DBS changed its Mutiplier plan

[edmwing]

Need to shift the money from Jan onwards...how is POSB SAYE? for 1k monthly savings will get base interest of 0.25% and 2% after 1st year and 2nd year.

I intend to change to this from Jan 2021

https://www.posb.com.sg/personal/deposits/bank-earn/cashback-bonus

 

[maumu]

Need to shift the money from Jan onwards...how is POSB SAYE? for 1k monthly savings will get base interest of 0.25% and 2% after 1st year and 2nd year.

idk why i don't find it particularly attractive, unless it can be paired with multiplier (salary crediting)? meaning earn from both programmes.

'cos based on say $1,000 savings per month, after 2 years the total interest earned is only around $510? idk...

 

[Trazora]

idk why i don't find it particularly attractive, unless it can be paired with multiplier (salary crediting)? meaning earn from both programmes.

'cos based on say $1,000 savings per month, after 2 years the total interest earned is only around $510? idk...

yes $513.10 at 2%+0.05% p.a. for the accumulated balance

 

[maumu]

yes $513.10 at 2%+0.05% p.a. for the accumulated balance

so can it be paired with multiplier? meaning, debit the monthly savings from multiplier account and then continue with the categories/monthly savings to get interest from both sides?

if can... it's probably good to tap on to 'compensate' for the drop in multiplier from next month onwards.

 

[Trazora]

so can it be paired with multiplier? meaning, debit the monthly savings from multiplier account and then continue with the categories/monthly savings to get interest from both sides?

if can... it's probably good to tap on to 'compensate' for the drop in multiplier from next month onwards.

yes if salary credited to dbs multiplier

 

[maumu]

yes if salary credited to dbs multiplier

what if salary is not credited to multiplier but just a normal dbs account? still works right?

multiplier doesn't require salary to be credited into the multiplier account itself.

 

[Trazora]

what if salary is not credited to multiplier but just a normal dbs account? still works right?

multiplier doesn't require salary to be credited into the multiplier account itself.

"Credit your monthly salary^ into a POSB/DBS account and select it as the debiting account for the monthly savings contribution into the POSB SAYE Account."

 

[demoforce1]

"Credit your monthly salary^ into a POSB/DBS account and select it as the debiting account for the monthly savings contribution into the POSB SAYE Account."

oh is this mean double dip? multiplier + SAYE

 

[iadpotato]

what if salary is not credited to multiplier but just a normal dbs account? still works right?

multiplier doesn't require salary to be credited into the multiplier account itself.

My salary and dividends all credit to my dbs normal savings account. Still included for multiplier

Posted on my Graphite iPhone 12 Pro Max with the HardwareZone Forums app

 

[Trazora]

oh is this mean double dip? multiplier + SAYE

no, money can only be in 1 account.

for POSB SAYE the money need to be transferred from the salary credited account. Salary credited account can be dbs multiplier or other dbs/posb account. Money in POSB SAYE get flat 2%+0.05% after 2 years on the accumulated sum of money. Money in DBS multiplier gets interest calculated daily depending on transaction tier. There is no double dip, just one or the other.

 

[Panerex]

What if no salary? Can still use any of the POSB account to fund this SAYE monthly?

 

[Trazora]

What if no salary? Can still use any of the POSB account to fund this SAYE monthly?

clearly no

 

[maumu]

no, money can only be in 1 account.

for POSB SAYE the money need to be transferred from the salary credited account. Salary credited account can be dbs multiplier or other dbs/posb account. Money in POSB SAYE get flat 2%+0.05% after 2 years on the accumulated sum of money. Money in DBS multiplier gets interest calculated daily depending on transaction tier. There is no double dip, just one or the other.

maybe i wasn't clear...

my salary is credited into normal dbs savings (say Account A). multiplier works (Account B).

my question is... SAYE (Account C) works too. right? if i set my account to transfer to SAYE (Account C) as my normal dbs savings (where my salary goes to, i.e. Account A).

perhaps it's not double dip, but it's two separate interests? one for SAYE (Account C, which is given only after 12 and 24 mths), one for multiplier (Account B, which is monthly).

is my understanding correct?

 

[Trazora]

maybe i wasn't clear...

my salary is credited into normal dbs savings (say Account A). multiplier works (Account B).

my question is... SAYE (Account C) works too. right? if i set my account to transfer to SAYE (Account A) as my normal dbs savings (where my salary goes to, i.e. Account C).

perhaps it's not double dip, but it's two separate interests? one for SAYE (which is given only after 12 and 24 mths), one for multiplier (which is monthly).

is my understanding correct?

yes, can salary credit to another DBS/Posb account and use it to fund the POSB SAYE. This salary crediting will count to dbs multiplier also.

 

[castafarian]

oh is this mean double dip? multiplier + SAYE

it's either SAYE or multiplier iirc

 

[silverbomb]

it's either SAYE or multiplier iirc

Nope there is nth that does not allow. Only multiplier and cashback bonus scheme u have to select one. Saye is a totally different thing which existed long ago.

Posted from PCWX using SM-G965F

 

[castafarian]

Nope there is nth that does not allow. Only multiplier and cashback bonus scheme u have to select one. Saye is a totally different thing which existed long ago.

Posted from PCWX using SM-G965F

ya I'm referring to the part about the bonus

 

[demoforce1]

no, money can only be in 1 account.

for POSB SAYE the money need to be transferred from the salary credited account. Salary credited account can be dbs multiplier or other dbs/posb account. Money in POSB SAYE get flat 2%+0.05% after 2 years on the accumulated sum of money. Money in DBS multiplier gets interest calculated daily depending on transaction tier. There is no double dip, just one or the other.

Thanks, so with credit salary to DBS, I can earn a better interest rate for both multiplier and SAYE, nice...!
but SAYE $ is locked for 24 months since it opening.

 

[maumu]

Can we reduce the monthly savings amount halfway?

Will I forfeit the interest already earned in previous months?

I assume if we close halfway through, we'll forfeit all interest and get back only the principle amount?

 

[newjungle]

Can we reduce the monthly savings amount halfway?
- can reduce anytime during the month, need to notify posb 2 days before the reduction. I think min sum is $10.

Will I forfeit the interest already earned in previous months?
- no

I assume if we close halfway through, we'll forfeit all interest and get back only the principle amount?

- yes ah, and no withdrawal at all.