If you’re a DBS Multiplier Account holder in Singapore, you may be subject to a fall below fee if your account balance falls below a certain amount. This fee applies to accounts that don’t meet the minimum balance requirements, and it can be a significant amount to pay each month. Understanding the DBS Multiplier Account and how to avoid this fee can help you maximise your savings and take advantage of the benefits of this account.
The DBS Multiplier Account is a high-interest savings account that offers competitive interest rates for account holders. The account rewards you for your relationship with the bank, and you can earn higher interest rates based on your total monthly transactions from key income and expenses. However, if your account balance falls below the minimum amount required, you may be subject to a fall below fee. This fee can be avoided by maintaining the minimum balance or meeting other qualifying criteria.
To maximise your savings with the DBS Multiplier Account, it’s important to understand the account’s requirements and avoid common fees. You can also take advantage of additional financial tools and services offered by DBS to help you manage your money and achieve your financial goals. By comparing the DBS Multiplier Account with other savings accounts in Singapore, you can determine whether this account is the right choice for you.
Key Takeaways
- The DBS Multiplier Account is a high-interest savings account that rewards you for your relationship with the bank.
- To avoid the fall below fee, you need to maintain the minimum balance or meet other qualifying criteria.
- By understanding the account’s requirements and taking advantage of additional financial tools and services, you can maximise your savings with the DBS Multiplier Account.
Understanding the DBS Multiplier Account
If you’re looking for a savings account that rewards you for your financial habits, the DBS Multiplier Account might be just what you need. This account is designed to help you save more money and earn bonus interest on your balance. Here’s what you need to know about the DBS Multiplier Account.
Eligibility and Opening an Account
To open a DBS Multiplier Account, you must be a Singapore citizen or permanent resident, or a foreigner with a valid employment pass. You must also be at least 18 years old and have a minimum balance of $3,000. You can open an account online or at any DBS branch.
Multiplier Account Features
The DBS Multiplier Account offers a range of features that can help you save more money and earn bonus interest. Here are some of the key features:
- Bonus Interest: You can earn up to 4.1% p.a. on your balance when you credit your salary, transact in eligible categories, and maintain a minimum balance of $3,000.
- Eligible Transactions: You can earn bonus interest on transactions in eligible categories, including credit card spend, home loan payments, insurance premiums, and investments.
- Fall Below Fee: If your balance falls below $3,000, you will be charged a fall below fee of $5 per month. This fee is waived for account holders up to age 29.
By opening a DBS Multiplier Account, you can take advantage of these features and start saving more money today. With bonus interest on your balance and a range of eligible transactions, you can earn more money on your savings and achieve your financial goals faster.
Maximising Your Savings
If you are looking for a savings account with high-interest rates and a low fall-below fee, the DBS Multiplier is an excellent option. With a maximum interest rate of up to 4.10% p.a., you can earn more on your savings than with most other savings accounts.
Achieving Higher Interest Rates
To achieve the highest interest rates on your DBS Multiplier account, you need to fulfill the minimum criteria. You can do this by crediting your salary, dividends, or SGFinDex into your account. You can also earn bonus interest by making PayLah! retail spend or by investing with DBS.
Income Streams and Bonus Interest Categories
The DBS Multiplier account recognizes a wide range of income streams and bonus interest categories, making it easier for you to earn more on your savings. The income streams that DBS Multiplier recognizes include salary, dividends, and SGFinDex. The bonus interest categories include credit card spend, home loan, insurance, and investments.
By meeting the criteria for these categories, you can earn up to 4.10% p.a. on your savings. DBS Multiplier also offers a low fall-below fee, which means you won’t be charged a fee if your account balance falls below the minimum balance requirement.
Overall, the DBS Multiplier account is an excellent option for anyone looking to maximize their savings. With its high-interest rates, low fall-below fee, and flexible bonus interest categories, it’s a great way to earn more on your savings without having to worry about high fees or complicated requirements.
Avoiding Common Fees
If you have a DBS Multiplier Account, it is essential to maintain a minimum balance to avoid fees. In this section, we will explain what the fall-below fee is and provide tips to maintain your minimum balance.
Fall-Below Fee Explained
A fall-below fee is a fee charged when your account balance falls below the required minimum balance. DBS Multiplier Account holders must maintain a minimum average daily balance (MADB) of $3,000 across all currency wallets to avoid this fee. The fall-below fee is $5 per month.
Tips to Maintain Minimum Balance
To avoid the fall-below fee, you need to maintain your account’s minimum balance. Here are some tips to help you maintain your minimum balance:
- Keep track of your account balance regularly to ensure that it does not fall below the required MADB.
- Set up alerts to notify you when your account balance is getting low.
- Consider setting up a standing order to transfer funds into your account regularly.
- Make sure that you understand the terms and conditions of your account, including the minimum balance requirements, and plan your spending accordingly.
- Use your DBS Multiplier Account as your primary account and avoid spreading your funds across multiple accounts.
By following these tips, you can avoid the fall-below fee and maintain your minimum balance. Remember that maintaining your minimum balance is crucial to avoid fees and maximise your savings with your DBS Multiplier Account.
Additional Financial Tools and Services
If you’re looking for more ways to manage your finances, DBS offers a range of additional financial tools and services to help you achieve your financial goals.
DBS Multi-Currency Account
With the DBS Multi-Currency Account, you can hold up to 12 different currencies in a single account. This makes it easy to manage your foreign currency transactions and avoid currency conversion fees. Plus, you can link your DBS Multi-Currency Account to your DBS Multiplier Account to earn higher interest rates on your foreign currency balances.
Investment and Retirement Solutions
DBS offers a range of investment and retirement solutions to help you grow your wealth and plan for your future. Whether you’re looking to invest in stocks, bonds, or other investment products, DBS has a range of options to suit your needs. Plus, with DBS’s Supplementary Retirement Scheme (SRS), you can enjoy tax savings while building your retirement nest egg.
If you’re new to investing, DBS’s Invest-Saver programme is a great place to start. You can invest in a range of investment products with as little as $100 a month, and benefit from dollar-cost averaging and professional fund management.
Other Financial Tools and Services
In addition to the DBS Multi-Currency Account and investment and retirement solutions, DBS also offers a range of other financial tools and services to help you manage your finances. These include:
- GIRO: A convenient way to pay your bills and make regular payments.
- SGFinDex: A secure and convenient way to view your financial information from multiple banks and government agencies in one place.
- PayLah!: A mobile payment app that lets you pay for your purchases, transfer money to your friends, and more.
- Vickers: DBS’s online trading platform, which lets you trade stocks, ETFs, and other investment products from the comfort of your own home.
With DBS’s range of financial tools and services, you can take control of your finances and achieve your financial goals.
Comparing DBS Multiplier with Other Accounts
When it comes to choosing a savings account in Singapore, there are plenty of options available. DBS Multiplier and OCBC 360 are two of the most popular accounts, but which one is better for you? Let’s take a closer look at how these two accounts compare.
DBS Multiplier vs OCBC 360
One of the main differences between DBS Multiplier and OCBC 360 is the way they calculate their effective interest rate (EIR). DBS Multiplier offers a higher EIR of up to 4.1% per annum, but this is only if you meet certain criteria such as salary credit and transaction amount. On the other hand, OCBC 360 offers a lower EIR of up to 2.4% per annum, but this is guaranteed as long as you meet the minimum balance requirement.
Another difference is the fall below fee. DBS Multiplier charges a fall below fee of $5 per month if you do not meet the minimum transaction amount. OCBC 360, on the other hand, does not charge a fall below fee.
Evaluating Account Benefits
When evaluating the benefits of these accounts, it is important to consider your own financial needs. If you are able to meet the criteria for DBS Multiplier, it may be a better option as it offers a higher EIR. However, if you are not able to meet the criteria consistently, you may end up paying the fall below fee.
If you prefer a more straightforward account, OCBC 360 may be a better option as it offers a guaranteed EIR and does not charge a fall below fee. Additionally, OCBC 360 frequently offers promotions that can earn you bonus interest.
Ultimately, the choice between these two accounts depends on your individual financial situation. Consider your spending and saving habits, as well as your ability to consistently meet the criteria for DBS Multiplier, before making a decision.
Frequently Asked Questions
What’s the buzz about fall below fees for the DBS Multiplier account?
The DBS Multiplier account is a popular choice for Singaporeans looking to earn high interest rates on their savings. However, many people are concerned about the fall below fee, which is charged when your account balance falls below a certain threshold. This fee can eat into your earnings and make the account less attractive.
How can one dodge the fall below fee on a DBS Multiplier account?
The good news is that there are ways to avoid the fall below fee on a DBS Multiplier account. One way is to ensure that your account balance always stays above the minimum threshold. Another way is to take advantage of the exemption offered to account holders aged 29 and below. If you are in this age group, you will not be charged the fall below fee.
What’s the skinny on the minimum balance for a DBS Multiplier account?
The minimum balance required for a DBS Multiplier account is S$3,000. This means that you need to maintain an average daily balance of at least S$3,000 to avoid the fall below fee. However, if you are aged 29 and below, you can enjoy waiver of the fall below fee.
Are there any penalties for waving goodbye to a DBS Multiplier account too soon?
If you decide to close your DBS Multiplier account before the end of the minimum tenure, you may be subject to penalties. These penalties can vary depending on the terms and conditions of your account, so it’s important to read the fine print carefully before making any decisions.
Is the DBS Multiplier account a cracking choice for managing your dosh?
Yes! The DBS Multiplier account is a fantastic choice for managing your money. With its high interest rates and bonus interest features, you can earn more on your savings than you would with a traditional savings account. Plus, the account is easy to use and comes with a range of convenient features.
How does the DBS Multiplier compare to OCBC accounts when it comes to fall below fees?
When it comes to fall below fees, the DBS Multiplier account is generally more forgiving than OCBC accounts. While the minimum balance required for a DBS Multiplier account is S$3,000, some OCBC accounts require a minimum balance of S$5,000 or more. Additionally, the DBS Multiplier account offers an exemption for account holders aged 29 and below, while OCBC accounts do not.