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 y