DBS changed its Mutiplier plan

[Newmaxi]

If salary is credited on the last day of the month. Will it be captured on the same month for the DBS multiplier? I noticed the bank and earn take awhile to reflect.

 

[tangent314]

Quoted from here:
Q7) How will my investment in Unit Trusts be recognised?
Lump Sum Investments will be recognised once for each adhoc contribution you make to an investment
fund.
Regular Savings Plans and POSB Invest Saver will be recognised for the first 12 consecutive months when
you make contributions to an investment fund.

Hmm... Looks like I may have to switch from ES3 to A35 for 7 months, then switch back to G3B for another 12 months.


Has anyone came up with any better strategies to work around this?

I don't know about buying a fund just for the sake of that 0.15% p.a interest...

For me it was totally accidental. I bought 2x $25k of ES3 using CPF OA in two consecutive months. I was very surprised when I jumped from 2.2% to 3.5% for those 2 months, especially since the FAQ says that it does not apply to CPF.

 

[Buzy_bee]

I don't know about buying a fund just for the sake of that 0.15% p.a interest...

Yes, I can't convince myself yet whether it is worth the hassle

 

[swordsly]

Hmm... Looks like I may have to switch from ES3 to A35 for 7 months, then switch back to G3B for another 12 months.


Has anyone came up with any better strategies to work around this?





For me it was totally accidental. I bought 2x $25k of ES3 using CPF OA in two consecutive months. I was very surprised when I jumped from 2.2% to 3.5% for those 2 months, especially since the FAQ says that it does not apply to CPF.

CPF OA counts meh? I thought only cash RSP counts.

 

[Meemoosaa]

Yeah, it's pretty good. I've been getting 2.2% monthly for the past few months for the 50k deposits. Salary + Credit Card bills + Invest Saver RSP. A couple of months of 3.5% also when I bought some shares through DBS Vickers. Wasn't expecting that but it was nice.

Thanks ! Have you just joined the plan ? How did you got to know about it ? Through their sales/financial team cold call ?

And oh, the online information on RSP is really sparse and it's annoying when they say they can only elaborate on the spot and do not allow us to take any kind of scribbling and reference back.

https://www.dbs.com.sg/personal/ibanking/faq/rsp.page

 

[jackieatbtu]

Buy SSB every month for six months. Then every month will have a little coupon payment coming in. Will last for ten years, even though dbs may stop this account before that.

Hmm... Looks like I may have to switch from ES3 to A35 for 7 months, then switch back to G3B for another 12 months.


Has anyone came up with any better strategies to work around this?





For me it was totally accidental. I bought 2x $25k of ES3 using CPF OA in two consecutive months. I was very surprised when I jumped from 2.2% to 3.5% for those 2 months, especially since the FAQ says that it does not apply to CPF.

 

[Lewis.T]

Buy SSB every month for six months. Then every month will have a little coupon payment coming in. Will last for ten years, even though dbs may stop this account before that.

Am I missing some interaction with the multiplier and SSB? I was under the impression that SSB doesn't contribute in any way to the multiplier.

 

[jackieatbtu]

SSB coupon will pay into the posb account. Any dividend payment from CDP will be counted as investment. You have to make sure your CDP crediting account is dbs/posb though.

Am I missing some interaction with the multiplier and SSB? I was under the impression that SSB doesn't contribute in any way to the multiplier.

 

[Tornesoul]

Am I missing some interaction with the multiplier and SSB? I was under the impression that SSB doesn't contribute in any way to the multiplier.

dividends are counted. if u alrdy have some stocks w dividends, u can just plug the gap in certain months with SSB

 

[vegavega25]

I too am looking for ways of receiving the 'investment category' bonus in the DBS Multiplier account. I would like to sign up for a RSP through DBS, but keep my monthly investment to a minimum.

If I understand it correctly, the POSB Invest-saver has 2 options which start with a S$100 monthly commitment, the Nikko AM STI ETF and the ABF Singapore Bond Index Fund.

Are there any other unit trust RSPs or programmes by which I can invest just S$100 a month and no more?

 

[hwmook]

I too am looking for ways of receiving the 'investment category' bonus in the DBS Multiplier account. I would like to sign up for a RSP through DBS, but keep my monthly investment to a minimum.

If I understand it correctly, the POSB Invest-saver has 2 options which start with a S$100 monthly commitment, the Nikko AM STI ETF and the ABF Singapore Bond Index Fund.

Are there any other unit trust RSPs or programmes by which I can invest just S$100 a month and no more?

Yes, there are many unit trusts which you can invest but there is always an initial investment amount of $1000 before you can do an RSP of $100 every month.

 

[machoguy02]

So if me and my partner open our own individual multiplier account,
does owning only one credit card help to fulfil a category? Or must each of us own a credit card?

 

[Trazora]

So if me and my partner open our own individual multiplier account,
does owning only one credit card help to fulfil a category? Or must each of us own a credit card?

each of you spend on your own principal credit card

 

[machoguy02]

each of you spend on your own principal credit card

So we can share:
- salary interest if we both credit our salaries to a joint dbs account
- home loan interest as Long as both of us are the principal home loan owners.

 

[Trazora]

So we can share:
- salary interest if we both credit our salaries to a joint dbs account
- home loan interest as Long as both of us are the principal home loan owners.

Yes .

 

[CyanSupra]

How come I only received $1.40 interest for month of May despite having $34k in the account. For May, I have transaction of $4.2k in the salary crediting and credit spending?

 

[swordsly]

How come I only received $1.40 interest for month of May despite having $34k in the account. For May, I have transaction of $4.2k in the salary crediting and credit spending?

That is just your 0.05% interest. It'll take 7 days for the multiplier bonus interest to be credited in.

Taken from here:
Higher interest rates are applicable to the S$ balance in your DBS Multiplier Account, up to the first S$50,000. Any amount over and above this will be accorded the prevailing interest rate for that month. Higher interest will be credited in 2 parts:
base interest at our prevailing interest rate, calculated on daily balances will be credited at month end, and
preferential interest at the preferential interest rate (which is the higher interest rate less the prevailing interest rate) based on the sum of your eligible transactions with us, calculated on daily balances, by the 7th working day of the following month.

 

[CyanSupra]

That is just your 0.05% interest. It'll take 7 days for the multiplier bonus interest to be credited in.

Taken from here:
Higher interest rates are applicable to the S$ balance in your DBS Multiplier Account, up to the first S$50,000. Any amount over and above this will be accorded the prevailing interest rate for that month. Higher interest will be credited in 2 parts:
base interest at our prevailing interest rate, calculated on daily balances will be credited at month end, and
preferential interest at the preferential interest rate (which is the higher interest rate less the prevailing interest rate) based on the sum of your eligible transactions with us, calculated on daily balances, by the 7th working day of the following month.

I see.
Thanks for the explanation

 

[yumyumz]

i bought on the 15th, sold on the 17th using "Cash Upfront Account" and saw it reflected in my Bank and Earn on 20th (Sunday)

however when i ask the CSO (asked 3 different CSO) is contra trade considered an eligible investment, all of them said "No"..

if no, then how come it still reflected under my Bank and Earn Summary page



I only know of $20 cashback for credit card application by existing users and $20 NTUC voucher by end May if you do not call in to use the Hotline service

They counted it so just take it and keep quiet... Ask more and they'll close it soon.

Sent from Xiaomi using GAGT

 

[rerear]

Buy SSB every month for six months. Then every month will have a little coupon payment coming in. Will last for ten years, even though dbs may stop this account before that.

If CDP account isn't linked to DBS Multiplier and instead linked to another DBS savings account, to achieve the above, need to change the linkage to DBS Multiplier? How to change?