If you are looking for a savings account in Singapore that offers competitive interest rates and a range of benefits, the DBS Savings Plus Account may be the perfect option for you. This account is designed to help you save more money and earn more interest, while also offering a variety of features to make account management easier and more convenient.
With the DBS Savings Plus Account, you can earn up to 0.25% p.a. interest on your savings, depending on the amount you deposit and the length of time you maintain your balance. In addition to this, you can also enjoy a range of benefits such as cashback rewards, higher interest rates for salary crediting, and more.
Managing your DBS Savings Plus Account is also easy and convenient, with online and mobile banking options available to help you keep track of your balance, transactions, and more. Plus, with low fees and charges, you can save even more money while still enjoying all the benefits of this great savings account.
Key Takeaways
- DBS Savings Plus Account offers competitive interest rates and a range of benefits to help you save more money and earn more interest.
- You can enjoy cashback rewards, higher interest rates for salary crediting, and more with this account.
- Account management is easy and convenient with online and mobile banking options, and low fees and charges help you save even more money.
Overview of DBS Savings Plus Account
If you are looking for a savings account that offers flexibility and convenience, the DBS Savings Plus Account is an excellent option. This account is designed to help you save more money while earning competitive interest rates. Here is what you need to know about the DBS Savings Plus Account.
Key Features
The DBS Savings Plus Account offers several key features that make it an attractive option for savers in Singapore. These features include:
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High interest rates: You can earn up to 0.25% p.a. on your savings with the DBS Savings Plus Account. This interest rate is higher than what you would typically earn with a regular savings account.
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Flexibility: You can deposit and withdraw money from your account as often as you like without incurring any fees. This makes it easy to manage your savings and access your funds when you need them.
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Convenience: You can access your account online via DBS/POSB iBanking or the DBS digibank app. This makes it easy to check your account balance, transfer funds, and manage your finances from anywhere.
Account Types
The DBS Savings Plus Account is available in two different types: the DBS eAutosave Account and the POSB Passbook Savings Account. Here is what you need to know about each account type:
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DBS eAutosave Account: This account is ideal for those who prefer to manage their savings online. You can open an account with just $2,000 and start earning interest right away. You can also set up automatic transfers to your account from your DBS/POSB current or savings account.
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POSB Passbook Savings Account: This account is ideal for those who prefer to manage their savings with a passbook. You can open an account with just $500 and start earning interest right away. You can also withdraw money from your account using your passbook at any POSB branch.
In conclusion, the DBS Savings Plus Account is an excellent option for savers in Singapore who are looking for a flexible and convenient way to save money. With high interest rates and no fees for deposits and withdrawals, this account is an excellent choice for anyone who wants to grow their savings.
Interest Rates and Benefits
If you’re looking for a savings account that offers high interest rates and benefits, the DBS Savings Plus Account might be the right choice for you. Here’s a closer look at what this account has to offer.
Calculating Interest
The DBS Savings Plus Account offers an attractive interest rate of up to 0.25% p.a. on your average daily balance. To calculate your interest earnings, simply multiply your average daily balance by the interest rate and divide by 365. The interest is credited to your account on a monthly basis, so you can watch your savings grow.
Comparison With Other Accounts
When compared to other savings accounts in Singapore, the DBS Savings Plus Account stands out for its high interest rate and low balance requirements. For example, the DBS Multiplier Account offers interest rates of up to 4.1% p.a., but requires a higher minimum balance and more transactions to qualify for the higher rates.
Compared to other savings accounts, the DBS Savings Plus Account offers a competitive interest rate without requiring a high minimum balance. This makes it a great choice if you’re just starting to save or if you’re looking for a low-maintenance account that still offers attractive interest rates.
Overall, the DBS Savings Plus Account is a great choice for anyone looking for a savings account that offers high interest rates and benefits. With its competitive interest rates and low balance requirements, it’s a great way to start saving and watch your money grow.
Account Management
Managing your DBS Savings Plus Account is easy and convenient with the bank’s online and mobile banking services. Here are some of the features that you can enjoy:
Online Banking
With DBS’s online banking service, you can access your account information, check your account balance, and view your transaction history anytime and anywhere. You can also transfer funds between your DBS accounts or to other banks in Singapore.
To use the online banking service, you need to register for DBS iBanking. Once you have registered, you can log in to your account using your user ID and password.
Mobile Banking
DBS’s mobile banking app allows you to manage your account on the go. You can check your account balance, view your transaction history, and transfer funds between your DBS accounts or to other banks in Singapore. You can also pay your bills, top up your mobile phone, and make investments using the app.
To use the mobile banking app, you need to download it from the App Store or Google Play. Once you have downloaded the app, you can log in to your account using your user ID and password.
With DBS’s online and mobile banking services, managing your Savings Plus Account has never been easier. You can stay on top of your finances and make transactions anytime and anywhere.
It is important to note that the information provided by DBS’s online and mobile banking services are accurate and up-to-date. If you have any questions or concerns about your account, you can contact DBS’s customer service for assistance.
Fees and Charges
As with any other savings account, DBS Savings Plus Account has its own set of fees and charges. Here are the details of the fees and charges you should be aware of:
Minimum Balance Fee
To avoid a monthly minimum balance fee, you need to maintain a minimum average daily balance of $5,000 in your account. If your account balance falls below this amount, you will be charged a fee of $2.50 per month.
Other Applicable Fees
In addition to the minimum balance fee, there are other fees and charges that may apply to your DBS Savings Plus Account. Here are some of the most common fees and charges:
- Fall Below Fee: If your account balance falls below $5,000, you will be charged a fee of $2.50 per month.
- Early Account Closure Fee: If you close your account within 6 months of opening it, you will be charged a fee of $30.
- Account Closure Fee: If you close your account after 6 months of opening it, you will not be charged any fee.
- ATM Withdrawal Fee: There is no fee for ATM withdrawals made at DBS ATMs. However, if you use other bank ATMs, you will be charged a fee of $5 per withdrawal.
- Overseas Withdrawal Fee: If you withdraw cash from your DBS Savings Plus Account overseas, you will be charged a fee of $7 per withdrawal.
It is important to note that these fees and charges are subject to change at any time. To ensure that you are aware of the most up-to-date fees and charges, you should regularly check the DBS website or contact their customer service team.
Additional Financial Products
DBS Bank offers a range of financial products to complement its savings account offerings. These products include investment options, insurance plans, loan facilities, and credit card services. Below are the details of each product.
Investment Options
DBS Bank provides investment options that cater to different risk profiles and investment goals. These include stocks, bonds, mutual funds, exchange-traded funds (ETFs), and structured products. You can invest in these products through DBS Bank’s online trading platform or by visiting one of its branches.
Insurance Plans
DBS Bank offers various insurance plans to protect you and your family from unexpected events. These include life insurance, health insurance, travel insurance, and car insurance. You can purchase these plans online or by visiting a DBS Bank branch.
Loan Facilities
DBS Bank provides personal loans, home loans, and car loans to help you achieve your financial goals. You can apply for these loans online or by visiting a DBS Bank branch. DBS Bank also offers refinancing options to help you lower your interest rates and monthly payments.
Credit Card Services
DBS Bank offers a range of credit cards that cater to different spending habits and lifestyles. These credit cards come with various benefits, such as cashback, rewards points, and discounts on dining, travel, and shopping. You can apply for these credit cards online or by visiting a DBS Bank branch.
In conclusion, DBS Bank provides a range of financial products that complement its savings account offerings. Whether you’re looking to invest, protect, borrow, or spend, DBS Bank has a product that suits your needs.
Frequently Asked Questions
How can I open a Savings Plus account online with DBS?
Opening a Savings Plus account with DBS is easy and convenient. You can open your account online instantly by visiting the DBS website. All you need is your identification documents and a few minutes of your time.
What are the exciting benefits of having a DBS Savings Plus account?
DBS Savings Plus account offers a range of exciting benefits to help you save smarter. Some of these benefits include no minimum balance requirement, attractive interest rates, and the ability to withdraw your funds anytime without penalty.
Could you tell me the interest rates offered for the DBS Savings Plus account?
The interest rates offered for the DBS Savings Plus account vary depending on the balance in your account. The higher your balance, the higher the interest rate you’ll earn. To find out more about the interest rates offered, visit the DBS website.
What’s the minimum balance required to maintain in a DBS Savings Plus account?
One of the exciting benefits of having a DBS Savings Plus account is that there’s no minimum balance requirement. This means you can start saving with any amount you have.
Which DBS savings account offers the highest interest rate, and how does it compare?
The DBS Multiplier account offers the highest interest rate, up to 4.1% p.a. on your savings. To earn bonus interest, you’ll need to transact with DBS/POSB 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.
How do I go about closing my DBS Savings Plus account?
If for any reason you wish to close your DBS Savings Plus account, you can do so by visiting any DBS branch or through DBS iBanking. Make sure you withdraw all your funds before closing the account.
With DBS Savings Plus account, you can start saving smarter and earn attractive interest rates. Open your account online today and start your journey towards financial freedom.