Are you looking for a way to maximize your savings and earn higher interest rates on your savings account? If so, the DBS Multiplier Account might be the solution you’ve been searching for. With interest rates of up to 4.10% p.a., this account provides a great opportunity to grow your savings. However, understanding how to calculate your interest rate can be confusing, so we’ve put together this guide to help you get started.
The DBS Multiplier Account is a flexible savings account that allows you to earn bonus interest on your savings by meeting certain criteria. These criteria include credit card spend, home loan instalments, insurance premiums, and investments. By meeting these criteria, you can earn bonus interest on top of the base interest rate of 0.05% p.a. Understanding how to calculate your interest rate based on these criteria is key to maximizing your savings.
To help you get started, we’ve put together a guide on how to use the DBS Multiplier interest rate calculator in Singapore. This calculator allows you to input your income and spending habits to determine your potential interest rate. By using this tool, you can see how much you could earn in interest and make informed decisions about how to manage your savings.
Understanding the DBS Multiplier Account
If you’re looking for a savings account that offers competitive interest rates and a wide range of benefits, the DBS Multiplier Account is an excellent option to consider. Here’s what you need to know about this account and how it can help you maximise your savings.
Multiplier Concept
The DBS Multiplier Account is designed to help you earn higher interest rates on your savings by leveraging on the multiplier concept. This means that the more eligible transactions you make each month, the higher your interest rate will be.
Interest Rate Structure
The interest rate structure for the DBS Multiplier Account is tiered, meaning that the interest rate you earn will depend on the total amount of eligible transactions you make each month. The base interest rate for the account is 0.05% p.a., but you can earn up to 4.10% p.a. if you meet the eligibility criteria.
Eligible Transactions and Categories
To qualify for higher interest rates on your DBS Multiplier Account, you’ll need to make eligible transactions in one or more of the following categories:
- Credit your income (salary and/or dividends)
- Credit card spend
- Home loan instalment
- Insurance
- Investments
Each category has a different weightage, and the total eligible transactions across all categories will determine your interest rate for the month. You can use the DBS Multiplier Calculator to find out how much interest you can earn based on your eligible transactions.
Overall, the DBS Multiplier Account is an excellent savings account option for those who want to maximise their savings with competitive interest rates and a wide range of benefits. With the multiplier concept, tiered interest rate structure, and eligibility criteria based on eligible transactions in various categories, you can earn higher interest rates on your savings and achieve your financial goals faster.
Maximising Your Savings
If you’re looking to maximize your savings, DBS Multiplier is the perfect savings account for you. With an interest rate of up to 4.10% p.a., you can earn bonus interest on your savings by performing various transactions. Here’s how you can make the most of your DBS Multiplier account.
Salary Crediting
One of the easiest ways to earn bonus interest is by crediting your salary into your DBS Multiplier account. By doing so, you can earn up to 1.50% p.a. in bonus interest. You can also earn bonus interest by crediting your salary into a Multi-Currency Account (MCA) or a Wealth Management Account (WMA).
Increasing Transaction Categories
You can earn bonus interest by increasing the number of transaction categories you have with DBS. With each additional category, you can earn up to 0.80% p.a. in bonus interest. The transaction categories include credit card spend, home loans, insurance, investments, and more.
Leveraging Credit Card Spend
Another way to earn bonus interest is by leveraging your credit card spend. You can earn up to 0.30% p.a. in bonus interest by spending on your DBS credit card. Additionally, you can earn cashback on your credit card spend, which can be used to offset your credit card bill or deposited into your DBS Multiplier account.
By following these tips, you can maximize your savings with DBS Multiplier and earn bonus interest on your savings. With no minimum amount required, you can start earning up to 4.10% p.a. on your savings today.
Investment and Insurance as Growth Levers
If you are looking to maximize your savings with DBS Multiplier, you can consider integrating investment products and insurance policies. By doing so, you can earn higher interest rates and grow your wealth faster.
Integrating Investment Products
DBS Multiplier allows you to earn higher interest rates by investing in DBS Vickers online trading accounts. The interest rates are tiered based on the amount invested, starting