DBS Multiplier Account Reviews: Earning Interest on Your Savings
Did you know 71% of Singaporeans want to grow their savings? The DBS Multiplier Account is changing the game with its unique way to earn interest. It’s a top choice for those looking to boost their savings.
This account from DBS bank does more than just save money. It rewards you for everyday financial actions. By linking different financial services, you can earn higher interest rates. This makes it a great choice for maximizing your savings.
The DBS Multiplier Account shines in Singapore’s banking scene. It’s flexible, fitting into various lifestyles and financial habits. Whether you’re starting your career or managing many financial tasks, this account helps you grow your money.
Key Takeaways
- DBS Multiplier Account offers higher interest rates based on financial activities
- The account rewards users for salary crediting, credit card spending, and more
- It’s designed to adapt to various lifestyles and financial situations
- Account holders can potentially earn more interest as they use more DBS services
- It’s a versatile option for those looking to grow their savings efficiently
Understanding the DBS Multiplier Account
The DBS Multiplier Account is a special savings option. It rewards you for your banking activities. This account combines different interest components to boost your savings.
What is the DBS Multiplier Account?
The DBS Multiplier Account is a high-yield savings account. It offers tiered interest rates based on your banking activities. With rates from 1.80% to 4.10% p.a., it’s great for those wanting to grow their savings.
How does it work?
The account rewards you based on your monthly transactions. The more you spend and the more categories you use, the higher your interest rate. For instance:
- Transactions between S$500 to S$15,000 yield 1.80% to 2.40% p.a.
- Transactions between S$15,000 to S$30,000 offer 1.90% to 2.50% p.a.
- Transactions exceeding S$30,000 can earn 2.20% to 4.10% p.a.
Key features and benefits
The DBS Multiplier Account is known for its flexibility and high returns. Its main features are:
- No minimum initial deposit
- Fall-below fees waived for individuals under 29
- Interest rates up to 4.10% p.a. on balances up to S$100,000
- Multiple product categories integration (credit cards, home loans, insurance, investments)
This account is perfect for mid-to-high income adults. It’s great for those who manage various financial products. By using multiple DBS services, you can increase your savings significantly.
| Balance Size | 1 Category | 2 Categories | 3+ Categories |
|---|---|---|---|
| Up to S$50,000 | 1.8% – 2.2% p.a. | 2.1% – 3.0% p.a. | 2.4% – 3.5% p.a. |
| Up to S$100,000 | 2.1% – 2.5% p.a. | 2.4% – 3.5% p.a. | 2.7% – 4.1% p.a. |
DBS Multiplier Account Reviews: Earning Interest on Your Savings
The DBS Multiplier Account is a standout in the high-yield savings account market. It offers competitive interest rates that can greatly increase your savings. You can earn more by using various DBS financial products.
The account has a tiered interest rate system. Your earnings grow as your balance and transactions increase. For example, you can get a 1.10% p.a. bonus interest for transactions over S$30,000 if you meet certain criteria.
The bonus interest tiers reward active account use. By using multiple DBS products like credit cards and investments, you can earn higher rates. For instance, earning up to 3.50% p.a. bonus interest on S$50,000 is possible with three categories.
| Monthly Transactions | Bonus Interest Rate | Applicable Balance |
|---|---|---|
| Below S$2,000 | 0.05% p.a. | All balances |
| Above S$30,000 (Income + 1 category) | 1.10% p.a. | First S$25,000 |
| Above S$30,000 (Income + 2 categories) | 2.50% p.a. | First S$50,000 |
| Above S$30,000 (Income + 3 categories) | 3.50% p.a. | Next S$50,000 |
While the account offers great rates, it requires active management to get the most out of it. You need a minimum average daily balance of S$3,000, but this is waived for online applications by first-time holders. Young savers under 29 also avoid the S$5 fall-below fee, making it a good choice for them.
Maximizing Your Interest with the Tiered Rate Structure
The DBS Multiplier Account has a special tiered rate structure. It rewards you based on your financial activity. The more you use the bank’s services, the higher your interest rates.
Total Monthly Transactions
Your monthly transactions greatly impact your interest rate. The DBS Multiplier account offers rates from 1.80% to 4.10% per year. To get higher rates, you must spend at least $500 monthly across different categories.
Current Account Balance
The balance in your account also affects your interest. Now, you can earn more interest on balances up to $100,000. Plus, extra interest is available on an additional $50,000 if you meet certain spending requirements.
Diversified Transaction Categories
Using more transaction categories can increase your interest. These include:
- Credit card spend
- Home loan installments
- Insurance premiums
- Investments with DBS/POSB
Meeting more categories can add 0.2% to 0.4% interest. There’s no minimum deposit needed for each category, making it easy to manage your finances.
| Transaction Categories | Interest Rate Range |
|---|---|
| 1 Category | 1.55% – 2.20% |
| 2 Categories | 2.20% – 3.50% |
| 3+ Categories | 3.50% – 4.10% |
Stock investments through DBS Vickers and dividend earnings into your DBS savings account count towards your categories. Think about using a Singapore Savings Bond ladder. It helps meet the investment category requirements for higher interest rates.
Eligibility and Account Opening Process
Opening a DBS Multiplier Account is easy. DBS has simple rules for who can apply. You must be 18 or older. There’s no need for a minimum deposit to start.
The account offers a base interest rate of 0.05% per year. You can also get bonus interest rates from 1.40% to 3.80% per year. To get bonus interest, you need at least $2,000 in monthly transactions.
Remember, there’s a $5 monthly fee if your balance is less than $3,000. But, if you’re 29 or younger, or it’s your first DBS/POSB account, the fee is waived.
Want to open an account? Here’s how:
- New customers: Register for Singpass, download the digibank app, and apply using Singpass
- Existing customers: Apply through the digibank app or online banking
The DBS Multiplier Account is for students, NSF, self-employed, salaried, or retired people. It rewards you for using DBS services. The more you use DBS, the higher your interest rate could be.
Comparing DBS Multiplier with Other High-Interest Savings Accounts
In Singapore, you can find many high-interest savings accounts. Let’s look at how the DBS Multiplier Account compares with others. This will help you decide which one is best for you.
DBS Multiplier vs OCBC 360
The DBS Multiplier Account can earn up to 4.10% interest per year. This is based on how much you bank with DBS. On the other hand, the OCBC 360 Account offers up to 4.05% interest on the first S$100,000. OCBC 360 is more flexible, needing you to credit your salary, use a credit card, and increase your account balance each month to get the best rate.
DBS Multiplier vs UOB One
UOB One savings account used to offer up to 7.80% interest, with an Effective Interest Rate (EIR) of 5.00% p.a. But, the DBS Multiplier has no minimum balance and higher interest rates with more transactions. To get the highest rates with DBS Multiplier, you must credit your salary, use DBS credit cards, invest, and insure with DBS.
Interest Rates and Maximum Annual Interest Comparison
DBS Multiplier has competitive rates, but other accounts in Singapore offer different deals. The Standard Chartered Bonus$aver is for those who earn a lot and spend a lot, offering up to 3.68% interest per year. It requires a minimum of S$3,000 in monthly credit and S$2,000 in monthly credit card spending. The Bank of China SmartSaver has a 7.00% interest rate but has tough conditions. When picking a high-interest savings account, think about the minimum balance, bonus interest, and extra benefits like priority banking or wealth management.
Source Links
- What You Need to Know About The DBS Multiplier Account
- DBS Multiplier Account: One of the Highest Interest Rates on the Market
- DBS/POSB Multiplier Account Ratings Sep 2024
- Best High Interest Savings Account 2024 Guide: Find the Best Bank Interest Rate in Singapore!
- Why I continue to save with the Boosted DBS Multiplier
- DBS Multiplier Account Review — Should You Switch Savings Account in 2022?
- Current vs. Savings Accounts: Your Comparison Guide | DBS Bank
- An Easy Way To Earn Higher Interest – thefrugalstudent
- 10 Best Savings Accounts in Singapore with the Highest Interest Rates (Oct 2024)
- Are Singapore\’s high-yield savings accounts a trap? Explore the best options for August 2024.
- Best High Interest Savings Account in Singapore – Quick Credit® | Licensed Money Lender in Singapore & Jurong | 24 Hours Fast Cash Loan
