Introduction
If you are looking for a way to maximize your savings, the DBS Multiplier Account in Singapore could be just what you need. This savings account offers bonus interest rates of up to 4.10% p.a., which is significantly higher than the basic savings account interest rate of 0.05% p.a. With the Multiplier Account, you can earn up to 82 times more interest on your savings, making it a great option for those looking to grow their wealth.
Understanding Multiplier Accounts
The DBS Multiplier Account is a high-interest savings account that offers bonus interest rates based on your monthly eligible transactions with DBS/POSB. These transactions can include salary crediting, credit card spend, home loan instalments, investments, and insurance. The more eligible transactions you have, the higher your bonus interest rate will be, up to a maximum of 4.10% p.a. on savings up to S$100,000.
Eligibility and Application
To be eligible for the DBS Multiplier Account, you must be a Singaporean, Permanent Resident, or Foreigner (EP/SP/DP/Long Term Visit Pass/Student Pass) and be at least 18 years old. You can apply for the account online or through the digibank app, and you will need to provide some personal and financial information, such as your NRIC or passport number, income information, and employment details. Once your application is approved, you can start earning bonus interest on your savings right away.
Key Takeaways
- The DBS Multiplier Account is a high-interest savings account that offers bonus interest rates of up to 4.10% p.a. based on your monthly eligible transactions with DBS/POSB.
- To be eligible for the account, you must be a Singaporean, Permanent Resident, or Foreigner (EP/SP/DP/Long Term Visit Pass/Student Pass) and be at least 18 years old.
- By maximizing your eligible transactions, you can earn up to 82 times more interest on your savings with the DBS Multiplier Account, making it a great option for those looking to grow their wealth.
Understanding Multiplier Accounts
What Is a Multiplier Account?
A multiplier account is a type of savings account that rewards you with higher interest rates based on certain criteria. The more criteria you meet, the higher your interest rate will be. This type of account is designed to encourage you to save more and conduct more transactions.
How the DBS Multiplier Account Works
The DBS Multiplier Account is a personal multi-currency deposit account that rewards bonus interest when you transact with DBS/POSB. You can earn up to 4.10% p.a. interest on your savings with the DBS Multiplier Account. The interest rate is calculated based on your monthly transactions and the balance in your account.
To earn the bonus interest, you need to 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 S$500 or more. The more categories you transact in, the higher your interest rate will be.
The DBS Multiplier Account also has a base interest rate of 0.05% p.a. This means that even if you don’t meet the criteria for bonus interest, you’ll still earn some interest on your savings.
To give you a better idea of how the DBS Multiplier Account works, here’s an example:
Let’s say you have a monthly salary of S$3,000 and you spend S$500 on your DBS credit card each month. You also have a home loan instalment of S$1,000 and S$10,000 in your DBS Multiplier Account. Here’s how your interest rate would be calculated:
- Salary credit: 1.80% p.a.
- Credit card spend: 0.40% p.a.
- Home loan instalment: 0.80% p.a.
- Balance in account: 1.10% p.a.
Total interest rate: 4.10% p.a.
As you can see, the more transactions you conduct and the higher your balance, the higher your interest rate will be. The DBS Multiplier Account is a great way to earn more interest on your savings while still having access to your money.
Eligibility and Application
If you’re looking for a high-interest savings account, the DBS Multiplier Account may be an excellent option for you. Here are the details you need to know about eligibility and application.
Who Can Apply?
Singaporeans, Permanent Residents, and Foreigners (EP/SP/DP/Long Term Visit Pass/Student Pass) can open a Multiplier Account instantly with Singpass. You must be at least 18 years old to apply.
Required Documents for Account Opening
To open a Multiplier Account, you’ll need to provide a few supporting documents. These include:
- Your NRIC or FIN card
- Proof of address (e.g., utility bill, phone bill, bank statement)
- Proof of income (e.g., payslip, tax statement, CPF statement)
You can apply for a Multiplier Account online through the digibank app. You will need to log in with your Singpass or MyInfo account to complete the application.
Once your application is approved, you can start depositing funds and earning interest right away. There is no minimum amount required to open a Multiplier Account, and you can enjoy interest rates of up to 4.1% p.a. on savings up to S$100,000.
Overall, the DBS Multiplier Account is an excellent option for those looking for a high-interest savings account in Singapore. With its easy online application process and competitive interest rates, it’s definitely worth considering.
Maximising Your Savings
If you’re looking to maximise your savings, DBS Multiplier Account is an excellent option to consider. With interest rates of up to 4.1% p.a. on savings up to $100,000, the account offers a great way to grow your money. Here are some tips to help you make the most of your DBS Multiplier Account.
Optimising Account Usage
To optimise your DBS Multiplier Account usage, you need to credit your salary and transact in one or more categories. The more eligible transactions you make in each category, the higher your bonus interest rates. Here are the categories that qualify for bonus interest rates:
- Credit Card Spend
- Home Loan Instalments
- Insurance
- Investments
By performing eligible transactions in at least one category, you can earn bonus interest on top of the base interest rate. For example, if you credit your salary and spend at least $500 on your DBS/POSB credit card, you can earn a bonus interest rate of 0.6% p.a. on your savings.
Bonus Interest Criteria
To qualify for bonus interest rates, you need to meet certain criteria. Here are some of the things you need to keep in mind:
- Credit Card Spend: You need to spend a minimum of $500 on your DBS/POSB credit card each month to qualify for bonus interest rates.
- Home Loan Instalments: You need to have a home loan with DBS/POSB and make regular instalments to qualify for bonus interest rates.
- Insurance: You need to purchase eligible insurance products from DBS/POSB to qualify for bonus interest rates.
- Investments: You need to invest in eligible investment products from DBS/POSB to qualify for bonus interest rates.
By meeting the criteria for each category, you can earn bonus interest rates of up to 1.2% p.a. on your savings. The more eligible transactions you make, the higher your bonus interest rates will be.
In conclusion, DBS Multiplier Account is an excellent way to maximise your savings. By optimising your account usage and meeting the criteria for bonus interest rates, you can earn higher interest rates on your savings. So, if you’re looking to grow your money, consider opening a DBS Multiplier Account today!
Additional Benefits and Features
DBS Multi-Currency and Travel Wallet
With the DBS Multiplier Account, you can enjoy the convenience of a multi-currency account and travel wallet. This means that you can easily manage your foreign currency transactions and travel expenses, all in one place.
The DBS Multi-Currency Account allows you to hold up to 12 different currencies, including USD, GBP, EUR, AUD, and more. You can easily transfer funds between your different currency accounts, and enjoy competitive exchange rates.
In addition, the DBS Travel Wallet allows you to load up to 10 different currencies onto a single debit card, making it easy to access your funds while travelling. You can use your debit card to make purchases and withdraw cash at ATMs worldwide. Plus, with the added security of a PIN, you can have peace of mind knowing that your funds are safe and secure.
DBS PayLah! and Retail Spend
Another great feature of the DBS Multiplier Account is the ability to earn bonus interest through DBS PayLah! and retail spend.
DBS PayLah! is a mobile wallet app that allows you to make payments and transfers to your friends and family, all with just a few taps on your phone. Plus, when you link your PayLah! account to your Multiplier Account, you can earn bonus interest on your savings.
You can also earn bonus interest by making retail spend transactions in one or more categories, such as dining, entertainment, and groceries. Plus, 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 or PayLah! retail spend.
Overall, the DBS Multiplier Account offers a range of additional benefits and features that can help you maximise your savings and manage your finances more effectively. With competitive interest rates, a range of currencies, and the convenience of DBS PayLah! and retail spend, it’s a great choice for anyone looking to take control of their finances.
Planning for the Future
When it comes to financial planning, it is important to consider your long-term goals. The DBS Multiplier Account is designed to help you plan for the future by offering higher interest rates for your savings and providing investment and insurance options.
Investment and Insurance Options
Investing in the right products can help you achieve your financial goals faster. DBS offers a range of investment products, including stocks, bonds, and funds, to help you grow your wealth. You can also opt for insurance plans to protect yourself and your loved ones from unforeseen events.
One of the investment options available to you is Vickers Online Trading, which allows you to trade stocks and other securities online. You can also invest in the SGF Index, which tracks the performance of the top 30 companies listed on the Singapore Stock Exchange.
Retirement and CPF Integration
Planning for retirement is an important part of your financial journey. The DBS Multiplier Account can help you integrate your CPF savings and retirement plans by offering higher interest rates for your CPF Investment Scheme (CPFIS) and CPF Retirement Sum Scheme (RSS) accounts.
With CPF Life, you can receive a monthly payout for life after you retire. By contributing to your CPF accounts and investing in the right products, you can ensure a comfortable retirement.
In conclusion, the DBS Multiplier Account offers a range of options to help you plan for your financial future. By investing in the right products and integrating your CPF savings, you can achieve your long-term goals faster and more efficiently.
Customer Support and Resources
When it comes to managing your DBS Multiplier account, you have access to a wide range of digital banking solutions that can help you stay on top of your finances. One of the most useful tools available is the digibank app, which gives you complete control over your account from your smartphone or tablet.
With the digibank app, you can view your bank & earn summary, check your account balance, transfer funds, and even set up automatic savings with DBS Autosave. You can also use the app to locate nearby ATMs and branches, so you always know where to go when you need assistance.
In addition to digital banking solutions, DBS also offers a range of other resources to help you manage your account and meet your financial needs. For example, you can use the deposit insurance calculator provided by the Singapore Deposit Insurance Corporation to determine how much coverage you have for your DBS Multiplier account.
If you ever need assistance with your DBS Multiplier account, you can contact the bank’s customer support team for help. The easiest way to get in touch is by calling the DBS hotline, which is available 24/7. You can also send a message through the bank’s website or visit a branch in person for assistance.
Digital Banking Solutions
DBS offers a range of digital banking solutions to help you manage your DBS Multiplier account. The digibank app is one of the most useful tools available, allowing you to access your account from anywhere and at any time. You can also use the app to locate nearby ATMs and branches, so you always know where to go when you need assistance.
Another useful digital banking solution is DBS Autosave, which allows you to set up automatic savings transfers from your DBS Multiplier account to another savings account. This can be a great way to build your savings over time, without having to remember to make transfers manually.
Contact and Assistance
If you ever need assistance with your DBS Multiplier account, there are several ways to get in touch with DBS customer support. The easiest way is to call the DBS hotline, which is available 24/7. You can also send a message through the bank’s website or visit a branch in person for assistance.
In addition to customer support, DBS also provides a range of resources to help you manage your account and meet your financial needs. For example, you can use the deposit insurance calculator provided by the Singapore Deposit Insurance Corporation to determine how much coverage you have for your DBS Multiplier account.
Frequently Asked Questions
What fabulous benefits can one enjoy with a Multiplier Account in Singapore?
A Multiplier Account in Singapore offers a range of benefits that make it a popular choice among Singaporeans. These benefits include higher interest rates, multi-currency support, and access to digital banking services. With a Multiplier Account, you can enjoy the convenience of managing your finances online, anytime and anywhere.
How can you skyrocket your interest earnings with a DBS Multiplier Account?
To earn higher interest rates with a DBS Multiplier Account, you can credit your income and transact in one or more of the following categories: credit card spend, home loan instalment, insurance, investments. The more categories you transact in, the higher your interest rate will be. With a DBS Multiplier Account, you can earn up to 4.10% p.a. on savings up to $100,000.
Is there a magic number for the minimum balance required in a POSB Multiplier Account?
There is no magic number for the minimum balance required in a POSB Multiplier Account. However, to earn bonus interest, you need to transact in one or more of the eligible categories and meet the minimum transaction amount. The minimum transaction amount varies depending on the category.
Which triumphs in the battle of benefits: OCBC 360 or DBS Multiplier?
Comparing OCBC 360 and DBS Multiplier can be challenging as both offer different benefits. While DBS Multiplier offers higher interest rates for transacting in multiple categories, OCBC 360 offers higher interest rates for maintaining a higher account balance. Ultimately, the choice between the two depends on your financial goals and spending habits.
What are the steps to bid farewell to my DBS Multiplier Account online?
To close your DBS Multiplier Account online, you need to log in to your account and navigate to the “Account Services” section. From there, select “Close Account” and follow the prompts to complete the process. It is important to note that you should withdraw all funds from your account before closing it.
What’s the secret to choosing the best Multiplier Account in Singapore?
The secret to choosing the best Multiplier Account in Singapore is to consider your financial goals and spending habits. Look for an account that offers benefits that align with your needs. Consider factors such as interest rates, minimum balance requirements, transaction amounts, and digital banking services. By doing so, you can find an account that meets your needs and helps you achieve your financial goals.