If you’re looking for a high-interest savings account in Singapore, you might have come across the DBS Multiplier and OCBC 360 accounts. Both accounts offer attractive interest rates and come with unique features and benefits. In this article, we’ll provide an overview of these two accounts and compare their interest rates, account requirements, fees and charges, and more.
The DBS Multiplier and OCBC 360 accounts are popular choices for Singaporeans who want to maximise their savings. The DBS Multiplier account offers interest rates of up to 3.8% p.a. while the OCBC 360 account offers interest rates of up to 3.45% p.a. Both accounts require you to fulfil certain criteria to earn the highest interest rates, such as salary crediting, credit card spending, and more.
If you’re trying to decide between the DBS Multiplier and OCBC 360 accounts, it’s important to consider your financial goals and lifestyle. Do you have a steady income and a high credit card spending? Or do you prefer to save more and spend less? By understanding the features and benefits of each account, you can make an informed decision and maximise your savings potential.
Key Takeaways
- The DBS Multiplier and OCBC 360 accounts are two popular high-interest savings accounts in Singapore.
- The interest rates and account requirements of these two accounts differ, so it’s important to choose the one that fits your financial goals and lifestyle.
- By understanding the features and benefits of each account, you can maximise your savings potential and achieve your financial goals.
Overview of DBS Multiplier and OCBC 360
If you’re looking to open a savings account in Singapore, you might be considering the DBS Multiplier or OCBC 360 accounts. Both of these accounts offer competitive interest rates and come with a range of features designed to help you save money and earn more interest.
Key Features of DBS Multiplier
The DBS Multiplier account is designed to reward you for your banking relationship with DBS. To earn interest, you’ll need to fulfill at least one transaction category and meet the minimum transaction amount. Here are some of the key features of the DBS Multiplier account:
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Interest rates: The interest rates for the DBS Multiplier account range from 0.05% p.a. to 3.8% p.a., depending on the transaction category and the amount of money you have in your account.
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Transaction categories: There are six transaction categories that you can choose from to earn interest: salary credit, credit card spend, home loan instalment, insurance, investments, and recurring bill payment.
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Minimum transaction amount: To earn interest, you’ll need to fulfill at least one transaction category and meet the minimum transaction amount. The minimum transaction amount varies depending on the transaction category you choose.
Key Features of OCBC 360
The OCBC 360 account is designed to help you save money and earn more interest. To earn interest, you’ll need to fulfill at least one of the four transaction categories. Here are some of the key features of the OCBC 360 account:
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Interest rates: The interest rates for the OCBC 360 account range from 0.05% p.a. to 3.45% p.a., depending on the transaction category and the amount of money you have in your account.
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Transaction categories: There are four transaction categories that you can choose from to earn interest: salary credit, payment of bills, investment, and insurance.
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Bonus interest: In addition to the base interest rate, you can earn bonus interest by fulfilling certain conditions, such as increasing your account balance or making regular savings.
Overall, both the DBS Multiplier and OCBC 360 accounts offer competitive interest rates and a range of features designed to help you save money and earn more interest. When choosing between the two, it’s important to consider your banking needs and which account will best suit your financial goals.
Interest Rates Comparison
Understanding Interest Rates
When choosing a savings account, one of the most important factors to consider is the interest rate. The interest rate is the percentage of the amount you deposit that the bank pays you as interest. The higher the interest rate, the more money you earn on your savings.
Effective Interest Rate Calculation
The effective interest rate is the actual interest rate you earn on your savings after taking into account any bonus interest, tiered interest rates, and any other fees or charges. It is important to look at the effective interest rate rather than just the advertised interest rate when comparing savings accounts.
To calculate the effective interest rate, you need to take into account the base interest rate, any bonus interest, and any conditions you need to meet to earn the interest.
Comparing Tiered Interest Rates
Both the DBS Multiplier and OCBC 360 savings accounts offer tiered interest rates, which means the interest rate you earn depends on the amount you save and the conditions you meet.
The DBS Multiplier account offers a maximum effective interest rate of 4.10% per annum, while the OCBC 360 account offers a maximum effective interest rate of 7.65% per annum. However, the DBS Multiplier account allows you to earn interest on a larger amount of savings, up to $100,000, while the OCBC 360 account only allows you to earn the highest interest rate on the first $70,000 of savings.
If you are able to credit your salary, save at least $2,000 per month, and meet other conditions, the DBS Multiplier account can be a good option. However, if you are unable to meet these conditions, the OCBC 360 account may be a better choice as it offers a higher interest rate on a smaller amount of savings.
In conclusion, when comparing the DBS Multiplier and OCBC 360 savings accounts, it is important to look at the effective interest rate, bonus interest, tiered interest rates, and any conditions you need to meet to earn the interest. By doing so, you can choose the savings account that best suits your needs and helps you grow your savings over time.
Account Requirements and Benefits
If you’re looking to maximise your savings with a high-interest savings account, you may be wondering which is better between the DBS Multiplier and OCBC 360 accounts. Both accounts offer tiered interest rates that reward account holders for fulfilling specific criteria related to account activity and balance. Here’s a breakdown of the account requirements and benefits for both accounts.
Salary Crediting
Both the DBS Multiplier and OCBC 360 accounts offer higher interest rates for salary crediting. With the DBS Multiplier, you can earn up to 3.8% p.a. on your savings when you credit your salary and transact in at least one other category, such as credit card spend, investment, or insurance. On the other hand, the OCBC 360 account offers up to 2.45% p.a. when you credit your salary and meet other criteria, such as paying bills or making transactions with your OCBC credit card.
Credit Card Spend Requirements
To earn higher interest rates with the DBS Multiplier account, you’ll need to make at least one transaction with your DBS/POSB credit card each month. The amount of interest you earn will depend on the amount you spend on your card. With the OCBC 360 account, you can earn higher interest rates by spending at least $500 on your OCBC credit card each month. The more you spend, the higher your interest rate will be.
Investment and Insurance Options
Both the DBS Multiplier and OCBC 360 accounts offer higher interest rates for investment and insurance options. With the DBS Multiplier, you can earn up to 3.8% p.a. on your savings when you invest in Unit Trusts, ETFs, or Insurance with DBS/POSB. With the OCBC 360 account, you can earn up to 1.2% p.a. when you purchase eligible insurance products or invest in eligible investment products.
Overall, both the DBS Multiplier and OCBC 360 accounts offer attractive interest rates and benefits. However, the account requirements and benefits may vary depending on your personal financial situation and preferences. It’s important to do your research and compare the accounts to determine which one is right for you.
Maximising Your Savings
When it comes to maximising your savings, there are a few strategies that you can employ with both the DBS Multiplier and OCBC 360 accounts. Here are some tips on how to make the most of your account:
Strategies to Increase Account Balance
One of the simplest ways to increase your account balance is to save more money. With both the DBS Multiplier and OCBC 360 accounts, the more you save, the higher your interest rate will be. You can also consider setting up a regular savings plan to ensure that you are consistently adding to your account balance.
Understanding Bonus Interest Conditions
To earn bonus interest with both the DBS Multiplier and OCBC 360 accounts, you need to meet certain conditions. For example, with the DBS Multiplier account, you need to credit your salary and transact with your DBS/POSB credit card to earn bonus interest. With the OCBC 360 account, you need to credit your salary, pay bills, and spend on your OCBC credit card to earn bonus interest.
It’s important to understand these conditions and make sure that you are meeting them each month in order to maximise your interest earnings. Keep track of your spending and bill payments to ensure that you don’t miss out on any bonus interest.
Investment Opportunities Linked to Accounts
Both the DBS Multiplier and OCBC 360 accounts offer investment opportunities that are linked to the accounts. For example, with the DBS Multiplier account, you can invest in unit trusts or ETFs to earn bonus interest. With the OCBC 360 account, you can invest in various financial products such as insurance, unit trusts, and structured deposits to earn bonus interest.
Investing in these products can be a great way to boost your interest earnings, but it’s important to do your research and make sure that you are comfortable with the level of risk involved. Make sure to read the product information carefully and consult with a financial advisor if you have any questions.
By following these strategies and taking advantage of the investment opportunities linked to your account, you can maximise your savings with both the DBS Multiplier and OCBC 360 accounts.
Fees and Charges
When it comes to choosing the right bank account, one of the most important factors to consider is the fees and charges associated with the account. In this section, we will take a look at the fees and charges associated with both the DBS Multiplier and the OCBC 360 accounts.
Account Maintenance Fees
One of the best things about both the DBS Multiplier and the OCBC 360 accounts is that they do not charge any account maintenance fees. This means that you can keep your money in the account without worrying about any hidden charges eating away at your savings.
Transaction Fees and Withdrawal Charges
Both the DBS Multiplier and the OCBC 360 accounts do not charge any transaction fees for most of their services. However, if you withdraw cash from an ATM that is not owned by your bank, you may be charged a withdrawal fee.
With the DBS Multiplier account, you can enjoy unlimited withdrawals from DBS/POSB ATMs, but you will be charged $5 for each withdrawal made from other bank ATMs. On the other hand, with the OCBC 360 account, you can withdraw cash for free from any ATM in Singapore, regardless of the bank that owns it.
It is worth noting that both banks do not charge any fees for online fund transfers, bill payments, and standing instructions. Therefore, you can easily manage your finances without incurring any extra charges.
In conclusion, both the DBS Multiplier and the OCBC 360 accounts offer fee-free banking services, making them an excellent choice for anyone looking to save money on banking fees. However, it is essential to note the differences in withdrawal fees between the two accounts, so you can choose the one that best suits your needs.
Comparative Review and Promotions
Customer Reviews and Feedback
If you are looking for a high-interest savings account in Singapore, you might be considering the DBS Multiplier and the OCBC 360. Both accounts offer attractive interest rates, but which one is better for you? Let’s take a look at what customers have to say.
According to customer reviews and feedback, both the DBS Multiplier and the OCBC 360 are popular choices among Singaporeans. Customers appreciate the tiered interest rate structure of both accounts, which allows them to earn higher interest rates by fulfilling certain criteria.
However, some customers have reported that it can be difficult to meet the conditions required to earn the highest interest rates. For example, the DBS Multiplier requires a minimum salary credit of S$2,000 and a minimum of S$10,000 in eligible transactions per month to unlock the highest interest tier. On the other hand, the OCBC 360 requires a minimum credit card spend of S$500 and a minimum balance of S$75,000 to earn the highest interest rate.
Current Promotions and Offers
Both the DBS Multiplier and the OCBC 360 offer promotions and offers to attract new customers. Currently, DBS is offering up to S$288 cashback when you open a new Multiplier account and meet certain conditions. OCBC is offering up to S$120 cashback when you open a new 360 account and meet certain conditions.
It’s important to note that both promotions have terms and conditions that you should read carefully before signing up. For example, the DBS promotion requires you to maintain a minimum average daily balance of S$3,000 for the first 3 months to be eligible for the cashback. The OCBC promotion requires you to make a minimum deposit of S$50,000 and maintain a minimum balance of S$75,000 for 6 consecutive months to be eligible for the cashback.
Overall, both the DBS Multiplier and the OCBC 360 offer attractive interest rates and promotions for new customers. However, it’s important to consider the conditions required to earn the highest interest rates and the terms and conditions of any promotions before making a decision.
Frequently Asked Questions
What benefits can I expect from the DBS Multiplier account compared to the OCBC 360?
Both the DBS Multiplier and OCBC 360 accounts offer attractive interest rates, but the DBS Multiplier account offers a more flexible way to earn bonus interest. With the DBS Multiplier account, you can earn bonus interest by fulfilling any of five categories: salary credit, credit card spend, home loan instalment, insurance, and investments. On the other hand, the OCBC 360 account only allows you to earn bonus interest by fulfilling certain categories, such as salary crediting, payment of bills, and investments.
How do the interest rates for the OCBC 360 account stack up against the DBS Multiplier?
The interest rates for both accounts are competitive, but the DBS Multiplier account offers a higher potential interest rate of up to 3.8% per annum. The OCBC 360 account, on the other hand, offers a maximum interest rate of up to 2.45% per annum.
Are there any drawbacks to using the DBS Multiplier for my savings?
One potential drawback of the DBS Multiplier account is that you need to fulfil certain criteria to earn bonus interest. For example, if you want to earn bonus interest through credit card spend, you need to spend at least $2,000 per month on your DBS/POSB credit card. Additionally, the interest rates for the DBS Multiplier account are tiered, so you may earn a lower interest rate if you do not fulfil certain criteria.
What are the eligibility criteria for maximising returns with the OCBC 360 account?
To maximise returns with the OCBC 360 account, you need to fulfil certain criteria, such as salary crediting, payment of bills, and investments. Specifically, you need to credit your salary of at least $2,000 per month, pay at least three bills via GIRO, and invest in any of the eligible financial products offered by OCBC.
Can you provide a comparison of the bonus interest features between the OCBC 360 and DBS Multiplier accounts?
Both the OCBC 360 and DBS Multiplier accounts offer bonus interest features, but the DBS Multiplier account offers a more flexible way to earn bonus interest. With the DBS Multiplier account, you can earn bonus interest by fulfilling any of five categories: salary credit, credit card spend, home loan instalment, insurance, and investments. On the other hand, the OCBC 360 account only allows you to earn bonus interest by fulfilling certain categories, such as salary crediting, payment of bills, and investments.
Which account should I choose for salary crediting to get the best interest rates, OCBC 360 or DBS Multiplier?
Both the OCBC 360 and DBS Multiplier accounts offer attractive interest rates for salary crediting. However, the DBS Multiplier account offers a higher potential interest rate of up to 3.8% per annum, while the OCBC 360 account offers a maximum interest rate of up to 1.8% per annum. Ultimately, the account you choose will depend on your individual needs and preferences.