil the criteria of salary crediting Extracted from DBS website, Salary must be credited via GIRO, with transaction reference codes 'SAL' or 'PAY'. This is reflected as either 'GIRO SALARY' or 'SALARY' in the main transaction description in your Statement of Account You might want to look at other alternatives.. 1. POSB SAYE- 2% if they bank in fixed amount every month for 2 years and do not touch the amount 2. UOB One- at least $500 spend on credit card (1.5%) and higher interest if you pay 3 bills by giro from the account 3. CIMB FastSaver -1% Hope this helps:)

DBS Multiplier

SCB Unlimited Cashback Card

Yinghua Liu
Yinghua Liu
Level 4. Prodigy
Answered 4w ago
Only spend on DBS/POSB credit Card is counted for the DBS multiplier. You can just spend any amount on the DBS/POSB credit card (no min spend) to fulfil that criteria.

Savings

Bank Account

DBS Multiplier

SCB Bonus$Saver

Yinghua Liu
Yinghua Liu
Level 4. Prodigy
Answered 4w ago
I would recommend that you take a look at what categories/criteria you are able to fulfil before making a decision. DBS Multiplier gives 1.55% interest when you credit your salary and spend any amount (no min, only 1 transaction per calendar month) on your credit card each month Other criteria to increase your interest would be investment (you can read up on the SSB ladder hack or Invest saver (eligible for first 12months only)), home loan and insurance. Also the amount transacted per month also increase your interest rate (the more you transacted through DBS, the higher the interest) But if you spend more on credit card ($500) a month, SCB would be a better choice (1.78% interest) Other criteria to increase your interest would be Paying bills of at least $50 each, investing min 30k or insurance (eligible for first 12 months only). You can also look at other high interest savings accounts such as UOB ONE (no salary credit required), OCBC 360 etc before deciding. https://blog.seedly.sg/best-savings-accounts-singapore/ Personally, I have UOB ONE and DBS Multiplier accounts to complement each other.

Savings

DBS Multiplier

Bank Account

Jessica Chuah
Jessica Chuah
Level 3. Wonderkid
Updated on 10 Jun 2019
Check with your HR why this is so. I'm not sure about your situation but sometimes it is only the first month salary that you will get via cheque due to pro-ration. Most companies should be paying their staff salaries via some form of bank transfer or GIRO instead of cheques or other forms of payment modes. Companies that do via bank transfer and indicate in the bank transfer reference as salary would also satisfy this criteria.

Investments

DBS Multiplier

DBS Vickers Securities

Savings

Bank Account

LC
Lee Chun Chuan
Level 2. Rookie
Answered on 04 Jun 2019
I think the issue is that if you have a multi-currency account, cashupfront will link with that and are unable to change to other accounts.

Investments

DBS Multiplier

Hey Anon, you have a rather imbalanced and heavily concentrated portfolio as of now. You should at max keep either 6 months of your income as cash or 5% of your entire portfolio whichever higher. For your equity holding, you should be more diversified across multiple stocks in different industries and geographies. I'd probably limit any one stock to about 5% of my portfolio as well. In terms of your total equity holding, you can probably hold 65% in total. You're definitely missing other negatively correlated or uncorrelated assets to your portfolio such as property and bonds. This should make up the remaining 30% of your portfolio. There's definitely quite a lot of things you'll need to consider and take action on to have a globally diversified and balanced portfolio. These numerical guidelines will of course change based on your immediate goals, requirement to take risk, ability to take risk, and changing investment horizon. Shorter term goals should be invested with less risk and volatility and as you age, you should be more conservative to preserve your assets.

Credit Card

DBS Multiplier

POSB Everyday Card

Aik Kai
Aik Kai
Level 5. Genius
Answered on 25 May 2019
Your credit card is an account on it own (confusing I know) so there is no need to "link" it to your mulitpler. As long as your credit card and your Mulitpler account is under your name, DBS will recognise it so there is no need to do any extra steps.

Savings

DBS Multiplier

Investments

Lifestyle

Fresh Graduates

Bank Account

Credit Card

Ericsson Ting
Ericsson Ting
Level 3. Wonderkid
Answered on 25 May 2019
For one,you can start as little as $100 with posb invest saver plan,it invest in A35 (sg bond etf) and g3b(sti etf) Summary: 1.investing $100-$500 per month use posb and Maybank 2.investing $500-$1000 per month use OCBC @3%,min $5 or Maybank @1%,min $5 3.investing $1000-$3332 per month use OCBC @0.3% ,min $5 4.investing $1000-$5000 per month Use standard chartered,@0.2, min 10 For monthly purchase of A35, there are only two options, standard chartered and posb 1.below 1k,use posb invest saver 2.above 1k,use standard chartered @0.2%,min $10 Due to me serving in national service with a paltry pay of $800, allocating $100 to Singapore bond index fund and $100 to STI ETF(g3b) is just right manageable hence I choose POSB invest saver. Besides, I am pretty sure everyone owns a Posb account from the first day you were born, hence convenient is also a huge factor here you can either pm me through fb or comment on blog or simply read more about POSB invest saver at my blog:http://sonicericsg.blogspot.com/2019/01/post-77week-59investment-project.html hope this helps!:)

DBS Multiplier

POSB Everyday Card

Credit Card

Lifestyle

Einn Hann
Einn Hann
Level 1. Freshie
Answered on 13 Jun 2019
1. Yes, you don't even need to call in to request to waive off the annual fee. You can just submit a request thru internet-banking. You may referring to this http://sgbeyourownboss.com/dbs-3-8-high-interest-saving-account/. 2. For investment, you can consider POSB Invest-Saver, or buying SSB. The dividend credited in your DBS account will be counted.
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About DBS Multiplier
Min Rate0.05%
Max Rate3.5%
Min Initial Deposit$3,000 Waived customers up to age 29
Interest TiersHit at least S$2,000 when you add your salary credit to any DBS/POSB account (compulsory) and eligible transactions in at least 1 category (credit card spend, home loan instalment, insurance, investments)

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.