DBS changed its Mutiplier plan

[shadow84]

How to convert sgd to usd inside multiplier and how to use this usd to transfer to broker acct?

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[IronMan123]

How to convert sgd to usd inside multiplier and how to use this usd to transfer to broker acct?

Just go to Pay & Transfer > All > Your DBS/ POSB > DBS Multiplier SGD > + Select Fund Source (whatever account u have, if only DBS Multiplier, select it). Go to fund destination that u select earlier ( DBS Multiplier SGD), change to whatever currency u want. In your case, select USD. Check the exchange rate, if u r happy with it, just proceed.

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[greatpacificpatch]

How do you guys decide whether to switch to earn cashback bonus or earn interest?

 

[cassowary18]

How do you guys decide whether to switch to earn cashback bonus or earn interest?

There are calculators on both the cashback bonus and Multiplier pages. You can calculate the amount of cashback and interest you would get. If you want to be more comprehensive, you can also account for the opportunity cost of putting your money in Multiplier vs other vehicles.

 

[Trazora]

How do you guys decide whether to switch to earn cashback bonus or earn interest?

BTW it is cashback bonus+ interest in other banks vs interest in multiplier

 

[Squaredot]

There are calculators on both the cashback bonus and Multiplier pages. You can calculate the amount of cashback and interest you would get. If you want to be more comprehensive, you can also account for the opportunity cost of putting your money in Multiplier vs other vehicles.

Pardon me, I'm also curious as I see a growing number converting to POSB Cashback Bonus. Based on the calculator, Multiplier seems to earn more..is there some goodness I didn't see

 

[TheAlphaLion]

Like what Trazora said, for POSB Cashback Bonus you don't have to keep any cash balance in your account. So you can move all to another account for even more interest. See the below seedly post for an (old) example

https://blog.seedly.sg/cashback-hac...cashback-cimb-fastsaver-dbs-multiplier/?amp=1

 

[TsukiSG]

Multiplier interest in. Just now converted to POSB Cashback Bonus.

Seems like you need to have at least one CC or non-multiplier account for conversion.

After conversion, your Multiplier Account will become My Account immediately.

 

[TsukiSG]

Pardon me, I'm also curious as I see a growing number converting to POSB Cashback Bonus. Based on the calculator, Multiplier seems to earn more..is there some goodness I didn't see

If you converted to POSB Cashback Bonus, you can move all your funds in Multiplier account to other places (e.g. ELASTIQ, Singlife, SAYE, etc.) for earning interests. So don't forget to calculate this portion.

 

[vsvs24]

Multiplier interest in. Just now converted to POSB Cashback Bonus.

Seems like you need to have at least one CC or non-multiplier account for conversion.

After conversion, your Multiplier Account will become My Account immediately.

Huh? DBS multiplier becomes My account ? Then if my DBS multiplier is already linked to Vickers for cashupfront trades will it be affected ?

Plus think need to redo the insurance. I probably will stick to DBS multiplier.

 

[weng0202]

If you converted to POSB Cashback Bonus, you can move all your funds in Multiplier account to other places (e.g. ELASTIQ, Singlife, SAYE, etc.) for earning interests. So don't forget to calculate this portion.

If you already have investments under rsp, can the same investments still count if I sell them off before applying for the cashback bonus (apply back the same investments later)?

 

[lucky_]

I just converted to the POSB Cashback system, my DBS Multiplier became My Account. It was (and still probably is?) linked to my Vickers as a cash-upfront account.

Does this mean I won't be charged the fall-below fee if I don't keep the minimum amount of $3000 inside? I seem to remember reading somewhere that MCAs linked to Vickers do not incur fall-below fees.. But I don't remember exactly where I read that information and if it's true.

 

[cassowary18]

I just converted to the POSB Cashback system, my DBS Multiplier became My Account. It was (and still probably is?) linked to my Vickers as a cash-upfront account.

Does this mean I won't be charged the fall-below fee if I don't keep the minimum amount of $3000 inside? I seem to remember reading somewhere that MCAs linked to Vickers do not incur fall-below fees.. But I don't remember exactly where I read that information and if it's true.

It's a moot point because My Account has no account minimums.

But yes, it's true. MCA linked to Vickers has no fall below fee. I'm keeping my Multiplier account (emptied out already) because of that.

 

[TsukiSG]

Huh? DBS multiplier becomes My account ? Then if my DBS multiplier is already linked to Vickers for cashupfront trades will it be affected ?

Plus think need to redo the insurance. I probably will stick to DBS multiplier.

Account number won't change, so don't think will affect anything.

Yes, need to redo insurance if you convert to POSB Cashback Bonus.

 

[TsukiSG]

If you already have investments under rsp, can the same investments still count if I sell them off before applying for the cashback bonus (apply back the same investments later)?

Need to purchase a new one.

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

If an existing Unit Trust Regular Savings Plan or POSB Invest-Saver is terminated and re-purchased within 6 months from the date of termination, the re-purchase will not be considered an eligible transaction. Additionally, any re-purchase of Unit Trust Regular Savings Plan or POSB Invest-Saver which has been previously terminated but not fully redeemed will not be considered an eligible transaction.

 

[TsukiSG]

It's a moot point because My Account has no account minimums.

But yes, it's true. MCA linked to Vickers has no fall below fee. I'm keeping my Multiplier account (emptied out already) because of that.

But what is the reason for keeping a zero-balance Multiplier account?

IIRC My account and Multiplier Account are both MCA account, and you can do the conversion on online banking anytime, so no difference?

 

[cassowary18]

But what is the reason for keeping a zero-balance Multiplier account?

IIRC My account and Multiplier Account are both MCA account, and you can do the conversion on online banking anytime, so no difference?

No point switching to POSB Cashback Bonus because I fulfill Investment criteria using DBS Online Equity Trade. So I just use the Multiplier account as a current account and just transfer my monthly spending in. At least still have a bit of interest.

Although now that I've read a bit more about POSB Cashback Bonus, I might start a RSP to take advantage of it.

 

[TiedInsurer]

Did a bit of research on the bus this morning. My strategy to maximise my gains on my fully liquid cash holdings will be as follows:

1. Keep first $3k in Multiplier, for ease of withdrawal, no fees, and save hassle of updating my bank accounts with 101 people and organisations i do business with. Won't bother to close it, as banks seems to be changing their T&Cs every 3mths nowadays...
2. Continue to keep next $10k in Singlife for 2%.
3. Continue to keep next $10k in Gigantiq for 2%.
4. Signup for Dash Easyearn, and put in next $20k for 1.8%.
5. Any excess, put into Singlife for 1%.

After that, pick the option to stop earning interest on my Multiplier, and start earning cashback instead, so that i can still get money on my salary credit, card spends, and investment.
https://www.posb.com.sg/personal/deposits/bank-earn/cashback-bonus

Bonus interest for December is in, so i've initiated my plan. Seems like I'm forced to change my Multiplier account to a regular multi-currency account, so i did.

Anyone knows if the DBS My Account is considered a savings account or a current account?

 

[Squaredot]

If you converted to POSB Cashback Bonus, you can move all your funds in Multiplier account to other places (e.g. ELASTIQ, Singlife, SAYE, etc.) for earning interests. So don't forget to calculate this portion.

Thanks bro but I don't have another suitable place to house the funds and my POSB Cashback bonus seems not much, based on the calculator.

Huh? DBS multiplier becomes My account ? Then if my DBS multiplier is already linked to Vickers for cash upfront trades will it be affected ?

Plus think need to redo the insurance. I probably will stick to DBS multiplier.

yea, after gg thru sweat and tears, think i will stick to rabbit account for a while

 

[treblers]

To boost your POSB Cashback, another hack is to invest $1,000 per month in UTs.

Gives you $30 of investment cashback, but you only pay $8.20 (0.82%) of sales charge. You can opt for a low risk fund.

For myself, I treat as forced investments monthly.