The All New DBS Multiplier Account!



Well, finally DBS is catching up with the other banks. I think for the longest time, they have such strong local foothold that they are flooded with cash (probably from the older generation who still believes that DBS is backed by the government and therefore, is the safest place to put their money), hence negating the need for them to be more aggressive in pursuing new deposits. Finally they are waking up.

Cutting to the chase, I think this is an awesome account. As long as you credit your salary with them, and transact in 1 other category, you get to earn bonus interest. The interest is even higher if you transact in 2 other categories. Take a look at their interest rates table:

What's more, there is no minimum credit card spend required, and POSB invest-saver qualifies as transaction in the "Invest" category.

More details here.

Possible Combo with DBS' Be Your Own Boss Account


I blogged about the merits of DBS' BYOB account here.

Well, I've signed up for it, and since I am already crediting my monthly salary to POSB (previously I was crediting my salary to BOC SmartSaver account), I might as well look at how else I can benefit from this arrangement right?

So the revision to the Multiplier account came just at the right time. Take a look at this table:


When I signed up for BYOB account, I'm already prepared to credit my salary with DBS, and make 5 transactions on any DBS/POSB credit/debit card. Without any additional effort on my part, I can already qualify for bonus interest with the DBS Multiplier account. That's what we call SYNERGY!

The only additional effort that I might possibly make is to sign up for POSB invest-saver, to qualify for the higher tier interest. I think I might just do that.

POSB Cashback Bonus as an Alternative



DBS Multiplier account is good for those who have savings (the bonus interest is applicable for the first S$50,000). For young adults who are just starting to build up their stash, a good alternative to the Multiplier account is the POSB Cashback Bonus.


Well, again, this can be layered with BYOB account, the only difference being that signing up for Invest-Saver is no longer an option if you want to be eligible for earning the cashbacks.

Still, I think this is a great combo with BYOB account for those who don't have much savings.

P.S. I previously blogged about how DBS Visa Debit card is a good combo with BYOB account here. Do note that spending on the debit card will not fulfill the "credit card spend" requirement for both the Multiplier account and the Cashback Bonus; You have to use a credit card. Well, my plan is to use my DBS Esso card once a month, and use the DBS Visa Debit card for an additional 4 times to hit the requirement for BYOB account.