Opened DBS Multiplier Account

The HR at my new job told me about the account and that people in the company were using it to credit their salary, actually I knew about the account because one or two years back I checked it out, I vaguely remember I didn't qualify or it sucked, so yesterday I went to DBS website to see what the hype is about and found that they revised the account, now it actually looks very attractive. I also found the following in their FAQ:



So it looks like previously I didn't sign up because the interest rate was shit, have to transact $7500 a month to get 1.08%, otherwise just 0.05%.

Based on the new structure I can get 1.9% for salary and credit card spending, or 2.2% if I buy stock via DBS Vickers, CDP dividend credit also count, wah not bad leh.

Like that no need to think already, yesterday I went to ibanking and opened the account, online open is immediate, damn fast, then I also transferred some spare cash inside, nowadays so convenient open bank account at fingertip.

By the way there is one catch, average daily balance have to maintain at least $3000 to avoid the $5 fall-below fee, but I guess if you decide to open this account you surely put more than that since the interest rate is so attractive. Anyway the fall-below fee is waived for everyone in the month of opening the account, so have some grace period.

Comments

Anonymous said…
Bro, I think the updated UOB One Savings has better interest rate. Do check it out
https://www.uob.com.sg/personal/save/chequeing/one-account.page
Hey thanks for the link, the UOB one looks attractive too, I think if have enough cash can put in both DBS and UOB up to the bonus cap. There's also the OCBC 360, imagine I have $195k, I put $50k in DBS, $75k in UOB and $70k in OCBC lol.
Anonymous said…
Yes I agree cash is indeed king, but I would skip OCBC 360 and go Maybank. I was previously with OCBC 360 until they dropped their interest, with similar conditions maybank can offer 3%. End of day still depends on your spendings...
Sorry correct my previous comment as it was misleading, the DBS Multiplier salary credit is mandatory so for a salaried person if sign up with DBS then pretty much stuck with them.

The UOB One, OCBC 360 and Maybank SaveUp are more flexible, I find the UOB One is more for people who can put in more savings, for the Maybank is very flexible can choose from 9 products and services. OCBC 360 is less flexible because need to credit salary to really take advantage of the account.

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