DBS changed its Mutiplier plan

[swordsly]

Like to check with others here;
I have checked with the Bank Rep that sold me the Manulife-DBS investment (RetireReady Plus) and helped opend the Multiplier account in Jun 18;

1) I thought I remb he said to gain most out of Multipier account requires 3 x Transactions (Banking in Salary, Credit Card spend and any tied-in investment product with DBS) with an effective 2.2% interest per annum.

2) My Manulife payment is paid one lump sum every year for X no of years.

3) Thus far, I log into the DBS website and I see that investment value is always $0. Salary + Credit card spend for Aug and Sep thus far will entitle me either 1.9% or 1.85% depending if the total is over $5000. When I ask the agent subsequently on the phone, he keep telling me that the interest is correct.

Therefore my questions

a) In my scenario, am I suppose to get 2.2% or 1.9% interest? Cos when I see the "Save and Earn" graph in DBS banking account the next jump is 2% at $15k (which I definitely wont qualify).

b) By paying annual premium rather than monthly, could it affect my monthly interest rate).

TIA.

If you pay annually, it should logically be considered as 1 transaction only. Depending on the amount you transacted, that month's interest could be a lot higher. But for the other months, it's going to be that 1.9% unless you make sufficient transaction in 1 of the unfulfilled categories.

Also, the Bank and Earn summary is automated. It'll usually take 2 days for it to update after your transactions are done (not for everything though; the RSPs tend to take more days).

 

[mirage_77]

If you pay annually, it should logically be considered as 1 transaction only. Depending on the amount you transacted, that month's interest could be a lot higher. But for the other months, it's going to be that 1.9% unless you make sufficient transaction in 1 of the unfulfilled categories.

Also, the Bank and Earn summary is automated. It'll usually take 2 days for it to update after your transactions are done (not for everything though; the RSPs tend to take more days).

That what I suspect too.... Somehow either I misunderstood the agent (doubt so), or I kanna "bluffed" by him.

Not sure if Manulife allows me change to monthly GIRO instead. Still, I thought since I bought the retirement product might as well stick with it since I see it adds to my retirement portfolio.

 

[swordsly]

That what I suspect too.... Somehow either I misunderstood the agent (doubt so), or I kanna "bluffed" by him.

Not sure if Manulife allows me change to monthly GIRO instead.

But even with that I dont see how I am supposed to hit 2.2%. Thats like more than $15 or 20k per month based on current chart.

I don't know if you even read the chart/website properly; you only need 5k to hit 2.2% based on salary + 2 categories.

If they don't allow you to change to monthly, just tell them you want to cancel it.
In fact, I think the top concern is to re-evaluate if you truly need that product or not; you don't buy a product like this to purposefully hit some account requirement to earn you that bit more interest when there are cheaper alternatives.

 

[mirage_77]

I don't know if you even read the chart/website properly; you only need 5k to hit 2.2% based on salary + 2 categories.

If they don't allow you to change to monthly, just tell them you want to cancel it.
In fact, I think the top concern is to re-evaluate if you truly need that product or not; you don't buy a product like this to purposefully hit some account requirement to earn you that bit more interest when there are cheaper alternatives.

In my case I think monthly I only have 2 x transactions (Salary and Credit card spend).

Thats why I thinking to:
1)Change my investment to monthly deduction to hit 3 transactions
2) See if people here able to advise I should be expecting the "Earn and Save" chart to show 2.2% or 1.9%. Before I ask the Banking agent again. 3) Then if it's worth the trouble to do the switch.

 

[mirage_77]

Pardon my ignorance - I didnt realise that the DBS website has the calculator that clearly shows I should be earning 2.2% instead of the current 1.85%.


Looks like I need to look for the agent again. Based on calculator I potentially lose about $200 per year due to difference in interest rate

 

[linuskltan]

In my case I think monthly I only have 2 x transactions (Salary and Credit card spend).

Thats why I thinking to:
1)Change my investment to monthly deduction to hit 3 transactions
2) See if people here able to advise I should be expecting the "Earn and Save" chart to show 2.2% or 1.9%. Before I ask the Banking agent again. 3) Then if it's worth the trouble to do the switch.

Do consider that it is usually the case that annual premium payments paid are discounted (in the range of 3 - 4%) as compared to the cumulative monthly premiums over 12 months.

 

[zumaba]

anyone received your POSB Cashback?

I know DBS Mutiplier bonus already in.

 

[lance88]

Pardon my ignorance - I didnt realise that the DBS website has the calculator that clearly shows I should be earning 2.2% instead of the current 1.85%.


Looks like I need to look for the agent again. Based on calculator I potentially lose about $200 per year due to difference in interest rate

need to see the trade off, monthly payment might be higher than annual payment. as some member had suggested, make it fit you instead of you fit it. t&c of interest changes over the years, for a current % difference, may not worth trading it. likewise, are you going to keep jumping different banks for saving accounts over years if another bank comes with slightly better interest? the hassle might not be worth it unless its a big enough jump, then again could be short lived.

 

[ixora2007]

for 50k in the multiplier for the 1.9% tier interest, the interest i received is $30+.
is it because i funded this 50K on different dates in Sep? or this there some requirement that I'm missing out?

 

[hwmook]

for 50k in the multiplier for the 1.9% tier interest, the interest i received is $30+.
is it because i funded this 50K on different dates in Sep? or this there some requirement that I'm missing out?

Obviously right? The 50k is not inside from the first day of the month...

 

[kalipo]

How come interest not in yet already 8th any bro here can advise. Thank you

 

[zumaba]

How come interest not in yet already 8th any bro here can advise. Thank you

Yep. POSB Cashback not in yet, but DBS Multiplier was already credited in the early morning.

 

[kalipo]

Me both also not in?

 

[Squaredot]

Me both also not in?

DBS multipler interest jib liao.
u check again. Call bank if don't have.

 

[Trazora]

Me both also not in?

btw u cannot have both under one name

 

[kalipo]

Ok I know why already liao I just call them my HR change the mode of salary transfer
Thank you anyway bro

 

[yumyumz]

Property tax, prudential, town council excluded from DBS points/rebate.

No DBS credit card good for fairprice, dun think you want to push your spending to monthly $600 for 5% rebate for paywave/online on dbs live fresh.

Can get 10x points for online spend (google game, telco bill paid online) on DBS WWMC but dun think can meet the min 5000 dbs points required to transfer to mile. Can settle for vouchers.

SP group can get 1% rebate on posb everyday card or 1.2mpd on dbs altitude.

Think you can just spend a token sum on dbs wwmc and dbs altitude/ posb everyday card to clock the crefit card spend criteria for dbs multiplier

Telco bill is eligible for 4mpd on wwmc?

Sent from Xiaomi using GAGT

 

[haydentan]

Posb cashback is in.

 

[Trazora]

Telco bill is eligible for 4mpd on wwmc?

Sent from Xiaomi using GAGT

yes 10x pt if pay on telco website/app.

 

[Singleton]

i got the interest liao too...