Introduction:
If you’re looking for a savings account that rewards you for maintaining a high balance and transacting with the bank, the DBS Multiplier Account may be just what you need. This account offers a base interest rate of 0.05% per annum, with bonus interest rates of up to 3.80% per annum. However, to enjoy the full benefits of the account, you need to meet certain eligibility criteria and maintain a minimum balance.
Understanding the DBS Multiplier Account:
The DBS Multiplier Account is a personal deposit account that rewards you with higher interest rates when you transact with DBS/POSB. To qualify for bonus interest rates, you need to meet one or more of the following criteria: credit your salary to your DBS Multiplier Account, transact with your DBS/POSB credit card, take up a DBS/POSB home loan, invest in a unit trust or insurance policy, or make regular contributions to your SRS account.
Eligibility and Account Opening:
To open a DBS Multiplier Account, you need to be a Singapore citizen or permanent resident aged 18 years or older. You also need to have a valid Singapore mailing address and a valid DBS/POSB deposit account. You can open an account online or visit a DBS/POSB branch to apply in person. You will need to provide your personal details, identification documents, and proof of address. Once your application is approved, you can start depositing funds into your account and enjoy the benefits of the DBS Multiplier Account.
Key Takeaways
- The DBS Multiplier Account offers a base interest rate of 0.05% per annum, with bonus interest rates of up to 3.80% per annum.
- To qualify for bonus interest rates, you need to meet one or more of the eligibility criteria, such as crediting your salary to the account or transacting with your DBS/POSB credit card.
- To open a DBS Multiplier Account, you need to be a Singapore citizen or permanent resident aged 18 years or older, and have a valid Singapore mailing address and a valid DBS/POSB deposit account.
Understanding the DBS Multiplier Account
If you’re looking for a savings account that rewards you for your transactions and balances, the DBS Multiplier Account might be the perfect choice for you. This account is designed to help you earn bonus interest on your savings, which can add up over time and help you reach your financial goals faster.
How the Multiplier Account Works
The DBS Multiplier Account works by calculating your bonus interest based on your eligible transactions and balances. To be eligible for bonus interest, you’ll need to meet certain criteria, including:
- Maintaining a minimum balance of $3,000 or more in your Multiplier Account
- Crediting your salary or making regular income deposits of at least $2,000 per month into your Multiplier Account
- Making eligible transactions in one or more of the following categories: credit card spend, home loan instalment, insurance, investments, or income tax payment
The more eligible transactions you make and the higher your account balance, the more bonus interest you’ll earn. You can check your Bank & Earn Summary in your digibank app to see your eligible transactions breakdown and the interest rate you qualify for.
Benefits of the Multiplier Account
One of the biggest benefits of the DBS Multiplier Account is the bonus interest you can earn. The interest rates for this account are competitive and can go up to 4.1% per annum. This means that the more you save and bank with DBS, the higher your bonus interest.
Another benefit of the Multiplier Account is the convenience it offers. You can manage your account easily through the digibank app, which allows you to view your account balances, make transfers, and access your Bank & Earn Summary.
Overall, the DBS Multiplier Account is a great choice if you’re looking for a savings account that rewards you for your transactions and balances. With competitive interest rates and convenient account management, it’s a smart way to save and grow your wealth.
Eligibility and Account Opening
Who Can Apply
To open a DBS Multiplier account in Singapore, you must be at least 18 years old and have a valid Singaporean identification document. If you are a foreigner, you must have a valid passport and a valid work permit or employment pass.
You can apply for a DBS Multiplier account online through the DBS/POSB website, or you can visit a DBS/POSB branch in person. If you apply online, you will need to have a SingPass account to complete the application process.
Documents Required for Account Opening
When you apply for a DBS Multiplier account, you will need to provide the following documents:
- NRIC or passport (for foreigners)
- Proof of address (e.g. utility bill or bank statement)
- Proof of income (e.g. payslip or employment letter)
If you are opening a joint account, you will need to provide the documents for all account holders.
Once your application is approved, you will receive your DBS Multiplier account number and can start using your account immediately.
To avoid service charges, make sure to maintain a minimum average daily balance of S$3,000 in your account. If your balance falls below this amount, a service charge of S$5 per month will apply. However, if you are 29 years old or below, or the DBS Multiplier account is your first DBS/POSB account (online applications only), this service charge will be waived.
In summary, opening a DBS Multiplier account in Singapore is a simple process that can be done online or in person. Make sure to have all the necessary documents ready, and maintain a minimum average daily balance to avoid service charges.
Maximising Your Savings
If you’re looking to maximise your savings, the DBS Multiplier account is a great option. With interest rates of up to 4.10% p.a., you can earn more on your savings while still having easy access to your funds.
Increasing Account Activity
To get the most out of your DBS Multiplier account, you’ll want to increase your account activity. This means making sure you’re meeting the minimum requirements for salary credit, transactions, and other qualifying activities.
One way to increase your account activity is to use your DBS credit card for your daily transactions. By doing so, you can earn cashback or rewards points while also increasing your account activity. You can also consider using DBS insurance or investment products to further increase your account activity.
Leveraging Salary and Transactions
Another way to maximise your savings with the DBS Multiplier account is to leverage your salary and transactions. By ensuring that your salary is credited to your DBS account and that you’re making regular transactions, you can earn bonus interest rates on your savings.
To qualify for bonus interest rates, you’ll need to meet the minimum requirements for salary credit and transactions. This can include salary credit of at least S$2,000 per month and transactions of at least S$500 per month.
Overall, the DBS Multiplier account is a great option for those looking to maximise their savings. By increasing your account activity and leveraging your salary and transactions, you can earn more on your savings and reach your financial goals faster.
Fees and Minimum Balance Requirements
If you are considering opening a DBS Multiplier Account in Singapore, it’s essential to understand the fees and minimum balance requirements associated with the account. This section will provide you with all the necessary information you need to know before opening an account.
Understanding Minimum Balance
To keep your DBS Multiplier Account active, you need to maintain a minimum balance of S$3,000. However, if you are 29 years old or younger, the bank waives the fall-below fee of S$5. You can deposit funds into your account through various channels such as salary credit, GIRO, and FAST.
Service Charges and Fees
DBS Bank charges a service fee of S$2.00 per month if your DBS Savings Account was opened before 12 September 2011, and the minimum average daily balance (MADB) is less than S$500. If your account was opened after 12 September 2011, the MADB requirement is S$1,000. The bank also charges a service fee of S$5.00 per month if you have a DBS Multiplier Account or DBS eMulti-Currency Autosave Account, and the MADB requirement is S$3,000.
It is important to note that the service charges and fees mentioned above are subject to change, and you should always check the latest information on the DBS website or by contacting the bank’s customer service.
Overall, the DBS Multiplier Account is an excellent option for people looking to earn higher interest rates on their savings while maintaining a minimum balance. By understanding the minimum balance requirements and service charges, you can avoid unnecessary fees and keep your account active.
Additional Perks and Services
If you’re looking to maximize your earnings with the DBS Multiplier Account, you’ll be pleased to know that there are additional perks and services available to you. These include wealth management options and foreign currency advantages.
Wealth Management Options
DBS offers a variety of wealth management options to help you grow your investments. One such option is DBS Vickers Securities, which provides access to a range of investment products, including stocks, bonds, and exchange-traded funds (ETFs). With DBS Vickers Securities, you can trade online, track your portfolio, and receive research and analysis on the markets.
Another option is DBS Online Equity Trading, which allows you to trade stocks and ETFs online. With this service, you can access real-time quotes, place orders, and monitor your portfolio from anywhere in the world.
Foreign Currency Advantages
If you frequently deal with foreign currencies, the DBS Multi-Currency Account might be the perfect solution for you. With this account, you can hold up to 12 different currencies and enjoy competitive exchange rates. You can also make transactions in these currencies without incurring any additional fees.
DBS also offers a range of foreign currency services, including foreign currency time deposits and foreign currency loans. These services can help you manage your foreign currency exposure and make the most of your investments.
Overall, the DBS Multiplier Account offers a range of additional perks and services to help you grow your wealth. Whether you’re looking for wealth management options or foreign currency advantages, DBS has you covered. So why wait? Open a DBS Multiplier Account today and start earning more on your savings!
Frequently Asked Questions
What’s the lowest balance I can have in my DBS Multiplier Account without facing fees?
To avoid fees, you must maintain a minimum balance of $3,000 in your DBS Multiplier Account. If your balance falls below this amount, you will be charged a monthly fee of $5.
How can I calculate the interest I’ll earn with varying balances in my DBS Multiplier Account?
You can use the DBS Multiplier Account calculator to determine the interest you’ll earn with varying balances. The calculator takes into account your transaction categories and the balance in your account to determine your interest rate.
Are there any charges for not maintaining a minimum balance in my DBS savings account?
Yes, if your balance falls below the minimum balance requirement, you will incur a monthly fee of $5. This fee will be charged until your balance is brought back up to the minimum amount.
Does the DBS Multiplier Account offer a waiver for the minimum balance requirement?
No, the DBS Multiplier Account does not offer a waiver for the minimum balance requirement. You must maintain a balance of at least $3,000 to avoid fees.
What are the consequences of withdrawing below the minimum balance in my DBS Multiplier Account?
If you withdraw below the minimum balance in your DBS Multiplier Account, you will be charged a monthly fee of $5 until your balance is brought back up to the minimum amount.
Could you tell me the minimum balance needed for a savings account with DBS?
The minimum balance required for a savings account with DBS varies depending on the type of account you have. For the DBS Multiplier Account, the minimum balance required is $3,000. However, other savings accounts may have different minimum balance requirements. It’s best to check with DBS directly to determine the minimum balance for a specific account.