If you’re looking to maximise your savings in Singapore, the DBS Multiplier Account might be just what you need. This high-interest savings account offers an interest rate of up to 4.1% p.a. on savings up to S$100,000, making it one of the most attractive savings options in the market.
To qualify for the bonus interest rates, you need to fulfil certain criteria, such as making eligible transactions with DBS/POSB, having a DBS credit card, or taking up a home loan or insurance policy with DBS. The more eligible transactions you make, the higher your bonus interest rate will be, up to a maximum of 4.1% p.a.
With the DBS Multiplier Account, you can earn risk-free returns on your savings while enjoying additional benefits and features, such as fee waivers, cashback rewards, and more. Plus, with DBS’s digital banking platform, you can easily manage your account and access a wide range of financial products and services, all from the comfort of your own home.
Key Takeaways
- The DBS Multiplier Account offers an interest rate of up to 4.1% p.a. on savings up to S$100,000, making it one of the most attractive savings options in Singapore.
- To qualify for the bonus interest rates, you need to fulfil certain criteria, such as making eligible transactions with DBS/POSB, having a DBS credit card, or taking up a home loan or insurance policy with DBS.
- The DBS Multiplier Account comes with additional benefits and features, such as fee waivers, cashback rewards, and more, and can be easily managed through DBS’s digital banking platform.
Understanding the DBS Multiplier Account
If you’re a Singaporean, Permanent Resident, or Foreigner looking for a high-interest savings account, the DBS Multiplier Account might be the perfect option for you. With interest rates of up to 4.10% p.a., the DBS Multiplier Account is a great way to grow your savings.
Eligibility and Account Opening
To be eligible for a DBS Multiplier Account, you need to be at least 18 years old and have a valid Singaporean NRIC or FIN. You also need to have an existing DBS/POSB deposit account, credit card, or loan account. If you don’t have any of these accounts, you can open them easily with DBS/POSB.
To open a DBS Multiplier Account, you can do it online or at any DBS/POSB branch. You’ll need to provide your personal details and supporting documents, such as your NRIC/FIN and proof of address.
Interest Rates and Balance Tiers
The DBS Multiplier Account offers a tiered interest rate system, which means the more you save, the higher your interest rate will be. The table below shows the different interest rates and balance tiers:
| Balance Tier | Interest Rate |
|---|---|
| Up to $50,000 | 0.05% p.a. |
| $50,001 to $100,000 | 1.00% p.a. |
| $100,001 to $200,000 | 1.20% p.a. |
| $200,001 to $350,000 | 1.30% p.a. |
| Above $350,000 | 1.40% p.a. |
To qualify for the higher interest rates, you need to meet certain criteria, such as:
- Crediting your salary into your DBS Multiplier Account
- Paying bills with GIRO
- Spending on your DBS/POSB credit card
- Investing or purchasing insurance with DBS/POSB
The more eligible transactions you make, the higher your interest rate will be. If you don’t meet the criteria for a particular month, you’ll still earn the base interest rate of 0.05% p.a. on your account balance.
In conclusion, the DBS Multiplier Account is a great option for those looking for higher interest rates on their savings. With its tiered interest rate system, you can earn more interest the more you save and transact with DBS/POSB.
Maximising Your Earnings
If you’re looking to maximise your earnings with DBS Multiplier in Singapore, there are several ways to do so. In this section, we’ll cover some of the most effective methods to increase your interest rates and earn more money.
Salary Crediting
One of the easiest ways to earn bonus interest with DBS Multiplier is by crediting your salary into your account. You can earn up to 1.6% p.a. bonus interest when you credit your salary with a ‘SAL’ transaction reference code. The more you earn, the higher your bonus interest rate will be.
Credit Card Spend
Another way to earn bonus interest is by using your DBS/POSB credit card for your daily transactions. You can earn up to 0.8% p.a. bonus interest when you spend at least $500 on your credit card each month. The more you spend, the higher your bonus interest rate will be.
Investment Dividends
If you’re an investor, you can also earn bonus interest by investing in certain DBS/POSB investment products. You can earn up to 1.2% p.a. bonus interest when you invest in eligible investment products and receive dividends. The more you invest, the higher your bonus interest rate will be.
By combining these methods, you can earn up to 4.10% p.a. interest on your savings with DBS Multiplier. Keep in mind that there are certain requirements you must meet to qualify for bonus interest, such as maintaining a minimum balance and fulfilling other criteria. However, if you’re able to meet these requirements, you can earn significantly higher interest rates than with a basic savings account.
Overall, DBS Multiplier is a great option for those looking to maximise their earnings in Singapore. With multiple ways to earn bonus interest and a competitive interest rate, it’s worth considering if you’re looking to grow your savings.
Additional Benefits and Features
Wealth Planning Services
With the DBS Multiplier account, you can enjoy more than just high-interest rates. DBS Bank offers a range of wealth planning services to help you grow your wealth and protect your assets. Whether you’re looking for insurance, investment, or retirement planning, DBS Bank has got you covered.
Bonus Interest Categories
One of the most attractive features of the DBS Multiplier account is the bonus interest categories. By fulfilling certain criteria, you can earn bonus interest on your savings of up to $100,000. There are several categories to choose from, including salary credit, credit card spend, home loan instalment, and insurance.
To qualify for bonus interest, you need to meet the minimum eligible transactions for each category. For example, if you choose the salary credit category, you need to credit your salary of at least $2,000 per month into your DBS Multiplier account. If you choose the credit card spend category, you need to spend at least $500 per month on your DBS/POSB credit card.
By combining multiple categories, you can earn even higher bonus interest rates. For example, if you credit your salary and spend on your credit card, you can earn up to 3.8% p.a. in bonus interest. If you add a home loan instalment or insurance policy, you can earn up to 4.1% p.a. in bonus interest.
Overall, the DBS Multiplier account offers a range of benefits and features that can help you grow your wealth and earn more interest on your savings. With its flexible bonus interest categories and wealth planning services, it’s a great choice for anyone looking to maximise their savings in Singapore.
Understanding Financial Products
When it comes to managing your finances, it can be overwhelming to navigate the different types of financial products available in the market. In this section, we will briefly discuss two main categories of financial products: savings and investment products, and insurance and retirement schemes.
Savings and Investment Products
Savings and investment products are designed to help you grow your wealth over time. Some common types of savings and investment products include savings accounts, fixed deposits, unit trusts, and stocks.
A savings account is a type of deposit account that allows you to earn interest on your savings. It is a low-risk investment that offers a guaranteed return on your money. On the other hand, fixed deposits are a type of investment that offers a higher rate of interest than savings accounts. They are a low-risk investment with a fixed term, usually ranging from one month to five years.
Unit trusts and stocks are higher-risk investments that offer the potential for higher returns. Unit trusts are professionally managed investment funds that pool money from multiple investors to invest in a diversified portfolio of assets. Stocks, on the other hand, are ownership shares in a company that can be bought and sold on a stock exchange.
Insurance and Retirement Schemes
Insurance and retirement schemes are designed to protect you and your loved ones from financial risks and provide a source of income in retirement. Some common types of insurance and retirement schemes include life insurance, critical illness insurance, Supplementary Retirement Scheme (SRS), CPF Life, CPF Investment Scheme (CPFIS), and CPF Retirement Sum Scheme (RSS).
Life insurance provides a lump sum payment to your beneficiaries in the event of your death. Critical illness insurance provides a lump sum payment if you are diagnosed with a critical illness, such as cancer or heart disease. SRS is a voluntary scheme that allows you to save for retirement and enjoy tax benefits. CPF Life is a national annuity scheme that provides a monthly payout for life in retirement. CPFIS and RSS are schemes that allow you to invest your CPF savings to grow your retirement nest egg.
With a better understanding of the different types of financial products available, you can make informed decisions about how to manage your finances and achieve your financial goals. Remember to always do your research and seek professional advice before making any financial decisions.
Digital Banking with DBS
DBS is a leading bank in Singapore that offers a variety of digital banking services to its customers. If you are looking for a bank that provides a seamless digital banking experience, DBS is the right choice for you.
Navigating DBS Digibank
DBS Digibank is a digital banking platform that allows you to manage your finances from anywhere, at any time. With Digibank, you can view your account balances, transfer money, pay bills, and much more. The platform is user-friendly and easy to navigate, making it accessible to everyone.
One of the standout features of Digibank is the DBS Multiplier account. This account offers high-interest rates of up to 4.10% p.a. on savings up to S$100,000. To qualify for the bonus interest rates, you need to meet certain criteria, such as making eligible transactions with DBS/POSB. With the DBS Multiplier account, you can earn more interest on your savings without having to do anything extra.
DBS PayLah! and Mobile Payments
DBS PayLah! is a mobile payment app that allows you to make payments to friends and merchants with ease. You can use PayLah! to pay for your meals, shopping, and even your bills. The app is secure and easy to use, making it a popular choice among Singaporeans.
In addition to PayLah!, DBS also offers other mobile payment options, such as Apple Pay, Samsung Pay, and Google Pay. These payment options allow you to make payments using your mobile phone, making it convenient for you to pay on the go.
Overall, DBS is a great choice for anyone looking for a bank that offers a seamless digital banking experience. With its user-friendly platform and high-interest rates on savings, DBS is a great choice for both consumer and corporate banking. So why wait? Sign up for DBS today and start enjoying the benefits of digital technology!
Frequently Asked Questions
How can you maximise your returns with the DBS Multiplier Account?
To maximise your returns with the DBS Multiplier Account, you should 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 interest rate will be.
What are the latest promotional offers for the DBS Multiplier Rates in Singapore?
DBS regularly offers promotional rates for the DBS Multiplier Account. The latest promotional offers can be found on their website or by contacting a DBS representative.
Could you explain how the DBS Multiplier interest rate is calculated?
The DBS Multiplier interest rate is calculated based on the total eligible transactions in each category. The more eligible transactions you have, the higher your interest rate will be.
What’s the minimum balance required to maintain a DBS Multiplier Account?
There is no minimum balance required to maintain a DBS Multiplier Account. However, you must fulfil the transaction requirements to earn bonus interest.
Which DBS savings account offers the highest interest rate currently?
The DBS Multiplier Account offers one of the highest interest rates currently, up to 4.10% p.a.
How does the DBS Multiplier Account compare to the OCBC 360 in terms of benefits?
Both the DBS Multiplier Account and the OCBC 360 offer competitive interest rates and similar transaction requirements. However, the DBS Multiplier Account allows you to earn bonus interest on a wider range of transactions, including investments.