If you’re looking for a high-interest savings account in Singapore, you’ve probably heard of the OCBC 360 and DBS Multiplier accounts. Both of these accounts offer attractive interest rates, but which one is better for you? In this article, we’ll compare these two accounts to help you make an informed decision.
First, let’s take a look at the basic features of each account. The OCBC 360 account offers interest rates of up to 3.45% p.a., while the DBS Multiplier account offers interest rates of up to 3.8% p.a. To earn the highest interest rates, both accounts require you to fulfil certain criteria, such as salary crediting, credit card spending, and more. However, the specific requirements differ between the two accounts.
So, how do you decide which account is right for you? In the next section, we’ll compare the OCBC 360 and DBS Multiplier accounts in more detail, so you can maximise your savings and make the most of your money.
Key Takeaways
- Comparing OCBC 360 and DBS Multiplier Accounts can help you choose the best high-interest savings account in Singapore
- Maximising Your Savings requires understanding the different Bonus Interest Categories of each account
- Evaluating Fees and Additional Benefits can also help you make an informed decision
Comparing OCBC 360 and DBS Multiplier Accounts
When it comes to high-interest savings accounts, two of the most popular options in Singapore are the OCBC 360 and the DBS Multiplier. Both accounts offer attractive interest rates and a range of benefits, but which one is right for you? In this section, we’ll take a closer look at the key features and benefits, interest rate structures, and eligibility criteria for both accounts to help you make an informed decision.
Key Features and Benefits
The OCBC 360 account offers a range of benefits, including a high base interest rate of up to 0.5% p.a. and bonus interest rates of up to 7.65% p.a. when you fulfil certain criteria. These criteria include crediting your salary, increasing your average daily balance, and spending on an OCBC credit card.
On the other hand, the DBS Multiplier account offers a base interest rate of 0.05% p.a. and bonus interest rates of up to 3.8% p.a. when you fulfil certain criteria. These criteria include crediting your salary and transacting in other DBS products such as home loans, investments, and insurance.
Interest Rate Structures
The interest rate structure for both accounts is quite different. The OCBC 360 account offers a tiered interest rate structure, with different interest rates for different tiers of account balances. For example, you can earn 0.05% p.a. on the first $35,000 of your account balance, 0.25% p.a. on the next $35,000, and 0.35% p.a. on the remaining balance.
The DBS Multiplier account, on the other hand, offers a flat interest rate of 0.05% p.a. on the first $50,000 of your account balance, and a higher interest rate of up to 3.8% p.a. on the remaining balance when you fulfil certain criteria.
Eligibility Criteria
To be eligible for the OCBC 360 account, you must be a Singapore citizen or permanent resident, at least 18 years old, and have a minimum initial deposit of $1,000. You must also fulfil certain criteria to earn bonus interest rates, such as crediting your salary, increasing your average daily balance, and spending on an OCBC credit card.
To be eligible for the DBS Multiplier account, you must be a Singapore citizen or permanent resident, at least 18 years old, and have a minimum initial deposit of $3,000. You must also fulfil certain criteria to earn bonus interest rates, such as crediting your salary and transacting in other DBS products.
In conclusion, both the OCBC 360 and DBS Multiplier accounts offer attractive interest rates and a range of benefits. Your choice will depend on your individual needs and preferences, as well as your ability to fulfil the eligibility criteria.
Maximising Your Savings
If you are looking to maximise your savings with a high-interest savings account, both OCBC 360 and DBS Multiplier accounts are great options. However, you need to be aware of the strategies that can help you earn higher interest rates and maintain your account balance.
Strategies for Higher Interest
To earn higher interest rates, you need to fulfil specific criteria related to account activity and balance. For OCBC 360, you can earn bonus interest rates by doing the following:
- Credit card spending: You can earn up to 3% p.a. bonus interest rate by spending at least $500 on your OCBC credit cards.
- Salary crediting: You can earn up to 1.2% p.a. bonus interest rate by crediting your salary of at least $2,000 into your OCBC 360 account.
- Bill payments: You can earn up to 1% p.a. bonus interest rate by paying at least three bills online or through GIRO.
For DBS Multiplier, you can earn bonus interest rates by doing the following:
- Salary crediting: You can earn up to 1.8% p.a. bonus interest rate by crediting your salary of at least $2,000 into your DBS Multiplier account.
- Investments: You can earn up to 1.8% p.a. bonus interest rate by investing in unit trusts or insurance products.
- Home loan: You can earn up to 1.5% p.a. bonus interest rate by taking a home loan with DBS.
Maintaining Account Balance
To maintain your account balance, you need to ensure that you have sufficient funds in your account. For OCBC 360, you need to maintain a minimum balance of $3,000 to earn bonus interest rates. For DBS Multiplier, you need to maintain a minimum balance of $3,000 to earn bonus interest rates.
By following these strategies, you can maximise your savings and earn higher interest rates. Remember to keep track of your account balance and fulfil the criteria to earn bonus interest rates.
Understanding Bonus Interest Categories
When it comes to choosing between the OCBC 360 and DBS Multiplier accounts, understanding the bonus interest categories is important. Both accounts offer bonus interest features, but the DBS Multiplier account offers a more flexible way to earn bonus interest.
Salary Crediting and Bill Payments
With the DBS Multiplier account, you can earn bonus interest by fulfilling any of five categories. One of these categories is salary credit. You can earn up to 1.8% p.a. bonus interest on your DBS Multiplier account balance when you credit your salary to your DBS account.
Another category is GIRO bill payments. You can earn up to 0.3% p.a. bonus interest on your DBS Multiplier account balance when you pay three unique bills via GIRO.