DBS My Account

[maple96]

I just noticed, if you go to internet banking, then download the transactions in excel, you can see the transaction codes. So transaction codes are there even for current accounts like My account and Multiplier, maybe just not displayed in internet banking, you have to take extra step of downloading the transactions.

Live more, bank less!

Dun waste my precious time

 

[duhduhduh]

I think I had the legacy DBS Remix eSavings that offers no fees too. Just that no passbook and everything is online.

 

[CrashWire]

i am interested in this with no minimum deposits, so the my current dbs saving account will be left untouched and hence i do not have to maintain minimum amount in it? if i receive in salary from Paynow account, will this be affected?

I think you can do better by calling them and asking.

 

[luifd168]

I think main advantage for My Account is no fall-below fee compared to multiplier account. Useful for people who needs to receive SGD and foreign currencies like USD, HKD but don't want to keep money there just to avoid fall-below fee.

 

[silverbomb]

I've been keeping my posb savings account for nostalgia reasons and convenience sake cos memorised the account num by heart but Aft much consideration I have decided to part ways with my savings account and keep Dbs My account. the silly fall below fee just doesn't makes sense now in the drive towards cashless times. The painful part is to redo all the GIROs, ATM card linkage and Salary arrangements if you have not amended it prior.

 

[alexhw]

I've been keeping my posb savings account for nostalgia reasons and convenience sake cos memorised the account num by heart but Aft much consideration I have decided to part ways with my savings account and keep Dbs My account. the silly fall below fee just doesn't makes sense now in the drive towards cashless times. The painful part is to redo all the GIROs, ATM card linkage and Salary arrangements if you have not amended it prior.

Can't you ask DBS to convert your POSB account to the new my account while keeping your account number?

Have a look at this website, I was thinking of doing the same too. https://www.dbs.com.sg/personal/support/bank-deposit-autosave-conversion.html

 

[reddevil0728]

Can't you ask DBS to convert your POSB account to the new my account while keeping your account number?

Have a look at this website, I was thinking of doing the same too. https://www.dbs.com.sg/personal/support/bank-deposit-autosave-conversion.html

Don’t think POSB can? Cause their account number style is different

 

[silverbomb]

Can't you ask DBS to convert your POSB account to the new my account while keeping your account number?

Have a look at this website, I was thinking of doing the same too. https://www.dbs.com.sg/personal/support/bank-deposit-autosave-conversion.html

No cannot be done. Checked b4. What u posted is more relative to multiplier and DBs my account swap. The only other change I did in the past was changing from posb passbook savings to posb esavings account.

Lastly u cannot change a savings to current account. DBS my account is current.

 

[moolala]

Do note that this account only pays interest once a year. Previously we were discussing it in another thread. Now i couldn't find the thread

One issue i faced is when i apply for the account electronically, i am only able to link 1 card to it (either DBS debit Visa or Posb Passion). As i have these 2 cards and do not wish to give up any of them, i have no idea if it is even possible to link 2 cards to it instead of only 1

Another info about this account is that it is also a MCA account which can be used to replace DBS Autosave for those who use DBS Vickers to trade.

really thought it doesn't pay interest

 

[Activities]

If i want the flexibility to able to transfer to/from a US bank account in USD or deposit a US check and possibility withdrawing USD free with ATM at oversea , which one I should use - My Account or Multiplier account? Thanks for advice.

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[Slowdown]

If i want the flexibility to able to transfer to/from a US bank account in USD or deposit a US check and possibility withdrawing USD free with ATM at oversea , which one I should use - My Account or Multiplier account? Thanks for advice.

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Both should have the same function in term of usage with USD. Same strength same limitation.

You should open an My Account if you want to transact. You should treat Multiplier Account like a fixed deposit account. The idea behind Multiplier is to lock in people's money with DBS so that DBS can make use of the money. In return DBS gives a higher interest rates if their criteria are met.

I have both account. Salary, bills, paynow, nets, etc. are all transacted via My Account. My Multiplier is left untouched. Each month I move the interested earned back to My Account. I have max out my Multiplier limit based on the criteria that I can meet.

DBS does not make Multiplier any better than My Account (in term of transaction) because that is not their key intention. These are all my personal POV.

 

[Smokey.B]

im currently on multiplier but due to low interest I am keen to convert to my account.

in the event that interest rates for multiplier improves, can I just as easily convert my account back to multiplier?

 

[cassowary18]

im currently on multiplier but due to low interest I am keen to convert to my account.

in the event that interest rates for multiplier improves, can I just as easily convert my account back to multiplier?

Yes.

 

[tribalblu]

Does DBS My Account charge for inwards and outwards bank transfer of foreign currencies? (eg.USD)

 

[reddevil0728]

Does DBS My Account charge for inwards and outwards bank transfer of foreign currencies? (eg.USD)

Inwards: https://www.dbs.com.sg/personal/support/bank-overseas-funds-transfer-fees-and-charges.html

Outwards: https://www.dbs.com.sg/personal/deposits/pay-with-ease/international-transfers

 

[Darwinson]

I have DBS multiplier and my account just go to $2700


1)Hi can advise how the fall below fee is calculated

2) it’s monthly average. So how do I know my current monthly average ?

3)how can I avoid fall below fee ?

 

[reddevil0728]

I have DBS multiplier and my account just go to $2700


1)Hi can advise how the fall below fee is calculated

*Total SGD$ equivalent Minimum Average Daily Balance (MADB) across all currency wallets.

https://www.dbs.com.sg/personal/support/bank-deposit-accounts-fall-below-fee.html

2) it’s monthly average. So how do I know my current monthly average ?

you can either count yourself or contact dbs to ask?

3)how can I avoid fall below fee ?

maintain balance above 3k?

 

[wenguang]

I have DBS multiplier and my account just go to $2700


1)Hi can advise how the fall below fee is calculated

2) it’s monthly average. So how do I know my current monthly average ?

3)how can I avoid fall below fee ?

close multplier account and open MyAccount, no minimum fee

 

[Darwinson]

close multplier account and open MyAccount, no minimum fee

Can get all the benefit of multiplier account ? i have home loan credit card and salary credit all to DBS leh

 

[reddevil0728]

Can get all the benefit of multiplier account ? i have home loan credit card and salary credit all to DBS leh

if you have all that, why you want to go below the minimum?