The DBS Multiplier account is a personal multi-currency deposit account that rewards bonus interest when you transact with DBS/POSB. It is a popular savings account in Singapore that offers high-interest rates of up to 4.10% p.a. With the DBS Multiplier account, you can earn bonus interest on your savings by transacting in one or more of the following categories: credit card/PayLah! retail spend, home loan installment, insurance, investments, adding up to S$500 or more.
Understanding the terms of the DBS Multiplier account is crucial to maximizing your returns. You can access your Bank & Earn Summary to view your eligible transactions breakdown and the interest rate you qualify for. To qualify for bonus interest, you need to credit your income and transact in at least one category. You can earn bonus interest on up to S$100,000 of your account balance.
Maximizing your returns with the DBS Multiplier account requires careful consideration of your investment and insurance options. You can also manage your account easily through digibank, DBS’s mobile banking app. In this article, we will explore the features and benefits of the DBS Multiplier account, and provide answers to frequently asked questions.
Key Takeaways
- The DBS Multiplier account is a personal multi-currency deposit account that rewards bonus interest when you transact with DBS/POSB.
- To maximize your returns, you need to credit your income and transact in at least one category.
- You can manage your account easily through digibank, DBS’s mobile banking app.
Understanding the DBS Multiplier Account
If you’re a working adult in Singapore, you might be looking for a savings account that can offer you a good interest rate. The DBS Multiplier Account is one such account that you might want to consider.
Eligibility Criteria
To open a DBS Multiplier Account, you need to meet certain eligibility criteria. You need to be a Singaporean or Permanent Resident, aged 18 years and above, and have a SingPass account. You also need to credit your salary or income into the account.
Account Features
The DBS Multiplier Account offers several features that make it an attractive choice for savings. Here are some of the key features:
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Categories: The account offers bonus interest rates based on the categories of transactions you make. These categories include credit card spend, home loan instalment, insurance, and investments.
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Interest Rate: The account offers a base interest rate of 0.05% p.a. and a bonus interest rate of up to 3.80% p.a. The bonus interest rate is calculated based on the total eligible transactions you make in each category.
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Balance Cap: The account has a balance cap of $50,000 for the base interest rate and $100,000 for the bonus interest rate.
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Account Opening: You can easily open a DBS Multiplier Account online or at any DBS/POSB branch.
Overall, the DBS Multiplier Account is a good savings account for those looking to earn a higher interest rate on their savings. With its bonus interest rates and multiple categories for eligible transactions, it offers a flexible and rewarding savings option.
Maximising Your Returns
Looking to maximise your returns with DBS Multiplier? Here’s what you need to know to make the most of your account.
Interest Rates and Balance Tiers
The DBS Multiplier account offers interest rates of up to 4.1% p.a. on your deposit balance. To qualify for this rate, you need to credit your income (salary and/or dividends) and transact in one or more of the following categories: credit card spend, home loan instalment, insurance, investments, adding up to $2,000 or more. The more eligible transactions you have, the higher your interest rate will be.
DBS Multiplier offers different balance tiers, each with its own interest rate. The higher your deposit balance, the higher your interest rate. Here’s a breakdown of the balance tiers and interest rates:
| Balance Tier | Interest Rate |
|---|---|
| Up to $50,000 | 0.05% p.a. |
| $50,000 to $100,000 | 1.00% p.a. |
| $100,000 to $250,000 | 1.50% p.a. |
| $250,000 to $500,000 | 1.80% p.a. |
| $500,000 to $1,000,000 | 2.00% p.a. |
| Above $1,000,000 | 2.20% p.a. |
Optimising Account Transactions
To maximise your returns, you need to optimise your account transactions. Here are some tips to help you do that:
- Credit your salary or dividends into your DBS Multiplier account. This will help you meet the income requirement and qualify for bonus interest.
- Use your DBS Multiplier debit card for retail spend. This will help you meet the credit card spend requirement and qualify for bonus interest.
- Set up GIRO arrangements for bills and other regular payments. This will help you meet the home loan instalment requirement and qualify for bonus interest.
- Use PayNow to transfer money to friends and family. This will help you meet the credit card spend requirement and qualify for bonus interest.
- Consider investing in eligible products such as unit trusts, bonds or stocks. This will help you meet the investment requirement and qualify for bonus interest.
- Ensure that your insurance premiums are paid through GIRO. This will help you meet the insurance requirement and qualify for bonus interest.
By following these tips, you can maximise your returns with DBS Multiplier and make the most of your savings.
Investment and Insurance Options
When it comes to the DBS Multiplier account, investment and insurance options are some of the most popular qualifying categories. Here are some of the options available to you:
Linking Investment Accounts
One way to qualify for the DBS Multiplier account is by linking your investment accounts. This includes accounts such as DBS Invest-Saver, DBS DigiPortfolio, and DBS Vickers. By linking these accounts, you can earn higher interest rates on your savings.
DBS Invest-Saver is a great option for those looking to invest in unit trusts regularly. With Invest-Saver, you can invest in a range of unit trusts with a minimum investment of just $100 per month.
DBS DigiPortfolio, on the other hand, is a robo-advisory service that offers a range of portfolios based on your risk profile. You can invest in a range of assets, including equities and bonds, with a minimum investment of just $1,000.
Finally, DBS Vickers is an online equity trading platform that allows you to trade equities and other securities. By linking your DBS Vickers account, you can earn higher interest rates on your savings.
Insurance as a Qualifying Category
Another way to qualify for the DBS Multiplier account is by purchasing insurance products. This includes policies such as life insurance, health insurance, and general insurance.
With DBS Multiplier, you can earn higher interest rates on your savings by purchasing insurance policies through DBS/POSB. However, it’s important to note that only policies purchased after you have successfully opened your DBS Multiplier account will be recognised.
For life insurance policies, you can choose from a range of single premium and regular premium options. Health insurance policies are also available, including critical illness coverage and hospitalisation plans.
Overall, the DBS Multiplier account offers a range of investment and insurance options that can help you earn higher interest rates on your savings. Whether you’re looking to invest in unit trusts or purchase insurance policies, there are plenty of options available to you.
Managing Your Multiplier Account
Managing your DBS Multiplier account is easy and convenient with the bank’s digital banking services. Here are some tips to help you manage your finances efficiently.
Digital Banking Services
DBS Multiplier account holders can access their accounts through the bank’s digibank app, which is available for download on both Android and iOS devices. You can also access your account through the digibank online portal, which you can log in to using your SingPass.
Once you have logged in, you can check your account balance, view your transaction history, and make transfers to other DBS/POSB accounts. You can also set up automated transfers to your Multiplier account using the nav planner feature on the DBS website or the DBS Nav Planner app.
Foreign Currency and Overseas Transactions
If you travel frequently or make transactions in foreign currencies, you can use your DBS Multiplier account to manage your finances efficiently. The account allows you to hold foreign currency deposits in currencies such as the Euro, in addition to Singapore dollar deposits.
When making overseas transactions, you can use your DBS Multiplier account to take advantage of competitive exchange rates and avoid the high fees associated with cash advances and monthly instalments.
In conclusion, managing your DBS Multiplier account is easy and convenient with the bank’s digital banking services. Whether you need to manage your finances on the go or make transactions in foreign currencies, the account offers a range of features to help you manage your finances efficiently.
Additional Benefits and Considerations
Account Perks
The DBS Multiplier Account offers a range of benefits to its customers. One of the key benefits is the ability to earn bonus interest on your savings. The bonus interest is earned when you transact with DBS/POSB in one or more of the following categories: credit card/PayLah! retail spend, home loan instalment, insurance, investments, adding up to S$500 or more. This means that you can earn up to 4.10% p.a. on your savings, which is significantly higher than the basic savings account interest rate of 0.05% p.a.
Another perk of the DBS Multiplier Account is that it is a personal multi-currency deposit account. This means that you can deposit and withdraw money in multiple currencies, which is particularly useful if you frequently travel or make international transactions.
Understanding Fees and Charges
While the DBS Multiplier Account offers a range of benefits, it is important to understand the fees and charges associated with the account. There are no monthly account fees or fall-below fees, which means that you will not be charged for having a low account balance. However, there may be fees associated with certain transactions, such as foreign currency transactions or ATM withdrawals.
It is also important to note that the DBS Multiplier Account is covered by the Deposit Insurance Scheme. This means that your deposits are insured up to S$75,000 per depositor per Scheme member by the Singapore Deposit Insurance Corporation. This provides an added layer of security and peace of mind when it comes to your savings.
In summary, the DBS Multiplier Account offers a range of benefits, including the ability to earn bonus interest on your savings and the flexibility to deposit and withdraw money in multiple currencies. It is important to understand any fees and charges associated with the account and to take advantage of the Deposit Insurance Scheme for added security.
Frequently Asked Questions
How can one maximise the interest rates with a DBS Multiplier Account?
With DBS Multiplier Account, you can earn higher interest rates by transacting in one or more of the following categories: credit card spend, home loan instalment, insurance, investments, and salary or dividends. The more categories you transact in, the higher the interest rate you will receive. You can maximise your interest rates by ensuring that you transact in as many categories as possible.
What are the steps to close a DBS Multiplier Account?
If you wish to close your DBS Multiplier Account, you can do so by visiting any DBS/POSB branch. You will need to bring along your NRIC or passport for identification purposes. Once you have completed the necessary paperwork and returned your ATM card and chequebook (if applicable), your account will be closed.
In what ways does the DBS Multiplier Account benefit credit card spending?
With DBS Multiplier Account, you can earn higher interest rates by using your credit card for spending. The more you spend, the higher the interest rate you will receive. Additionally, if you have a DBS credit card, you can earn cashback on your spending as well.
What’s the latest review on the DBS Multiplier Account’s performance?
The DBS Multiplier Account has been receiving positive reviews from customers who have been able to maximise their interest rates by transacting in multiple categories. Customers have also praised the ease of use of the account and the convenience of transacting through the DBS/POSB mobile app.
Are there any minimum balance requirements for the DBS Multiplier Account?
There are no minimum balance requirements for the DBS Multiplier Account. However, to earn higher interest rates, you will need to transact in one or more of the eligible categories.
How is the interest calculated using the DBS Multiplier calculator?
The interest rate for your DBS Multiplier Account is calculated based on the total eligible transactions you have made in a calendar month. The interest rate is tiered, with higher interest rates being offered for higher transaction amounts. You can use the DBS Multiplier calculator to estimate the interest rate you will receive based on your eligible transactions.