If you’re looking for a savings account in Singapore, you might have come across the DBS Multiplier account. This account has been around for a while and is known for its flexibility and competitive interest rates. But is it the best option for you? In this article, we’ll take a closer look at the DBS Multiplier account and compare it with other savings accounts in Singapore.
Understanding the DBS Multiplier Account The DBS Multiplier account is a savings account that offers tiered interest rates based on the amount of money you save and the number of eligible transactions you make each month. You can earn bonus interest rates by crediting your salary, making bill payments, spending on your DBS/POSB credit cards, investing in unit trusts or insurance, and more. The more categories you fulfil, the higher your interest rate will be.
Comparing DBS Multiplier with Other Savings Accounts There are many other savings accounts available in Singapore, each with its own features and benefits. Some of the most popular ones include the OCBC 360 account, the UOB One account, and the Standard Chartered Bonus$aver account. To help you make an informed decision, we’ll compare the DBS Multiplier account with these other accounts based on interest rates, bonus categories, fees and charges, and other factors.
Key Takeaways
- The DBS Multiplier account is a flexible savings account that offers tiered interest rates based on the amount of money you save and the number of eligible transactions you make each month.
- Other popular savings accounts in Singapore include the OCBC 360 account, the UOB One account, and the Standard Chartered Bonus$aver account.
- When choosing a savings account, it’s important to consider factors such as interest rates, bonus categories, fees and charges, and other features to find the account that best suits your needs.
Understanding the DBS Multiplier Account
If you’re looking for a savings account that offers high-interest rates and flexibility, the DBS Multiplier Account is an excellent choice. This account allows you to earn bonus interest rates on top of the base interest rate, depending on the number of categories you meet.
Features of DBS Multiplier
The DBS Multiplier Account offers several features that make it an attractive option for savers in Singapore. Some of these features include:
- No minimum balance requirement
- High-interest rates up to 4.1% p.a. on savings up to S$100,000
- Bonus interest rates based on the number of categories you meet
- Flexibility to choose from different categories to earn bonus interest rates
How to Maximise Your Savings with DBS Multiplier
To maximise your savings with the DBS Multiplier Account, you need to meet at least one category to earn bonus interest rates. The more categories you meet, the higher your bonus interest rate. Here are the categories you can choose from:
- Salary credit: Credit your salary of at least S$2,000 into your DBS Multiplier Account
- Credit card spend: Spend at least S$500 on your DBS/POSB credit card
- Home loan: Take up a DBS/POSB home loan
- Insurance: Purchase eligible insurance products from DBS/POSB
- Investments: Invest in eligible financial products with DBS/POSB
Eligibility and Requirements for DBS Multiplier
To be eligible for the DBS Multiplier Account, you need to be a Singaporean or Permanent Resident and have a valid Singapore identification document. You also need to be at least 18 years old and have a DBS/POSB deposit account.
To earn bonus interest rates, you need to meet at least one category and maintain a minimum monthly average balance of S$3,000 in your DBS Multiplier Account. You can also earn bonus interest rates on your first S$100,000 savings.
Overall, the DBS Multiplier Account is an excellent option for savers who want high-interest rates and flexibility. With its bonus interest rates and multiple categories to choose from, you can maximise your savings and earn more on your money.
Comparing DBS Multiplier with Other Savings Accounts
If you are looking for a savings account in Singapore, you may have come across the DBS Multiplier account. While it offers some attractive features, it is always a good idea to compare it with other savings accounts to see if it is the best option for you. In this section, we will compare the DBS Multiplier with some of the other popular savings accounts in Singapore.
OCBC 360 Account Versus DBS Multiplier
The OCBC 360 account is one of the most popular savings accounts in Singapore. It offers bonus interest rates on savings, credit card spending, and investment products. However, the DBS Multiplier account may be a better option if you have a regular income and can meet the requirements for bonus interest. The DBS Multiplier account offers up to 4.10% p.a. interest rate, which is higher than the OCBC 360 account. Additionally, the DBS Multiplier account has a lower minimum balance requirement than the OCBC 360 account.
UOB One Account Compared to DBS Multiplier
The UOB One account is another popular savings account in Singapore. It offers bonus interest rates on savings, credit card spending, and bill payments. However, the DBS Multiplier account may be a better option if you can meet the requirements for bonus interest. The DBS Multiplier account offers up to 4.10% p.a. interest rate, which is higher than the UOB One account. Additionally, the DBS Multiplier account has a lower minimum balance requirement than the UOB One account.
Standard Chartered Bonus$aver and DBS Multiplier
The Standard Chartered Bonus$aver account is a savings account that offers bonus interest rates on savings, credit card spending, and bill payments. However, the DBS Multiplier account may be a better option if you have a regular income and can meet the requirements for bonus interest. The DBS Multiplier account offers up to 4.10% p.a. interest rate, which is higher than the Standard Chartered Bonus$aver account. Additionally, the DBS Multiplier account has a lower minimum balance requirement than the Standard Chartered Bonus$aver account.
Emerging Competitors: CIMB Fastsaver and Others
CIMB Fastsaver is a savings account that offers a high-interest rate of up to 0.8% p.a. It has no minimum balance requirement, making it an attractive option for those who do not want to maintain a minimum balance. However, the DBS Multiplier account may be a better option if you have a regular income and can meet the requirements for bonus interest. The DBS Multiplier account offers up to 4.10% p.a. interest rate, which is significantly higher than the CIMB Fastsaver account.
In conclusion, while there are other savings accounts in Singapore that offer attractive features, the DBS Multiplier account may be the best option for you if you have a regular income and can meet the requirements for bonus interest. It offers a high-interest rate and a lower minimum balance requirement than some of the other popular savings accounts in Singapore.
Interest Rates and Bonus Categories
If you’re looking for a savings account that offers high interest rates and bonus categories, the DBS Multiplier account might be the right choice for you. Here’s what you need to know about the interest rates and bonus categories.
Understanding Interest Rates
The DBS Multiplier account offers a base interest rate of 0.05% per annum, which is not very high compared to other savings accounts in Singapore. However, the account also offers bonus interest rates that can increase your overall interest rate significantly. The bonus interest rates are based on the following categories:
- Salary credit
- Credit card spend
- Home loan instalments
- Insurance premiums
- Investments
Maximising Bonus Interest Rates
To maximise your bonus interest rates, you need to fulfil certain criteria for each category. For example, to earn bonus interest on your salary credit, you need to credit your salary into your DBS Multiplier account and maintain a monthly average balance of at least S$3,000. To earn bonus interest on your credit card spend, you need to spend at least S$2,000 per month on your DBS/POSB credit cards.
Interest Rate Caps and Balance Tiers
It’s important to note that there are caps on the bonus interest rates you can earn for each category. For example, the bonus interest rate for credit card spend is capped at 0.8% per annum. Additionally, the DBS Multiplier account has different balance tiers, and the interest rates you earn depend on the tier you fall into. For example, if you have a monthly average balance of S$50,000 to S$100,000, you can earn an interest rate of up to 3.5% per annum.
Overall, the DBS Multiplier account offers competitive interest rates and bonus categories that can help you maximise your savings. However, it’s important to understand the criteria and caps for each category to ensure you earn the highest interest rate possible.
Additional Benefits and Features
DBS Multiplier is not just a savings account, it comes with a range of additional benefits and features that make it a great choice for many people. Here are some of the key features that set DBS Multiplier apart from other savings accounts in Singapore.
Insurance and Investment Products
DBS Multiplier offers access to a range of insurance and investment products that can help you grow your wealth. For example, you can invest in Unit Trusts or buy insurance products such as travel insurance or personal accident insurance. These products can help you protect your wealth and achieve your financial goals.
Wealth Bonus and Foreign Currency Accounts
DBS Multiplier offers a wealth bonus that rewards you for growing your savings and investments. The more you save and invest, the higher your wealth bonus will be. You can also open foreign currency accounts with DBS Multiplier, which can be a great option if you travel frequently or have investments in foreign currencies.
Special Features for Different Demographics
DBS Multiplier offers special features for different demographics, making it a great choice for a wide range of people. For example, salaried workers can benefit from the salary credit feature, which rewards you for having your salary credited into your DBS Multiplier account. Young adults can benefit from the higher interest rates offered on the first $50,000 of their savings, which can help them grow their wealth more quickly.
In summary, DBS Multiplier is more than just a savings account. It offers a range of additional benefits and features that can help you grow your wealth, protect your assets, and achieve your financial goals. Whether you are a salaried worker, a young adult, or just looking for a great savings account, DBS Multiplier is definitely worth considering.
Fees and Charges
When it comes to choosing a savings account, the fees and charges are an important consideration. DBS Multiplier is a great savings account option that offers competitive interest rates, but it’s also important to understand the fees and charges that come with the account.
Understanding Fall-Below Fees
One of the fees to be aware of with DBS Multiplier is the fall-below fee. This fee is charged when your account balance falls below a certain level. The fall-below fee for DBS Multiplier is $5. However, this fee can be waived if you have a monthly transaction of at least $2,000 or if you have a DBS/POSB credit card.
It’s important to note that fall-below fees are not unique to DBS Multiplier. Many other savings accounts in Singapore also charge fall-below fees. However, the fees and the conditions for waiving them may vary. Therefore, it’s important to check the terms and conditions of each account before making a decision.
Avoiding Transaction and Service Fees
In addition to fall-below fees, there may be other transaction and service fees associated with your savings account. These fees can include ATM withdrawal fees, cheque book fees, and more. With DBS Multiplier, there are no transaction or service fees. This means you can make as many transactions as you want without incurring any additional fees.
Overall, DBS Multiplier is a great savings account option that offers competitive interest rates and minimal fees and charges. However, it’s important to understand the fall-below fee and other fees that may be associated with the account to ensure that it’s the right choice for you.
Making an Informed Decision
When it comes to choosing a savings account, it’s important to consider your lifestyle and financial goals. With so many options available in Singapore, it can be overwhelming to make a decision. However, by comparing interest rates and benefits, and considering your personal needs, you can make an informed choice.
Comparing Interest Rates and Benefits
One of the most important factors to consider when choosing a savings account is the interest rate. DBS Multiplier offers competitive interest rates for Singapore dollar deposits, especially if you meet certain criteria, such as salary credit and bill payments. However, it’s important to compare these rates to other savings accounts to ensure you’re getting the best deal.
For example, UOB One Savings and OCBC 360 Account are also popular savings accounts in Singapore, each with their own set of benefits. UOB One Savings offers higher interest rates for larger deposits, while OCBC 360 Account offers bonuses for meeting certain criteria, such as credit card spending and insurance purchases.
To make an informed decision, it’s important to compare the interest rates and benefits of each account, and consider which one best suits your needs.
Considering Lifestyle and Financial Goals
In addition to interest rates, it’s important to consider your lifestyle and financial goals when choosing a savings account. For example, if you frequently travel or shop overseas, you may want to consider a savings account that offers foreign currency deposits or cashback rewards for overseas spending.
On the other hand, if you’re looking to save for a specific goal, such as a down payment on a home or a child’s education, you may want to consider a savings account with a fixed deposit or investment option.
Before making a decision, it’s important to read the information and terms and conditions provided by each bank, and compare the features and benefits to your personal needs and financial goals.
By taking the time to compare and consider your options, you can make an informed decision and choose the savings account that best suits your needs. Apply now to get started on your savings journey.
Frequently Asked Questions
How does the DBS Multiplier Account’s interest rate stack up against other top savings accounts in Singapore?
The DBS Multiplier Account offers one of the highest interest rates in Singapore for a savings account. With a maximum interest rate of 4.10% p.a., it is definitely a top contender for those looking to maximise their savings. However, it’s important to note that the interest rate is tiered and depends on the amount of money you have in your account.
What are the perks of choosing the DBS Multiplier Account over other savings options for students?
One of the biggest perks of the DBS Multiplier Account for students is that there is no minimum balance required to earn interest. This means that even if you have a small amount of money in your account, you can still earn interest. Additionally, the account is easy to open and manage, and you can link it to your student card for easy access.
Can you still get the best interest rates with a savings account in Singapore without salary credit?
Yes, you can still get high interest rates with a savings account in Singapore without salary credit. For example, the DBS Multiplier Account offers interest rate bonuses for spending on your DBS/POSB credit card, investing with DBS/POSB, or purchasing insurance with DBS/POSB. This means that even if you don’t have a salary to credit, you can still earn a high interest rate.
Which bank offers the most attractive savings account for your hard-earned money this year?
There are several banks in Singapore that offer attractive savings accounts. The DBS Multiplier Account is definitely one of the top contenders, but other options include the UOB One Account and the OCBC 360 Account. It’s important to compare the interest rates, fees, and requirements of each account to determine which one is the best fit for your needs.
Is the DBS Multiplier Account the ultimate choice for maximising your savings potential?
The DBS Multiplier Account is definitely a great option for maximising your savings potential, but it may not be the ultimate choice for everyone. It’s important to consider your individual needs and financial goals when choosing a savings account. For example, if you are a student, you may want to consider a savings account that is designed specifically for students.
How does the OCBC 360 account fare when pitted against the DBS Multiplier in terms of benefits?
The OCBC 360 Account is another popular savings account in Singapore. It offers a similar tiered interest rate structure to the DBS Multiplier Account, but with different requirements. For example, to earn the highest interest rate, you need to credit your salary and spend at least $500 on an OCBC credit card. It’s important to compare the benefits and requirements of both accounts to determine which one is the best fit for your needs.
