DBS changed its Mutiplier plan

[reddevil0728]

Yes i did, but i don't understand.

Is etf = rsp? Lol

Sent from Samsung SM-N960F using GAGT

RSP = Regular Savings Plan, it is like a "tool" to help you to invest (not exactly "savings") into Unit Trust or Exchange Traded fund.

 

[maumu]

just wondering, for the invest-saver promotion (up to $125 cashback), does anyone recall there's a similar one before that? i.e. before 1 November.

 

[reddevil0728]

just wondering, for the invest-saver promotion (up to $125 cashback), does anyone recall there's a similar one before that? i.e. before 1 November.

Has been recurring.

 

[maumu]

Has been recurring.

that's what I thought I saw, too. so if there was an earlier cycle, anyone has the terms and conditions? i signed up for RSP in October so I was wondering if I should be expecting some cashback as well.

or do I have to call the bank to ask...

 

[reddevil0728]

that's what I thought I saw, too. so if there was an earlier cycle, anyone has the terms and conditions? i signed up for RSP in October so I was wondering if I should be expecting some cashback as well.

or do I have to call the bank to ask...

the T&Cs are usually the same. just the payment date different.

 

[maumu]

The calculation is blending of POSB Cashback Bonus with ELASTIQ. It is additive since you do not need to keep balance in DBS.

thanks for the detailed explanation. think I will change to cashback bonus after my bonus comes in in March (which should bump up a tier or two).

or as and when dbs cut their rates for multiplier again

probably the good thing is I can still refund my CPF, so at least there's the 2.5%

 

[snowman80]

Hi, sorry to ask if I switch from DBSM to POSB Cashback account, do I still need to inform my company HR to change the salary credit account? Or I can leave the existing Salary credit arrangement(credit into DBSM account)? Any credit card spending of any of my POSB/DBS credit card will count right? Just I have to setup RSP as the one under DBSM is no longer counted.. same for insurance(bought before opening Cashback acc is not counted right) . Thanks

 

[X18]

Hi, sorry to ask if I switch from DBSM to POSB Cashback account, do I still need to inform my company HR to change the salary credit account? Or I can leave the existing Salary credit arrangement(credit into DBSM account)? Any credit card spending of any of my POSB/DBS credit card will count right? Just I have to setup RSP as the one under DBSM is no longer counted.. same for insurance(bought before opening Cashback acc is not counted right) . Thanks

Don't need to change the salary credit account. Your existing salary credit arrangement will be recognized by POSB Cashback Bonus program.

Yes you need to setup a new RSP for the investment category. Previous RSP under DBS Multiplier will not be recognized for POSB Cashback bonus.

 

[snowman80]

Thanks for your reply.

Don't need to change the salary credit account. Your existing salary credit arrangement will be recognized by POSB Cashback Bonus program.

Yes you need to setup a new RSP for the investment category. Previous RSP under DBS Multiplier will not be recognized for POSB Cashback bonus.

 

[demoforce1]

the T&Cs are usually the same. just the payment date different.

do you know when we expect the cashback?

 

[maumu]

do you know when we expect the cashback?

i called the bank. the lady says by 31 March (for those in the previous cycle - Aug - Oct).

 

[xiaosinsinful]

Can anyone clarify

If you change to Cashback ,your multiplier will become a normal myaccount but account no. will not change. Can still continue to credit to this account as per usual.

Need to create a new RSP from that is diff from Multiplier rsp. + salary credit and min $0.01 CC spend to get Cashback?

Let’s say interest rate increase , we can switch back to multiplier?

 

[TsukiSG]

Can anyone clarify

If you change to Cashback ,your multiplier will become a normal myaccount but account no. will not change. Can still continue to credit to this account as per usual.

Need to create a new RSP from that is diff from Multiplier rsp. + salary credit and min $0.01 CC spend to get Cashback?

Let’s say interest rate increase , we can switch back to multiplier?

Yes.

Choose at least 3 from 5 categories: Salary Credit, Credit Card Spend, Home Loan Instalments, Insurance, Investments. Insurance and/or investments must be new one purchased after joining POSB Cashback Bonus

Yes. You can convert your My Account to Multiplier or open a new Multiplier Account.

 

[lucky_]

Yes.

Choose at least 3 from 5 categories: Salary Credit, Credit Card Spend, Home Loan Instalments, Insurance, Investments. Insurance and/or investments must be new one purchased after joining POSB Cashback Bonus

Yes. You can convert your My Account to Multiplier or open a new Multiplier Account.

I recently converted to POSB Cashback, my Bank and Earn summary seems to have disappeared. Is there a similar tracking system for POSB Cashback? TIA!

 

[Trazora]

I recently converted to POSB Cashback, my Bank and Earn summary seems to have disappeared. Is there a similar tracking system for POSB Cashback? TIA!

yes there is, not sure when the tracker will switch though

 

[tytyty333]

I recently converted to POSB Cashback, my Bank and Earn summary seems to have disappeared. Is there a similar tracking system for POSB Cashback? TIA!

Switched on last Friday and can see it this Monday.

 

[tytyty333]

Anyone knows, if set up a new RSP for cashback, when will it be effective.

Set up today, can invest on Jan 15?

 

[lucky_]

Switched on last Friday and can see it this Monday.

Thanks, mine just appeared on iBanking using desktop browser. Does the mobile app have any option to view the tracker?

 

[Trazora]

Thanks, mine just appeared on iBanking using desktop browser. Does the mobile app have any option to view the tracker?

ibanking only

 

[Trazora]

Anyone knows, if set up a new RSP for cashback, when will it be effective.

Set up today, can invest on Jan 15?

so long you applied RSP after set up POSB cashback bonus. If apply today, first deduction should be on 15 Jan