DBS changed its Mutiplier plan

[sellun]

The STI ETF RSP need to be terminated and the ETF units fully sold off min 6 months before you reapply the STI ETF RSP for it to count to fulfilling one of the category and transaction amount for higher bonus interest.

Yah so I'll have 6months to sell the $1200 worth of STI ETF to make it available for the 3rd year of bonus interest.

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[little pupsky]

Are you sure you want to be doing this? Numbers and hassle-wise, it could be a lot of effort for not that much gain, not to mention the spirit of RSPs is to buy and hold for the long term.

Yah so I'll have 6months to sell the $1200 worth of STI ETF to make it available for the 3rd year of bonus interest.

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[chiokcc]

will dividend from shares purchased using SRS considered as investment category ?

No. SRS account is not considered for Multiplier...

 

[little pupsky]

Just to be clear- if you invest using SRS funds from your linked DBS Vickers account, then yes, it qualifies for Multiplier interest for the month you made your SRS investment. Dividends and coupons from SRS-bought securities go directly into your SRS account (and stay there till age 62 unless reinvested), so no, no Multiplier interest for dividends and coupons from SRS-bought securities.

 

[FuNKySoULyBrO]

Hmmm... I received the multiplier interest on the 7th July, even though my salary ( which was normally paid end of month, but for the mth of June, only credited on 2 Jul due to 30th June being a non-working day ).

Under my Bank & Earn summary, for June, the salary component is zero, so overall is listed as 0.05% interest despite having other categories like investments and credit card spending. For current July's Bank & Earn, only then salary component is recognised.

Maybe the reason why DBS only credit the multiplier interest on the 7th day of the following month could be to cater for those spill-over salary credit scenarios. . Thought I would have lost out on the June multiplier, but was pleasantly surprised when I got it!

 

[af7680]

Thank you little pupsky and chiokcc

 

[compro_1975]

they will give u the breakdown on how much is the % interest u earn?

 

[Buzy_bee]

they will give u the breakdown on how much is the % interest u earn?

Can go to your ibanking and see Bank and Earn summary.

Alternatively, every month I received sms from DBS which also state the interest.

"From DBS:

Congrats! Total interest of S$xx.xx (1.85% p.a.) for your eligible transactions in Feb 2018, has been credited in your Multiplier Account.

Track your transactions easily through your digibank at go.dbs.com/sg-multidg"

 

[ixoral]

I didn’t know can get such sms!

Alternatively, every month I received sms from DBS which also state the interest.

"From DBS:

Congrats! Total interest of S$xx.xx (1.85% p.a.) for your eligible transactions in Feb 2018, has been credited in your Multiplier Account.

 

[crazymee184]

How does DBS allocate their account managers (Aka wealth planning manager) for consumers?

Recently known that i was allocated and the AM is encouraging to change the SAYE account to full multiplier account, what was mentioned was due to higher interest rate (Which is true) but i only met 2 out of the 3 criteria (lower interest rate then). am thus going to re-strategize my savings plan accordingly. any recommendations?

 

[swordsly]

How does DBS allocate their account managers (Aka wealth planning manager) for consumers?

Recently known that i was allocated and the AM is encouraging to change the SAYE account to full multiplier account, what was mentioned was due to higher interest rate (Which is true) but i only met 2 out of the 3 criteria (lower interest rate then). am thus going to re-strategize my savings plan accordingly. any recommendations?

What criteria have you met?

 

[crazymee184]

What criteria have you met?

only the salary and investments criteria. Insurance is tricky while i do not have credit card with DBS at the moment

 

[kurt111494]

Can go to your ibanking and see Bank and Earn summary.

Alternatively, every month I received sms from DBS which also state the interest.

"From DBS:

Congrats! Total interest of S$xx.xx (1.85% p.a.) for your eligible transactions in Feb 2018, has been credited in your Multiplier Account.

Track your transactions easily through your digibank at go.dbs.com/sg-multidg"

This one is it only possible through mobile banking or something? Or is it auto?

 

[little pupsky]

Credit card criteria is easy to fulfil, just spend a dollar and the requirement is met. If you are concerned about annual fees, then consider getting the DBS Safra Mastercard, no annual fees, provided you are eligible.

only the salary and investments criteria. Insurance is tricky while i do not have credit card with DBS at the moment

 

[Kixon9]

Dbs wasn't able to deduct my account this morning for the UT purchase due to insufficient funds cos i forgot to trf in. Will they attempt again?

 

[flanker438]

Branch code

my HR asking me the branch code of the DBS multiplier account. So is the same convention, the first 3 digits of account no? I opened the account online, so I am wondering what's this branch code.

 

[revhappy]

my HR asking me the branch code of the DBS multiplier account. So is the same convention, the first 3 digits of account no? I opened the account online, so I am wondering what's this branch code.

Yes, 1st 3 digits. But it shouldn't matter, the account number is unique across the bank.

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[kurt111494]

my HR asking me the branch code of the DBS multiplier account. So is the same convention, the first 3 digits of account no? I opened the account online, so I am wondering what's this branch code.

salary must credit into multiplier account directly meh?? cannot be other DBS/POSB accounts under the same name?

 

[flanker438]

Yes, 1st 3 digits. But it shouldn't matter, the account number is unique across the bank.

Sent from Xiaomi REDMI NOTE 4 using GAGT

thanks. told her 120. I guess all the account opened online start with 120.

 

[Buzy_bee]

salary must credit into multiplier account directly meh?? cannot be other DBS/POSB accounts under the same name?

No need to credit salary to Multiplier. I credit to other dbs account.