If you’re looking for a high-interest savings account in Singapore, the DBS Multiplier Account might be just what you need. With interest rates of up to 4.1% per annum, this account offers a great way to maximise your earnings. Plus, it’s easy to get bonus interest and there’s no minimum spend required.
To get the most out of your DBS Multiplier Account, you’ll need to understand how it works. The interest rate you qualify for is determined by your monthly eligible transactions with DBS/POSB. Bonus interest rates of up to 4.1% p.a. are applicable only up to the first S$100,000 in the DBS Multiplier Account. If your transactions do not meet the criteria, the S$ balance in your account will be accorded the base interest rate of 0.05% p.a.
One of the great things about the DBS Multiplier Account is that it offers investment opportunities with DBS. You can invest in a wide range of products, including stocks, bonds, and unit trusts. Plus, you can enjoy banking features and digital services that make managing your money easy and convenient. In this article, we’ll take a closer look at the DBS Multiplier Account and everything it has to offer.
Key Takeaways
- The DBS Multiplier Account offers up to 4.1% interest per annum and is a great way to maximise your earnings.
- To qualify for the bonus interest rates, you’ll need to meet certain criteria each month.
- The account offers investment opportunities, banking features, and digital services that make managing your money easy and convenient.
Understanding the DBS Multiplier Account
If you’re looking for a savings account in Singapore that can offer you high-interest rates, then the DBS Multiplier Account is an excellent option to consider. This account is designed to help you maximize your savings with a base interest rate of 0.05% p.a. and a bonus interest rate of up to 4.10% p.a.
Eligibility and Account Opening
To open a DBS Multiplier Account, you must be at least 18 years old and have a valid Singapore identification card. You can open an account online or by visiting any of the DBS branches in Singapore. There is no minimum amount required to open the account, but you must maintain a minimum balance of S$3,000 to earn the base interest rate.
Base and Bonus Interest Rates
The DBS Multiplier Account offers two types of interest rates: base interest and bonus interest. The base interest rate is fixed at 0.05% p.a., while the bonus interest rate can range from 0.40% p.a. to 4.10% p.a., depending on the number of eligible transactions you make each month.
To qualify for the bonus interest rate, you must perform at least one transaction in each of the five eligible transaction categories, which include salary credit, credit card spend, home loan instalment, insurance, and investments. The more eligible transactions you make, the higher your bonus interest rate will be.
It’s important to note that the maximum bonus interest rate of 4.10% p.a. is only applicable for account balances of up to S$100,000. Any amount above S$100,000 will earn a bonus interest rate of 0.05% p.a.
In conclusion, the DBS Multiplier Account is an excellent option for those looking to maximize their savings in Singapore. With its base and bonus interest rates, you can earn up to 4.10% p.a. on your savings, depending on the number of eligible transactions you make each month.
Maximising Your Earnings
If you’re looking to maximise your earnings with DBS Multiplier, there are a few ways to do so. By following these tips, you can earn up to 4.1% p.a. on your savings of up to $100,000.
Salary Crediting and Income Streams
One way to earn higher interest rates on your savings is by crediting your salary into your DBS Multiplier account. This can earn you bonus interest rates of up to 1.8% p.a. Additionally, you can earn bonus interest rates by having eligible income streams such as dividends and rental income credited into your account.
Optimising Credit Card Spend
Another way to earn bonus interest rates is by optimising your credit card spend. You can earn bonus interest rates of up to 0.6% p.a. by spending a minimum of $500 on eligible DBS/POSB credit cards. This can be achieved by using your credit card for daily expenses such as groceries, dining, and transportation.
Leveraging Home Loan Instalments
If you have an existing home loan with DBS, you can earn bonus interest rates by making your home loan instalments through your DBS Multiplier account. By doing so, you can earn bonus interest rates of up to 1.5% p.a. Additionally, you can earn bonus interest rates by having eligible insurance premiums deducted from your account.
By following these tips, you can maximise your earnings with DBS Multiplier and earn up to 4.1% p.a. on your savings of up to $100,000. Remember to always check the terms and conditions to ensure that you are eligible for bonus interest rates.
Investment Opportunities with DBS
If you’re looking for investment opportunities in Singapore, DBS offers a range of options to suit your needs. Here are two of the most popular:
DBS Vickers and Equity Trading
DBS Vickers is a leading securities and derivatives brokerage firm, offering a range of investment products to help you build your portfolio. With DBS Vickers, you can trade equities, futures, options, and more, both locally and globally.
Equity trading is a popular investment option, allowing you to buy and sell shares in companies listed on stock exchanges. With DBS Vickers, you can access real-time market data, research reports, and trading tools to help you make informed investment decisions.
Unit Trusts and Regular Savings Plans
Unit trusts are a type of investment product that pools money from multiple investors to invest in a range of assets, such as stocks, bonds, and commodities. This diversification helps to spread risk and can potentially lead to higher returns.
DBS offers a range of unit trusts to suit different risk profiles and investment goals. You can also set up a regular savings plan with DBS Invest-Saver, which allows you to invest in a range of unit trusts with as little as $100 per month.
If you’re looking for a more hands-off approach, DBS also offers the DigiPortfolio, a digital investment management service that uses algorithms to create and manage a diversified portfolio for you.
In conclusion, DBS offers a variety of investment options to suit different needs and risk profiles, from equity trading with DBS Vickers to unit trusts and regular savings plans with DBS Invest-Saver. With real-time market data, research reports, and trading tools, DBS can help you make informed investment decisions and potentially grow your wealth over time.
Banking Features and Digital Services
DBS Multiplier Account offers a range of digital services that make banking easier and more convenient for you. Here are some of the features that you can enjoy:
PayNow and PayLah! Integration
DBS Multiplier Account allows you to integrate your account with PayNow and PayLah! This means that you can easily transfer money to your friends and family using their mobile phone number or NRIC/FIN. You can also receive money from others using PayNow or PayLah! This feature is especially useful for those who frequently use digital payment methods.
Online Banking and Mobile App Usability
DBS Multiplier Account offers a user-friendly online banking platform and mobile app that allows you to check your account balance, view transaction history, and transfer money easily. The mobile app also allows you to pay bills, manage your investments, and apply for new products and services. The app is available for both iOS and Android devices, and it is regularly updated to ensure that it is always running smoothly.
In addition, DBS Multiplier Account allows you to use SingPass to log in to your account. SingPass is a secure login method that is used by many government agencies in Singapore. This makes it easy for you to access your account securely and conveniently.
Overall, DBS Multiplier Account offers a range of digital services that make banking easier and more convenient for you. With PayNow and PayLah! integration, user-friendly online banking and mobile app usability, and SingPass login, you can manage your finances easily and securely.
Additional Perks and Considerations
Foreign Currency and Overseas Benefits
If you frequently travel or have foreign currency transactions, the DBS Multiplier Account offers additional benefits. You can enjoy preferential exchange rates and no fees for foreign currency transactions. Moreover, if you maintain a foreign currency balance of at least $1,000, you can earn bonus interest rates of up to 1.5% p.a.
Insurance and Wealth Planning
The DBS Multiplier Account also offers insurance and wealth planning benefits. You can enjoy preferential rates for insurance products, such as life, travel, and home insurance. Additionally, you can access wealth planning services, including investment and retirement planning.
It is important to note that these additional benefits are subject to terms and conditions, and eligibility criteria. Therefore, it is recommended to review the terms and conditions before applying for the DBS Multiplier Account.
In conclusion, the DBS Multiplier Account offers not only high interest rates but also additional benefits for foreign currency transactions, insurance, and wealth planning. If you frequently travel, have foreign currency transactions, or are interested in insurance and wealth planning, the DBS Multiplier Account may be a suitable option for you.
Frequently Asked Questions
What perks can I expect with a DBS Multiplier account holding S$100,000?
If you have S$100,000 in your DBS Multiplier account, you can expect to earn higher interest rates as compared to accounts with lower balances. You can earn up to 3.8% p.a. on your account balance. Additionally, you can also enjoy other perks such as cashback on your credit card spend, fee waivers on selected banking services, and more.
How can I boost the interest earned on my DBS Multiplier account?
To boost the interest earned on your DBS Multiplier account, you can credit your salary or dividends, and transact in one or more of the following categories: credit card spend, home loan instalment, insurance, and investments. The more categories you transact in, the higher your interest rate will be.
What’s the maximum interest rate attainable with the DBS Multiplier?
The maximum interest rate attainable with the DBS Multiplier is 3.8% p.a. This rate is achievable when you have a balance of S$100,000 or more in your account and transact in at least three categories.
Are there any specific balance requirements to maintain in a DBS Multiplier account?
Yes, there are specific balance requirements to maintain in a DBS Multiplier account. To earn interest, you need to maintain a minimum average daily balance of S$3,000 in your account. However, to enjoy the maximum interest rate of 3.8% p.a., you need to have a balance of S$100,000 or more.
Can one hold multiple currencies in a DBS Multiplier account?
Yes, you can hold multiple currencies in a DBS Multiplier account. The account supports Singapore Dollar and 12 foreign currencies, all in one account.
Is the DBS Multiplier account still a top choice for savings in 2024?
Yes, the DBS Multiplier account is still a top choice for savings in 2024. It offers competitive interest rates, cashback on credit card spend, fee waivers, and other perks. Moreover, it allows you to hold multiple currencies in one account, making it a convenient option for those who frequently transact in different currencies.