DBS changed its Mutiplier plan

[cassowary18]

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.

Only if the unit trusts make sense for you. And you need to rotate every 12 months.

 

[hockxaing]

if my previous RSP have completed 10 months for multiplier, will the remaining 2 months be eligible for cashback if I switched to posb cashback?

 

[tortoise18]

Slashed to half. Any alternative with better interest rate?

 

[TsukiSG]

if my previous RSP have completed 10 months for multiplier, will the remaining 2 months be eligible for cashback if I switched to posb cashback?

No. 10char

 

[cassowary18]

Slashed to half. Any alternative with better interest rate?

Singlife, Dash EasyEarn, GIGANTIQ.

If you are talking about purely bank accounts I'm afraid not. Actually still quite high compared to others, if you ask me.

 

[MrAppleCrumble]

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.

Not bad. If liquidity is not an issue I rather go for their readybuilder plan. Cos investments anytime can take out mah.

 

[limpoop]

Is paying university school fees using DBS/POSB credit card eligible for Multiplier?

 

[reddevil0728]

Is paying university school fees using DBS/POSB credit card eligible for Multiplier?

yea why not as long as can use credit card is counted. whether you get cc points is another matter

 

[EarthlyTreasure]

When you switch from Multiplier to POSB Cashback Bonus, thereafter subscribe to new ETF in G3B for next 12 months.

Will buying this new ETF instead of UT fulfill investment category for Cashback Bonus?

 

[maumu]

Is paying university school fees using DBS/POSB credit card eligible for Multiplier?

it seems as long as you pay with the card with credit, it'll count as eligible spending. just confirmed recently with my $20 top up for ezlink under card spend. so no need to worry about exclusions and stuff.

but it's still good to call the bank to confirm, especially if it's a significant amount which makes or breaks your total spending for tiered bonus.

 

[maumu]

Slashed to half. Any alternative with better interest rate?

it depends which tier you're at?

for those with $100k and can meet income + 3 cat, it's 1.2% for $5k transaction (pretty easy to hit with median income) which is still highest amongst the other similar products (uob one, ocbc 360, bonus$aver).

but of course if it's for $50k then maybe it's worth considering the posb cashback bonus which the above posts are discussing about.

am not switching because some targets may be hard to attain (e.g. $20 cashback for card spend @ 0.3% requires $6,667 card spend).

 

[hwmook]

it depends which tier you're at?

for those with $100k and can meet income + 3 cat, it's 1.2% for $5k transaction (pretty easy to hit with median income) which is still highest amongst the other similar products (uob one, ocbc 360, bonus$aver).

but of course if it's for $50k then maybe it's worth considering the posb cashback bonus which the above posts are discussing about.

am not switching because some targets may be hard to attain (e.g. $20 cashback for card spend @ 0.3% requires $6,667 card spend).

Depend on your situation, I have a mortgage with DBS which get me $25.56 cashback already. Add in $20 for salary credit, $30 for investment and $8 for credit card spending, I already have over $80 cashback a month without keeping the $100,000 so the $100,000 can only net me an extra 1.5% PA even if I got $30,000 transaction a month so I decide to convert my wife and my account and put the $200,000 elsewhere. No more multiplier for me, no need to care about dropping interest rate.

 

[item2sell]

Depend on your situation, I have a mortgage with DBS which get me $25.56 cashback already. Add in $20 for salary credit, $30 for investment and $8 for credit card spending, I already have over $80 cashback a month without keeping the $100,000 so the $100,000 can only net me an extra 1.5% PA even if I got $30,000 transaction a month so I decide to convert my wife and my account and put the $200,000 elsewhere. No more multiplier for me, no need to care about dropping interest rate.

I don’t understand your calculation.

Assuming for 100k deposit and 30k transaction
EIR is 2.5%.
So average about $205 / month.

If you switch over. Only $80/mth?

 

[OngHuatHuat]

True is correct. Dbs multiplier requirement actually quite lenient.

it seems as long as you pay with the card with credit, it'll count as eligible spending. just confirmed recently with my $20 top up for ezlink under card spend. so no need to worry about exclusions and stuff.

but it's still good to call the bank to confirm, especially if it's a significant amount which makes or breaks your total spending for tiered bonus.

 

[hwmook]

I don’t understand your calculation.

Assuming for 100k deposit and 30k transaction
EIR is 2.5%.
So average about $205 / month.

If you switch over. Only $80/mth?

$100,000 transfer elsewhere to make money. $125 per month equal 1.5% PA is enough. Just put inside syfe cash+ account also more than that and I no longer have to make additional transactions to fulfil $30k per month.

 

[oceanicmanta]

$100,000 transfer elsewhere to make money. $125 per month equal 1.5% PA is enough. Just put inside syfe cash+ account also more than that and I no longer have to make additional transactions to fulfil $30k per month.

Syfe cash+ still giving 1.75%pa past few months ?

 

[item2sell]

$100,000 transfer elsewhere to make money. $125 per month equal 1.5% PA is enough. Just put inside syfe cash+ account also more than that and I no longer have to make additional transactions to fulfil $30k per month.

That’s a good idea.

How to generate more than 120/ mth for 100k.

Only singlife gives 1% which gives 82/mth

 

[kram62]

Syfe cash+ still giving 1.75%pa past few months ?

Many "financial bloggers" have been praising syfe cash+ recently (in sponsored posts...), hailing the 1.75% projection as the best of all competitors, but somehow I feel they fail to mention that that rate was based on historical performance and is not guaranteed. And it doesn't seem to have been updated since the fed and bond rates collapsed.

I'm also curious to know what is the real effective rate of syfe cash+ these days. Don't care about the "up to xx%" marketing rate.

 

[hwmook]

Many "financial bloggers" have been praising syfe cash+ recently (in sponsored posts...), hailing the 1.75% projection as the best of all competitors, but somehow I feel they fail to mention that that rate was based on historical performance and is not guaranteed. And it doesn't seem to have been updated since the fed and bond rates collapsed.

I'm also curious to know what is the real effective rate of syfe cash+ these days. Don't care about the "up to xx%" marketing rate.

Who told you 1.75% is base on historical performance? If you really go and look at the 3 funds historical performance then you will know then past 1 month, past 3 months, past 6 months and past 12 months returns are all above 2%. The 1.75% forward projection is realistic base on yield to maturity.

 

[lzjlee]

I just switched to posb cashback bonus programme and want to unlock the $30 investment bonus. Thinking of setting up RSP but not sure what to invest. Any recommendations? Prefer low risk..thanks!