Are you looking for a savings account that offers high-interest rates and a range of benefits? Look no further than the DBS/POSB Multiplier Account. First, you have to read this DBS/POSB Multiplier Account Review Singapore.
Why? Here you will learn more about this account, and why it’s for Singaporeans, Permanent Residents, and Foreigners who want to earn more on their savings while enjoying a host of additional features.
Understanding the DBS Multiplier Account is straightforward. The account is designed to reward you for your banking relationship with DBS/POSB. The more you transact, the higher your interest rate. You can earn up to 3.8% p.a. interest on your account balance, with no lock-in period. With a low minimum balance requirement of just S$3,000, it’s easy to get started and start earning.
Key Takeaways
- The DBS/POSB Multiplier Account is a high-interest savings account designed for Singaporeans, Permanent Residents, and Foreigners.
- The account rewards you for your banking relationship with DBS/POSB, with interest rates of up to 3.8% p.a.
- Maximise your earnings by transacting in multiple categories and maintaining a high account balance.
DBS/POSB Multiplier Account Review Singapore: Understanding the Account
If you are looking for a savings account that offers a competitive interest rate, then you should consider the DBS Multiplier Account. This account is designed to help you earn higher interest rates on your savings. In this section, we will explain what the DBS Multiplier Account is, how it works, and the benefits of using this account.
What Is the DBS Multiplier Account?
The DBS Multiplier Account is a savings account that offers a base interest rate of 0.05% per annum. However, you can earn higher interest rates by fulfilling certain criteria. The account is available to anyone who is at least 18 years old and has a valid Singapore identification card.
How Does the Multiplier Account Work?
The DBS Multiplier Account works by offering bonus interest rates based on the amount of money you deposit and your banking activities. To earn bonus interest rates, you need to fulfill at least one of the following criteria:
- Credit your salary into the account
- Make a minimum of 3 eligible transactions using your DBS/POSB debit or credit card
- Pay at least one bill via DBS/POSB iBanking or digibank app
- Buy an eligible insurance policy from DBS/POSB
The higher the amount of money you deposit and the more banking activities you perform, the higher your bonus interest rates will be. You can earn bonus interest rates ranging from 1.40% to 3.80% per annum.
Benefits of the Multiplier Account
The DBS Multiplier Account offers several benefits that make it an attractive savings account option:
- No minimum salary credit required: Unlike other savings accounts, the DBS Multiplier Account does not require you to credit a minimum salary to the account to earn bonus interest rates.
- Competitive interest rates: The account offers a base interest rate of 0.05% per annum, which is higher than the interest rates offered by many other savings accounts in Singapore.
- Easy to use: The account is easy to use, and you can manage your account through the DBS/POSB iBanking or digibank app.
- Flexibility: You can choose the banking activities that suit your lifestyle and financial goals to earn bonus interest rates.
In conclusion, the DBS Multiplier Account is an attractive savings account option for anyone who wants to earn higher interest rates on their savings. By fulfilling certain criteria, you can earn bonus interest rates ranging from 1.40% to 3.80% per annum. With its competitive interest rates, flexibility, and easy-to-use features, the DBS Multiplier Account is definitely worth considering.
DBS/POSB Multiplier Account Review Singapore: Eligibility and Account Opening
Who Can Open a Multiplier Account?
If you are a Singaporean, Permanent Resident, or Foreigner residing in Singapore, you are eligible to open a DBS/POSB Multiplier Account. To open the account, you must be at least 18 years old and have a valid identification document such as a National Registration Identity Card (NRIC) for Singaporeans and Permanent Residents, or a passport for foreigners.
Account Opening Process
Opening a DBS/POSB Multiplier Account is a quick and easy process that can be done online or in-person. To open an account online, you will need to provide your personal details and identification document number. You will also need to have a valid email address and phone number to receive notifications about your account.
If you prefer to open an account in-person, you can visit any DBS/POSB branch with your identification document and proof of address. Proof of address can be in the form of a utility bill or a bank statement that shows your name and address.
Once your account is open, you can start using it to deposit and withdraw money, as well as earn interest on your deposits. To earn bonus interest, you will need to credit your salary or make transactions in one or more of the eligible categories such as credit card spend, home loan, investments, or insurance.
Overall, the DBS/POSB Multiplier Account is an excellent choice for anyone looking for a high-interest savings account in Singapore. With its simple eligibility requirements and easy account opening process, it’s a great option for anyone looking to start saving and earning more on their deposits.
DBS/POSB Multiplier Account Review Singapore: Maximising Your Earnings
To maximise your earnings with the DBS/POSB Multiplier Account, you need to understand the different ways you can earn bonus interest rates. Here are the different ways you can earn bonus interest rates:
Salary Crediting and Income
The first and most important way to earn bonus interest rates is by crediting your salary into your DBS/POSB Multiplier Account. The more you earn, the higher your bonus interest rate will be. You can also earn bonus interest rates by increasing your monthly salary through a promotion or a new job.
Credit Card Spend and Retail Spend
Another way to earn bonus interest rates is by spending on your DBS/POSB credit card or by making retail purchases with PayLah!. The more you spend, the higher your bonus interest rate will be. You can also earn bonus interest rates by spending in different categories such as dining, online shopping, and groceries.
Investments and Insurance
You can also earn bonus interest rates by investing in a DBS/POSB unit trust or by purchasing an insurance policy from DBS/POSB. The more you invest or insure, the higher your bonus interest rate will be. You can also earn bonus interest rates by receiving dividends from your investments.
Home Loan Instalments
If you have a home loan with DBS/POSB, you can also earn bonus interest rates by making your monthly home loan instalments through GIRO.
To summarise, to maximise your earnings with the DBS/POSB Multiplier Account, you need to credit your salary, spend on your credit card or PayLah!, invest or insure with DBS/POSB, and make your home loan instalments through GIRO. By doing so, you can earn bonus interest rates of up to 3.8% p.a. on your account balance.
DBS/POSB Multiplier Account Review Singapore: Interest Rates and Calculations
Understanding Interest Rates
The DBS/POSB Multiplier Account offers competitive interest rates that can help you grow your savings faster. The interest rates for the account are split into two parts: the base interest rate and the bonus interest rate.
The base interest rate is set at 0.05% p.a. and is applied to your entire account balance. The bonus interest rate is applied on top of the base interest rate and is calculated based on the number of categories you fulfill. The more categories you fulfill, the higher the bonus interest rate you will receive.
Calculating Your Potential Earnings
To calculate your potential earnings with the DBS/POSB Multiplier Account, you need to consider both the base interest rate and the bonus interest rate. Here’s an example:
Let’s say you have a balance of $10,000 in your account and you fulfill two categories. Your bonus interest rate will be 1.8% p.a. (as of December 2023), which means you’ll earn an additional $180 in interest per year.
If you fulfill three categories, your bonus interest rate will be 2.4% p.a., which means you’ll earn an additional $240 in interest per year.
It’s important to note that the bonus interest rate is only applied to the first $100,000 of your account balance. Any balance above $100,000 will only earn the base interest rate of 0.05% p.a.
To maximize your earnings, you should aim to fulfill as many categories as possible and maintain a balance of at least $3,000 in your account. This will ensure that you receive the highest possible interest rate for your savings.
Overall, the DBS/POSB Multiplier Account offers a great way to earn higher interest rates on your savings. By understanding how the interest rates are calculated and maximizing your earnings potential, you can grow your savings faster and achieve your financial goals sooner.
DBS/POSB Multiplier Account Review Singapore: Interest Rates and Calculations
Minimum Balance and Fall Below Fee
To open a DBS/POSB Multiplier Account, you need to deposit a minimum of S$3,000. This is the minimum balance required to maintain the account. If your account balance falls below S$3,000, a fall-below fee of S$5 will be charged. It’s important to keep in mind that this fee is charged every month that your account balance falls below the minimum requirement.
Transaction Amounts and Account Services
DBS/POSB Multiplier Account offers a range of account services, including online banking, mobile banking, and ATM services. There are no fees for these services, and you can perform a range of transactions, such as fund transfers, bill payments, and checking your account balance, free of charge.
However, there are certain transaction limits that you need to be aware of. For example, the daily ATM withdrawal limit is S$3,000, and the daily online transfer limit is S$200,000. If you need to perform transactions that exceed these limits, you may need to contact DBS/POSB customer service.
In addition to these transaction limits, there are also certain fees that you need to be aware of. For example, if you use your DBS/POSB Multiplier Account debit card overseas, you may be charged a foreign transaction fee. The exact fee will depend on the currency and location of the transaction.
Overall, the DBS/POSB Multiplier Account is a great option for those looking to earn higher interest rates on their savings. However, it’s important to keep in mind the minimum balance requirements and transaction limits to avoid any unnecessary fees.
DBS/POSB Multiplier Account Review Singapore: Additional Features and Benefits
DBS PayLah! and Digital Banking
One of the most exciting benefits of the DBS/POSB Multiplier Account is that it comes with access to DBS PayLah!, the bank’s mobile wallet and payment app. With DBS PayLah!, you can easily transfer funds to friends and family, make payments at merchants, and even pay for your taxi rides. The app is incredibly user-friendly and allows you to manage your finances on-the-go.
In addition to DBS PayLah!, the DBS/POSB Multiplier Account also comes with access to the bank’s digital banking services. This means you can manage your account, view your transaction history, and even apply for loans and credit cards online. With the convenience of digital banking, you can save time and hassle by avoiding long queues at the bank.
DBS/POSB Products and Services
As one of the largest banks in Singapore, DBS/POSB offers a wide range of products and services to meet your financial needs. Whether you’re looking for a credit card, personal loan, or insurance policy, DBS/POSB has got you covered. As a Multiplier Account holder, you can also enjoy exclusive rates and discounts on selected products and services.
Promotions and Deals
DBS/POSB is known for offering some of the best promotions and deals in Singapore. As a Multiplier Account holder, you can take advantage of these promotions and save even more money. From cashback offers to discounts on dining and shopping, there’s always something new and exciting to look forward to.
To stay up-to-date on the latest promotions and deals, be sure to follow DBS/POSB on social media and check their website regularly. You can also sign up for their newsletter to receive exclusive offers and updates directly to your inbox.
In conclusion, the DBS/POSB Multiplier Account offers not only competitive interest rates, but also a range of additional features and benefits that make banking with DBS/POSB an exciting and convenient experience. With access to DBS PayLah!, digital banking services, a wide range of products and services, and exclusive promotions and deals, the Multiplier Account is a great choice for anyone looking to take their banking to the next level.
Comparative Analysis
When it comes to choosing the best savings account in Singapore, it can be tough to decide which one is right for you. Two popular options are the DBS Multiplier Account and the OCBC 360 Account. In this section, we’ll compare these two accounts as well as the DBS Multiplier Account and the UOB One Account.
DBS Multiplier vs OCBC 360 Account
The DBS Multiplier Account and the OCBC 360 Account are both popular savings accounts in Singapore. While they have some similarities, there are also some key differences to consider.
One of the main differences between the two accounts is the way they calculate interest. The DBS Multiplier Account offers higher interest rates for customers who have multiple products with the bank, such as credit cards, home loans, and insurance. On the other hand, the OCBC 360 Account offers higher interest rates for customers who complete certain tasks, such as paying bills online and using a debit card.
Another difference is the minimum balance required to earn interest. The DBS Multiplier Account requires a minimum balance of S$3,000, while the OCBC 360 Account requires a minimum balance of S$1,000.
DBS Multiplier vs UOB One Account
The DBS Multiplier Account and the UOB One Account are also popular savings accounts in Singapore. While they have some similarities, there are also some key differences to consider.
One of the main differences between the two accounts is the way they calculate interest. The DBS Multiplier Account offers higher interest rates for customers who have multiple products with the bank, such as credit cards, home loans, and insurance. On the other hand, the UOB One Account offers higher interest rates for customers who maintain a minimum balance and spend a certain amount on their UOB credit card.
Another difference is the minimum balance required to earn interest. The DBS Multiplier Account requires a minimum balance of S$3,000, while the UOB One Account requires a minimum balance of S$5,000.
Comparison Tools
To help you decide which savings account is right for you, DBS and OCBC both offer comparison tools on their websites. These tools allow you to compare the features and benefits of their savings accounts side by side.
In addition, there are also third-party websites that offer objective analysis of different savings accounts in Singapore. These sites can be a helpful resource when trying to decide which account is right for you.
Overall, when comparing the DBS Multiplier Account to other popular savings accounts in Singapore, it’s clear that it offers some unique benefits. However, the best account for you will depend on your individual financial situation and goals.
DBS/POSB Multiplier Account Review Singapore: Customer Experiences and Reviews
Testimonials and Feedback
If you’re considering opening a DBS/POSB Multiplier Account, you may be wondering what other customers have to say about their experiences with the account. One happy customer on MoneySmart.sg praised the account for its “simple and easy-to-use platform,” and noted that the bonus interest rates “really add up over time.” Another reviewer on LoanAdvisor.sg appreciated the “competitive interest rates” and found the account “easy to manage and track.”
Of course, not all reviews are positive. One reviewer on SG Budget Babe found that the account’s bonus interest rates were “quite out of reach for most of us unless you earn an eye-popping salary each month.” Another reviewer on MoneySmart.sg found the account “a bit complicated” to set up, but ultimately worthwhile for the higher interest rates.
Expert Opinions and Ratings
In addition to customer reviews, it’s always helpful to consider expert opinions and ratings when choosing a savings account. According to a review on SG Budget Babe, the DBS/POSB Multiplier Account is “still the best” savings account available, thanks to its “competitive interest rates” and “flexible bonus categories.” The review notes that the account is especially beneficial for those with a home loan or significant credit card spend.
Another review on MoneySmart.sg gave the account a rating of 4.5 out of 5 stars, noting that the account “offers one of the highest bonus interest rates in Singapore” and is “great for those who can fulfill the bonus criteria.” The review also notes that the account is “easy to use” and “offers a good range of bonus categories.”
Overall, customer experiences and expert opinions suggest that the DBS/POSB Multiplier Account is a solid choice for those looking for a savings account with competitive interest rates and flexible bonus categories. While the account may not be the right fit for everyone, it’s worth considering if you meet the bonus criteria and are looking for a savings account with higher interest rates.
DBS/POSB Multiplier Account Review Singapore: Strategic Financial Planning
When it comes to managing your finances, the DBS/POSB Multiplier Account can be a valuable tool for strategic financial planning. Depending on your financial goals and life stage, there are different ways to maximise the benefits of this savings account.
For the First Jobber and Working Adult
As a first jobber or working adult, you may be focused on building up your savings and planning for the future. The DBS/POSB Multiplier Account can help you achieve these goals by offering bonus interest rates for salary credit, credit card spend, and other eligible transactions.
To make the most of this account, consider setting up a salary credit arrangement and using a DBS/POSB credit card for your daily expenses. You can also explore investment products and financial planning services offered by DBS to help grow your wealth over time.
For Couples and Retirees
If you are a couple or retiree, the DBS/POSB Multiplier Account can be a useful tool for joint financial planning. By opening a Joint-Alternate Account, you can earn bonus interest rates for joint transactions and enjoy greater convenience in managing your finances together.
For retirees, the CPF LIFE scheme and other retirement planning options can also be integrated with the Multiplier Account to optimise your retirement income and protect against inflation. Additionally, DBS offers a range of financial products and services tailored to the needs of seniors, including insurance, wealth management, and estate planning.
Overall, the DBS/POSB Multiplier Account is a versatile savings account that can be customised to your unique financial needs and goals. By taking advantage of the bonus interest rates and other benefits offered by this account, you can achieve greater financial security and peace of mind.
DBS/POSB Multiplier Account Review Singapore: Conclusion
Congratulations! You have reached the end of our DBS/POSB Multiplier Account review. We hope that this article has been helpful to you in understanding the different features and benefits of this account.
As a quick recap, the DBS Multiplier Account is a savings account that offers a base interest rate of 0.05% p.a. with the potential to earn bonus interest rates of up to 3.80% p.a. when you invest, insure, or take a home loan with DBS. This account is available to Singaporeans, Permanent Residents, and foreigners.
If you are looking to invest your money and earn higher interest rates, the DBS Multiplier Account is a great option to consider. It offers competitive interest rates and a variety of investment options to choose from.
For those who are just starting to save, the DBS Multiplier Account is a good savings account to consider. It offers a base interest rate of 0.05% p.a. and requires a minimum average daily balance of S$3,000.
Overall, the DBS Multiplier Account is a versatile savings account that offers a range of benefits to its customers. Whether you are looking to invest, save, or insure, this account has something to offer. So why not give it a try and see how it can help you reach your financial goals?
Frequently Asked Questions
How can I amplify my savings with the DBS Multiplier Account?
The DBS Multiplier Account is a personal multi-currency deposit account that rewards bonus interest when you transact with DBS/POSB. To amplify your savings with the DBS Multiplier Account, you need to credit your income.
In addition, you can transact in one or more of the following categories: credit card/PayLah! retail spending, home loan installment, insurance, investments, adding up to S$500 or more. The more categories you transact in, the higher the interest you earn.
What are the perks of having a joint DBS Multiplier Account?
A joint DBS Multiplier Account allows you to enjoy higher interest rates on your savings as compared to an individual account. You can also pool your income with your partner to earn higher interest rates.
Additionally, you can enjoy the convenience of managing your finances together with your partner.
Are there any fees associated with maintaining a DBS Multiplier Account?
There are no monthly fees or fall-below fees associated with maintaining a DBS Multiplier Account. However, there may be charges for certain transactions, such as overseas cash withdrawals and cheque services.
How does the DBS Multiplier Account fare against the POSB Everyday Savings Account?
The DBS Multiplier Account offers higher interest rates than the POSB Everyday Savings Account. While the POSB Everyday Savings Account offers a base interest rate of 0.05% p.a, the DBS Multiplier Account offers a base interest rate of up to 0.8% p.a.
Additionally, the DBS Multiplier Account rewards bonus interest when you transact with DBS/POSB.
What steps should I take to switch from a POSB Savings to a DBS Multiplier Account?
To switch from a POSB Savings to a DBS Multiplier Account, you can either visit a DBS/POSB branch or apply online. You will need to provide your personal details and relevant documents such as your NRIC and income documents.
Once your application is approved, your POSB Savings Account will be closed, and your funds will be transferred to your new DBS Multiplier Account.
Could you enlighten me on the potential drawbacks of the DBS Multiplier Account?
One potential drawback of the DBS Multiplier Account is that it requires you to transact in multiple categories to earn bonus interest. If you do not transact in the required categories, you will only earn the base interest rate.
Additionally, the bonus interest rates are tiered, which means that you will earn a higher interest rate only if you transact in more categories.