DBS changed its Mutiplier plan

[maple96]

Interest received. can anybody advise if the bonus interest is counted based on average daily balance or daily balance up to 50k?

Meaning, if the 1st 7 days of the month, my daily balance is <50K, can I compensate with the remaining days of the month by putting in more than >50K?
or it's not counted since only max 50K daily is counted for the bonus interest?

based on daily balance

 

[Trazora]

based on daily balance

Yup. Quoting from the FAQ:

How do you calculate the interest? It is calculated on a daily basis. (i) The prevailing or preferential interest rate is applied to the end-day S$ balance in your Multiplier Account. (ii) Each day’s interest is rounded off to the nearest 2 decimal places. (iii) The entire month’s interest is then summed up.

 

[Purplestars]

Anybody can confirm the best way to earn the investment yield?

Is paying $100 to POSB invest-saver the absolute cheapest way?

Still not sure if it is worth doing just for an additional 0.3% yield.

 

[5star_pundit]

for those who did not credit their salary into multiplier a/c do they get to enjoy the new benefits ? anyone ?

 

[naro]

for those who did not credit their salary into multiplier a/c do they get to enjoy the new benefits ? anyone ?

salary credit into any dbs/posb account is compulsory.

 

[Soul77]

Yup. Quoting from the FAQ:

How do you calculate the interest? It is calculated on a daily basis. (i) The prevailing or preferential interest rate is applied to the end-day S$ balance in your Multiplier Account. (ii) Each day’s interest is rounded off to the nearest 2 decimal places. (iii) The entire month’s interest is then summed up.

Thanks. Managed to get the exact amount calculation. Yes, it's counted by the daily balance rounded to 2 decimal points.

 

[vegavega25]

Anybody can confirm the best way to earn the investment yield?

Is paying $100 to POSB invest-saver the absolute cheapest way?

Still not sure if it is worth doing just for an additional 0.3% yield.

Well, if you have never bought into either product or type, you've got to first ask yourself if either of the two available options under POSB invest-saver fundamentally appeal to you or not. Are stocks through the STI ETF, or bonds through the Singapore Bond index fund something that appeal to you, and whether you have an appetite for either type of product?

If you do already like stocks or bonds, then by all means go for it for this is an easy way to invest in them and of course comes with the added advantage of the 0.3% interest on savings in the bank account.

I would caution against investing in them for the additional 0.3% interest, although it is of course possible as others have mentioned to invest in either and then withdraw each month. To me that is entirely pointless and something I would never do.

 

[blurpandasg2014]

Must salary be credited to multiplier account or any posb saving acc

 

[spiral83]

Must salary be credited to multiplier account or any posb saving acc

any posb saving acc.

 

[highsulphur]

kenna sabo by ict. salary credited was less this month due to make up pay

 

[hwmook]

Well, if you have never bought into either product or type, you've got to first ask yourself if either of the two available options under POSB invest-saver fundamentally appeal to you or not. Are stocks through the STI ETF, or bonds through the Singapore Bond index fund something that appeal to you, and whether you have an appetite for either type of product?

If you do already like stocks or bonds, then by all means go for it for this is an easy way to invest in them and of course comes with the added advantage of the 0.3% interest on savings in the bank account.

I would caution against investing in them for the additional 0.3% interest, although it is of course possible as others have mentioned to invest in either and then withdraw each month. To me that is entirely pointless and something I would never do.

0.3% additional interest on $50,000 is $150 a year or $12.5 a month. My maths tell me just do it regardless of whether you like it or not, it simply make common sense.

 

[deadrick]

Can I check to apply for posb cashbacks bonus or multiplier account and get the monthly interests, do you NEED to sign up a new manulife insurance/endowment?

Because diff info by RM and online info.
Online info only state 3 eligible type of transaction. 1 salary crediting, 2 credit card, 3 housing loan should fulfill right?

I was offered to sign insurance if I want this cashbacks bonus account.

 

[deadrick]

And also to check any lock down / cancellation period for insurance bought through dbs?

 

[highsulphur]

Can I check to apply for posb cashbacks bonus or multiplier account and get the monthly interests, do you NEED to sign up a new manulife insurance/endowment?

Because diff info by RM and online info.
Online info only state 3 eligible type of transaction. 1 salary crediting, 2 credit card, 3 housing loan should fulfill right?

I was offered to sign insurance if I want this cashbacks bonus account.

investment also shows up online

 

[deadrick]

Ya but it states 3 out of the 5 eligible transaction. I was told insurance is a MUST if i want sign up for cashback bonus account. Just want to verify here.

 

[Trazora]

Ya but it states 3 out of the 5 eligible transaction. I was told insurance is a MUST if i want sign up for cashback bonus account. Just want to verify here.

not a must to have manulife investment/insurance.

 

[tiertime]

0.3% additional interest on $50,000 is $150 a year or $12.5 a month. My maths tell me just do it regardless of whether you like it or not, it simply make common sense.

im not understanding this, why do u say its only 0.3% additional interest when it is a difference of 2.08% and 3.5%? p.a. ?


but the stocks prices are very volatile, its hard to choose which stock to buy and make sure it doesnt fall back and eat into the interest that you earned for that month... or is there another safer choice?

 

[Trazora]

im not understanding this, why do u say its only 0.3% additional interest when it is a difference of 2.08% and 3.5%? p.a. ?


but the stocks prices are very volatile, its hard to choose which stock to buy and make sure it doesnt fall back and eat into the interest that you earned for that month... or is there another safer choice?

If you are following the posts, 0.3% started from Purplestars' query, which imply they are looking at the $5000-$15,000 or $15,000-$30,000 transaction tier. Not so common for people to reach more than $30,000 transactions monthly for the 3.08% interest.

Think it is relatively safe to get ABF bond fund via POSB investsaver. Only 50cents fee for $100 investment in exchange for higher interest. Can sell the funds if there is no intention to keep it.

 

[daxiong88]

The bonus interest is limp together as one entry in the statement?

 

[Purplestars]

0.3% additional interest on $50,000 is $150 a year or $12.5 a month. My maths tell me just do it regardless of whether you like it or not, it simply make common sense.

You only get $12.5 a month additional interest from them. But aren't the commission you pay like 1% of the $100 you pay a month to invest in the bonds? This is at the risk of capital losses too. What is the lowest amount you can invest a month just to get the interest?