DBS Multiplier Reviews and Comparison - Seedly
 

DBS Multiplier

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  • Reviews (130)
  • Questions (78)
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DBS Multiplier

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

    DBS Multiplier

    Up to 3.8% p.a.
    INTEREST RATES
    $3,000
    MINIMUM INITIAL DEPOSIT
    $3,000
    MIN. AVE DAILY BALANCE
Reviews (130)

4.6

130 Reviews

  • 5
    92
  • 4
    31
  • 3
    4
  • 2
    2
  • 1
    1

Read Review About...

salary credit

minimum spend

card spend

high rate

higher rate

joint account

posb account

dbs credit

credit credit

easy hit

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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
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  • Posted 4d ago

    Purchased

    DBS Multiplier

    Very high interest and quite easy to hit the requirement. Setting up a joint account would allow me and my wife to earn decent interest on both Multiplier accounts!
    0 comments
    0
  • Updated 2w ago

    Purchased

    DBS Multiplier

    Very high interest and very easy to hit the requirement. The only downside is the 3k minimum deposit..
    0 comments
    0
  • Easy application and great interest rates! It is easy for fresh grads to hit 1.55 - 1.85% interest per annum and if you invest in ETF through DBS you could unlock a higher interest tier.
    0 comments
    0
  • Love the no min spend for CC category! As well as the eligibility of CDP dividend crediting for the Investment category.
    0 comments
    0
Questions (78)

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SG Budget Babe

Savings

DBS Multiplier

Bank Account

DBS

Hi anon, That would depend on a number of factors, one of which would be your total transaction amount with DBS. The DBS multiplier has a few criteria you can use to hit the bonus criteria, but the minimum is to fulfill two, one of which must be salary crediting. The other criteria are: - Credit card spend (doable) - Home loan installment (only if you have a mortgage) - Insurance/Investment (I would not recommend this) So at the very least you would be looking at using one of DBS's credit card. The interest is broken into two tiers of less than $50K and more than $50K. So you're capping out at $100K I personally use OCBC 360. My credit card is with Citi, and I can increase the balance of my bank account every month to enjoy the step up interest (it's actually acting as my warchest). The interest is broken into two tiers of first $35K and next $35K. That's good enough for me. So just by the simple act of crediting and saving money, I get bonus interest on two categories. Without any pressure to spend at all. So that works out for me.

Savings

DBS Multiplier

Investments

Lifestyle

Fresh Graduates

Bank Account

Credit Card

Arpita Mukherjee
Arpita Mukherjee, Community Evangelist at Kristal.AI
Level 6. Master
Answered on 22 Oct 2019
Hello! Since this a new space you are entering, I'd suggest that the first thing you do is read up and try to understand the basics of investments. And then once you're through with that, go for a robo-advisory platform to do the job of assessing your current financial position and recommend a portfolio strategy after reviewing your risk profile. As for the "catch", I would say that Robo-advisors are still not very different from your ordinary financial advisors as both options will still have a management fee incurred for users. The difference lies with the amount, as Robo-advisors have lower management fees. I work at Kristal.AI, and my mojo is to help people make the right financial decisions. If you think I helped you, do give me "Thumbs up". If you think my response was biased let me know, I will work on it. I hope this helps you make the right decision.

DBS Multiplier

Savings

DBS Multi Currency Account

There is no way to use a credit card to pay for another credit card's bill. Therefore, it won't work as described. =/ Here is everything about me and what I do best.

Savings

DBS Multiplier

SG Budget Babe

The only way to grow your money is to buy assets or earn an interest on them. If you don't want to take too much risk, then you can invest in bonds instead of stocks. Buying an investment grade bond fund can provide you income, potential growth, with very little volatility. Investing isn't always risky. It depends on what you invest in. Buying insurance savings plans like you did is also investing and they are lower risk portfolios that can give you 3-4+% over a decade or two.

Bank Account

Credit Card

DBS Multiplier

Standard Chartered

Just not that only the first $20k in SCB JumpStart gets the 2% interest, anything above that is 0.1%. This means the $400 interest you earn per year would need to be moved out for it to work harder. So I'll keep $20k in SCB but keep transferring any amount above $20k elsewhere.

Savings

OCBC 360

DBS Multiplier

R
Rohith, M.Tech at University
Level 2. Rookie
Answered 2w ago
I think it qualifies! It's better to ask the customer service for better understanding for no issues.

Savings

OCBC 360

DBS Multiplier

Hi Kenny, Quite a number of differences between both accounts, so it does depend on whether you bank with OCBC or DBS, if your home loan is with any of the banks, etc. I will highlight the key points here. - OCBC 360 can award bonus interest just by the crediting of your salary, whereas DBS cannot - OCBC 360 needs $2000/mth salary credit as a minimum. DBS requires your 'transactions' with them to be more than $2000/mth to get the first layer of bonus interest - OCBC 360 bonus interest caps at $70K spread over the first $35K and the next $35K, DBS is $100K over the first $50K and the next $50K - The theoretical maximum interest is higher on DBS - Husband and wife can credit salary to a joint DBS account which will trigger the multiplier bonuses on their individual accounts (no word from OCBC on this) - OCBC award extra interest just by ensuring you increase your account balance. DBS does not - Both award interest if you get insurance or investment products from them, but I would caution against it. - OCBC needs a minimum spend of $500 on thier credit cards, DBS just needs you to spend any amount Those are the key considerations, in my view. So keep them in mind when deciding which would suit you better.

Savings

Bank Account

Citi MaxiGain

DBS Multiplier

UOB One

W
William
Level 4. Prodigy
Answered 4w ago
Maxigain is tagged to another component which is the 1mth sibor. Unless it is poised to goes up, if not ocbc is offering $50 for every $5k deposit and will need to lock in for 7 months.

Savings

Bank Account

DBS Multiplier

OCBC 360

Hi Cassandra, Quite a number of differences, and they do make you jump through several criteria before giving the bonus interest, but I will highlight the key points here. - OCBC 360 can award bonus interest just by the crediting of your salary, whereas DBS cannot - OCBC 360 needs $2000/mth salary credit as a minimum. DBS requires your 'transactions' with them to be more than $2000/mth - OCBC 360 bonus interest caps at $70K spread over the first $35K and the next $35K, DBS is $100K over the first $50K and the next $50K - The theoretical maximum interest is higher on DBS - Husband and wife can credit salary to a joint DBS account which will trigger the multiplier bonuses on their individual accounts (no word from OCBC on this) - OCBC award extra interest just by ensuring you increase your account balance. DBS does not - Both award interest if you get insurance or investment products from them, but I would caution against it. Those are the key considerations, in my view.

Investments

Bank Account

DBS Multiplier

DBS Multi Currency Account

DBS digiPortfolio

Arun Pai
Arun Pai, Chief Kristals Officer at Kristal.AI
Level 4. Prodigy
Answered on 14 Nov 2019
I use both the accounts and personally have not encountered any issues with amounts being different. Did you convert currencies too by any chance?
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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.