If you’re looking for a way to maximise your savings and earn high interest rates, the DBS Multiplier Programme in Singapore may be just what you need. This personal multi-currency deposit account rewards bonus interest when you transact with DBS/POSB. You can earn up to 4.1% p.a. with the Multiplier Account, making it one of the most attractive savings accounts in Singapore.
Understanding the DBS Multiplier Account is key to maximising your earnings. 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. You can also earn bonus interest without an income, with 1.50% p.a. on the first $50,000 balance with any Credit Card/PayLah! Retail Spend, if you’re 29 years old and below.
Investment opportunities with DBS are also available with the Multiplier Account. You can invest in a range of products such as Unit Trusts, ETFs, and Robo-advisory portfolios. DBS also offers additional perks and services such as discounts on insurance premiums and preferential rates on loans. Managing your account efficiently is easy with digibank, DBS’s mobile banking app. You can access your account anytime, anywhere, and perform transactions with ease.
Understanding the DBS Multiplier Account
If you’re looking for a high-interest savings account in Singapore, the DBS Multiplier Account is an excellent option. With attractive interest rates and a range of features, it is a popular choice for many Singaporeans.
Eligibility and Account Opening
To be eligible for the DBS Multiplier Account, you must be a Singaporean citizen or a permanent resident. You must also be at least 18 years old and have a valid Singaporean address. To apply, simply visit the DBS website and follow the instructions.
Multiplier Account Features
The DBS Multiplier Account is a unique savings account that rewards you for banking with DBS. The more you save and transact with DBS, the more interest you earn. Some of the key features of the Multiplier Account include:
- No minimum balance requirement
- No monthly account fees
- One account for multiple currencies
- Access to DBS digital banking services
Interest Rates and Balance Cap
The interest rates for the DBS Multiplier Account are among the most attractive in Singapore. Your interest is calculated based on the total amount of eligible transactions you make each month. The interest rate ranges from 0.05% to 3.8% per annum, depending on the total amount of eligible transactions you make.
The balance cap for the DBS Multiplier Account is $100,000. This means that you can earn interest on up to $100,000 of your savings. If you have more than $100,000 in your account, you will not earn interest on the excess amount.
In conclusion, the DBS Multiplier Account is an excellent option for anyone looking for a high-interest savings account in Singapore. With attractive interest rates, a range of features, and no monthly fees, it’s a great way to save and earn money at the same time.
Maximising Your Earnings
If you’re looking to maximise your savings, the DBS Multiplier programme is a great option to consider. By understanding the various income and transaction categories that qualify for bonus interest, you can optimise your credit card spend and earn more with your Multiplier account.
Income and Transaction Categories
The DBS Multiplier programme recognises a wide range of income types, including your salary credit, dividends, and rental income. By crediting your income into your DBS/POSB account, you can earn bonus interest on your Multiplier account. Additionally, the programme also recognises various transaction categories, such as payments for insurance premiums, investments, and home loans.
Bonus Interest Criteria
To qualify for bonus interest, you need to meet at least one of the income categories and one of the transaction categories. Depending on the number of categories you fulfil, you can earn bonus interest ranging from 0.3% to 1.8%. If you fulfil all five categories, you can earn a bonus interest rate of up to 1.8%.
Optimising Credit Card Spend
One way to optimise your credit card spend is to use a DBS credit card. By doing so, you can earn cashback and rewards points that can be used to offset your credit card bills or redeemed for other benefits. Additionally, you can also use your credit card to make payments for transactions that qualify for bonus interest, such as insurance premiums and investments.
By understanding the various income and transaction categories that qualify for bonus interest, you can optimise your credit card spend and earn more with your DBS Multiplier account. With the potential to earn up to 4.1% p.a. on your savings, the DBS Multiplier programme is an attractive option for those looking to maximise their earnings.
Investment Opportunities with DBS
Are you looking for investment opportunities in Singapore? Look no further than DBS. DBS offers a range of investment options to suit your needs and preferences. Here are some of the investment opportunities available with DBS:
DBS Invest-Saver
DBS Invest-Saver is a regular investment plan that allows you to invest in Exchange Traded Funds (ETFs) or Unit Trusts with as little as $100 a month. You can choose from a range of investment options, including the Nikko AM Singapore STI ETF, ABF Singapore Bond Index Fund, and the BlackRock Global Funds – World Technology Fund. With DBS Invest-Saver, you can enjoy low fees and regular investing to help you achieve your financial goals.
DigiPortfolio
DigiPortfolio is a digital investment service offered by DBS. It is a hassle-free way to invest in a diversified portfolio of ETFs or Unit Trusts. You can choose from three different portfolios, each with a different risk level and investment strategy. The portfolios are managed by DBS’s team of investment experts, who use data and analytics to make investment decisions. With DigiPortfolio, you can start investing with as little as $1,000.
Unit Trusts and Equities
DBS offers a range of Unit Trusts and Equities for those who prefer a more hands-on approach to investing. Unit Trusts are professionally managed funds that pool money from many investors to invest in a range of assets. DBS offers Unit Trusts from a range of fund managers, including BlackRock, Schroders, and Fidelity. Equities, on the other hand, are shares in individual companies. DBS Vickers Securities is DBS’s brokerage arm, which allows you to trade equities on the Singapore, Hong Kong, and US stock markets.
With DBS, you can choose the investment option that suits your needs and preferences. Whether you prefer a hands-on approach or a more passive investment strategy, DBS has something for you. Start investing today and watch your money grow.
Additional Perks and Services
DBS Multiplier is not just a savings account that offers high-interest rates, it also comes with additional perks and services to enhance your banking experience. Here are some of the benefits you can enjoy with DBS Multiplier:
DBS PayLah! and PayNow
With DBS Multiplier, you can link your account to DBS PayLah! and PayNow to enjoy seamless and convenient transactions. DBS PayLah! is a mobile wallet app that allows you to pay your bills, transfer money to your friends and family, and make purchases at participating merchants. PayNow, on the other hand, is a peer-to-peer funds transfer service that enables you to send and receive money instantly using just your mobile number or NRIC/FIN.
Multi-Currency Account Benefits
DBS Multiplier is a multi-currency account that allows you to hold up to 12 foreign currencies in addition to SGD. This means that you can save on foreign exchange fees when you travel or make online purchases in foreign currencies. You can also enjoy preferential foreign exchange rates and withdraw cash in foreign currencies at DBS/POSB ATMs overseas.
Insurance and Protection
DBS Multiplier also offers insurance and protection plans to safeguard you and your loved ones. As a Singaporean, you can enjoy exclusive insurance benefits such as free personal accident coverage and discounted premiums for selected insurance plans. You can also opt for additional coverage such as critical illness, disability, and hospitalization insurance to ensure that you are well-protected against unforeseen circumstances.
In conclusion, DBS Multiplier is not just a high-interest savings account, but a comprehensive banking solution that offers a range of additional perks and services to enhance your banking experience. With DBS PayLah!, PayNow, multi-currency account benefits, and insurance and protection plans, you can enjoy seamless and convenient transactions, save on foreign exchange fees, and ensure that you and your loved ones are well-protected.
Managing Your Account Efficiently
Managing your DBS Multiplier Account efficiently is important to ensure you get the most out of your account. Here are some tips to help you manage your account efficiently.
Digibank Online
With digibank, you can manage your DBS Multiplier Account online. You can access your account information, view your transaction history, and make transfers and payments. You can also set up alerts to notify you of important account activity.
Autosave and Financial Planning
Autosave is a feature that allows you to automatically transfer funds from your DBS Multiplier Account to your savings account or investment account. This feature can help you save money and achieve your financial goals.
In addition to Autosave, DBS Multiplier also offers financial planning services to help you achieve your financial goals. You can speak to a financial planner to get advice on saving, investing, and managing your finances.
Understanding Fees and Charges
It is important to understand the fees and charges associated with your DBS Multiplier Account. There are no monthly account fees, but there may be fees for certain transactions, such as foreign currency transactions. You should also be aware of the exchange rate used for foreign currency transactions and the transaction description on your account statement.
By following these tips, you can manage your DBS Multiplier Account efficiently and make the most of your account.
Frequently Asked Questions
What fabulous benefits can you get with the DBS Multiplier Programme?
The DBS Multiplier Programme offers you a personal multi-currency deposit account that rewards you with bonus interest when you transact with DBS/POSB. You can 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. With the DBS Multiplier Programme, you can enjoy higher interest rates of up to 4.10% p.a.
How can you maximise your returns with the DBS Multiplier Account?
To maximise your returns with the DBS Multiplier Account, you should credit your salary and/or dividends into your account. You can also transact in one or more of the eligible categories to earn bonus interest. The more categories you transact in, the higher the bonus interest you can earn. You can also enjoy a higher interest rate of up to 4.10% p.a. when you transact in more categories.
What are the steps to closing a DBS Multiplier Account with ease?
To close your DBS Multiplier Account, you can visit any DBS/POSB branch or call the DBS Customer Service Hotline. You will need to provide your account details and a valid identification document. You should also ensure that all outstanding transactions have been completed before closing your account.
How does salary crediting boost your earnings in the DBS Multiplier Programme?
Salary crediting is one of the ways to earn bonus interest in the DBS Multiplier Programme. When you credit your salary and/or dividends into your account, you can earn bonus interest on top of the base interest rate. The more you credit into your account, the higher the bonus interest you can earn. Salary crediting also helps to build up your savings and achieve your financial goals.
Which DBS account offers you the most attractive interest rates?
The DBS Multiplier Account offers you the most attractive interest rates among the DBS deposit accounts. With the DBS Multiplier Account, you can earn up to 4.10% p.a. in interest rates. The interest rates are tiered, which means that the more you transact in the eligible categories, the higher the interest rates you can earn.
Between OCBC 360 and DBS Multiplier, which one should get you thrilled about saving more?
While both OCBC 360 and DBS Multiplier offer attractive interest rates, the DBS Multiplier Programme offers you higher interest rates of up to 4.10% p.a. The DBS Multiplier Programme also offers you a wider range of eligible categories to earn bonus interest. With the DBS Multiplier Programme, you can maximise your returns and achieve your financial goals faster.