DBS changed its Mutiplier plan

[henrylbh]

As i didnt receive the interest i called dbs this morning.
Customer service says salary has to be credited in to multiplier account.
I thought salary can be credited into any of dbs account ?

Cannot be no interest. Min is the base rate. To get higher interest interest you need to do the following with DBS/POSB every month and it adds up to S$2,000 or more.


You don't necessarily have to credit your salary into your Multiplier Account. You can credit it into any DBS/POSB deposit account that you own and we will be able to recognise it.

 

[[Audrey]]

There is no atm card specific for Multiplier account. DBS debit cards can be linked to all your account. You can separately apply for another debit card eg posb passion debit card, if you want

Thanks! I see. I will have to test it out at ATM later as I have not opened more than 1 account with DBS so i wanna see how it looks like. would prefer to just use one debit card for all accounts if not very confusing

They won't issue a new card if you choose 2nd option. Just don't transact using Multiplier account. Put your funds there, make it act like an FD.

Continue transacting using your other DBS/POSB accounts. Your current card is already linked to one of your active accounts right? Just keep it that way

Thanks! I linked the Multiplier Account to my existing DBS debit card.

When I go online, I can see 2 accounts, my POSB Savings and Multiplier Account. The Multiplier Account is of course, $0 for now Actually they have an error after I opened it, maybe still very fresh so I didn't put in any money.

I planned to make this the “real savings account” and transfer most money from POSB Savings to this account, and then not touch it. So yes like what you said, make it like FD. Not sure if the interest is based on the transaction made or the amount I have in this Multiplier account though.

 

[henrylbh]

As i didnt receive the interest i called dbs this morning.
Customer service says salary has to be credited in to multiplier account.
I thought salary can be credited into any of dbs account ?

Thanks! I see. I will have to test it out at ATM later as I have not opened more than 1 account with DBS so i wanna see how it looks like. would prefer to just use one debit card for all accounts if not very confusing



Thanks! I linked the Multiplier Account to my existing DBS debit card.

When I go online, I can see 2 accounts, my POSB Savings and Multiplier Account. The Multiplier Account is of course, $0 for now Actually they have an error after I opened it, maybe still very fresh so I didn't put in any money.

I planned to make this the “real savings account” and transfer most money from POSB Savings to this account, and then not touch it. So yes like what you said, make it like FD. Not sure if the interest is based on the transaction made or the amount I have in this Multiplier account though.

I don't think debit card is counted in anyone of the 4 categories of transactions. It's got to be credit card.

 

[tiertime]

Cannot be no interest. Min is the base rate. To get higher interest interest you need to do the following with DBS/POSB every month and it adds up to S$2,000 or more.

wat needs to be $2000 or more? salary/ credit card?

 

[VaNs]

wat needs to be $2000 or more? salary/ credit card?

At least 2 types of transaction which adds up to $2000.

For example $1999 credited as salary, $1 via credit card - this will give you 1.55%

 

[af7680]

Cannot be no interest. Min is the base rate. To get higher interest interest you need to do the following with DBS/POSB every month and it adds up to S$2,000 or more.


You don't necessarily have to credit your salary into your Multiplier Account. You can credit it into any DBS/POSB deposit account that you own and we will be able to recognise it.

thank you for reply but really no interest paid at all.
not even the base interest.
for a start (as i wasnt sure how fast salary bank will be changed due to HR delay), i transfered 3k first to multiplier and 2 weeks later pay credited in (that was in July). but no interest at all...

after talking with DBS and i pointed out that as per faq , it seems any dbs account seems fine then the customer service says " let me get back to you within today" and hang up.

 

[kalipo]

Giro also count right?!

At least 2 types of transaction which adds up to $2000.

For example $1999 credited as salary, $1 via credit card - this will give you 1.85%

 

[tiertime]

At least 2 types of transaction which adds up to $2000.

For example $1999 credited as salary, $1 via credit card - this will give you 1.85%

if invest $30k in stocks via DBS Vickers,
then salary credit $500,
credit card spend $1 ,

means not eligible to get bonus interest ?

 

[henrylbh]

At least 2 types of transaction which adds up to $2000.

For example $1999 credited as salary, $1 via credit card - this will give you 1.85%

Web page says it's 2.08%. Where you get 1.85%?

 

[henrylbh]

if invest $30k in stocks via DBS Vickers,
then salary credit $500,
credit card spend $1 ,

means not eligible to get bonus interest ?

From my understanding, you will get 3.5% cause you have salary credit and transactions in 2 categories during the month.

 

[VaNs]

Web page says it's 2.08%. Where you get 1.85%?

Oops.. it's 1.55%

 

[tiertime]

Cannot be no interest. Min is the base rate. To get higher interest interest you need to do the following with DBS/POSB every month and it adds up to S$2,000 or more.

From my understanding, you will get 3.5% cause you have salary credit and transactions in 2 categories during the month.

i thought so too... so got a bit confused when i saw the requirment of $2000...

 

[henrylbh]

Giro also count right?!

Giro for what transactions? No count if not for any of the 4 categories.

 

[VaNs]

Web page says it's 2.08%. Where you get 1.85%?

To add on... Websites says up to 2.08

 

[VaNs]

if invest $30k in stocks via DBS Vickers,
then salary credit $500,
credit card spend $1 ,

means not eligible to get bonus interest ?

Eligible. Assuming that's a monthly transaction

 

[henrylbh]

From my understanding, you will get 3.5% cause you have salary credit and transactions in 2 categories during the month.

Sorry wrong answer. Rate depends on value of transactions. Min 2k to 30k

 

[Slowdown]

Where else can I put that would be higher interest earning. This is not big amount and I dun want to maintain minimum balance. I am fine with simple procedure but if it is too much of a hassle I rather keep the interest there. One option I did consider was to put the interest to a monthly rsp like posb investsaver.

Agree. Unless you haven't hit 50k. If hit 50k already better take out the interest

 

[kurt111494]

Thanks! I linked the Multiplier Account to my existing DBS debit card.

When I go online, I can see 2 accounts, my POSB Savings and Multiplier Account. The Multiplier Account is of course, $0 for now Actually they have an error after I opened it, maybe still very fresh so I didn't put in any money.

I planned to make this the “real savings account” and transfer most money from POSB Savings to this account, and then not touch it. So yes like what you said, make it like FD. Not sure if the interest is based on the transaction made or the amount I have in this Multiplier account though.

Hi sis, I think the debit card doesnt qualify for part of the transactions required for Multiplier interest.

The interest is based on one (compulsory) and four other (optional) transactions. The compulsory one is crediting salary. Four others (credit card, loan, investment, insurance) are optional, but interest will be even higher if you include them. Interest will be calculated based on the amount you have in Multiplier account.

So technically, the interest you get depends on both the transactions made and the total amount in your Multiplier.

 

[Buzy_bee]

Where else can I put that would be higher interest earning. This is not big amount and I dun want to maintain minimum balance. I am fine with simple procedure but if it is too much of a hassle I rather keep the interest there. One option I did consider was to put the interest to a monthly rsp like posb investsaver.

CIMB fast saver? 1% per annum interest rate with minimal S$1k balance.

 

[Slowdown]

Yalor...So many acct got minimum balance. All my money tied up everywhere. If I die my wife would not even know I have so many 'hiding' place.

CIMB fast saver? 1% per annum interest rate with minimal S$1k balance.