DBS changed its Mutiplier plan

[maumu]

For my case....
I called the cso, and he said it would reflect after 25th aug. :/ Both insurance and investment.

Are your investment categories showing already too?

nope. investment will only show up T+3 days + many more days for the people at the backend to update the system... for many moons it only showed up around 25th or so, although RSP monthly was deducted on 15th/16th.. so it's like around 10 days after the deduction.

 

[alex22]

For my case....
I called the cso, and he said it would reflect after 25th aug. :/ Both insurance and investment.

Are your investment categories showing already too?

My trade on 3aug alr show up by 7th

 

[sansanjikikut]

My trade on 3aug alr show up by 7th

What trade May I ask?

 

[Meemoosaa]

Hi all - I'm on an existing DBS multiplier account back in 2018. Back then, there was a requirement of $50K deposit to set up a dedicated "DBS Multiplier account" in order to enjoy the great interest rates. Up to 3.5% pa for more than $30K spent across 2 or more categories per month.

Sadly, those great interest rates have gone. Finally had some time to sit down and review all of it now and I'm considering pulling out entirely from the multiplier account now and use the $50K somewhere else.

1) Am I correct to assume that there is now no more requirement for any deposit in the designated multiplier account anymore? If so, I could basically move the $50K somewhere else now isn't it?

I could ring the guy in charge but damn annoyed as I think he is gonna try and sell me other products which I have little time to entertain these days.

Thanks in advance for any advice/thoughts.

 

[reddevil0728]

Hi all - I'm on an existing DBS multiplier account back in 2018. Back then, there was a requirement of $50K deposit to set up a dedicated "DBS Multiplier account" in order to enjoy the great interest rates. Up to 3.5% pa for more than $30K spent across 2 or more categories per month.

Sadly, those great interest rates have gone. Finally had some time to sit down and review all of it now and I'm considering pulling out entirely from the multiplier account now and use the $50K somewhere else.

1) Am I correct to assume that there is now no more requirement for any deposit in the designated multiplier account anymore? If so, I could basically move the $50K somewhere else now isn't it?

I could ring the guy in charge but damn annoyed as I think he is gonna try and sell me other products which I have little time to entertain these days.

Thanks in advance for any advice/thoughts.

was there ever a 50k requirement? or it's more of the first 50k you get higher interest?

have you checked out the website?

 

[Meemoosaa]

was there ever a 50k requirement? or it's more of the first 50k you get higher interest?

have you checked out the website?

Hi. This was going back 2018. I can't remember whether it was a requirement or to qualify for higher interest rates but I remembered parking $50K in there. You could be right that it was to qualify for higher interest rates which have sadly fallen by more than half now. Just wondering if it's still worth hanging onto this account.

I've also moved a lot of my credit card expenses with another bank over the year... so i'm basically in the one category transaction now.

 

[reddevil0728]

Hi. This was going back 2018. I can't remember whether it was a requirement or to qualify for higher interest rates but I remembered parking $50K in there. You could be right that it was to qualify for higher interest rates which have sadly fallen by more than half now. Just wondering if it's still worth hanging onto this account.

I've also moved a lot of my credit card expenses with another bank over the year... so i'm basically in the one category transaction now.

it depends on which account requirements you can easily fulfil. we wouldn't know your circumstances. have to go look at the different accounts to see what's best for your case.

 

[vsvs24]

Hi. This was going back 2018. I can't remember whether it was a requirement or to qualify for higher interest rates but I remembered parking $50K in there. You could be right that it was to qualify for higher interest rates which have sadly fallen by more than half now. Just wondering if it's still worth hanging onto this account.

I've also moved a lot of my credit card expenses with another bank over the year... so i'm basically in the one category transaction now.

If you only have salary you are not earning anything from DBS Multiplier because need at least salary plus 1 category.

Should move out.

You are using which bank's credit card now ?

 

[Meemoosaa]

If you only have salary you are not earning anything from DBS Multiplier because need at least salary plus 1 category.

Should move out.

You are using which bank's credit card now ?

I just remember I have Manullife ready builder too on top of my salary input but it's Manullife ready builder version 1 as this is going back 2018. Looks like the current multiplier plan doesn't take into consideration version 1 ? If so, then really..what's the point of still holding onto this account.

I've moved a lot of my expenses to citibank premier miles as I used to travel a lot for work before covid. Comes with airmiles that never expires + lounge usage

Non of the existing DBS cards seems to be that attractive. Or at least non that I last checked!

----

Purchase any of the following regular premium policies after opening your Multiplier Account:

• CancerCare
• Critical SelectCare
• eCriticalCare
• eDecreasingTerm
• LifeReady Plus (II)
• Manulife SmartRetire (III)
• Manulife SmartWealth (II)
• Manulife Spring (II)
• ManuProtect Decreasing (II)
• ManuProtect Decreasing Lite (II)
• ManuProtect Term (II)
• ManuProtect Term Lite (II)
• Ready LifeIncome (II)
• ReadyBuilder (II) – Regular Premium
• RetireReady Plus (III) – Regular Premium
• SavvySpring (II)
• TermProtect

 

[reddevil0728]

I just remember I have Manullife ready builder too on top of my salary input but it's Manullife ready builder version 1 as this is going back 2018. Looks like the current multiplier plan doesn't take into consideration version 1 ? If so, then really..what's the point of still holding onto this account.

I've moved a lot of my expenses to citibank premier miles as I used to travel a lot for work before covid. Comes with airmiles that never expires + lounge usage

Non of the existing DBS cards seems to be that attractive. Or at least non that I last checked!

----

Purchase any of the following regular premium policies after opening your Multiplier Account:

• CancerCare
• Critical SelectCare
• eCriticalCare
• eDecreasingTerm
• LifeReady Plus (II)
• Manulife SmartRetire (III)
• Manulife SmartWealth (II)
• Manulife Spring (II)
• ManuProtect Decreasing (II)
• ManuProtect Decreasing Lite (II)
• ManuProtect Term (II)
• ManuProtect Term Lite (II)
• Ready LifeIncome (II)
• ReadyBuilder (II) – Regular Premium
• RetireReady Plus (III) – Regular Premium
• SavvySpring (II)
• TermProtect

Insurance recognition last for 12m only

 

[Meemoosaa]

Insurance recognition last for 12m only

I see ! I must have forgotten that then... so it's as good as having only 1 active category now. Lol...

Anyway... here is a record of the rates back in 2018. It was super shiok to see the interest rolling in on a monthly basis when I was still active on DBS credit card.

 

[reddevil0728]

I see ! I must have forgotten that then... so it's as good as having only 1 active category. Lol...

Anyway... here is a record of the rates back in 2018. It was super shiok to see the interest rolling in on a monthly basis when I was still active on DBS credit card.

2018 no covid-19. and feds interest rate was higher than.

 

[Meemoosaa]

2018 no covid-19. and feds interest rate was higher than.

Yep.. good things don't last sadly !

I think time to get out for me... ! Thanks for the pointers.

 

[Mortgagegurusg]

actually the posb cashback can earn a lot more per month

 

[silverbomb]

actually the posb cashback can earn a lot more per month

That's a sweeping statement there. Each person's scenario is different so everyone would have to calculate whether they gain more under their respective scenarios and criterias etc. What works more for you may or may not works more for someone else.

 

[Mortgagegurusg]

That's a sweeping statement there. Each person's scenario is different so everyone would have to calculate whether they gain more under their respective scenarios and criterias etc. What works more for you may or may not works more for someone else.

right right
i forgot to add the word sometimes.
generally, if your deposit is high/huge mulitplier would be better .
but let say if you have less than 20K, posb cashback makes sense as well .

best is to use the calculator provided on wesbite

 

[HelIoo]

I have dbs multiplier. If sign up posb cashback, will it take effect too?

 

[hwmook]

I have dbs multiplier. If sign up posb cashback, will it take effect too?

It's either or so if you sign up for POSB Cashback then you won't get the higher interest for multiplier.

I personally choose POSB Cashback as I get $93 cashback without having to keep 100k inside.

 

[direbmem]

I have always only deposited SGD in my multplier account. If I deposit USD for the 1st time, automatically a USD account would be created under my multplier account, since it is a multi currency account?

 

[reddevil0728]

I have always only deposited SGD in my multplier account. If I deposit USD for the 1st time, automatically a USD account would be created under my multplier account, since it is a multi currency account?

they call it "wallet". yes. but must make sure USD is selected when depositing.