If you’re looking for a savings account in Singapore that offers high interest rates, you might want to consider the DBS Multiplier Account. This account allows you to earn up to 4.1% p.a. on savings up to S$100,000, which is up to 82X more interest than the basic savings account interest rate at 0.05% p.a. The DBS Multiplier Account is a great option for those who want to maximise their savings and earn risk-free returns.
To open a DBS Multiplier Account, you’ll need to credit your income and transact in one or more categories. You can earn bonus interest without an income, but you’ll earn 1.50% p.a. on your first S$50,000 balance with any Credit Card/PayLah! Retail Spend. You can also enjoy 0.4% – 4.1% p.a. on your savings without any minimum amount required. The account comes with digibank and eStatement, but it does not come with cheque facilities.
If you’re looking for a savings account that offers high interest rates and allows you to maximise your savings, the DBS Multiplier Account might be the right choice for you. With no minimum amount required, you can enjoy up to 4.1% p.a. on your savings up to S$100,000. Keep reading to learn more about the DBS Multiplier Account and how you can maximise your returns.
Key Takeaways
- The DBS Multiplier Account allows you to earn up to 4.1% p.a. on savings up to S$100,000.
- To open a DBS Multiplier Account, you’ll need to credit your income and transact in one or more categories.
- The account comes with digibank and eStatement, but it does not come with cheque facilities.
Understanding the DBS Multiplier Account
The DBS Multiplier Account is a personal multi-currency deposit account that rewards bonus interest when you transact with DBS/POSB. Here’s what you need to know to understand how it works.
Eligibility and Account Opening
To be eligible for the account, you need to be a Singaporean or Permanent Resident who is at least 18 years old. Foreigners are also eligible to apply. You will need to have a minimum monthly deposit of $2,000 and maintain a minimum balance of $3,000 in your account at all times. You can open a DBS Multiplier Account easily through the DBS/POSB website or mobile app.
Features and Benefits
The DBS Multiplier Account offers a range of features and benefits that make it an attractive option for those looking to maximise their savings. These include:
- No minimum salary credit required
- No lock-in period
- Multi-currency deposit account
- Free withdrawals at any DBS/POSB ATM
- Bonus interest on eligible transactions
Interest Rates and Balance Cap
The interest rates you can get on the DBS Multiplier account depend on the number of eligible transactions you make each month. The more eligible transactions you make, the higher the interest rate you can earn. Here are the interest rates you can get, as of February 2024:
| Eligible Transactions | Interest Rate |
|---|---|
| 1 | 0.05% p.a. |
| 2 | 0.10% p.a. |
| 3 | 0.15% p.a. |
| 4 | 0.20% p.a. |
| 5 or more | 0.25% p.a. |
The balance cap for the DBS Multiplier Account is $50,000. This means that any balance above $50,000 will not earn any bonus interest. However, you will still earn the base interest rate on the entire balance.
Overall, the DBS Multiplier Account is a great option for those looking to maximise their savings and earn bonus interest on eligible transactions. With its flexible eligibility criteria, range of features and benefits, and attractive interest rates, it’s definitely worth considering if you’re looking for a savings account in Singapore.
Maximising Your Multiplier Account
To maximise the benefits of your DBS Multiplier Account, you need to maintain a minimum average daily balance of $3,000. However, you can still earn bonus interest even if you do not meet the minimum income requirement by transacting in one or more of the following categories: credit card spend, home loan instalment, insurance, investments, adding up to $2,000 or more. Here’s how you can optimise your account:
Income and Transactions
To maximise your multiplier account, you should credit your salary and/or dividends into your account. You can also earn bonus interest by transacting in eligible categories such as credit card spend, home loan instalments, insurance, and investments. You can earn up to 1.8% p.a. bonus interest on your savings by transacting in one category, and up to 3.8% p.a. bonus interest by transacting in three or more categories.
Investment and Insurance
If you are looking to earn more bonus interest, you can consider investing in eligible financial products such as unit trusts, bonds, and structured deposits. You can earn up to 1.2% p.a. bonus interest on your savings by investing in eligible products. Additionally, you can earn up to 0.6% p.a. bonus interest by purchasing eligible insurance products.
Optimising Credit Card Spend
To optimise your credit card spend, you should consider using your DBS credit card for eligible transactions such as dining, groceries, and online shopping. You can earn up to 0.3% p.a. bonus interest on your savings for every $100 spent on eligible transactions. You can also earn up to 1.2% p.a. bonus interest if you spend a minimum of $2,000 on eligible transactions per month.
By following these tips, you can maximise the benefits of your DBS Multiplier Account and earn higher interest on your savings.
Fees and Charges
When it comes to DBS Multiplier Account, there are a few fees and charges that you should be aware of. In this section, we’ll break down the details of the fees and charges that you might encounter when using this account.
Minimum Balance and Service Charge
To maintain a DBS Multiplier Account, you’ll need to maintain a minimum average daily balance (MADB) of $3,000. If you don’t maintain the minimum balance, you’ll incur a service charge of $5 per month. However, if you’re below 29 years old, you can maintain a minimum balance of $1,000.
Overseas Transaction Fees
If you’re travelling overseas and plan to use your DBS Multiplier Account, you should be aware of the foreign exchange (FX) conversion fees that you’ll be charged. DBS charges a fee of 2.8% for FX conversion, which is slightly higher than the industry average.
It’s also worth noting that if you’re using your DBS Multiplier Account to withdraw cash from an overseas ATM, you’ll be charged a fee of $7 per withdrawal. This fee is in addition to any fees that the ATM operator might charge.
In summary, maintaining the minimum balance is crucial to avoid incurring service charges. If you’re travelling overseas, be aware of the FX conversion fees and ATM withdrawal fees that you’ll be charged.
Special Accounts and Programmes
If you’re a retiree, student, or looking for supplementary retirement schemes, DBS Multiplier Account has got you covered. Here are some of the special accounts and programmes that DBS offers to help you manage your finances better:
Youth and Student Accounts
If you’re a tertiary student, you can enjoy attractive interest rates on your savings with the DBS Multiplier Account. The account has no minimum balance requirement, making it easy for students to start saving. Additionally, if you’re 29 years old and below, you can earn 1.50% p.a. on your first S$50,000 balance with any Credit Card/ PayLah! Retail Spend.
Retirement and Supplementary Schemes
DBS Multiplier Account also offers various retirement and supplementary schemes to help you plan for your future. One such scheme is the CPF LIFE, which provides a monthly payout for life starting from age 65. Additionally, if you’re looking for joint accounts, DBS Multiplier Account offers joint accounts for both savings and current accounts.
If you’re looking for supplementary retirement schemes, DBS Multiplier Account offers Supplementary Retirement Scheme (SRS) accounts to help you save for your retirement. SRS is a voluntary scheme that complements your CPF savings. With DBS Multiplier Account, you can open an SRS account and enjoy attractive interest rates on your savings.
In conclusion, DBS Multiplier Account offers a range of special accounts and programmes to cater to your financial needs. Whether you’re a student looking to save or a retiree planning for your future, DBS Multiplier Account has got you covered.
Additional DBS Account Options
If you’re looking for other account options aside from the DBS Multiplier Account, there are several other accounts that you can choose from. Here are some of the options:
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DBS Savings Account: This account is suitable for those who want to start saving money. It has a minimum average daily balance (MADB) requirement of S$500 for accounts opened before September 12, 2011, and S$1,000 for accounts opened after that date. The MADB service charge for this account is S$2.00 per month.
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DBS Current Account: This account is perfect for those who need to make frequent transactions. It has no minimum balance requirement, but it does have a fall-below fee of S$35 per month if your account balance falls below S$3,000.
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DBS Multi-Currency/eMulti-Currency Autosave Plus Account: This account allows you to save in up to 12 different currencies in a single account. It has no minimum balance requirement, but it does have a fall-below fee of S$5 per month if your account balance falls below S$3,000.
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POSB Everyday/EEveryday Savings Account: This account is similar to the DBS Savings Account, but it’s offered by POSB, which is a subsidiary of DBS. It has a MADB requirement of S$500 and a MADB service charge of S$2.00 per month.
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POSB Passbook Savings Account: This account is suitable for those who prefer to keep track of their transactions with a passbook. It has a MADB requirement of S$500 and a MADB service charge of S$2.00 per month.
It’s important to choose an account that suits your needs and financial goals. Whether you’re saving for a rainy day or making frequent transactions, DBS and POSB have a range of accounts to choose from.
Frequently Asked Questions
What’s the lowest sum I can maintain in my DBS Multiplier Account without incurring fees?
You need to maintain a minimum daily balance of $3,000 in your DBS Multiplier Account to avoid incurring fees. If your balance falls below this amount, you will be charged a monthly fee of $5.
Can I get a waiver for the minimum balance on my DBS Multiplier Account, and how?
Yes, you can get a waiver for the minimum balance on your DBS Multiplier Account. To qualify for a waiver, you need to have a monthly salary credit of at least $2,000 or maintain a minimum monthly average balance of $30,000 across your deposit accounts with DBS/POSB.
What happens if I don’t meet the minimum balance requirement in my DBS Savings Account?
If you don’t meet the minimum balance requirement in your DBS Savings Account, you will incur a monthly fee of $2. However, this fee can be waived if you have a monthly salary credit of at least $2,000 or maintain a minimum monthly average balance of $3,000 across your deposit accounts with DBS/POSB.
Are there any charges for not maintaining the minimum balance in a POSB Savings Account?
Yes, there is a monthly fee of $2 for not maintaining the minimum balance in a POSB Savings Account. However, this fee can be waived if you have a monthly salary credit of at least $2,000 or maintain a minimum monthly average balance of $3,000 across your deposit accounts with DBS/POSB.
What are the costs associated with closing a DBS Multiplier Account early?
There are no charges for closing a DBS Multiplier Account early. However, if you close your account within 6 months of opening it, you will not be eligible for any interest earned during that period.
Does the DBS Saving Plus Account have a different minimum balance requirement?
Yes, the DBS Saving Plus Account has a different minimum balance requirement. You need to maintain a minimum daily balance of $10,000 to avoid incurring fees. If your balance falls below this amount, you will be charged a monthly fee of $5.