DBS My Account

[init00]

I am planning to migrate away from multiplier after this month. Just don’t want to waste any reward from multiplier since it’s already 2/3 of the month. I understand the multiplier bonus interest is given on 7th next month. So 8th may should be a good day for me to convert multiplier account to ’my account’. And then immediately buy the UT?!?

what is the benefit of moving from dbs multiplier to dbs myaccount?

 

[Darwinson]

what is the benefit of moving from dbs multiplier to dbs myaccount?

home loan. I can confirm hit $30 limit.
dbs unit trust.I can do the musical chair and hit $30 limit every month.
salary credit. I can confirm hit $20
Credit card spend. I can get a few dollars and fulfil usage of 4th category.

so I can guarantee get $83 ish every month if use ‘my account’+posb cashback bonus.

I have dbs multiplier. But very troublesome for me or I no skill. Some months I get $120 and last month onky get $7.34. Maybe I move the money out for FD/tbill too soon.

 

[sohguanh]

I am planning to migrate away from multiplier after this month. Just don’t want to waste any reward from multiplier since it’s already 2/3 of the month. I understand the multiplier bonus interest is given on 7th next month. So 8th may should be a good day for me to convert multiplier account to ’my account’. And then immediately buy the UT?!?

The tracker only move when all 3 categories are met. So what I do is buy close to my salary credit day. It take a few days after buy UT to be reflected. Once I see tracker registered all 3 categories I sell UT.

 

[celtosaxon]

I have only one traditional bank account in Singapore, an old DBS current account, free paper statement, no fees & no interest earned. I can’t recall the minimum average daily balance requirement… maybe $2.5-3.5k.

I thought about converting to My Account.

Any drawbacks?

 

[wenguang]

Wow this is damn good deal. Seems better than the multiplier sh iat:I use the posb cashback bonus calculator and enter $1000 UT and then saw cashback bonus increase by $30.


so it’s better to redeem the UT once the cashback is received ? Or can I keep the UT permanent unless there is gonna some recurring charge on the UT. does DBS vickers transaction qualify for the posb cashback bonus. I can do like one buy-trade every month Which will likely cost me $11 in trade fees .


when is the the cut-off for this month posb cashback bonus. My brother has same house loan,cc and salary credit on posb. i can try to force him but UT to get the extra $30



any other recommended UT that functions like regular snp500 etf. I don’t mind paying $8.5 fees for $1000 product if I can get back $30 cashback bonus and then the UT functions like an investment

https://www.posb.com.sg/iwov-resources/media/pdf/deposits/cashback-bonus-tnc.pdf

 

[wenguang]

I have only one traditional bank account in Singapore, an old DBS current account, free paper statement, no fees & no interest earned. I can’t recall the minimum average daily balance requirement… maybe $2.5-3.5k.

I thought about converting to My Account.

Any drawbacks?

no drawback, no minimum.

 

[ice_angel]

1. you can do lump sum purchase, it is counted. it can be the same etf or bond.
2. yes, lump sum purchase, buy and sell few days later.

It seems the 4 ETF can't do lump sum one time purchase, it needs to be on regular saving plan..
Other Bonds/Equalities etc can do one time lump sum purchase, but the sales charge is 8.2%...

Can't get the best from both world?

 

[wenguang]

It seems the 4 ETF can't do lump sum one time purchase, it needs to be on regular saving plan..
Other Bonds/Equalities etc can do one time lump sum purchase, but the sales charge is 8.2%...

Can't get the best from both world?

Bond: 0.5%

Nikko AM Shenton Short Term Bond Fd
ABF Singapore Bond Index - SGD - Ydis - Cash
DBS CIO LIQUID+ FUND - Class A - SGD - Hedged - Acc
Nikko AM SGD Investment Grd Corp Bd ETF - SGD - Ydis - Cash

 

[~sabaisabai~]

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.

using mca for trade under dbsv. according to broker. there will not be fall below fee for us

 

[ice_angel]

With DBS Multiplier, we can view the Bank and Earn summary on Mobile app. But with POSB Cashback bonus, I can't seem to find any Bank and Earn summary in 'My account'.

 

[wenguang]

With DBS Multiplier, we can view the Bank and Earn summary on Mobile app. But with POSB Cashback bonus, I can't seem to find any Bank and Earn summary in 'My account'.

Mobile app cannot see
Have to use web ibanking

 

[Darwinson]

Mobile app cannot see
Have to use web ibanking

Why DBS make the so useless. So fragmented their UI. From phone to websites UI everything is so messy. DBS vickers app is always useless

 

[wenguang]

Why DBS make the so useless. So fragmented their UI. From phone to websites UI everything is so messy. DBS vickers app is always useless

no need to be so perfect

 

[sglandscape]

Why DBS make the so useless. So fragmented their UI. From phone to websites UI everything is so messy. DBS vickers app is always useless

Even between ios and android there are differences, that's what happen when you have to port old processes to new apps

 

[Darwinson]

Even between ios and android there are differences, that's what happen when you have to port old processes to new apps

And then vickers doesn’t even help to track my dividends from the stock. So i have to manually keep track to try and see roi of a stock.

 

[sglandscape]

And then vickers doesn’t even help to track my dividends from the stock. So i have to manually keep track to try and see roi of a stock.

so far the best platform has been IBKR, exactly the tracking and updates you expect from a broker

 

[Lykadr]

Resuscitating an old thread.

I have an old Savings Plus account that I have kept around by maintaining a $500 minimum. I am thinking of closing this account and opening the My Account instead so I can use the money elsewhere.

I have read up what little DBS has on its savings and current accounts and can't find out much. Anyone knows the pros and cons of closing a savings account and opening up this My Account that seems simultaneously like a savings and current account but has no fall below fee.

 

[sohguanh]

Resuscitating an old thread.

I have an old Savings Plus account that I have kept around by maintaining a $500 minimum. I am thinking of closing this account and opening the My Account instead so I can use the money elsewhere.

I have read up what little DBS has on its savings and current accounts and can't find out much. Anyone knows the pros and cons of closing a savings account and opening up this My Account that seems simultaneously like a savings and current account but has no fall below fee.

DBS My Account is indeed a good choice I open it for my DBS Vickers as it is mandatory. It has no minimum balance and fall below fee a very good choice. Why I never close my old savings account becuz that is my salary credit account for 25 years and counting. Don't want to make big changes like closing it down. Close down monies cannot come in cham!

 

[Lykadr]

DBS My Account is indeed a good choice I open it for my DBS Vickers as it is mandatory. It has no minimum balance and fall below fee a very good choice. Why I never close my old savings account becuz that is my salary credit account for 25 years and counting. Don't want to make big changes like closing it down. Close down monies cannot come in cham!

I couldn't find anything specific about ATM cards and having the ability to withdraw cash at DBS ATM. I don't like assuming, but are you given a ATM card for cash withdrawals as well for My Account as well? I would like to link this to PayLah also.

 

[sohguanh]

I couldn't find anything specific about ATM cards and having the ability to withdraw cash at DBS ATM. I don't like assuming, but are you given a ATM card for cash withdrawals as well for My Account as well? I would like to link this to PayLah also.

No ATM card for My Account for me. But link to Paylah should be doable.