If you’re looking for a savings account that offers attractive interest rates and rewards, the DBS Multiplier Account is a great option to consider. This account is designed to help you maximise your savings and earn more with your deposits, making it an ideal choice if you’re looking to grow your wealth over time.
To be eligible for the DBS Multiplier Account, you need to be a Singaporean or Permanent Resident who is at least 18 years old. You also need to have a minimum monthly deposit of $2,000, which can be from your salary or other sources. Additionally, you’ll need to maintain a minimum balance of $3,000 in your account at all times to avoid incurring a fall-below fee of $5 per month.
When it comes to fees and charges, the DBS Multiplier Account is relatively affordable. The only fee you’ll need to worry about is the fall-below fee if your account balance falls below $3,000. However, this fee can be waived if you meet certain criteria, such as having the DBS Multiplier Account as your first DBS/POSB account or if you have a total relationship balance of at least $25,000 across all your DBS/POSB deposit accounts, investments, and/or insurance policies.
Key Takeaways
- The DBS Multiplier Account is a great savings account option for those looking to maximise their savings and earn attractive interest rates and rewards.
- To be eligible for the account, you need to be a Singaporean or Permanent Resident who is at least 18 years old, have a minimum monthly deposit of $2,000, and maintain a minimum balance of $3,000 in your account at all times.
- The only fee you’ll need to worry about is the fall-below fee of $5 per month if your account balance falls below $3,000, which can be waived if you meet certain criteria.
Eligibility and How to Apply
Application Requirements
To apply for a DBS Multiplier Account, you must be a working adult or retiree residing in Singapore. You will need to meet the following criteria:
- Be at least 18 years old
- Have a valid Singapore NRIC or FIN
- Have a minimum income of $2,000 per month
- Maintain a minimum average daily balance (MADB) of $3,000 in your account
If you do not meet the minimum income requirement, you can still earn bonus interest by transacting in one or more of the following categories: credit card spend, home loan instalment, insurance, investments, adding up to $2,000 or more.
Steps to Apply
Applying for a DBS Multiplier Account is simple and can be done online via the digibank app. Follow these steps to open your account instantly:
- Register for Singpass if you have not done so already. You can register here: Singpass registration link.
- Download the digibank app from the App Store or Google Play Store.
- Log in to the app using your Singpass ID and password.
- Follow the on-screen instructions to complete the application process.
Once your application is approved, you will receive your account details and can start earning bonus interest on your deposits.
To avoid incurring a service charge, make sure to maintain a minimum average daily balance of $3,000 in your account. If your balance falls below this amount, you will be charged a service fee of $5 per month.
Overall, the DBS Multiplier Account is an excellent option for those looking to earn higher interest on their savings while enjoying the convenience of online banking.
Understanding the DBS Multiplier Account
If you’re looking for a savings account that offers higher interest rates, you might want to consider the DBS Multiplier Account. This account is designed to reward customers who transact and save more with DBS. Here’s what you need to know about the DBS Multiplier Account.
What is a Multiplier Account?
A Multiplier Account is a type of savings account that offers tiered interest rates based on the amount of money you save and transact with your bank. The DBS Multiplier Account is no exception. The more you save and transact with DBS, the higher your interest rate will be.
How the Multiplier Works
To qualify for the higher interest rates, you need to fulfil at least one of the following criteria:
- Credit your salary to your DBS Multiplier Account
- Pay bills with DBS/POSB
- Spend on DBS/POSB credit cards
- Invest or insure with DBS/POSB
You can choose to fulfil any one or more of the above criteria to qualify for the higher interest rates. The more criteria you fulfil, the higher your interest rate will be.
Interest Rates and Balance Cap
The DBS Multiplier Account offers base interest rates of 0.05% per annum. In addition, you can earn bonus interest rates of up to 3.8% per annum, depending on the number of criteria you fulfil. The bonus interest rates are tiered as follows:
- Income + 1 category = 1.8% to 2.2% interest per annum
- Income + 2 categories = 2.1% to 3.0% interest per annum
- Income + 3 categories = 2.4% to 4.1% interest per annum
It’s important to note that the bonus interest rates are subject to a balance cap of $100,000. Any amount above this cap will earn the base interest rate of 0.05% per annum.
In conclusion, the DBS Multiplier Account is a great option for those looking to earn higher interest rates on their savings. By fulfilling at least one of the qualifying criteria, you can earn bonus interest rates of up to 3.8% per annum. With a balance cap of $100,000, you can be sure that your savings will earn competitive interest rates.
Minimum Balance and Fees
If you are considering opening a DBS Multiplier account, it is important to know the minimum balance requirements and service charges associated with the account.
Minimum Balance Requirements
The DBS Multiplier account has a minimum average daily balance (MADB) requirement of S$3,000. This means that you need to maintain a minimum balance of S$3,000 in your account on a daily basis to avoid any service charges.
Service Charges and Penalties
If you fail to maintain the minimum average daily balance of S$3,000, you will be charged a service charge of S$5 per month. This service charge is applicable to all DBS Multiplier accounts.
It is important to note that the service charge is not the only penalty that you may face if you fail to maintain the minimum balance requirement. You may also lose out on the bonus interest rates that the account offers.
To avoid any service charges or penalties, it is recommended that you keep track of your account balance and ensure that you maintain the minimum average daily balance of S$3,000.
In summary, the DBS Multiplier account has a minimum average daily balance requirement of S$3,000. Failure to maintain this balance may result in a service charge of S$5 per month. To avoid any charges or penalties, it is important to keep track of your account balance and maintain the minimum balance requirement.
Maximising Your Savings
If you’re looking for a way to maximise your savings, the DBS Multiplier Account is a great option. With up to 4.10% p.a. interest, you can earn a higher return on your savings than with a traditional savings account.
Bonus Interest Categories
To qualify for bonus interest, 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 $500 or more. The more categories you transact in, the higher your bonus interest rate.
Crediting Salary and Transactions
One way to maximise your bonus interest is to credit your salary into your DBS Multiplier Account. This will count towards your bonus interest categories and increase your overall interest rate. Additionally, you can make eligible transactions such as paying bills or making online purchases to further increase your bonus interest.
Investment and Insurance Options
Investing in eligible investment products or purchasing eligible insurance policies can also help you maximise your savings. By doing so, you can earn additional bonus interest and increase your overall interest rate.
Overall, the DBS Multiplier Account is a great way to maximise your savings. By transacting in multiple categories, crediting your salary, and investing in eligible products, you can earn a higher return on your savings and reach your financial goals faster.
Additional Features and Benefits
Joint Accounts and Autosave
With DBS Multiplier Account, you can easily open a joint account with your loved ones. This feature is perfect for couples or families who want to save money together. Additionally, the Autosave feature helps you save money automatically. You can set up a recurring transfer from your DBS Multiplier Account to your other accounts, making it easier to save without even thinking about it.
Multi-Currency and Online Trading
DBS Multiplier Account also offers a Multi-Currency Account, which allows you to hold and manage up to 13 different foreign currencies. This feature is perfect for frequent travelers or those who do business internationally. You can also link your Multi-Currency Account to your DBS Vickers Online Trading Account, which allows you to trade stocks, bonds, and other securities in multiple markets.
PayLah! Integration
DBS Multiplier Account is also integrated with PayLah!, DBS’s mobile wallet app. This integration allows you to make payments, transfer money, and even pay for purchases with just a few taps on your phone. You can also earn higher interest rates on your DBS Multiplier Account by spending on your DBS Visa Debit Card through PayLah!.
Overall, DBS Multiplier Account offers a range of additional features and benefits that make it a great choice for anyone looking to save money and manage their finances more effectively. With its joint account and Autosave features, Multi-Currency Account and online trading capabilities, and PayLah! integration, you can enjoy a range of benefits that help you save money and make your financial life easier.
Frequently Asked Questions
What’s the excitement about the minimum sum required to maintain in a DBS Multiplier account?
The minimum sum required to maintain in a DBS Multiplier account is exciting because it allows you to earn higher interest rates on your deposits. The minimum sum required to maintain in a DBS Multiplier account is $3,000, which is relatively low compared to other banks in Singapore.
Can you tell me the thrill of the interest rates for the DBS Multiplier account when meeting the minimum balance?
When you meet the minimum balance of $3,000 in your DBS Multiplier account, you can earn interest rates of up to 3.8% per annum. The interest rates are tiered based on the amount of money you deposit and the number of categories you fulfill, making it an exciting way to maximize your savings.
How fabulously can I calculate the minimum balance needed for a DBS Multiplier account?
Calculating the minimum balance needed for a DBS Multiplier account is fabulous because it’s simple and straightforward. You can use the DBS Multiplier calculator on their website to calculate the minimum balance required based on your monthly transactions and the number of categories you fulfill.
Is there a sensational way to avoid the minimum balance fee on a DBS Multiplier account?
Yes, there is a sensational way to avoid the minimum balance fee on a DBS Multiplier account. You can avoid the fee by maintaining a minimum balance of $3,000, fulfilling at least one category, or having a total relationship balance of $50,000 across your DBS/POSB deposit accounts, investments, and/or insurance policies.
What are the dazzling details on closing a DBS Multiplier account and any associated costs?
Closing a DBS Multiplier account is simple and free of charge. You can close your account at any DBS/POSB branch or through their online banking platform. However, if you close your account within six months of opening, you will not be eligible for any interest earned during that period.
How splendidly low can the opening balance be for a new DBS Multiplier account?
The opening balance for a new DBS Multiplier account is splendidly low at just $1. This makes it easy and accessible for anyone to open a DBS Multiplier account and start earning higher interest rates on their savings.