If you’re looking for a high-interest savings account in Singapore, the DBS Multiplier Account may be just what you need. With interest rates of up to 4.10% p.a., this account is a great way to maximise your savings and grow your wealth. In this article, we’ll take a closer look at the DBS Multiplier Account and how it works.
To start, the DBS Multiplier Account is designed to reward you for your banking relationship with DBS. You can earn bonus interest rates by meeting certain requirements, such as crediting your salary, transacting in multiple categories, and more. The more you do with DBS, the higher your interest rate can be. Plus, you’ll earn a base interest rate of 0.05% p.a. on your account balance.
If you’re interested in opening a DBS Multiplier Account, keep reading to learn more about how it works and how you can maximise your interest. We’ll also cover additional benefits and features of the account, as well as account management and services. With the DBS Multiplier Account, you can take control of your finances and start earning more on your savings today.
Key Takeaways
- The DBS Multiplier Account is a high-interest savings account in Singapore, with interest rates of up to 4.10% p.a.
- You can earn bonus interest rates by meeting certain requirements, such as crediting your salary and transacting in multiple categories.
- In addition to high interest rates, the DBS Multiplier Account offers a range of benefits and features, including account management and services.
Understanding DBS Multiplier Account
If you are looking for a high-interest savings account in Singapore, DBS Multiplier Account might be a good option for you. This account offers bonus interest rates of up to 4.10% p.a., making it an attractive choice for those who want to maximize their savings.
What Is DBS Multiplier?
DBS Multiplier is a personal multi-currency deposit account that rewards bonus interest when you transact with DBS/POSB. This account allows you 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 $500 or more.
How Does the Multiplier Account Work?
The interest rate you qualify for is determined by your monthly eligible transactions with DBS/POSB. If your transactions meet the criteria, you can earn bonus interest rates of up to 4.10% p.a. on the first $100,000 in your DBS Multiplier Account.
To qualify for the bonus interest rates, you need to credit your salary or make regular monthly contributions into your DBS Multiplier Account. You also need to transact in at least one of the eligible categories mentioned above.
Moreover, the DBS Multiplier Account is a multi-currency account that comes with digibank and eStatement. It does not come with cheque facilities. You can open only one DBS Multiplier Account and enrol in either DBS Multiplier Account or POSB Cashback Bonus.
In summary, the DBS Multiplier Account is a great option for those who want to maximize their savings and earn bonus interest rates. With a variety of eligible transactions, it is easy to qualify for the bonus interest rates and earn more on your savings.
Maximising Your Interest
To maximise your interest with DBS Multiplier Account, you need to ensure that you meet the eligibility criteria, understand the interest rate tiers and optimise your transactions.
Eligibility and Requirements
To be eligible for the DBS Multiplier Account, you need to be a Singapore citizen, permanent resident, or foreigner with a valid employment pass. You also need to be at least 18 years old and have a minimum initial deposit of $3,000.
Interest Rate Tiers
The DBS Multiplier Account offers interest rates of up to 4.10% p.a. depending on the amount of eligible transactions you make. The interest rate tiers are as follows:
| Eligible Transactions | Interest Rate |
|---|---|
| Credit Card Spend | 0.4% |
| Home Loan Instalment | 0.8% |
| Insurance | 1.6% |
| Investments | 2.0% |
| Salary Credit | 0.4% – 1.6% |
Optimising Transactions
To maximise your interest, you need to optimise your transactions. You can do this by using your DBS credit card for retail spend, taking up a home loan with DBS, purchasing insurance products through DBS, and investing in DBS investment products. You can also credit your salary to your DBS Multiplier Account, which will earn you additional interest.
It is important to note that bonus interest rates of up to 4.10% p.a. are applicable only up to the first $100,000 in the DBS Multiplier Account. If your transactions do not meet the criteria, the balance in your DBS Multiplier Account will be accorded the base interest rate.
In conclusion, to maximise your interest with DBS Multiplier Account, you need to ensure that you meet the eligibility criteria, understand the interest rate tiers, and optimise your transactions. By doing so, you can earn higher interest rates and enjoy risk-free returns on your savings.
Additional Benefits and Features
If you’re looking to grow your wealth and plan for your future, the DBS Multiplier Account offers a range of additional benefits and features that can help you achieve your financial goals. Here are some of the key features you can enjoy with this high-interest savings account.
Wealth Planning and Investments
The DBS Multiplier Account gives you access to a range of wealth planning and investment options, including unit trusts and equity trades. With unit trusts, you can invest in a diversified portfolio of assets, which can help to spread your risk and potentially generate higher returns over the long term. Equity trades, on the other hand, allow you to buy and sell individual stocks and shares, giving you more control over your investment strategy.
Savings and Retirement Planning
Whether you’re saving for a big purchase or planning for your retirement, the DBS Multiplier Account can help you achieve your savings goals. With the CPF (Central Provident Fund) and CPF LIFE (Lifelong Income For the Elderly) schemes, you can enjoy tax-free interest on your savings, as well as a range of other benefits such as healthcare subsidies and retirement payouts. Additionally, the SGF Index (Singapore Government Securities Fund Index) can help you to diversify your savings and potentially generate higher returns over the long term.
Other features of the DBS Multiplier Account include the DigiPortfolio, which allows you to invest in a range of ETFs (Exchange-Traded Funds) and managed portfolios, and the ability to link your account to other DBS products such as credit cards and loans.
Overall, the DBS Multiplier Account is a great option if you’re looking for a high-interest savings account with a range of additional benefits and features. With its wealth planning and investment options, savings and retirement planning schemes, and other features, it’s a versatile and flexible account that can help you achieve your financial goals.
Account Management and Services
Managing your DBS Multiplier account is easy and convenient with the bank’s digital banking and mobile solutions. You can access your account anytime and anywhere through the DBS digibank app or iBanking platform. You can view your account balance, transaction history, and even perform transactions such as fund transfers and bill payments.
Digital Banking and Mobile Solutions
The DBS digibank app is a user-friendly platform that allows you to manage your DBS Multiplier account on-the-go. With the app, you can easily perform transactions, view your account balance and transaction history, and even apply for new products and services. You can also use the app to access other DBS services such as DBS Paylah! and Vickers Online Trading.
In addition, you can link your DBS Multiplier account to your SingPass account for added convenience. With SingPass, you can access a range of government services and transactions, including the ability to view your CPF balance and apply for HDB flats.
Fees and Charges
DBS Multiplier account holders enjoy no monthly service charge, making it a cost-effective savings account option. However, there are some fees and charges that you should be aware of. For example, if you hold a foreign currency balance in your account, you may be subject to exchange rate fluctuations and FX conversion fees.
It is important to note that some services, such as Autosave and certain investment products, may come with additional fees and charges. Be sure to read the terms and conditions carefully before signing up for any additional services.
Overall, the DBS Multiplier account offers a range of convenient account management and digital banking solutions, as well as cost-effective fees and charges. With its high interest rates and easy-to-use platform, it is a great option for those looking to maximise their savings in Singapore.
Getting Started with DBS Multiplier
If you’re looking to open a high-interest savings account in Singapore, the DBS Multiplier account is a great option. Here’s what you need to know to get started.
Application Process
The application process for a DBS Multiplier account is straightforward and can be done online. You’ll need to provide some personal details, including your name, address, and contact information. You’ll also need to provide your passport or other identification documents.
Who Can Apply?
DBS Multiplier account is available to Singaporeans, Permanent Residents, and foreigners who hold a valid Singapore employment pass, dependent pass, long-term visit pass, or student pass. To open an account, you’ll need to provide supporting documents, such as your passport and proof of address.
Documents Required
To open a DBS Multiplier account, you’ll need to provide the following documents:
- Your passport or other identification documents
- Proof of address, such as a utility bill or bank statement
- Employment pass, dependent pass, long-term visit pass, or student pass (if applicable)
Once you have all the necessary documents, you can apply for a DBS Multiplier account online. The account opening process is quick and easy, and you can start earning interest on your savings right away.
In conclusion, opening a DBS Multiplier account is a great way to earn high interest on your savings in Singapore. With a simple application process and a range of eligibility criteria, this account is accessible to a wide range of people.
Frequently Asked Questions
How can you boost your earnings with the DBS Multiplier Account?
To boost your earnings with the DBS Multiplier Account, you can 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 $500 or more. The more categories you transact in, the higher the interest rate you can earn.
What are the latest interest rate tiers for the DBS Multiplier Account?
The interest rate tiers for the DBS Multiplier Account are subject to change, but as of February 2024, the tiers are as follows:
- Credit your income and transact in 1 category: 0.4% p.a.
- Credit your income and transact in 2 categories: 1.8% p.a.
- Credit your income and transact in 3 categories: 3.2% p.a.
- Credit your income and transact in 4 categories: 4.1% p.a.
Are there any ongoing promotions to increase your DBS Multiplier Account’s interest?
DBS Bank may offer promotions from time to time to increase your DBS Multiplier Account’s interest. Be sure to check with the bank for any ongoing promotions.
What’s the minimum balance to maintain in your DBS Multiplier Account?
There is no minimum balance to maintain in your DBS Multiplier Account. However, to earn interest, you must credit your income and transact in at least one category.
Can you explain how the DBS Multiplier interest is calculated?
The DBS Multiplier interest is calculated based on the average daily balance in your account for the month. The interest rate is applied tier by tier, according to the number of categories you transact in.
Where might one find a savings account with a 4% interest rate?
It can be difficult to find a savings account with a 4% interest rate in today’s market. However, the DBS Multiplier Account offers up to 4.1% p.a. on savings up to $100,000, making it a great option for those looking to earn a higher interest rate on their savings.