DBS changed its Mutiplier plan

[sglandscape]

Hi all, instead of $100k, anyone has the interest cap at $200K instead? Thanks!

How?

 

[saintgtril]

How?

Hi, I have the same query. Thanks.

 

[reddevil0728]

Hi, I have the same query. Thanks.

huh? you are the one talking about 200k. how did you even come to that thought?

 

[peppermint7]

5k endowment only lock down for 2 years.

Thanks for sharing this. I gotten my family to sign up for this. Indeed after 60yo nothing much except this. For myself after my this year is up I'll also go for this cos having to remember to cancel my term protect at 12th or 13th month is a hassle. Need to write in or something. Guess is easier to park 5k and let them auto credit back after 2 years

 

[sglandscape]

Thanks for sharing this. I gotten my family to sign up for this. Indeed after 60yo nothing much except this. For myself after my this year is up I'll also go for this cos having to remember to cancel my term protect at 12th or 13th month is a hassle. Need to write in or something. Guess is easier to park 5k and let them auto credit back after 2 years

Yes and do it again on the 12th month. If one can't spare 5k every year, then maybe chasing higher returns instead of this might make sense.

 

[peppermint7]

Yes and do it again on the 12th month. If one can't spare 5k every year, then maybe chasing higher returns instead of this might make sense.

Oh ya, need to remember to do it again on the 12th month. Thanks for reminder

 

[shengliang1981]

U never lock your account balance to get extra bonus interest?

The FAQ is very detailed, go read it:

Your DBS Multiplier Account pays you interest in two parts:

1. Base interest: This gets added to your account on the last day of each month.
2. Bonus interest: If you've earned any bonus interest, this gets added to your account by the 7th working day of the next month.

How is interest calculated?

Here's how we work out your interest:

• We add up all the eligible transactions for the full month. This total helps us figure out your bonus interest rate.
• The bonus interest rate applies only to your end-of-day SGD balance. The balance cap is the maximum amount of money that can earn bonus interest.
• We calculate the interest earned for each balance level. Then we round this off to the nearest four decimal places.
• We add up each day's interest earned and round this off to the nearest two decimal places.
• Finally, we add up the entire month's interest.

Where the last day of the month or the year is a Sunday or public holiday in Singapore, interest for that day will be calculated based on the balance as at the preceding Business Day. For transactions performed towards the end of the month, recognition may take place the following month.

Just opened my DBS Multiplier account on 1 Jul but initially balance was below $100k and later top up to above $100k to make ADB $100k. Joined CASA promo later on the 7th. Now then realized that bonus interest is not based on ADB. Didn't read the FAQ on the bonus interest calculation earlier, assumed that it's based on ADB as most banks do, lol.

 

[reddevil0728]

Just opened my DBS Multiplier account on 1 Jul but initially balance was below $100k and later top up to above $100k to make ADB $100k. Joined CASA promo later on the 7th. Now then realized that bonus interest is not based on ADB. Didn't read the FAQ on the bonus interest calculation earlier, assumed that it's based on ADB as most banks do, lol.

That’s always the issue where assumption can be costly.

 

[royalmix]

Just opened my DBS Multiplier account on 1 Jul but initially balance was below $100k and later top up to above $100k to make ADB $100k. Joined CASA promo later on the 7th. Now then realized that bonus interest is not based on ADB. Didn't read the FAQ on the bonus interest calculation earlier, assumed that it's based on ADB as most banks do, lol.

Another tip for you: the other bank which pays based on daily balance is CIMB.

 

[chiokcc]

That’s always the issue where assumption can be costly.

Always assume, but be prepared assumptions are wrong .... I always err on the more kiasu side if I can afford to pump in more $$$ ... but of cos, do not always work .....

 

[crashfire]

If you have S$200K or more in liquid funds, can consider upgrade to HSBC Premier.

 

[reddevil0728]

If you have S$200K or more in liquid funds, can consider upgrade to HSBC Premier.

What’s the perk?

 

[sglandscape]

What’s the perk?

Last time have higher 1% GIRO cap, now the benefits don't seem to be much.

 

[Mickey01]

What’s the perk?

got RM to look after you ...

 

[reddevil0728]

got RM to look after you ...

So much sarcasm

 

[AlvinDj]

Oh no.., I just found out my Insure category last month already 12/12

Currently, there is no way I can buy any lumpsum insurance or endowment that can be recognised for this month itself right?

Earliest only from next month iirc? Sigh..

Anyways, for TermProtect, if purchase annual lumpsum, it will be divided by 12 automatically?

 

[reddevil0728]

Oh no.., I just found out my Insure category last month already 12/12

Currently, there is no way I can buy any lumpsum insurance or endowment that can be recognised for this month itself right?

Earliest only from next month iirc? Sigh..

Anyways, for TermProtect, if purchase annual lumpsum, it will be divided by 12 automatically?

Yea doesn’t seem like it

that’s why it’s important to track / set reminder. If not will have such regret.

 

[AlvinDj]

Yea doesn’t seem like it

that’s why it’s important to track / set reminder. If not will have such regret.

Yea, regretted deeply and now reminder set lol

Did anyone buy Annual for TermProtect? Want to confirm if it would divided by 12 automatically and accorded for Insurance category the next 12months

 

[reddevil0728]

Yea, regretted deeply and now reminder set lol

Did anyone buy Annual for TermProtect? Want to confirm if it would divided by 12 automatically and accorded for Insurance category the next 12months

Eligible insurance policies will be recognised for bonus interest over 12 months. We will derive the monthly premium amount by:

• Single premium policies: dividing the single premium amount by 120 (based on 10% of the single premium amount divided across 12 months)
• Regular or flexible premium policies: dividing the annualised premium amount by 12

FAQ got say

https://www.dbs.com.sg/personal/deposits/multiplier/faqs.page

 

[royalmix]

Eligible insurance policies will be recognised for bonus interest over 12 months. We will derive the monthly premium amount by:

• Single premium policies: dividing the single premium amount by 120 (based on 10% of the single premium amount divided across 12 months)
• Regular or flexible premium policies: dividing the annualised premium amount by 12

FAQ got say

https://www.dbs.com.sg/personal/deposits/multiplier/faqs.page

What did you buy?

Which one applies to what you buy?