If you’re looking to maximize your savings in Singapore, you might want to consider the DBS Multiplier Account. This high-interest savings account allows you to earn up to 4.10% p.a. on your savings, which is significantly higher than the basic savings account interest rate of 0.05% p.a. offered by most banks.
With the DBS Multiplier Account, the interest rate you qualify for is determined by your monthly eligible transactions with DBS/POSB. The more transactions you make, the higher your interest rate will be. This means that you can earn more interest on your savings simply by using your DBS/POSB account for daily transactions such as salary crediting, credit card spend, and home loan payments.
To help you understand the DBS Multiplier Account and how you can maximize your earnings, we’ve put together a comprehensive guide that covers everything you need to know. From eligibility and account features to understanding the impact of market changes and additional services and tools, we’ve got you covered. So, let’s dive in and explore the world of high-interest savings accounts with DBS Multiplier.
Key Takeaways
- The DBS Multiplier Account allows you to earn up to 4.10% p.a. on your savings, significantly higher than the basic savings account interest rate of 0.05% p.a.
- Your interest rate is determined by your monthly eligible transactions with DBS/POSB, so the more transactions you make, the higher your interest rate will be.
- To maximize your earnings with the DBS Multiplier Account, it’s important to understand the eligibility and account features, as well as how to take advantage of additional services and tools.
Understanding the DBS Multiplier Account
If you’re looking to maximise your savings in Singapore, the DBS Multiplier Account could be the right choice for you. This personal multi-currency deposit account rewards bonus interest when you transact with DBS/POSB. Here’s what you need to know to get started.
Multiplier Account Basics
The DBS Multiplier Account is a savings account that offers tiered interest rates. The interest rate you qualify for is determined by your monthly eligible transactions with DBS/POSB. You can earn bonus interest on your account balance up to the first S$100,000. The account has no minimum balance requirement, making it accessible to everyone.
Interest Rate Mechanics
The interest rate you earn on your DBS Multiplier Account depends on the number and type of transactions you make with DBS/POSB each month. You can earn up to 4.10% p.a. risk-free on your account balance if you meet the criteria. The bank recognises more income types than other savings accounts in Singapore, making it easier to get bonus interest.
Account Balance and Bonus Interest
The DBS Multiplier Account offers bonus interest rates of up to 4.10% p.a. on balances up to S$100,000. The interest rate you qualify for is determined by your monthly eligible transactions with DBS/POSB. If your transactions do not meet the criteria, the SGD balance in your DBS Multiplier Account will be accorded the prevailing interest rate for that month.
To make the most of your DBS Multiplier Account, be sure to credit your income and transact in one or more of the following categories: credit card/PayLah! retail spend, home loan instalment, insurance, investments, adding up to S$500 or more.
Overall, the DBS Multiplier Account is a great option for those looking to maximise their savings in Singapore. With no minimum balance requirement and tiered interest rates, it’s accessible to everyone. If you’re looking to earn more interest on your savings, consider opening a DBS Multiplier Account today.
Eligibility and Account Features
Who Can Apply
To open a DBS Multiplier account, you must be at least 18 years old and have a valid Singapore identification card. The account is available to Singaporeans, Permanent Residents, and foreigners who meet the eligibility criteria. However, foreigners must have a valid work permit, employment pass, dependent pass, long term visit pass, or student pass to qualify for the account.
Account Perks and Benefits
DBS Multiplier account offers a high-interest rate of up to 4.10% p.a. on your savings, which is much higher than the standard savings account interest rate of 0.05% p.a. You can earn bonus interest rates by fulfilling any of the following criteria:
- Credit your salary or dividends into the account
- Make monthly transactions using your DBS/POSB credit card
- Purchase or renew a DBS/POSB insurance policy
- Take up a DBS/POSB home loan
The bonus interest rates vary depending on the number of eligible transactions you make in a month. The bonus interest rate is capped at 4.10% p.a., and it is applicable only up to the first S$100,000 in the account.
Associated Fees and Charges
There is no minimum deposit required to open a DBS Multiplier account. However, you need to maintain a minimum balance of S$3,000 to earn bonus interest rates. If your account balance falls below S$3,000, you will earn the base interest rate of 0.05% p.a.
DBS Multiplier account does not charge any service fees or monthly fees. However, there may be fees associated with certain services provided by the bank, such as ATM withdrawals, overseas transactions, and cheque clearing. You can refer to the bank’s website for a full list of fees and charges.
Overall, DBS Multiplier account is an attractive savings account option for those who want to earn higher interest rates on their savings. It offers flexibility in terms of the number of transactions required to earn bonus interest rates, and there are no monthly fees or service charges associated with the account.
Maximising Your Earnings
If you’re looking to maximise your savings with DBS Multiplier, there are a few ways to optimise your salary and transactions, leverage your credit card spend, and use investment and insurance as income streams.
Optimising Salary and Transactions
To earn higher interest rates with DBS Multiplier, you’ll need to have eligible transactions with DBS/POSB. These include salary credit, credit card spend, home loan instalments, and investment or insurance premiums.
One way to optimise your salary and transactions is to ensure that you’re crediting your salary into your DBS Multiplier account. This will count towards your monthly eligible transactions and help you earn bonus interest on your account balance.
Another way to maximise your earnings is to use your DBS/POSB credit card for your daily spend. By doing so, you’ll earn credit card spend bonus interest on top of your salary credit bonus interest. Make sure to check which credit cards are eligible for bonus interest and what the minimum spend requirements are.
Leveraging Credit Card Spend
Credit card spend is a great way to earn bonus interest with DBS Multiplier. You can earn up to 1.5% p.a. bonus interest on your account balance by using your DBS/POSB credit card for your daily spend.
To maximise your credit card spend bonus interest, make sure to use your card for transactions that are eligible for bonus interest. These include online transactions, mobile payments, and contactless payments.
Investment and Insurance as Income Streams
Investment and insurance can also be used as income streams to earn higher interest rates with DBS Multiplier. You can earn up to 1.5% p.a. bonus interest on your account balance by investing in eligible investment products or purchasing eligible insurance products.
To maximise your earnings, make sure to choose investment products or insurance products that are eligible for bonus interest. You can check the DBS Multiplier website for a list of eligible products.
Overall, by optimising your salary and transactions, leveraging your credit card spend, and using investment and insurance as income streams, you can maximise your earnings with DBS Multiplier.
Understanding the Impact of Market Changes
When it comes to DBS Multiplier interest rates in Singapore, it’s important to understand the impact of market changes. There are a few key factors that can affect interest rates, including inflation, exchange rates, and foreign currencies.
Inflation and Interest Rates
Inflation is a measure of the rate at which prices for goods and services are increasing. When inflation is high, interest rates tend to rise as well. This is because lenders need to charge higher interest rates to keep up with the rising cost of goods and services.
The Federal Reserve also plays a role in setting interest rates. When the Federal Reserve raises interest rates, it can cause interest rates on savings accounts and other financial products to rise as well.
Exchange Rates and Foreign Currency
Exchange rates can also affect interest rates on savings accounts and other financial products. When the value of the Singapore Dollar (SGD) is high compared to other currencies, it can cause interest rates to be lower. This is because banks don’t need to offer as high of an interest rate to attract deposits.
On the other hand, when the value of the SGD is low compared to other currencies, it can cause interest rates to be higher. This is because banks need to offer higher interest rates to attract deposits from customers who hold foreign currencies.
Overall, it’s important to keep an eye on market changes when it comes to DBS Multiplier interest rates in Singapore. By understanding the impact of inflation, exchange rates, and foreign currencies, you can make informed decisions about your savings and investments.
Additional Services and Tools
As a DBS Multiplier account holder, you have access to a range of additional services and tools to help you manage your finances and achieve your financial goals. Here are some of the most noteworthy:
Digital Banking with Digibank
Digibank is DBS Bank’s digital banking platform, which allows you to manage your accounts, transfer funds, pay bills, and more from your smartphone or computer. With Digibank, you can access your DBS Multiplier account anytime, anywhere, making it easier than ever to stay on top of your finances.
Investment and Savings Tools
DBS Bank offers a range of investment and savings tools to help you make the most of your money. One such tool is the DBS NAV Planner, which helps you plan your financial journey by providing you with a personalised investment plan based on your financial goals and risk profile. Additionally, the bank’s SGFinDex service allows you to view all of your financial information in one place, including your DBS Multiplier account, as well as accounts with other banks like UOB.
Overall, DBS Multiplier is an excellent choice for anyone looking to maximise their savings with a high-interest savings account. With a range of additional services and tools at your disposal, you can take control of your finances and achieve your financial goals faster and more efficiently than ever before.
Frequently Asked Questions
How can one maximise the interest earned on a DBS Multiplier account?
To maximise the interest earned on a DBS Multiplier account, you should 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 S$500 or more. The higher the amount transacted, the higher the interest rate earned.
What are the current promotional interest rates for the DBS Multiplier account?
The current promotional interest rates for the DBS Multiplier account can vary depending on the amount transacted and the number of categories transacted in. It is recommended to check the official DBS website for the latest promotional rates.
Are there any drawbacks to using the DBS Multiplier for savings?
One potential drawback to using the DBS Multiplier for savings is that the interest rates can fluctuate depending on the amount transacted and the number of categories transacted in. Additionally, there may be other savings accounts with higher interest rates available, so it is important to compare and evaluate all options before making a decision.
What is the minimum balance required to maintain a DBS Multiplier account?
The minimum balance required to maintain a DBS Multiplier account is S$3,000.
How does the DBS Multiplier interest rate compare to traditional fixed deposit rates?
The DBS Multiplier interest rate can potentially be higher than traditional fixed deposit rates, but it is important to note that the interest rate can fluctuate depending on the amount transacted and the number of categories transacted in.
Can the interest rate for the DBS Multiplier account be calculated online?
Yes, the interest rate for the DBS Multiplier account can be calculated online through the Bank & Earn Summary feature on the digibank Mobile app.