DBS changed its Mutiplier plan

[Kennethzzz]

From my understanding, existing POSB invest saver is not eligible for the investment portion. Is that right?

So the only way for it to be consider valid is to terminate your existing invest saver, redeemed fully, then wait for 6 month to apply again?

Under their FAQ it states:
Q6) I have existing DBS/POSB Unit Trusts prior to opening the Multiplier Account. Will they be recognised?
Only new Unit Trust purchase(s) made after you successfully open your Multiplier Account will be
recognised as eligible transactions.

Q9) Can I terminate my existing Unit Trust Regular Savings Plan or POSB Invest-Saver and re-purchase so
they will be recognised?
If an existing Unit Trust Regular Savings Plan or POSB Invest Saver is terminated and re-purchased within
6 months from the date of termination, the re-purchase will not be considered an eligible transaction.
Additionally, any re-purchase of Unit Trust Regular Savings Plan or POSB Invest-Saver which was
previously terminated but not fully redeemed will also not be considered an eligible transaction.

 

[Trazora]

From my understanding, existing POSB invest saver is not eligible for the investment portion. Is that right?

So the only way for it to be consider valid is to terminate your existing invest saver, redeemed fully, then wait for 6 month to apply again?

Under their FAQ it states:
Q6) I have existing DBS/POSB Unit Trusts prior to opening the Multiplier Account. Will they be recognised?
Only new Unit Trust purchase(s) made after you successfully open your Multiplier Account will be
recognised as eligible transactions.

Q9) Can I terminate my existing Unit Trust Regular Savings Plan or POSB Invest-Saver and re-purchase so
they will be recognised?
If an existing Unit Trust Regular Savings Plan or POSB Invest Saver is terminated and re-purchased within
6 months from the date of termination, the re-purchase will not be considered an eligible transaction.
Additionally, any re-purchase of Unit Trust Regular Savings Plan or POSB Invest-Saver which was
previously terminated but not fully redeemed will also not be considered an eligible transaction.

That's one way.

Or if your POSB Investsaver is on ABF bond you can apply for Nikko am and it should count as a new investment, and vice versa.

 

[vegavega25]

so far i understand it as we can credit salary to even an old POSB savings account however we need to open / have a DBS Multiplier ac with funds as those funds are getting the bonus interest.
can the DBS Multiplier ac be used to credit salary as well?
thanks

Nothing stopping you from crediting your salary to the DBS Multiplier account.

Having said that, DBS has - quite remarkably - not mandated changing the salary credit to the DBS Multiplier account if the salary already gets credited to a POSB/DBS account. So up to you if you want to change salary account or not.

 

[bbbbbw]

The branch staff at DBS gave wrong info
I have a DBS savings plus account used for salary crediting.
Wanted to convert savings plus to multiplier but branch staff said not possible cos 2 different accounts.

So I opened the multiplier and transferred all the money to it and closed savings plus.
Informed HR to credit salary into multiplier cos savings plus closed.

Until today I found out u can actually credit the salary into any DBS or POSB account but if you want to enjoy multiplier interest rates, you must transfer into multiplier account.

 

[jackieatbtu]

I can't use the posb cashback bonus cause can't fulfill three criteria. My invest saver was open way before the cashback bonus. So this multiplier would be a good option for me. Currently money parked at ocbc 360. So immediately increase 0.3% for me.

I keeping to posb cashback bonus. Keeping my boc smartsaver also

 

[CanT_Make_IT]

The branch staff at DBS gave wrong info
I have a DBS savings plus account used for salary crediting.
Wanted to convert savings plus to multiplier but branch staff said not possible cos 2 different accounts.

So I opened the multiplier and transferred all the money to it and closed savings plus.
Informed HR to credit salary into multiplier cos savings plus closed.

Until today I found out u can actually credit the salary into any DBS or POSB account but if you want to enjoy multiplier interest rates, you must transfer into multiplier account.

Ya lor. I also thinking about this. And I have my insurance deduction monthly. I wonder how it affects....

Another thing is as long as the multiplier account got money can Liao or must have minimum sum in it ?

 

[revhappy]

Multiplier account need to maintain 3k to avoid fall below fee

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[bbbbbw]

Ya lor. I also thinking about this. And I have my insurance deduction monthly. I wonder how it affects....

Another thing is as long as the multiplier account got money can Liao or must have minimum sum in it ?

The multiplier must have min 3k to avoid $5 service fee.
Savings plus must have min 500 to avoid service fee.

The multiplier interest rate only for multiplier account.
So it’s natural for ppl to put more money in multiplier if the company credit their salary into another DBS or POSB account.

Just transfer out the salary from DBS or POSB to multiplier

 

[tiertime]

The branch staff at DBS gave wrong info
I have a DBS savings plus account used for salary crediting.
Wanted to convert savings plus to multiplier but branch staff said not possible cos 2 different accounts.

So I opened the multiplier and transferred all the money to it and closed savings plus.
Informed HR to credit salary into multiplier cos savings plus closed.

Until today I found out u can actually credit the salary into any DBS or POSB account but if you want to enjoy multiplier interest rates, you must transfer into multiplier account . ----- (transfer what? 50K or Salary to multiplier account?)

So i have a normal savings account that alr has salary credited to it., and i opened a new multiplier account, i dun have to tell my HR to change the crediting to my mutiplier account right?

But what do u mean by the above im a bit confused

 

[Trazora]

So i have a normal savings account that alr has salary credited to it., and i opened a new multiplier account, i dun have to tell my HR to change the crediting to my mutiplier account right?

But what do u mean by the above im a bit confused

Salary crediting to your normal posb/dbs account will have met the salary crediting requirement for dbs multiplier. However, you will need to transfer the salary to your dbs multiplier account if you want the salary to be earning the higher interest, capped for $50k deposit. Up to you whether it is more convenient to inform HR to credit salary to DBS multiplier account or for you to do the transfer yourself.

 

[tiertime]

Salary crediting to your normal posb/dbs account will have met the salary crediting requirement for dbs multiplier. However, you will need to transfer the salary to your dbs multiplier account if you want the salary to be earning the higher interest, capped for $50k deposit. Up to you whether it is more convenient to inform HR to credit salary to DBS multiplier account or for you to do the transfer yourself.

If alr deposited 50K savings into the Multiplier, then later still need to transfer the SALary into Multiplier ?

 

[Trazora]

If alr deposited 50K savings into the Multiplier, then later still need to transfer the SALary into Multiplier ?

If already deposited 50k into multiplier, then no need transfer salary into multiplier.

 

[ixoral]

Anyone knows how long before our "Bank and Earn Summary" will show something at all? I just opened my MA last week and now when i click into Bank and Earn, it says 'this service is not avail, pls try again later'.

 

[haydentan]

Anyone knows how long before our "Bank and Earn Summary" will show something at all? I just opened my MA last week and now when i click into Bank and Earn, it says 'this service is not avail, pls try again later'.

The bank and earn cashback is in, but I din get the investment cashback though my RSP was successful last month. Anyone has the similar issue?

 

[Trazora]

The bank and earn cashback is in, but I din get the investment cashback though my RSP was successful last month. Anyone has the similar issue?

Cashback? As in posb cashback bonus? Was the RSP applied after you applied for posb cashback bonus?

 

[haydentan]

Cashback? As in posb cashback bonus? Was the RSP applied after you applied for posb cashback bonus?

Yes. POSB cashback bonus.
Nope. In fact October cashback was my 12th month RSP. I terminated the RSP for nov and purchase another RSP for a different fund.
Also, I noticed that the cashback chart did not get updated as fast particularly on RSP. The deduction was on the 15th of the month, but I generally do not see the amount of cashback on the chart till either the first few day of the subsequent month or the day the rebate is in.

 

[Trazora]

Yes. POSB cashback bonus.
Nope. In fact October cashback was my 12th month RSP. I terminated the RSP for nov and purchase another RSP for a different fund.
Also, I noticed that the cashback chart did not get updated as fast particularly on RSP. The deduction was on the 15th of the month, but I generally do not see the amount of cashback on the chart till either the first few day of the subsequent month or the day the rebate is in.

Wrong thread bro. Answered your post in the posb cashback bonus thread.

 

[plexxor]

If already deposited 50k into multiplier, then no need transfer salary into multiplier.

U can transfer any amount into multiplier. but only first 50k will enjoy higher interest. this assumes your salary is credited into any posb/dbs account.

 

[Trazora]

U can transfer any amount into multiplier. but only first 50k will enjoy higher interest. this assumes your salary is credited into any posb/dbs account.

Lol. Can but of course better to put the excess funds where it can earn higher interest.

 

[jackieatbtu]

So if already got 50k inside, the salary that is giro into the posb account can straight away fast out lo?