If you’re looking for a high-interest savings account in Singapore, the DBS Multiplier Account might be a great option for you. With interest rates of up to 4.10% p.a., the Multiplier Account can help you maximise your savings and earn more on your deposits.
To help you get started, this article will cover everything you need to know about the DBS Multiplier Account. We’ll explore the eligibility requirements, account opening process, and how to maximise your savings through transactions and salary crediting. We’ll also take a look at the investment and insurance options available, as well as additional benefits and features that come with the account.
Whether you’re new to banking or just looking for a better way to manage your finances, the DBS Multiplier Account is definitely worth considering. So read on to learn more about this exciting savings account and how it can help you reach your financial goals.
Key Takeaways
- The DBS Multiplier Account is a high-interest savings account that can help you maximise your savings and earn more on your deposits.
- To be eligible for the Multiplier Account, you’ll need to meet certain requirements, such as minimum monthly transactions or salary crediting.
- By taking advantage of the investment and insurance options available, you can further maximise your savings and earn even more on your deposits.
Understanding the DBS Multiplier Account
If you’re looking for a savings account that rewards you for your banking activity, the DBS Multiplier Account might be just what you need. This account is designed to give you higher interest rates on your savings based on the number of transactions you make with DBS/POSB. Here’s everything you need to know about the DBS Multiplier Account.
What Is a Multiplier Account?
A multiplier account is a type of savings account that rewards you for your banking activity. Unlike traditional savings accounts, which offer a fixed interest rate regardless of your banking activity, multiplier accounts give you higher interest rates based on the number of transactions you make with the bank. The more transactions you make, the higher your interest rate will be.
How Does the DBS Multiplier Work?
The DBS Multiplier Account works by giving you bonus interest on top of your base interest rate, based on the number of transactions you make with DBS/POSB. To qualify for bonus interest, you need to credit your income and 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 will be. For example, if you transact in two categories, you’ll get a higher bonus interest rate than if you only transact in one category. The maximum bonus interest rate you can earn is 1.8% per year, on top of your base interest rate.
Key Features of the DBS Multiplier
- No minimum amount required: You can open a DBS Multiplier Account with any amount of money.
- Good interest rates: The DBS Multiplier Account offers good interest rates on your savings, with a maximum interest rate of 4.1% per year.
- Multiple categories: You can transact in multiple categories to earn bonus interest, including credit card/PayLah! retail spend, home loan instalment, insurance, and investments.
- Easy to use: The DBS Multiplier Account is easy to use and can be managed online or through the DBS/POSB mobile app.
Overall, the DBS Multiplier Account is a great way to earn higher interest rates on your savings while still having easy access to your money. Whether you’re saving for a rainy day or for a specific goal, the DBS Multiplier Account can help you get there faster.
Eligibility and Account Opening
Who Can Open a DBS Multiplier Account?
Are you a Singaporean or Permanent Resident aged 18 and above? Then you are eligible to open a DBS Multiplier Account! You can also open a joint account with another individual who meets the same eligibility criteria.
If you are a tertiary student or a young working adult, you can also open a DBS Multiplier Account. Freelancers can also apply for this account.
Steps to Open Your Multiplier Account
The account opening process is quick and easy. You can open your account online using your SingPass or MyInfo account. Alternatively, you can visit any DBS or POSB branch with your passport, proof of address, and income documents to open your account.
To open a joint account, both parties must be present at the branch with their identification documents.
Once your account is open, you can start earning interest on your savings by transacting 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.
Remember, there is no minimum amount required to open a DBS Multiplier Account. So, what are you waiting for? Open your account today and start earning higher interest rates on your savings!
Maximising Your Savings
If you are looking to maximise your savings, the DBS Multiplier Account is an excellent option. With its attractive interest rates of up to 4.10% p.a., you can earn bonus interest on top of your base interest when you transact with DBS/POSB. Here are some tips to help you make the most of your DBS Multiplier Account.
Earning Bonus Interest
To earn bonus interest, you need to credit your income and 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. By doing so, you can unlock a higher bonus interest rate on your account balance.
Understanding the Multiplier Effect
The DBS Multiplier Account uses a “multiplier effect” to calculate your bonus interest. This means that the more eligible transactions you make, the higher your bonus interest rate will be. For example, if you credit your salary and spend on your credit card, you will earn a higher bonus interest rate than if you only credit your salary.
Categories for Higher Interest
To maximise your bonus interest, it’s important to understand which categories can earn you the highest bonus interest rate. According to DBS, the following categories are eligible for bonus interest:
- Credit card spend
- Home loan instalment
- Insurance
- Investments
By transacting in these categories, you can earn up to 4.10% p.a. on your account balance. However, do note that there is a balance cap of S$100,000 for each category.
In conclusion, the DBS Multiplier Account is a great way to maximise your savings and earn attractive interest rates. By understanding how the multiplier effect works and transacting in eligible categories, you can earn bonus interest on top of your base interest and grow your savings faster.
Transactions and Salary Crediting
If you are looking for a high-interest savings account, the DBS Multiplier Account could be a great option. To make the most of this account, you need to know about eligible transactions and salary crediting.
Eligible Transactions for Multiplier Account
To qualify for bonus interest rates on your DBS Multiplier Account, you need to transact in one or more of the following categories:
- Credit card spend
- Home loan instalment
- Insurance
- Investments
According to DBS Singapore, eligible credit card spend by both main and supplementary cards are accorded to the main cardholder. However, do note that not all credit card transactions are eligible for bonus interest. Only retail spend is eligible, and not cash advances, balance transfers, or instalment payment plans.
Salary Crediting and the Multiplier
The DBS Multiplier Account rewards you with bonus interest when you credit your income to any DBS/POSB account of your choice. This includes salary, dividends, and other regular income.
To qualify for bonus interest rates, you need to credit your salary to any DBS/POSB account of your choice. There is no minimum salary amount required, but your salary must be credited monthly.
In addition to salary crediting, you can also transact in the eligible categories mentioned above to earn bonus interest rates. For example, if you have a home loan with DBS, you can earn bonus interest by paying your home loan instalment through GIRO.
Overall, the DBS Multiplier Account is a great option for those who want to earn higher interest rates on their savings. By understanding eligible transactions and salary crediting, you can make the most of this account and maximise your earnings.
Investment and Insurance Options
If you’re looking to invest your money, the DBS Multiplier Account offers several investment options to choose from. Here are some of the investment options that you can consider:
Investing with DBS Multiplier
With DBS Multiplier, you can invest in a variety of investment products, including DBS Invest-Saver, DBS Online Equity Trading, and Unit Trust. You can also invest in DBS Unit Trusts and DBS Online Funds Investing. These investment products offer a range of investment options, from low-risk to high-risk, so you can choose the one that best suits your investment goals.
Insurance Products and the Multiplier
The DBS Multiplier Account also offers insurance products that can help you protect your investment. You can purchase insurance policies via DBS/POSB after opening your DBS Multiplier Account. These policies include annuities credit and dividend credit. However, it’s worth noting that existing insurance policies you have before account opening will not be recognised.
If you’re looking for a more hands-off approach to investing, you can consider the DigiPortfolio. This is a digital investment portfolio that is managed by DBS. With DigiPortfolio, you can choose from a range of portfolios that are tailored to your investment goals and risk tolerance.
Overall, the DBS Multiplier Account offers a range of investment and insurance options that can help you grow and protect your wealth. So, if you’re looking for a high-interest savings account that also offers investment and insurance options, the DBS Multiplier Account is definitely worth considering.
Additional Benefits and Features
If you are considering opening a DBS Multiplier Account, you will be glad to know that it comes with a range of additional benefits and features that make it an attractive option for many people. Here are some of the key benefits that you can enjoy:
Multi-Currency and Overseas Advantages
One of the most significant benefits of the DBS Multiplier Account is that it is a multi-currency account. This means that you can hold and transact in multiple foreign currencies, as well as the Singapore dollar. This feature is particularly useful if you frequently travel overseas or need to make international transactions.
With the DBS Multi-Currency Account, you can also enjoy competitive exchange rates and low fees for foreign currency deposits and withdrawals. You can also use your DBS debit card to make purchases in foreign currencies without incurring any additional fees.
Digital Banking with DBS
Another great feature of the DBS Multiplier Account is that it comes with access to DBS’s award-winning digital banking platform, digibank. With digibank, you can manage your finances easily and conveniently from your computer or mobile device.
Digibank offers a range of features, including online banking, bill payment, and investment management tools. You can also use digibank to track your spending, set savings goals, and manage your budget.
In addition to these features, DBS also offers a range of other benefits to Multiplier Account holders, such as cashback rewards for certain transactions and discounts on selected products and services. Overall, the DBS Multiplier Account is an excellent choice for anyone looking for a flexible and convenient banking solution that offers a range of benefits and features.
Managing Your Multiplier Account
Congratulations on opening a DBS Multiplier Account! Now that you have your account set up, it’s time to manage it effectively. Here are some important things to keep in mind when managing your account.
Tracking Your Transactions
To ensure that you are meeting the transaction requirements for your bonus interest, it’s important to keep track of your transactions. You can do this easily by logging into your DBS iBanking or DBS digibank app and checking your transaction history. Each transaction will have a transaction code and description, which you can use to identify which category it falls under.
Understanding Interest Calculations
Your DBS Multiplier Account pays you interest in two parts: base interest and bonus interest. Your base interest is calculated based on your end-of-day SGD balance and is credited to your account on the last day of each month. Bonus interest is calculated based on the transactions you make in each category and is credited to your account by the 7th working day of the next month.
To get an estimate of how much interest you could earn, you can use the DBS Multiplier Account Calculator. Simply input your expected transactions for each category and the calculator will show you an estimate of your interest per annum.
It’s important to note that your bonus interest rate is tiered, meaning that the more transactions you make, the higher your bonus interest rate will be. So, make sure to transact as much as possible to maximise your interest earnings!
Overall, managing your DBS Multiplier Account is easy and straightforward. By tracking your transactions and understanding how your interest is calculated, you can make the most of your account and earn more money!
Frequently Asked Questions
What are the thrilling benefits of having a DBS Multiplier Account?
A DBS Multiplier Account offers a range of benefits that make it an exciting option for anyone looking to maximise their savings. For starters, the account pays competitive interest rates that are based on the amount of money you deposit and the number of transactions you make each month. Additionally, you can enjoy a range of exclusive deals and discounts on a variety of products and services, including travel, dining, and shopping.
How can one maximise their earnings with a DBS Multiplier Account?
To maximise your earnings with a DBS Multiplier Account, you should aim to make the most of the different transaction categories that are available. This includes using your credit card or PayLah! for retail spend, paying your home loan instalment, investing in eligible financial products, and purchasing eligible insurance products. By doing so, you can earn bonus interest on top of the base interest that is already paid on your account.
Is there a minimum balance requirement for the DBS Multiplier Account, and can it be waived?
Yes, there is a minimum balance requirement for the DBS Multiplier Account. However, this requirement can be easily waived if you are able to meet the transaction criteria each month. This means that as long as you are making the required transactions, you won’t need to worry about maintaining a minimum balance in your account.
What are the current interest rates offered by the DBS Multiplier Account?
The current interest rates offered by the DBS Multiplier Account are highly competitive and are based on the amount of money you deposit and the number of transactions you make each month. The interest rates are tiered, which means that the more you deposit and transact, the higher the interest rate you will receive. You can find the latest interest rates on the DBS website.
How does one go about closing their DBS Multiplier Account, and can it be done online?
If you need to close your DBS Multiplier Account, you can easily do so by visiting a DBS branch or by contacting the bank’s customer service team. You can also close your account online by logging in to your DBS iBanking account. However, please note that you may be subject to certain charges or penalties if you close your account before the end of the minimum holding period.
Are there any charges or penalties for closing a DBS Multiplier Account?
Yes, there may be charges or penalties for closing a DBS Multiplier Account before the end of the minimum holding period. These charges may vary depending on the specific terms and conditions of your account, so it’s important to check with the bank before closing your account. Additionally, if you have any outstanding loans or credit card balances, you will need to settle these before closing your account.
