DBS changed its Mutiplier plan

[tehhalia]

My first insurance and investment “renewal” is coming up. This month aug is 11/12 and next month sep would be 12/12.

Just to check if my plan is correct -
Early September (first few days to play safe), I should purchase a new insurance policy (going for protecfirst again) so that it could come into effect and premium could be deducted in Sep, and subsequently be recognised as 1/12 in Oct?

likewise, I should also set up a RSP for a different fund in early September so that that the RSP would be deducted in sep and recognised as 1/12 in Oct?

As for cancellation of the current insurance and RSP, should I submit cancellation in Sep after I see the app recognised 12/12, or should I wait until 1 oct then submit cancellation? This part I not sure.

As for insurance policy cancellation, I can’t find cancellation option in DBS app, I must write in the manulife directly to cancel?

 

[reddevil0728]

My first insurance and investment “renewal” is coming up. This month aug is 11/12 and next month sep would be 12/12.

Just to check if my plan is correct -
Early September (first few days to play safe), I should purchase a new insurance policy (going for protecfirst again) so that it could come into effect and premium could be deducted in Sep, and subsequently be recognised as 1/12 in Oct?

Yes

likewise, I should also set up a RSP for a different fund in early September so that that the RSP would be deducted in sep and recognised as 1/12 in Oct?

No. recognise in sep. so if you want to recognise in Oct, then do it in Oct

As for cancellation of the current insurance and RSP, should I submit cancellation in Sep after I see the app recognised 12/12, or should I wait until 1 oct then submit cancellation? This part I not sure.

Wait for the month to finish, ideally after bonus paid the following month, if not need to manual

As for insurance policy cancellation, I can’t find cancellation option in DBS app, I must write in the manulife directly to cancel?

Yes the insurance faq got say.

 

[vsvs24]

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

Better to pay monthly. If tnc change, easier to terminate

 

[ice_angel]

Just to update, I tried RSP 100 JPY. The transaction failed, not sure if it is related to the fund or what. My RM checked with respective department and said min RSP needs to be SGD equivalent 100. Oh well...

 

[reddevil0728]

Just to update, I tried RSP 100 JPY. The transaction failed, not sure if it is related to the fund or what. My RM checked with respective department and said min RSP needs to be SGD equivalent 100. Oh well...

what failed? like didn't recognise or didn't transact?

for multiplier related no point checking with RM. just ask bank directly and if they say got minimum ask where is it stated in the T&Cs.

because you can go use vickers and buy a <$1 etf and sell it on the spot. net cost is 0. the transacted amount is also recognised

 

[ice_angel]

what failed? like didn't recognise or didn't transact?

for multiplier related no point checking with RM. just ask bank directly and if they say got minimum ask where is it stated in the T&Cs.

because you can go use vickers and buy a <$1 etf and sell it on the spot. net cost is 0. the transacted amount is also recognised

I rcv email from DBS telling me transaction failed and asked me to check with RM why it failed.. So I msg my RM..
I nv tried vickers with multiplier.. lol.. can buy stocks? Or must be fund or equity?

 

[ice_angel]

what failed? like didn't recognise or didn't transact?

for multiplier related no point checking with RM. just ask bank directly and if they say got minimum ask where is it stated in the T&Cs.

because you can go use vickers and buy a <$1 etf and sell it on the spot. net cost is 0. the transacted amount is also recognised

Sorry, can I ask how to buy <1 etf on vickers. I've tried on vickers, it seems require min lot size 1 (although it seems OK with 1 share also) but there is a commision fee of $25..

 

[reddevil0728]

I rcv email from DBS telling me transaction failed and asked me to check with RM why it failed.. So I msg my RM..
I nv tried vickers with multiplier.. lol.. can buy stocks? Or must be fund or equity?

Then it’s more about the RSP you set up got problem

nothing to do with it not being recognised

don’t have JPY in your WMA?

i suggest you to read the multiple webpage to see what’s allowed

Sorry, can I ask how to buy <1 etf on vickers. I've tried on vickers, it seems require min lot size 1 (although it seems OK with 1 share also) but there is a commision fee of $25..

Sorry not vickers

if you buy via the wealth management account OET, 0.12% commission, no minimum

u buy those etf <$1 and only need 1 share

Example u go buy @ 0.778 commission is $0

you go sell at 0.777 commission is also 0

They charge you $0.78 you get back $0.78

you net cost is 0

but you have $0.78 recognised

 

[crashfire]

What’s the perk?

I think the value is really in the combination of benefits rather than any single perk. You’ve got welcome rewards, bonus cashback/interest, up to 2.80% p.a. on fresh funds, and S$0 withdrawal fees in most countries. Individually they may not look huge, but they do add up over time. If it’s spare cash that would otherwise just sit idle, I think it is worth comparing against alternatives.

 

[ice_angel]

Then it’s more about the RSP you set up got problem

nothing to do with it not being recognised

don’t have JPY in your WMA?

i suggest you to read the multiple webpage to see what’s allowed

I have put 1200 JPY in my wealth account. When setting up the RSP, it was ok. Maybe it is because the fund I chose is more than 100 JPY per unit? I have no idea..

Sorry not vickers

if you buy via the wealth management account OET, 0.12% commission, no minimum

u buy those etf <$1 and only need 1 share

Example u go buy @ 0.778 commission is $0

you go sell at 0.777 commission is also 0

They charge you $0.78 you get back $0.78

you net cost is 0

but you have $0.78 recognised

It took me a while to figure out how to use the DBS desktop interface.. And I think it took me a while to find out funds that allowed for lot size=1.
Thank you thank you

Now I need to figure out how to cancel the RSP setup on wealth account. I feel that this wealth account is so difficult to use. Previously the normal UT porfolion is easier..

 

[reddevil0728]

I have put 1200 JPY in my wealth account. When setting up the RSP, it was ok. Maybe it is because the fund I chose is more than 100 JPY per unit? I have no idea..

Then can’t help you

It took me a while to figure out how to use the DBS desktop interface.. And I think it took me a while to find out funds that allowed for lot size=1.
Thank you thank you

Now I need to figure out how to cancel the RSP setup on wealth account. I feel that this wealth account is so difficult to use. Previously the normal UT porfolion is easier..

Yea maybe not the most straight forward

 

[j123123]

My investment cat. of SavvyEndowment is already 12/12 in Aug, so when to buy(use SRS) new SavvyEndowment for Sep as 1/12? Thanks.

 

[ice_angel]

My investment cat. of SavvyEndowment is already 12/12 in Aug, so when to buy(use SRS) new SavvyEndowment for Sep as 1/12? Thanks.

SavvyEndowment is insurance cat btw.. You need to buy a new SavvyEndowment this month.

 

[ice_angel]

Then can’t help you

Yea maybe not the most straight forward

Can I check if you know how to find the existing RSP that I have setup? I would like to remove it.
I search under the whole wealth portfolio just couldn't find it.
I am using web interface. I really hate this new UI...

 

[reddevil0728]

My investment cat. of SavvyEndowment is already 12/12 in Aug, so when to buy(use SRS) new SavvyEndowment for Sep as 1/12? Thanks.

If 12/12 is this month then you need to buy this month

Can I check if you know how to find the existing RSP that I have setup? I would like to remove it.
I search under the whole wealth portfolio just couldn't find it.
I am using web interface. I really hate this new UI...

when was this setup?

 

[ice_angel]

If 12/12 is this month then you need to buy this month

when was this setup?

Early this month. But transaction failed, so nothing under 'holdings'.

 

[reddevil0728]

Early this month. But transaction failed, so nothing under 'holdings'.

You go find the fund should be from there

 

[j123123]

SavvyEndowment is insurance cat btw.. You need to buy a new SavvyEndowment this month.

Thanks

 

[j123123]

If 12/12 is this month then you need to buy this month

Thanks

 

[Shalom_555]

Just to update, I tried RSP 100 JPY. The transaction failed, not sure if it is related to the fund or what. My RM checked with respective department and said min RSP needs to be SGD equivalent 100. Oh well...

Similar issue, it was transacted and amt debited on 17 Aug and it is in my holdings but not recognised in MP. Just check with AI, it says RSP min sgd100 and not jp100. If anyone is successful on getting this countered under MP invest, pls share.