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