DBS changed its Mutiplier plan

[Depressed_dude]

I tried to sign up for new multiplier account online. It says I can only have one savings account at a time

Account number will be different, unless your account is My Account. GIRO arrangements have to change. Of course you can keep the original POSB savings account open and use Multiplier as a savings account. Current RSP will not count towards investment category for Multiplier (must be started after Multiplier account open)

 

[MrAppleCrumble]

I tried to sign up for new multiplier account online. It says I can only have one savings account at a time

Can go to branch and open. Sms q

 

[shpesft]

My Bank and Earn still not showing the investment category. Hope it doesn’t affect the interest.

 

[maumu]

My Bank and Earn still not showing the investment category. Hope it doesn’t affect the interest.

you got RSP deduction on 15th?

if have, don't worry. they update very slow one. mine only show up yesterday. think they do it in batches.

 

[cassowary18]

I tried to sign up for new multiplier account online. It says I can only have one savings account at a time

Are you currently on POSB Cashback Bonus?

 

[Trazora]

I tried to sign up for new multiplier account online. It says I can only have one savings account at a time

Think it is rather that you can have only either of DBS multiplier or POSB cashback bonus . Should be OK to have DBS multiplier account and another savings account.

 

[shpesft]

Yes there was. Hopefully it shows up or at least the interest shows up.

you got RSP deduction on 15th?

if have, don't worry. they update very slow one. mine only show up yesterday. think they do it in batches.

 

[Extremme]

a mistake I made so thought of sharing.

RSP deducted on 15 Jan and I cancelled my monthly RSP on 20 Jan.

It was not registered as a "Investment" category thus I called up DBS. I was told I should not have cancelled until it was registered on the system.

 

[shpesft]

Oh no! I cancelled my RSP too. Did they manage to reinstate for you?

a mistake I made so thought of sharing.

RSP deducted on 15 Jan and I cancelled my monthly RSP on 20 Jan.

It was not registered as a "Investment" category thus I called up DBS. I was told I should not have cancelled until it was registered on the system.

 

[Extremme]

Oh no! I cancelled my RSP too. Did they manage to reinstate for you?

CSO said there is no way to reinstate. Suck it up

 

[reddevil0728]

CSO said there is no way to reinstate. Suck it up

You may not be able to reinstate the RSP, but you should be able to ask them to recognise your investment category. Tell them you thought as long as you made the investment it should be counted.

Ask them to show you B&aw to say you shouldn’t be cancelling it until they recognise.

If they can’t then they should recognise it for higher interest

 

[sky00sky]

Anyway to track which month I am in for the rsp?

I put 100 a month , now the investment portion shows 960+ So do I assume this should be the 10th Month ?

 

[TsukiSG]

Anyway to track which month I am in for the rsp?

I put 100 a month , now the investment portion shows 960+ So do I assume this should be the 10th Month ?

It's showing in Bank & Earn Summary.

 

[reddevil0728]

Anyway to track which month I am in for the rsp?

I put 100 a month , now the investment portion shows 960+ So do I assume this should be the 10th Month ?

statement will show....

 

[reddevil0728]

It's showing in Bank & Earn Summary.

B&E will show RPS is how many times already meh. only show the $ value for the month what

 

[maumu]

B&E will show RPS is how many times already meh. only show the $ value for the month what

surprised you didn't know that it's available in the mobile app all these while.

it'll show something like XXX Fund - (#/12).

same for insurance, also (#/12).

 

[cassowary18]

Update for Jan 2021:

I switched from DBS Multiplier to POSB Cashback Bonus in January after the interest rate cut. Shifted $50K to Singlife (earning 1%, as I previously already maxed out the first $10K at 2% previously, now 1.5%).

If I had kept my money in DBS Multiplier, I would have earned $33.46 in interest, as I would have been in the 0.80% tier (income + 2 cat, $5K to $15K in eligible transactions).

Switching to POSB Cashback bonus, I earned $23.45 in cashback + $41.68 in interest from Singlife.

So overall, I benefited from the switch. The troublesome thing is terminating your RSP and starting a new one, if you've been using RSP to fulfill your investment cat. But for me, I've been using Vickers to fulfill the investment cat when I was with DBS Multiplier, so it was easy for me to fulfill that category.

 

[sky00sky]

surprised you didn't know that it's available in the mobile app all these while.

it'll show something like XXX Fund - (#/12).

same for insurance, also (#/12).

Mine using DBS dun have leh ..

 

[oceanicmanta]

Mine using DBS dun have leh ..

mine also dont have leh ..

 

[maumu]

Mine using DBS dun have leh ..

mine also dont have leh ..

that's strange. only some of us can see?

DBS digibank > Deposits > DBS Multiplier Account > Eligible Transactions > Investment / Insurance

did you click the downward arrow (v) on the right side of the screen? it'll expand to show you the specific product and the sequence (#/12).