If you’re looking for a savings account that offers high interest rates and a range of benefits, you must read this DBS Multiplier Account Review Singapore to help you with the DBS Multiplier Account that you have been considering.
This account is organised to help you maximise your savings and offers a flexible way to earn higher interest rates on your deposits.
With the DBS Multiplier Account, you can earn up to 3.8% p.a. interest on your deposits, depending on your transaction and income categories. This account is designed to reward you for your loyalty to DBS, and offers a range of benefits such as cash rebates, discounts on loans, and access to exclusive promotions and events. To help you get the most out of your savings, DBS also offers a range of financial planning and tools to help you manage your money more effectively.
To be eligible for the DBS Multiplier Account, you need to meet certain income and transaction requirements. You also need to have a DBS/POSB deposit account and at least one other eligible product with DBS, such as a credit card, home loan, or insurance policy. If you meet these requirements, you can start earning higher interest rates on your deposits and enjoy a range of other benefits with the DBS Multiplier Account.
Key Takeaways
- The DBS Multiplier Account offers high interest rates and a range of benefits to help you maximise your savings.
- To be eligible for this account, you need to meet certain income and transaction requirements and have at least one other eligible product with DBS.
- With the DBS Multiplier Account, you can earn up to 3.8% p.a. interest on your deposits, depending on your transaction and income categories.
DBS Multiplier Account Review Singapore: The Overview
If you’re looking for a savings account that offers high interest rates, then the DBS Multiplier Account might be the perfect fit for you. This account is designed to give you the flexibility to earn higher interest rates based on your spending patterns and financial behavior.
What Is a DBS Multiplier Account?
The DBS Multiplier Account is a savings account offered by DBS Bank in Singapore. It is designed to reward customers who credit their salary and transact in various categories, such as credit card spend, home loans, investments, or insurance. The account offers a base interest rate of 0.05% p.a., and you can earn bonus interest rates of up to 3.8% p.a. based on the number of categories you transact in.
Key Features of DBS Multiplier
Here are some of the key features of the DBS Multiplier Account:
- High Interest Rates: The DBS Multiplier Account offers high interest rates that can go up to 4.1% p.a. depending on your transaction behavior.
- Flexibility: You can earn bonus interest rates by transacting in various categories, such as credit card spend, home loans, investments, or insurance. This gives you the flexibility to earn higher interest rates based on your financial behavior.
- Low Transaction Amount: The eligible transaction amount has been lowered from $2,000 to $500, making it easier for you to qualify for bonus interest rates.
- No Minimum Balance: There is no minimum balance requirement for the DBS Multiplier Account, which means you can open an account with any amount of money.
- Easy Account Opening: You can open a DBS Multiplier Account online, which makes it easy and convenient for you to start saving.
Overall, the DBS Multiplier Account is a great option for those who want to earn high interest rates on their savings. With its flexible features and easy account opening process, it’s definitely worth considering if you’re looking for a savings account in Singapore.
DBS Multiplier Account Review Singapore: Eligibility and Requirements
Who Can Open a Multiplier Account?
Are you a student, gig worker, retiree, national service personnel, or university student? If you are a Singaporean or Permanent Resident, you are eligible to open a DBS Multiplier Account. This account is designed to help you maximise your savings and earn higher interest rates. However, to be eligible, you need to meet certain requirements.
Required Documents for Application
To apply for a DBS Multiplier Account, you need to have the following documents:
- NRIC or passport
- Proof of address (e.g. utility bill, bank statement, or government letter)
- Proof of income (e.g. payslip or tax assessment)
If you are a student or national service personnel, you can provide your student pass or SAF 11B card as proof of identity.
Once you have these documents, you can apply for a DBS Multiplier Account online or at any DBS branch. The application process is simple and straightforward, and you can start earning higher interest rates on your savings in no time.
In summary, if you are a Singaporean or Permanent Resident and want to maximise your savings, the DBS Multiplier Account is an excellent option. As long as you meet the eligibility requirements and have the necessary documents, you can open an account and start earning higher interest rates.
DBS Multiplier Account Review Singapore: Interest Rates and Benefits
Are you looking for a savings account that offers competitive interest rates and bonuses? Look no further than the DBS Multiplier Account. Here’s what you need to know about the interest rates and benefits of this account.
Understanding the Base Interest Rate
The DBS Multiplier Account offers a base interest rate of 0.05% p.a. This rate may seem low, but it’s important to remember that it’s just the starting point. Your interest rate can increase significantly with bonus interest rates.
Maximising Bonus Interest Rates
To maximise your bonus interest rates, you need to meet certain criteria. The more criteria you meet, the higher your bonus interest rate will be. The criteria include:
- Credit card spend
- Home loan
- Investments
- Insurance
DBS has made it easier to earn bonus interest rates with recent revisions. You can now earn bonus interest rates with just one category instead of two. This means you can earn bonus interest rates with just a credit card or a home loan.
Bonus Interest Cap Explained
The DBS Multiplier Account has a maximum bonus interest rate cap of 3.80% p.a. This means that even if you meet all the criteria, your interest rate will never exceed 3.80% p.a.
To calculate your interest rate, you can use the DBS Multiplier Account interest rate calculator. This calculator takes into account your monthly transactions and calculates your interest rate based on the criteria you meet.
It’s important to note that interest rates are subject to change. DBS may make interest rate cuts or increase the bonus interest cap in the future. However, the DBS Multiplier Account remains a great option for those looking for a savings account with competitive interest rates and bonuses.
DBS Multiplier Account Review Singapore: Income and Transaction Categories
If you’re looking for a savings account that rewards you for your banking activities, the DBS Multiplier Account is an excellent choice. It offers bonus interest rates based on your income and transaction categories. Let’s take a closer look at each of these categories.
Salary Credit and Its Advantages
Salary credit is one of the most important categories for earning bonus interest on your DBS Multiplier Account. You can earn up to 0.6% p.a. bonus interest if you credit your salary into your account via GIRO. This is an excellent way to maximise your savings, as you’re rewarded for something you’re already doing.
Credit Card Spend Rewards
The DBS Multiplier Account also rewards you for your credit card spend. You can earn up to 1.6% p.a. bonus interest if you spend on your DBS/POSB credit card. This is an excellent way to earn more interest on your savings while enjoying the rewards of your credit card.
Home Loan Payments Impact
If you have a home loan with DBS or POSB, you can earn up to 1.6% p.a. bonus interest on your DBS Multiplier Account. This is an excellent way to make your home loan work harder for you, as you earn interest on your savings while paying off your mortgage.
Insurance and Investment Categories
The DBS Multiplier Account also rewards you for your insurance and investment categories. You can earn up to 0.6% p.a. bonus interest if you purchase eligible insurance products from DBS/POSB or invest in eligible investment products. This is an excellent way to maximise your savings while ensuring that you have adequate insurance coverage and investment opportunities.
In conclusion, the DBS Multiplier Account offers a range of income and transaction categories that can help you earn more interest on your savings. Whether you’re crediting your salary, spending on your credit card, paying off your home loan, or investing in insurance and investment products, you can earn bonus interest rates that can help you grow your savings faster.
DBS Multiplier Account Review Singapore: Multiplier Account Mechanics
If you’re looking for a savings account that offers high interest rates, then the DBS Multiplier Account is worth considering. Here’s a breakdown of how the mechanics of the account work:
Total Eligible Transactions
To qualify for higher interest rates, you need to have total eligible transactions of at least S$2,000 per month. This includes salary crediting, credit card spend, home loan instalments, insurance premiums, and investments. Each category has a different weightage, with salary crediting and credit card spend being the most important.
How Multi-Currency Transactions Work
If you frequently make transactions in different currencies, you can still qualify for higher interest rates with the DBS Multiplier Account. The account allows you to hold up to 12 foreign currencies, and every month, the bank will convert the foreign currency transactions into Singapore dollars. These transactions will count towards your total eligible transactions.
Understanding the Multiplier Effect
The DBS Multiplier Account has a unique multiplier effect that allows you to earn higher interest rates with every additional category of eligible transactions. For example, if you have a salary credit and a credit card spend, you can earn a bonus interest rate of up to 1.8% per annum. If you add a home loan instalment, you can earn a bonus interest rate of up to 2.2% per annum. And if you add an insurance premium or investment, you can earn a bonus interest rate of up to 3.8% per annum.
In summary, the DBS Multiplier Account is a great option for those looking to earn higher interest rates on their savings. By having total eligible transactions of at least S$2,000 per month, including salary crediting, credit card spend, home loan instalments, insurance premiums, and investments, you can enjoy bonus interest rates of up to 3.8% per annum. Additionally, if you frequently make transactions in different currencies, the account allows you to hold up to 12 foreign currencies and still qualify for higher interest rates.
DBS Multiplier Account Review Singapore: Additional Perks and Features
As if the high-interest rates and flexibility of the DBS Multiplier Account weren’t enough, there are even more perks and features to take advantage of. Here are some of the additional benefits you can enjoy:
Linking PayLah! for Extra Benefits
By linking your DBS Multiplier Account with PayLah!, you can enjoy even more benefits. For example, you can earn up to 1% cashback on PayLah! retail spend, up to a maximum of $10 per month. Plus, you can enjoy a range of exclusive deals and promotions when you pay with PayLah! at participating merchants.
DBS Live Fresh Card Advantages
If you have a DBS Live Fresh Card, you can link it to your DBS Multiplier Account for even more benefits. For example, you can earn up to 5% cashback on online and Visa contactless spend, up to a maximum of $60 per month. Plus, you can enjoy exclusive deals and promotions when you use your DBS Live Fresh Card at participating merchants.
POS Credit Card Benefits
If you have a POSB Credit Card, you can link it to your DBS Multiplier Account for even more benefits. For example, you can earn up to 1.5% cashback on all spend, up to a maximum of $100 per month. Plus, you can enjoy exclusive deals and promotions when you use your POSB Credit Card at participating merchants.
Overall, by taking advantage of these additional perks and features, you can maximise the benefits of your DBS Multiplier Account and enjoy even more savings and rewards.
DBS Multiplier Account Review Singapore: Financial Planning and Tools
If you are looking for a savings account that can help you achieve your financial goals, the DBS Multiplier Account is an excellent choice. With its high interest rates and bonus interest rates, you can maximise your savings and earn more money over time. In this section, we will discuss some of the financial planning and tools available to you when using the DBS Multiplier Account.
Using the DBS Multiplier Calculator
One of the best tools available to you when using the DBS Multiplier Account is the DBS Multiplier Calculator. This calculator allows you to see how much interest you can earn based on your savings and spending habits. It is easy to use and can help you make informed decisions about your finances.
To use the DBS Multiplier Calculator, simply input your monthly salary, the number of categories you qualify for, and your monthly spending on eligible DBS products. The calculator will then show you how much interest you can earn based on your inputs. This tool can help you plan your finances more effectively and make the most of your savings.
Investment Products Available
In addition to its high interest rates, the DBS Multiplier Account also offers a range of investment products for you to choose from. These products can help you grow your savings even more over time. Some of the investment products available include:
- Unit trusts
- Exchange-traded funds (ETFs)
- Bonds
- Structured deposits
These investment products are designed to help you achieve your financial goals and grow your savings over time. If you are interested in investing your money, the DBS Multiplier Account is an excellent choice.
Overall, the DBS Multiplier Account is an excellent choice for anyone looking to maximise their savings and achieve their financial goals. With its high interest rates, bonus interest rates, and investment products, you can grow your savings and achieve financial success.
DBS Multiplier Account Review Singapore: Fees and Charges
If you’re considering opening a DBS Multiplier Account, it’s important to understand the fees and charges associated with the account. Here’s a breakdown of what you can expect:
Service Charges and Account Fees
With DBS Multiplier Account, there are no monthly account fees or minimum balance requirements. This means that you won’t be charged any fees for simply having the account open. However, there are some fees to be aware of:
- Fall below fee: If your account balance falls below S$3,000, you’ll be charged a fall below fee of S$5. This fee is charged on a monthly basis until your account balance is brought back up to S$3,000 or more.
- ATM fees: While DBS Multiplier Account allows for free withdrawals at DBS, POSB, and UOB ATMs, there may be charges for using other bank ATMs.
Early Account Closure Fees
If you decide to close your DBS Multiplier Account before the end of the year, you may be subject to an early account closure fee. The fee is S$30 and will be deducted from your account balance.
It’s important to note that the fees and charges associated with DBS Multiplier Account are subject to change. Be sure to check the DBS website or speak with a customer service representative to confirm the most up-to-date information.
Overall, the fees and charges associated with DBS Multiplier Account are relatively low and straightforward. By keeping a balance of at least S$3,000 in your account and using DBS, POSB, or UOB ATMs for withdrawals, you can avoid most fees.
DBS Multiplier Account Review Singapore: Savings Maximisation Strategies
If you’re looking to maximise your savings with the DBS Multiplier Account, there are a few strategies you can use to boost your interest rates. Here are some tips to help you make the most of your account:
Leveraging Bonus Interest Categories
One of the easiest ways to earn bonus interest on your DBS Multiplier Account is to leverage the bonus interest categories. These include salary credit, credit card spend, home loan, and investments. By meeting the requirements for each category, you can earn up to 3.8% p.a. in bonus interest.
To qualify for bonus interest on salary credit, you must credit your salary into your DBS Multiplier Account. The bonus interest rate increases with the amount of your salary credit, up to a maximum of 1.5% p.a. To qualify for bonus interest on credit card spend, you must spend a minimum amount on your DBS/POSB credit card each month. The bonus interest rate increases with the amount of your credit card spend, up to a maximum of 1.5% p.a.
To qualify for bonus interest on home loan, you must have an outstanding home loan with DBS/POSB. The bonus interest rate increases with the amount of your outstanding home loan, up to a maximum of 1.5% p.a. To qualify for bonus interest on investments, you must invest in certain products offered by DBS/POSB. The bonus interest rate increases with the amount of your investment, up to a maximum of 0.8% p.a.
Effective Use of Credit Cards
Another way to maximise your savings with the DBS Multiplier Account is to use your DBS/POSB credit card effectively. By using your credit card for everyday transactions, you can earn bonus interest on your account. To qualify for bonus interest on credit card spend, you must spend a minimum amount on your DBS/POSB credit card each month. The bonus interest rate increases with the amount of your credit card spend, up to a maximum of 1.5% p.a.
To make the most of your credit card spend, consider using your card for groceries, dining, and other everyday expenses. You can also take advantage of promotions and discounts offered by DBS/POSB to earn even more bonus interest on your account. By using your credit card effectively, you can boost your interest rates and maximise your savings with the DBS Multiplier Account.
DBS Multiplier Account Review Singapore: Security and Insurance
When it comes to your savings, security is of utmost importance. DBS Multiplier Account offers several security measures to ensure the safety of your money.
Deposit Insurance Scheme
Firstly, your deposits with DBS Multiplier Account are insured under the Deposit Insurance Scheme, which is administered by the Singapore Deposit Insurance Corporation (SDIC). This means that in the unlikely event of DBS Bank’s insolvency, your eligible deposits will be insured up to S$75,000 per depositor per Scheme member.
DBS’s Digital Security Measures
In addition to the Deposit Insurance Scheme, DBS Bank has implemented several digital security measures to protect your account. For example, you can set up two-factor authentication for your online banking transactions. This means that in addition to your password, you will need to input a one-time password (OTP) sent to your registered mobile number to complete the transaction.
Moreover, DBS Bank uses encryption technology to ensure the security of your online transactions. This means that your data is protected by a complex algorithm that makes it difficult for hackers to access your information.
Overall, DBS Multiplier Account provides a secure and safe platform for your savings. With the Deposit Insurance Scheme and DBS Bank’s digital security measures, you can rest assured that your money is in good hands.
DBS Multiplier Account Review Singapore: Comparative Analysis
DBS Multiplier vs Competitors
When it comes to high-interest savings accounts in Singapore, DBS Multiplier stands out as a popular choice. However, it’s always wise to compare it with its competitors to make an informed decision. Let’s take a look at how DBS Multiplier compares with some of its competitors.
DBS Multiplier vs UOB One
These are both popular high-interest savings accounts in Singapore. DBS Multiplier offers up to 3.8% p.a. interest, while UOB One offers up to 2.5% p.a. interest.
Both accounts require you to fulfill certain criteria to earn bonus interest rates. For example, with DBS Multiplier, you need to credit your salary and spend at least $500 via DBS PayLah! to earn bonus interest rates.
With UOB One, you need to credit your salary, spend at least $500 on your UOB credit card, and make at least 5 transactions on your UOB debit or credit card to earn bonus interest rates.
DBS Multiplier vs OCBC 360
These two other popular high-interest savings accounts in Singapore. DBS Multiplier offers up to 3.8% p.a. interest, while OCBC 360 offers up to 3.45% p.a. interest.
Both accounts require you to fulfill certain criteria to earn bonus interest rates. For example, with DBS Multiplier, you need to credit your salary and spend at least $500 via DBS PayLah! to earn bonus interest rates.
With OCBC 360, you need to credit your salary, pay any 3 bills using OCBC Online Banking, and spend at least $500 on your OCBC credit card to earn bonus interest rates.
High Interest Savings Accounts Comparison
DBS Multiplier is not the only high-interest savings account in Singapore. There are several other accounts that offer attractive interest rates. Here’s a quick comparison of some of the popular high-interest savings accounts in Singapore.
| Savings Account | Base Interest Rate | Maximum Interest Rate | Criteria to Earn Bonus Interest |
|---|---|---|---|
| DBS Multiplier | 0.05% p.a. | 3.8% p.a. | Credit your salary and spend at least $500 via DBS PayLah! |
| UOB One | 0.05% p.a. | 2.5% p.a. | Credit your salary, spend at least $500 on your UOB credit card, and make at least 5 transactions on your UOB debit or credit card |
| OCBC 360 | 0.05% p.a. | 3.45% p.a. | Credit your salary, pay any 3 bills using OCBC Online Banking, and spend at least $500 on your OCBC credit card |
| Maybank Save Up | 0.1875% p.a. | 3% p.a. | Credit your salary, pay any 3 bills using Maybank Online Banking, and spend at least $500 on your Maybank credit card |
| CIMB FastSaver | 0.5% p.a. | 1% p.a. | N/A |
As you can see, DBS Multiplier offers one of the highest maximum interest rates among high-interest savings accounts in Singapore. However, it’s important to note that each account has its own criteria to earn bonus interest rates, and you should choose an account that best suits your needs.
DBS Multiplier Account Review Singapore: Future Outlook
Interest Rate Trends and Predictions
Looking ahead, interest rates in Singapore are expected to remain low due to the ongoing economic uncertainty caused by the COVID-19 pandemic. However, the DBS Multiplier Account continues to offer attractive interest rates compared to other savings accounts in the market. With a maximum interest rate of 3.8% per annum, the account remains a viable option for those looking to earn higher returns on their savings.
Inflation and Its Impact on Savings
Inflation is a key factor that affects the purchasing power of your savings. With rising inflation rates, the value of your savings may decrease over time. However, the DBS Multiplier Account offers a way to combat inflation by providing higher interest rates that can help to offset the effects of inflation.
It’s important to keep in mind that inflation rates can fluctuate over time, and there is no guarantee that the interest rates offered by the DBS Multiplier Account will keep pace with inflation. Therefore, it’s always a good idea to regularly review your savings strategy and make adjustments as needed to ensure that you are keeping up with inflation and maximising your returns.
In summary, while interest rates and inflation rates may be subject to change, the DBS Multiplier Account remains a solid choice for those looking to earn higher returns on their savings. By staying up-to-date on interest rate trends and inflation rates, you can make informed decisions about your savings strategy and ensure that you are getting the most out of your money.
Frequently Asked Questions
How can I maximise my earnings with the DBS Multiplier Account?
To maximise your earnings with the DBS Multiplier Account, you need to transact in one or more of the following categories: credit card/PayLah! retail spend, home loan instalment, insurance, investments, adding up to S$500 or more. The more categories you transact in, the higher your bonus interest rate can be. Additionally, you can also earn higher interest rates by crediting your income into your DBS Multiplier Account.
What are the fees associated with maintaining a DBS Multiplier Account?
There are no fees associated with maintaining a DBS Multiplier Account. However, you need to maintain a minimum balance of S$3,000 to enjoy bonus interest rates.
How does the DBS Multiplier Account fare against the OCBC 360?
The DBS Multiplier Account and the OCBC 360 account are both popular high-interest savings accounts in Singapore. However, the DBS Multiplier Account offers higher interest rates for those who transact in multiple categories and have higher account balances. On the other hand, the OCBC 360 account offers higher interest rates for those who save in specific categories such as salary credit, insurance, and investments.
Can I open a joint DBS Multiplier Account and how does it work?
Yes, you can open a joint DBS Multiplier Account with another person. Both account holders will enjoy the same bonus interest rates as long as they meet the same criteria for salary credit and transaction categories. However, the maximum bonus interest rate for a joint account is capped at S$5,000 per month.
What are the criteria for salary credit to benefit from the DBS Multiplier Account?
To benefit from the DBS Multiplier Account, you need to credit your income into your account. The minimum salary credit amount is S$2,000 per month. You can also credit your income from a fixed deposit account, dividends, or rental income.
How does the DBS Multiplier Account compare with the UOB One Account in terms of benefits?
Both the DBS Multiplier Account and the UOB One Account offer high-interest rates for those who meet specific criteria. However, the DBS Multiplier Account offers higher interest rates for those who transact in multiple categories, while the UOB One Account offers higher interest rates for those who spend a minimum amount on their credit card and maintain a minimum account balance.
