If you’re looking for a way to maximise your savings and investments as a couple in Singapore, you might want to consider the DBS Multiplier joint account. With this account, you can earn higher interest rates by depositing your salaries into a joint account such as the My Account, and then earning bonus interest on the average daily balance in your individual DBS Multiplier Account. This account is designed to help you make the most out of your financial commitments through a tiered rewards system, and it rewards you for taking action on your financial journey via key aspects of financial planning.
Opening a joint account with DBS is hassle-free and can be done online. This is a convenient way for married couples, business partners, or family members to deposit, save, and spend funds jointly. While DBS Multiplier accounts are only available as personal accounts, using a joint Multiplier Account can help you achieve higher tiers more effortlessly.
Key Takeaways
- The DBS Multiplier joint account can help you maximise your savings and investments as a couple in Singapore.
- You can earn higher interest rates by depositing your salaries into a joint account such as the My Account, and then earning bonus interest on the average daily balance in your individual DBS Multiplier Account.
- Opening a joint account with DBS is hassle-free and can be done online.
Understanding the DBS Multiplier Account
If you’re looking for a high-interest savings account that rewards you for your transactions, the DBS Multiplier Account may be the perfect fit for you. Here’s what you need to know about this account.
Key Features of DBS Multiplier
The DBS Multiplier Account is a personal multi-currency deposit account that rewards you with bonus interest when you transact with DBS/POSB. This account offers higher interest rates than regular savings accounts, making it an attractive option for those looking to earn more on their savings.
To qualify for bonus interest, you need 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 $500 or more. The more categories you transact in, the higher your bonus interest rate will be.
How the Multiplier Effect Works
The DBS Multiplier Account uses a “multiplier” effect to calculate your bonus interest rate. The more eligible transactions you make in a month, the higher your bonus interest rate will be. Here’s how the multiplier effect works:
- Credit your income: You can credit your salary or other income into your DBS Multiplier Account to qualify for bonus interest.
- Transact in eligible categories: You need to transact in one or more of the eligible categories to qualify for bonus interest. The eligible categories include credit card/PayLah! retail spend, home loan instalment, insurance, investments, and more.
- Earn higher interest: The more eligible transactions you make in a month, the higher your bonus interest rate will be. You can earn up to 4.10% p.a. on your savings with the DBS Multiplier Account.
In summary, the DBS Multiplier Account is a great option if you’re looking to earn higher interest on your savings. By transacting in eligible categories and making more transactions, you can earn bonus interest and maximise your savings.
Eligibility and Application Process
Who Can Apply for a Joint Multiplier Account
If you are a Singaporean, Permanent Resident or a foreigner, you can apply for a joint Multiplier account with DBS/POSB. The account is suitable for married couples, business partners or family members who want to manage their finances together.
Step-by-Step Application Guide
To apply for a joint Multiplier account with DBS/POSB, follow these simple steps:
- Visit the DBS/POSB website and download the joint account application form.
- Fill in the required details and submit the form along with the necessary documents.
- Once your application is approved, you will receive a confirmation email from DBS/POSB.
- Visit the nearest DBS/POSB branch to complete the account opening process.
There is no initial deposit required to open a joint Multiplier account with DBS/POSB. However, you and your joint account holder must have an existing individual Multiplier account with DBS/POSB before you can apply for a joint Multiplier account.
Opening a joint Multiplier account with DBS/POSB is a hassle-free process that can be completed online. You can enjoy the convenience of joint banking and manage your finances together with ease.
Maximising Your Savings and Investments
If you’re looking to maximise your savings and investments as a couple, opening a joint DBS Multiplier Account can be a great way to achieve your financial goals. Here are some strategies to help you grow your DBS Multiplier Account balance and take advantage of investment products linked to the account.
Strategies to Grow Your Multiplier Account Balance
To maximise your DBS Multiplier Account balance, you need to fulfil the income and transaction categories. Here are some tips to help you achieve this:
- Set up direct deposit of your salary into your DBS Multiplier Account. This will help you fulfil the income category and earn higher interest rates.
- Use your DBS Multiplier Account for eligible transactions such as credit card spend, home loans, and insurance premiums. This will help you fulfil the transaction category and earn bonus interest.
- Keep track of your spending and ensure that you meet the minimum transaction amount for each category. This will help you earn the maximum bonus interest.
Investment Products Linked to Multiplier Account
In addition to earning interest on your savings, you can also take advantage of investment products linked to your DBS Multiplier Account. Here are some options to consider:
- DBS Invest-Saver: This investment product allows you to invest in unit trusts with a minimum investment amount of $100 per month. You can choose from a range of funds, including equity and bond funds, to suit your investment goals and risk appetite.
- DigiPortfolio: This is a robo-advisory investment platform that offers a range of portfolios to suit different risk profiles and investment goals. You can start investing with a minimum investment amount of $1,000 and enjoy low fees and hassle-free investing.
- Bonds and Equities: DBS offers a range of bonds and equities for you to invest in, depending on your risk appetite and investment goals. You can choose from a range of products, including government bonds, corporate bonds, and blue-chip equities, to diversify your portfolio and grow your wealth.
By taking advantage of these investment products and strategies, you can maximise your savings and investments as a couple and achieve your financial goals.
Additional Benefits and Features
As a joint account holder of the DBS Multiplier Account, you can enjoy a range of additional benefits and features that make banking with DBS even more convenient and rewarding. Here are some of the key benefits you can expect:
DBS Card Rewards and Benefits
With the DBS Multiplier Account, you can earn rewards and benefits on your debit and credit cards. You can earn cashback, reward points, and other perks when you use your card for retail spend, online transactions, and other qualifying transactions. Plus, you can enjoy exclusive deals and discounts from DBS and its partners when you use your card.
Digital Banking with Digibank and PayLah!
As a joint account holder, you can access DBS’s award-winning digital banking platform, Digibank, and its mobile wallet app, PayLah!. With Digibank, you can manage your accounts, transfer money, pay bills, and more, all from the comfort of your home or on the go. With PayLah!, you can make payments to merchants, friends, and family, and enjoy cashback and other rewards for your transactions.
Whether you’re looking for rewards, convenience, or both, the DBS Multiplier Account is a great choice for joint account holders in Singapore. With its range of features and benefits, you can enjoy hassle-free banking and earn rewards on your transactions. So why not open a joint account today and start enjoying the benefits of banking with DBS?
Security and Trust in DBS Multiplier
Deposit Insurance and Account Safety
When it comes to banking, security and trust are of utmost importance. DBS Multiplier Joint Account Singapore offers a secure and trustworthy platform for your banking needs.
DBS Multiplier is a personal multi-currency deposit account that allows you to earn bonus interest when you transact with DBS/POSB. You can also open a joint account with your partner or family member, making it easier to manage your finances together.
DBS Multiplier is a member of the Deposit Insurance Scheme (DIS) in Singapore. This means that your deposits are insured up to $75,000 per depositor per Scheme member. This gives you peace of mind knowing that your money is safe and secure.
In addition to deposit insurance, DBS Multiplier also offers other security features. For example, you can set up a Personal Identification Number (PIN) to access your account. This adds an extra layer of security to your account, ensuring that only you and your authorized users can access your funds.
Overall, DBS Multiplier Joint Account Singapore is a secure and trustworthy platform for your banking needs. With deposit insurance and other security features, you can rest assured that your money is safe and secure.
Frequently Asked Questions
What are the exciting benefits of having a DBS Multiplier joint account in Singapore?
Having a DBS Multiplier joint account in Singapore comes with several exciting benefits. Firstly, it rewards you with higher interest rates when you credit your income (salary and/or dividends) and transact in one or more of the following categories: credit card spend, home loan installment, insurance, investments. Secondly, it offers you a consolidated view of your finances through SGFinDex on DBS NAV Planner. Thirdly, it allows you to enjoy exclusive deals and promotions on various lifestyle and financial products.
How do I qualify for a DBS Multiplier joint account, and what are the requirements?
To qualify for a DBS Multiplier joint account, you and your joint account holder must credit your income (salary and/or dividends) into the joint account. The combined total salary and dividend credits in that joint account will be recognized under the individual DBS Multiplier Accounts. Additionally, you and your joint account holder must transact in one or more of the following categories: credit card spend, home loan installment, insurance, investments. Lastly, you and your joint account holder must maintain a minimum balance of $3,000 in the joint account.
What’s the minimum balance required to maintain a DBS Multiplier joint account?
To maintain a DBS Multiplier joint account, you and your joint account holder must maintain a minimum balance of $3,000 in the joint account.
Could you tell me about the interest rates offered with the DBS Multiplier joint account?
The interest rates offered with the DBS Multiplier joint account depend on the number of categories you transact in and the total amount of eligible transactions. For example, if you transact in two categories and have a total eligible transaction of $5,000, you can earn up to 1.85% p.a. interest on your DBS Multiplier joint account.
How does the DBS Multiplier account differ from the regular DBS savings account?
The DBS Multiplier account differs from the regular DBS savings account in that it offers higher interest rates based on your income and transactions in various categories. Additionally, it offers a consolidated view of your finances through SGFinDex on DBS NAV Planner.
Is it possible to open a joint DBS Multiplier account with my partner if we’re not married?
Yes, it is possible to open a joint DBS Multiplier account with your partner if you’re not married. However, you and your partner must meet the eligibility criteria and provide the required documents to open a joint account.