DBS changed its Mutiplier plan

[Han Shot First]

Does the DBS Multiplier Account also function as DBS Multi-Currency Account (MCA)?

 

[Trazora]

Does the DBS Multiplier Account also function as DBS Multi-Currency Account (MCA)?

yes it does.

 

[Han Shot First]

How to link the DBS Multiplier Account to existing DBS Vickers Online Trading Account?

I wish to use my DBS Multiplier Account for DBS Vickers Cash Upfront trading. I believe the "buy trades" are categorized as "Investment" for the DBS Multiplier.

 

[chyn_no]

How to link the DBS Multiplier Account to existing DBS Vickers Online Trading Account?

I wish to use my DBS Multiplier Account for DBS Vickers Cash Upfront trading. I believe the "buy trades" are categorized as "Investment" for the DBS Multiplier.

No need to link, ur ibank will reflect after ur trade has been fully settled.

But it doesn't seems to work for cash upfront trade i tried calling dbs, they told me to ask vickers .. I called vickers, they direct me back to dbs..

 

[FuNKySoULyBrO]

Not sure if this has been asked before. Recently created a DBS multiplier account.

My salary is normally deposited at the end of the month, but the actual credit into the bank account is dependent on whether it's a working or non-working day for the last day of the month.

So for example, this month end is 30 Jun but falls on Sat, so salary will credit probably in 2 Jul. For end of Jul, it will probably credit on 31 Jul.

Does the multiplier interest take into account for such cases, ie the salary credited on 2 Jul is actually for the Jun's salary ( to count for Jun's interest ). Otherwise I'll lugi on some months if their system missed out, for eg, my Jun's multiplier interest and placed 2 Jul and 31 Jul salary credit as only one for Jul's interest....

 

[Han Shot First]

No need to link, ur ibank will reflect after ur trade has been fully settled.

But it doesn't seems to work for cash upfront trade i tried calling dbs, they told me to ask vickers .. I called vickers, they direct me back to dbs..

I think new DBS Vickers Online Trading accounts will use MCA settlement. I opened my DBSV online trading account last year (but have not used it yet) so I think it is not linked to any MCA account.

I want to link to DBS Multiplier because MCA settlement seems to be a more sensible approach than topping up cash to DBSV to prepare for a buy trade using Cash Upfront trading. And if the top up is insufficient for the share purchase plus fees, one needs to top up some more. Very inconvenient.

Problem is I think old DBSV online trading account may not have MCA linkage. I want to make sure there's linkage before doing the buy trade. Otherwise I might end up using the cash trading (higher brokerage commission) than cash upfront trading (lower brokerage commission).

What do you mean "ur ibank will reflect after ur trade has been fully settled"?

 

[ashketchum]

Not sure if this has been asked before. Recently created a DBS multiplier account.

My salary is normally deposited at the end of the month, but the actual credit into the bank account is dependent on whether it's a working or non-working day for the last day of the month.

So for example, this month end is 30 Jun but falls on Sat, so salary will credit probably in 2 Jul. For end of Jul, it will probably credit on 31 Jul.

Does the multiplier interest take into account for such cases, ie the salary credited on 2 Jul is actually for the Jun's salary ( to count for Jun's interest ). Otherwise I'll lugi on some months if their system missed out, for eg, my Jun's multiplier interest and placed 2 Jul and 31 Jul salary credit as only one for Jul's interest....

The system isn't able to differentiate for which month pay is being credited. It detects by the actual credit date.

E.g. If for the month of June, your pay is credited on the 2nd of July. The account will treat it as a July credit. What you said is correct, some months you will lugi if your company decides to credit your salary twice in the same month.

 

[ohmyglob]

If I have a POSB eSavings account, can I just convert to Multiplier?

 

[zumaba]

yes it does.

How? If I have both Mutiplier and MCA A/C, can I just cancel my MCA and move my
foreign currency into the Mutiplier?

 

[Han Shot First]

FAQ for DBS Multiplier Programme states that:

"Salary credit must be credited into any DBS/ POSB SGD‐denominated savings/ current accounts held by you singly"

I thought salary credit to POSB joint account counts towards the salary credit category of the DBS Multiplier Accounts of all the holders of the joint account.

Is the FAQ correctly written or am I missing something?

 

[Trazora]

How? If I have both Mutiplier and MCA A/C, can I just cancel my MCA and move my
foreign currency into the Mutiplier?

Multiplier is MCA, eg can link to visa debit card for overseas transact without forex fees etc. I never tried before but think there is no issues (eg fees) to transfer funds from your MCA to your Multiplier account then request to close the MCA account.

 

[vegavega25]

FAQ for DBS Multiplier Programme states that:

"Salary credit must be credited into any DBS/ POSB SGD‐denominated savings/ current accounts held by you singly"

What is your source?

Alternatively, read page 12 of https://www.dbs.com.sg/iwov-resourc...er-programme/DBS Multiplier Programme_FAQ.pdf.

 

[kurt111494]

If I have a POSB eSavings account, can I just convert to Multiplier?

Just go and open. It'll be listed together with your eSavings account. Takes only a few seconds to open.

 

[Han Shot First]

What is your source?

Alternatively, read page 12 of https://www.dbs.com.sg/iwov-resourc...er-programme/DBS Multiplier Programme_FAQ.pdf.

My bad. That FAQ is V1.0,*Dec*2013. But it showed up when I googled. DBS/POSB should remove outdated FAQs or descriptions of their products from the Internet!

I do have another question though.

The illustrative example in the updated FAQ on pp. 12 is for 2 joint account holders who both credit their salaries to the joint bank account.

What about the situation where only 1 joint account holder credits his salary to the joint account? The other joint account holder makes no salary credit. Each joint account holder has his/her own personal DBS Multiplier account. Does each Multiplier account "Bank and Earn Summary" still show a salary credit (after a few days) (of the first joint account holder)?

 

[Trazora]

My bad. That FAQ is V1.0,*Dec*2013. But it showed up when I googled. DBS/POSB should remove outdated FAQs or descriptions of their products from the Internet!

I do have another question though.

The illustrative example in the updated FAQ on pp. 12 is for 2 joint account holders who both credit their salaries to the joint bank account.

What about the situation where only 1 joint account holder credits his salary to the joint account? The other joint account holder makes no salary credit. Each joint account holder has his/her own personal DBS Multiplier account. Does each Multiplier account "Bank and Earn Summary" still show a salary credit (after a few days) (of the first joint account holder)?

yes. salary to joint account counted to both multiplier accounts

 

[Han Shot First]

What about the situation where one POSB InvestSaver is setup by 1 joint account holder to make regular investment deductions from the joint bank account? Does the POSB InvestSaver deductions count as "Investment" category for both of the personal DBS Multiplier accounts? Or only for the Multiplier account of the joint account holder who actually setup the RSP?

 

[bjornng]

hey guys, i'm thinking of creating a ssb ladder to clock the investment portion for the multiplier account. i searched this thread and found a bro who's doing that too. can i just confirm that this is how i should go about doing it:

1) assuming i begin from jul 2018, apply for Jul 18 SSB - Dec 18 SSB, each with $500 (this will be the amount determined by individual)
2) since coupon payout is every 6 months, first payout of Jul 18 SSB will be in Jan 19, Aug 18 SSB in Feb 19, so on and so forth and "recycled" every 6 months.
3) these monthly coupon will count towards the investment portion of the multiplier

also, i got 1 question here. is it like a guarantee that we will get the SSB? will there be a scenario whereby we are not allocated the bond on a certain month when we are building up the ladder?

another way that i read to clock the investment portion is to use POSB invest saver to buy in ABF bond or Nikko ETF, and this monthly investment will count towards investment for 12 consecutive months. after you terminate one eg ABF, you will have to wait 6 months before you can apply ABF again. so the trick here is alternate buying in ABF and Nikko every 6 months.

am i in the right track here?

 

[swordsly]

also, i got 1 question here. is it like a guarantee that we will get the SSB? will there be a scenario whereby we are not allocated the bond on a certain month when we are building up the ladder?

Allocation goes round robin until a certain amount, thereafter it's based on luck whether one gets that extra 500 allocated or not.
So long the amount you input is lesser than that certain amount, you'll get full allocation else the remainder will be credited back to you.

 

[Buzy_bee]

hey guys, i'm thinking of creating a ssb ladder to clock the investment portion for the multiplier account. i searched this thread and found a bro who's doing that too. can i just confirm that this is how i should go about doing it:

1) assuming i begin from jul 2018, apply for Jul 18 SSB - Dec 18 SSB, each with $500 (this will be the amount determined by individual)
2) since coupon payout is every 6 months, first payout of Jul 18 SSB will be in Jan 19, Aug 18 SSB in Feb 19, so on and so forth and "recycled" every 6 months.
3) these monthly coupon will count towards the investment portion of the multiplier

also, i got 1 question here. is it like a guarantee that we will get the SSB? will there be a scenario whereby we are not allocated the bond on a certain month when we are building up the ladder?

another way that i read to clock the investment portion is to use POSB invest saver to buy in ABF bond or Nikko ETF, and this monthly investment will count towards investment for 12 consecutive months. after you terminate one eg ABF, you will have to wait 6 months before you can apply ABF again. so the trick here is alternate buying in ABF and Nikko every 6 months.

am i in the right track here?

I am starting ssb ladder too. From July to Dec 2018.

Can only Reap the benefit in Jan 2019 onwards

 

[dd_se7en]

All sifu, if I already have a dbs savings, if I apply multiplier account, will the salary credit to my dbs savings counted?