If you’re looking for a high-yield savings account to help you grow your money, the DBS Multiplier Account could be the perfect solution. This account offers a base interest rate of 0.05% per annum, with the potential to earn bonus interest rates of up to 4.1% p.a. depending on your monthly eligible transactions with DBS/POSB.
One of the key benefits of the DBS Multiplier Account is that there is no minimum salary credit required to earn bonus interest rates. Instead, you can earn bonus interest by transacting in one or more categories, such as credit card spend, home loan instalments, and more. This makes it a flexible option for people who want to earn more interest on their savings without having to meet strict requirements.
Overall, the DBS Multiplier Account is a great choice for anyone who wants to maximise their savings and earn more interest on their money. With its flexible eligibility criteria, competitive interest rates, and range of additional banking services and tools, it’s a great way to take control of your finances and achieve your savings goals.
Key Takeaways
- The DBS Multiplier Account offers a base interest rate of 0.05% per annum, with the potential to earn bonus interest rates of up to 4.1% p.a. depending on your monthly eligible transactions with DBS/POSB.
- There is no minimum salary credit required to earn bonus interest rates, making it a flexible option for people who want to earn more interest on their savings without having to meet strict requirements.
- With its competitive interest rates, range of additional banking services and tools, and flexible eligibility criteria, the DBS Multiplier Account is a great way to maximise your savings and take control of your finances.
Understanding the DBS Multiplier Account
If you’re looking for a savings account that offers higher interest rates and bonus interest, then the DBS Multiplier Account may be the right choice for you. Here’s what you need to know about this account.
Eligibility and Account Opening
To be eligible for the DBS Multiplier Account, you must be a Singaporean, Permanent Resident, or Foreigner. You must also be at least 18 years old and have a valid SingPass. Additionally, you will need to provide some documents such as your NRIC or passport and proof of address to open the account.
You can open a DBS Multiplier Account online or at any DBS/POSB branch. The account has no minimum balance requirement, and there are no monthly fees.
Interest Rates and Bonus Interest
The DBS Multiplier Account offers interest rates of up to 4.1% p.a. on savings up to $100,000. The interest rate is calculated based on the sum of your eligible transactions in each category.
You can earn bonus interest on top of the base interest rate by performing eligible transactions in at least one category. The more categories you transact in, the higher your bonus interest rate will be. The categories of eligible transactions include:
- Salary Credit
- Credit Card Spend
- Investment Product
- Insurance
- Home Loan
- Personal Loan
- Unit Trust
Categories of Eligible Transactions
To qualify for bonus interest, you need to perform eligible transactions in at least one category. Here’s a breakdown of the categories and the types of transactions that qualify:
- Salary Credit: Any salary credited to your DBS Multiplier Account
- Credit Card Spend: Any retail spend or online purchase made with your DBS/POSB credit card
- Investment Product: Any investment product purchase or sale made through DBS/POSB
- Insurance: Any insurance premium payment made through DBS/POSB
- Home Loan: Any home loan instalment payment made through DBS/POSB
- Personal Loan: Any personal loan instalment payment made through DBS/POSB
- Unit Trust: Any Unit Trust purchase or sale made through DBS/POSB
In conclusion, the DBS Multiplier Account is a great option for anyone looking to earn higher interest rates on their savings. With no minimum balance requirement and a wide range of eligible transactions, it’s easy to start earning bonus interest on top of your base interest.
Maximising Your Savings
If you are looking for a high-interest savings account with flexible options, the DBS Multiplier Account is an excellent choice. With up to 4.1% p.a. interest rate, you can maximise your savings and earn more money. Here are some ways you can optimise your DBS Multiplier Account to maximise your savings.
Salary Crediting and Income Streams
One of the easiest ways to earn bonus interest on your DBS Multiplier Account is to credit your salary to the account. You can also earn bonus interest by having multiple income streams, such as rental income or dividends. The more income streams you have, the higher your bonus interest rate will be.
Optimising Credit Card Usage
DBS Multiplier Account also rewards you for using your DBS/POSB credit card. You can earn bonus interest by spending a minimum of $500 per month on your credit card. You can also earn cashback on your credit card spend, which can add up to significant savings over time.
Leveraging Investments and Insurance
Investments and insurance are another way to earn bonus interest on your DBS Multiplier Account. You can earn bonus interest by investing in DBS/POSB investment products or by purchasing insurance from DBS. The more you invest or insure, the higher your bonus interest rate will be.
In conclusion, the DBS Multiplier Account is an excellent choice for anyone looking to maximise their savings. By crediting your salary, using your credit card, and investing or insuring with DBS, you can earn up to 4.1% p.a. interest rate and grow your savings.
Special Features for Different Life Stages
The DBS Multiplier Account offers special features that cater to different life stages. Whether you are a student, working adult, or retiree, the Multiplier Account has something to offer.
Students and Young Adults
As a full-time student, you can earn bonus interest on your savings with the DBS Multiplier Account. You can easily set up a Multiplier Account and start earning higher interest rates by crediting your internship or part-time work salary directly into your account. You can also earn bonus interest by transacting with DBS/POSB credit cards or PayLah! retail spend.
Working Adults and Parents
For working adults and parents, the DBS Multiplier Account offers a range of benefits. You can earn bonus interest by crediting your salary into your account, paying your home loan instalment, or purchasing insurance. You can also earn bonus interest by investing with DBS/POSB. With the Multiplier Account, you can earn up to 4.10% p.a. on your savings, which is up to 82X more interest than the basic savings account interest rate.
Retirees and Long-Term Planning
If you are a retiree or planning for the long-term, the DBS Multiplier Account can help you achieve your financial goals. You can earn bonus interest by maintaining a minimum balance of $3,000 in your account and transacting with DBS/POSB. You can also earn bonus interest by purchasing annuities or contributing to the CPF Life or Supplementary Retirement Scheme.
With the DBS Multiplier Account, you can enjoy risk-free returns and take control of your finances. The account offers a range of benefits that cater to different life stages, making it a versatile and flexible option for all.
Additional Banking Services and Tools
If you’re looking for more than just a high-interest savings account, the DBS Multiplier Account has got you covered with a range of additional banking services and tools.
Digital Banking with Digibank and PayLah!
DBS offers digital banking services that allow you to manage your finances easily and securely. Digibank is an all-in-one mobile banking app that lets you view your account balances, transfer funds, pay bills, and more. Meanwhile, PayLah! is a mobile wallet that lets you make payments to merchants and other individuals with just a few taps on your smartphone.
Investment and Currency Options
If you’re interested in investing, the DBS Multiplier Account offers a range of investment products to suit your needs. You can choose from a variety of funds, structured deposits, and dual currency investments to help grow your wealth. Additionally, if you need to exchange foreign currencies, the account offers competitive exchange rates to help you save money.
When it comes to managing your finances, the DBS Multiplier Account has all the tools you need. With features like PIN lists and real-time exchange rates, you can stay on top of your finances and make informed decisions about your money. So why wait? Sign up for a DBS Multiplier Account today and start taking advantage of all these great benefits!
Safeguarding Your Finances
As a DBS Multiplier account holder, it is important to understand the measures in place to safeguard your finances. Here are some key points to keep in mind:
Deposit Insurance Scheme
Your Singapore Dollar deposits in DBS Multiplier account are insured up to $75,000 by the Singapore Deposit Insurance Corporation (SDIC). This means that in the unlikely event of DBS Bank’s insolvency, your deposits are protected up to $75,000 per depositor per Scheme member.
Understanding Account Limits and Fees
The DBS Multiplier account has a balance cap of $100,000. This means that you can earn bonus interest on savings up to $100,000. Any amount above this balance cap will earn the prevailing interest rate.
It is also important to note that there are no monthly account fees for the DBS Multiplier account. However, if you perform a foreign currency transaction, there may be FX conversion fees charged by the bank.
Non-Bank Depositors
If you are a non-bank depositor, your deposits in DBS Multiplier account are protected under the Deposit Insurance Scheme. However, the coverage limit is $50,000 per depositor per Scheme member.
Vickers
If you have a Vickers account linked to your DBS Multiplier account, it is important to note that your Vickers account is not covered under the Deposit Insurance Scheme. However, your DBS Multiplier account is still protected up to $75,000 by the SDIC.
In summary, the DBS Multiplier account provides a safe and secure way to grow your savings. With the Deposit Insurance Scheme and balance cap in place, you can rest assured that your finances are protected.
Frequently Asked Questions
What are the perks of opening a DBS Multiplier Account?
By opening a DBS Multiplier Account, you can earn bonus interest rates on your deposits. The account rewards you with higher interest rates when you transact with DBS/POSB 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 account also allows you to hold Singapore Dollar and 12 foreign currencies in a single account, and comes with digibank and eStatement.
How can I maximise the interest rates on my DBS Multiplier Account?
To maximise your interest rates, you should credit your income (salary and/or dividends) into your DBS Multiplier Account and transact in one or more of the eligible categories mentioned above. The more eligible transactions you make, the higher your interest rates will be. You can check your eligible transactions breakdown and the interest rate you qualify for by logging in to digibank Mobile with your Touch/Face ID or digibank User ID & PIN.
What’s the process for opening a DBS Multiplier Account?
You can open a DBS Multiplier Account online or at any DBS/POSB branch. To open an account, you will need to provide your personal details, identification documents, and proof of income. Once your application is approved, you can start transacting and earning bonus interest rates.
How does the DBS Multiplier Account compare with OCBC 360?
The DBS Multiplier Account and OCBC 360 are both high-interest savings accounts that reward customers for transacting in eligible categories. However, the DBS Multiplier Account offers higher interest rates and allows you to hold multiple currencies in a single account. Additionally, the DBS Multiplier Account does not require you to maintain a minimum balance, while the OCBC 360 requires a minimum balance of $3,000.
What steps should I take to close my DBS Multiplier Account?
If you wish to close your DBS Multiplier Account, you can do so by visiting any DBS/POSB branch or by submitting a request through digibank. Before closing your account, ensure that all outstanding transactions have been cleared and that your balance is zero. You should also update your direct debit arrangements, if any, to avoid any disruptions to your payments.
How does the DBS Multiplier Account differ from the DBS MySavings Account?
The DBS Multiplier Account and DBS MySavings Account are both deposit accounts offered by DBS. However, the DBS Multiplier Account rewards you with higher interest rates when you transact in eligible categories, while the DBS MySavings Account offers a fixed interest rate. The DBS Multiplier Account also allows you to hold multiple currencies in a single account, while the DBS MySavings Account is a single-currency account.