DBS changed its Mutiplier plan

[Trazora]

I think dbs interest is much higher now.

Well higher only if can meet $30k transactions monthly

 

[CanT_Make_IT]

My salary is credited to POSB Savings and I don't intend to change it. If I am to switch to DBS Multiplier, I read from faq that it's still recognised as eligible transaction.

Now, I don't find any stupid fresh fund requirement thingy. So I can safely assume that I can move my existing fund via interbank transfer to DBS Multiplier from POSB Savings in order to enjoy higher interest.

Are you saying that every month you have to do iBanking transfer to your DBS Multiplier account ?

 

[heng_ah]

Are you saying that every month you have to do iBanking transfer to your DBS Multiplier account ?

Not every months. Couple of times. I will stop once it hits 50K

 

[CanT_Make_IT]

Not every months. Couple of times. I will stop once it hits 50K

My salary are all credited into my POSB saving. For my case, I have to do iBanking every month ah ?

Am I right to say that ?

My salary not very high wor just worry that I cannot apply

 

[Armwrestler]

Does anyone have issue with their mandatory salary crediting requirement?

I read that salary must be in the main description.

If my company does use the giro code as "SAL" but the main description that appear in my statement just show my company name then I failed this component?

Quoting this bro as I have same question as him

 

[heng_ah]

My salary are all credited into my POSB saving. For my case, I have to do iBanking every month ah ?

Am I right to say that ?

My salary not very high wor just worry that I cannot apply

If you keep the money in POSB, then you will receive POSB monthly interest (0.05% p.a). So, you are right, you can transfer it out monthly to DBS Multiplier, I think at LEAST you can have 1.55% p.a.

They don't have minimum salary requirement, but in order to get 1.55% p.a from Multiplier, you need to have monthly total transaction of at LEAST $2001 from all of your DBS/POSB accounts.


For example :
- Received monthly salary $2000 in POSB Savings
- Spent $1 from DBS or POSB credit card.

Total recognised transactions in November 2017 = $2001 (within 1.55% p.a band).

If you have $30,000 in multiplier, it will get 1.55% p.a interest for November 2017.

You can get more than 1.55% p.a by qualifying more criteria and increase total recognised transactions to next band.

You can calculate and estimate how much you can get (look for Calculate Your Interest) from here:

https://www.dbs.com.sg/personal/landing/dbs-multiplier/

 

[heng_ah]

Quoting this bro as I have same question as him

DBS is very particular about it.
Spelled it out explicitly in their FAQ under Section D - D.1; Q2, Q3 and Q4.

 

[wisely98]

Wondering AXS payment via POSB Everyday card will qualify for credit card spend or not?

 

[CanT_Make_IT]

If you keep the money in POSB, then you will receive POSB monthly interest (0.05% p.a). So, you are right, you can transfer it out monthly to DBS Multiplier, I think at LEAST you can have 1.55% p.a.

They don't have minimum salary requirement, but in order to get 1.55% p.a from Multiplier, you need to have monthly total transaction of at LEAST $2001 from all of your DBS/POSB accounts.


For example :
- Received monthly salary $2000 in POSB Savings
- Spent $1 from DBS or POSB credit card.

Total recognised transactions in November 2017 = $2001 (within 1.55% p.a band).

If you have $30,000 in multiplier, it will get 1.55% p.a interest for November 2017.

You can get more than 1.55% p.a by qualifying more criteria and increase total recognised transactions to next band.

You can calculate and estimate how much you can get (look for Calculate Your Interest) from here:

https://www.dbs.com.sg/personal/landing/dbs-multiplier/

Does it mean that as long as the account got money. I will still earn the interest ?

Can I use this as a saving account also ?

 

[silverbomb]

Via Company HR webpage, self service.

meaning you split your salary into 2 bank accts? or split half cash half bank?

 

[comex_1]

meaning you split your salary into 2 bank accts? or split half cash half bank?

Split and credit to multiple bank accounts

 

[silverbomb]

Split and credit to multiple bank accounts

i didn't know this can be done.

i just chat with my HR, they upfront told me "No". in your opinion, is this something difficult to do?

 

[foozgarden]

i didn't know this can be done.

i just chat with my HR, they upfront told me "No". in your opinion, is this something difficult to do?

no becoz its more work for HR. and also it might incur extra transactional cost.

yes, it can be done. just whether HR wants to help you.

 

[888888888888]

Is it more worth to transfer salary credit from boc smartsaver to dbs multiplier then, assuming able to hit >5k in transactions and has more than 2 categories?

Assuming it is, how to give up posb cashback bonus scheme?

Anyone switched out of BOC for this? As for using POSB IS, not as keen at moment.

 

[Trazora]

Anyone switched out of BOC for this? As for using POSB IS, not as keen at moment.

Just go with whichever bank which gives the higher interest+rebate, depending on the situation of the individual.

Think putting just $100 monthly into POSB IS to meet investment category requirement for dbs multiplier/POSB cashback bonus is quite worth it.

 

[888888888888]

oh you are changing over? posb IS is min 100/m, and for other reasons prefer to use another.

 

[Trazora]

oh you are changing over? posb IS is min 100/m, and for other reasons prefer to use another.

I keeping to posb cashback bonus. Keeping my boc smartsaver also

 

[fitzz82]

I keeping to posb cashback bonus. Keeping my boc smartsaver also

Oh.. im thinking uob one and dbs mutiplier will be a better choice

Well.. if u can spilt yr sal to credit different bank accounts den is different story

 

[Trazora]

Oh.. im thinking uob one and dbs mutiplier will be a better choice

Whichever works best for you.

 

[a4973]

so far i understand it as we can credit salary to even an old POSB savings account however we need to open / have a DBS Multiplier ac with funds as those funds are getting the bonus interest.
can the DBS Multiplier ac be used to credit salary as well?
thanks