EarthlyTreasure
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Buy shares via DBSVICKERS using cash or CPF will qualify as investment category.
DBS changed its Mutiplier plan
- Thread starter camholicx
- Start date
Buy shares via DBSVICKERS using cash or CPF will qualify as investment category.
$ingaporean
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How about using Srs?
Another reason to port my SRS account over to DBS.
little pupsky
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You don’t have to do this. Your SRS account can still be with another bank. You just need to select SRS when trading from DBS Vickers. (Can’t remember if there’s an additional step of linking your DBS Vickers account to your SRS account, which can be from another bank.)
You mean buying shares using SRS in DBSVickers qualify as "investment" category?
If dividends to SRS account in DBS counts then there will be a benefit.
But ya not even sure SRS / CPFIS trades count. I regularly trade in DBS Vickers with cash so don't bother to notice.
little pupsky
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Buying on DBS Vickers using SRS funds definitely count under investment category for Multiplier bonus interest.
Your SRS account can be with another bank.
Can’t remember exactly but I believe you need to make a one time linkage between your DBSV account with your SRS account.
Your SRS account can be with another bank.
Can’t remember exactly but I believe you need to make a one time linkage between your DBSV account with your SRS account.
I was referring to using SRS to trade via other platforms, specifically POEMS. I guess this doesn't count towards multiplier bonus then?
little pupsky
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No, it doesn’t count. First, you are not using DBSV to execute any buy trades. Second, dividends gained from SRS-bought stocks go back to your SRS account not your Multiplier account.
The only way to gain Multiplier interest using SRS is to use DBSV to execute buy trades with SRS funds. And it’s a one time bonus only. Unless you use SRS funds to execute buy trades on DBSV every month (which I don’t recommend from an investment perspective).
The only way to gain Multiplier interest using SRS is to use DBSV to execute buy trades with SRS funds. And it’s a one time bonus only. Unless you use SRS funds to execute buy trades on DBSV every month (which I don’t recommend from an investment perspective).
Yea, I guessed so as well.
But I'm still going to transfer my SRS to DBS just to consolidate my accounts in one bank.
Thank you.
Under first tab "account" -> bank & earn
shin89
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Thanks, super helpful!
EarthlyTreasure
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Multiplier is a personal account, there is no joint multiplier account. However if u have joint account with POSB/ DBS, u can arrange with HR to have your salary to be credited to this joint account. Thus both joint accounts’ holders will fulfil this salary category.
Similarly u should arrange with CDP to credit your dividends to POSB/ DBS joint account so that both joint account holders meet the investment category. If u build SSB ladder, your joint account holder will enjoy this too. There is more power with joint account.
Google DBS Multiplier FAQ.
whizzard
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Does it mean you can “double dip”?
If salary crediting is into a joint account and mortgage loan is also a joint account, does it mean that the total value of these transactions from the joint accounts is applied each to both individual Multiplier accounts?
1 ACCOUNT OPENING
1.1 You can only open one Multiplier Account in your sole name.
1.2 In the event that you hold on to more than one Multiplier Account, we reserve the right to close any one of the Multiplier accounts and transfer the funds to the remaining Multiplier Account.
1.3 In the event that there are more than one account holders under the Multiplier Account, you will not be eligible for the higher interest rate.
2 INTEREST
2.1 The higher interest rate is only applicable to the Singapore dollar balance in the Multiplier Account and includes the prevailing interest rate and preferential interest rate.
2.2 We will accord you higher interest rate at varying tiers based on the sum of your Eligible Transactions (defined below) with us. Details of the higher interest rate at varying tiers will be published on our website. The higher interest rate will only apply for the first S$50,000 balance in your Multiplier Account. We may from time to time at our discretion and without prior notice revise the higher interest rate.
2.3 The higher interest will only accrue on funds (including inward remittances) which have been successfully credited for value to the Multiplier Account. All deposit interest rates and exchange rates for currency conversion transactions shall be at rates determined by us from time to time.
2.4 The higher interest will be credited in 2 parts:
2.4.1 The prevailing interest calculated on daily balances (excluding late cheque deposits) based on either a 360 or 365/366-day year, depending on the currency involved will be credited to your Multiplier Account monthly. 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. No interest will be paid if the daily balance falls below the prevailing prescribed minimum for the Account.
2.4.2 The preferential interest, which is the higher interest less the prevailing interest, calculated on daily balances (excluding late cheque deposits, including back-valued transactions) will be credited to your Multiplier Account by the 7th working day of the following month.
2.5 If you close your Multiplier Account before the crediting of the preferential interest, you agree to forfeit the preferential interest.
3 ELIGIBILITY OF TRANSACTIONS
3.1 Only eligible transactions described in Clause 3.2 below, taking place from the date of Multiplier Account opening, will be considered (“Eligible Transactions”). However, if the Multiplier Account opening happens on the last calendar day of the month, transactions will only be taken into consideration from the following calendar day. Eligible Transactions will be computed daily for the full calendar month only (i.e. the first to last day of the calendar month).
3.2 Only Eligible Transactions are eligible for computation of the higher interest. In order for transactions to be considered Eligible Transactions, you must successfully credit your salary with DBS/POSB in accordance with Clause 3.3 below and additionally make transactions in any of the 4 categories of transactions listed in Clause 3.4 below.
3.3 In order for your salary to be considered as successfully credited:
(a) Salary must be credited via GIRO, using transaction reference codes of SAL or PAY, into any DBS/POSB SGD- denominated savings/ current accounts held by you, either singly or jointly.
(b) Salary credited must be reflected as either GIRO Salary or Salary under the main transaction description in your Statement of Account.
3.4 The 4 categories of transactions are defined as follows:
3.4.1 Posted retail and cash advance transactions for personal credit cards only
(a) Retail and cash advance transactions charged to a supplementary credit card are not Eligible Transactions under the supplementary cardholder’s name but will be accrued to the principal credit card account.
(b) Fund transfer transactions, instalment payment plans, preferred payment plans, annual fees, interest, late payment charges, all fees charged by us and other miscellaneous charges as imposed by us are not Eligible Transactions.
3.4.2 Home loan instalments
(a) Both contributions from the Central Provident Fund and cash payments for the home loan instalment will be included in the Eligible Transaction amount.
(b) Only the first 3 joint borrowers under the home loan will be accorded the monthly instalment as an Eligible Transaction, with the same full monthly instalment amount being accorded to each joint borrower.
3.4.3 Insurance premiums
(a) Only selected new regular premium insurance policies purchased through DBS/POSB will be included as Eligible Transactions.
(b) Insurance plans must be in force and past the free-look/cancellation period.
(c) Insurance plans with change of frequency in premium payments are not Eligible Transactions.
(d) Monthly premium amount recognised will be derived from dividing the annualised premium amount by 12.
(e) Inclusion of the monthly premium amount as an Eligible Transaction will start from 1 month after inception date and for 12 consecutive months only per insurance policy with annualised premium. Once the policy lapses, subsequent premiums will not be recognised.
(f) Only main policy owners will be accorded the interest for the monthly premium amount recognised as an Eligible Transaction.
3.4.4 Investment transactions
(a) Dividend credit: This must be credited via Central Depository into any DBS/POSB SGD-denominated savings/ current accounts held by you, either singly or jointly.
(b) Unit Trust Lump Sum investment: This must be new purchase through DBS/POSB in cash (not using funds from your Central Provident Fund or Supplementary Retirement Scheme account) and will only be recognised after the free-look/cancellation period.
(c) Monthly contribution amount to Unit Trust Regular Savings Plan and POSB Invest-Saver: This must be new purchase through DBS/POSB in cash (not using funds from your Central Provident Fund or Supplementary Retirement Scheme account) and will only be included as an Eligible Transaction for 12 consecutive contributions per investment fund.
(d) 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 has been previously terminated but not fully redeemed will not be considered an eligible transaction.
(e) Online equity trades: Only fully settled ‘BUY” equity trades purchased via Vickers Online Trading or DBS Treasures Online Equity Trading platform will be Eligible Transactions. For transactions via DBS Vickers online trading platforms, only the primary account holder will be accorded the transaction amount.
(f) Investment transactions denominated in foreign currency will be recognised as the Singapore dollar equivalent at the Bank’s prevailing exchange rate.
4 GENERAL
4.1 You are to assume full responsibility of liaising with your employer to effect the change in salary crediting arrangements where necessary. We will not be liable for any delay or miscommunication that may potentially affect eligibility of your transactions.
4.2 If there is any inconsistency between the Multiplier Terms and any brochures, marketing or promotional materials relating to any services available under the Multiplier Terms, the Multiplier Terms will prevail.
If salary crediting is into a joint account and mortgage loan is also a joint account, does it mean that the total value of these transactions from the joint accounts is applied each to both individual Multiplier accounts?
1 ACCOUNT OPENING
1.1 You can only open one Multiplier Account in your sole name.
1.2 In the event that you hold on to more than one Multiplier Account, we reserve the right to close any one of the Multiplier accounts and transfer the funds to the remaining Multiplier Account.
1.3 In the event that there are more than one account holders under the Multiplier Account, you will not be eligible for the higher interest rate.
2 INTEREST
2.1 The higher interest rate is only applicable to the Singapore dollar balance in the Multiplier Account and includes the prevailing interest rate and preferential interest rate.
2.2 We will accord you higher interest rate at varying tiers based on the sum of your Eligible Transactions (defined below) with us. Details of the higher interest rate at varying tiers will be published on our website. The higher interest rate will only apply for the first S$50,000 balance in your Multiplier Account. We may from time to time at our discretion and without prior notice revise the higher interest rate.
2.3 The higher interest will only accrue on funds (including inward remittances) which have been successfully credited for value to the Multiplier Account. All deposit interest rates and exchange rates for currency conversion transactions shall be at rates determined by us from time to time.
2.4 The higher interest will be credited in 2 parts:
2.4.1 The prevailing interest calculated on daily balances (excluding late cheque deposits) based on either a 360 or 365/366-day year, depending on the currency involved will be credited to your Multiplier Account monthly. 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. No interest will be paid if the daily balance falls below the prevailing prescribed minimum for the Account.
2.4.2 The preferential interest, which is the higher interest less the prevailing interest, calculated on daily balances (excluding late cheque deposits, including back-valued transactions) will be credited to your Multiplier Account by the 7th working day of the following month.
2.5 If you close your Multiplier Account before the crediting of the preferential interest, you agree to forfeit the preferential interest.
3 ELIGIBILITY OF TRANSACTIONS
3.1 Only eligible transactions described in Clause 3.2 below, taking place from the date of Multiplier Account opening, will be considered (“Eligible Transactions”). However, if the Multiplier Account opening happens on the last calendar day of the month, transactions will only be taken into consideration from the following calendar day. Eligible Transactions will be computed daily for the full calendar month only (i.e. the first to last day of the calendar month).
3.2 Only Eligible Transactions are eligible for computation of the higher interest. In order for transactions to be considered Eligible Transactions, you must successfully credit your salary with DBS/POSB in accordance with Clause 3.3 below and additionally make transactions in any of the 4 categories of transactions listed in Clause 3.4 below.
3.3 In order for your salary to be considered as successfully credited:
(a) Salary must be credited via GIRO, using transaction reference codes of SAL or PAY, into any DBS/POSB SGD- denominated savings/ current accounts held by you, either singly or jointly.
(b) Salary credited must be reflected as either GIRO Salary or Salary under the main transaction description in your Statement of Account.
3.4 The 4 categories of transactions are defined as follows:
3.4.1 Posted retail and cash advance transactions for personal credit cards only
(a) Retail and cash advance transactions charged to a supplementary credit card are not Eligible Transactions under the supplementary cardholder’s name but will be accrued to the principal credit card account.
(b) Fund transfer transactions, instalment payment plans, preferred payment plans, annual fees, interest, late payment charges, all fees charged by us and other miscellaneous charges as imposed by us are not Eligible Transactions.
3.4.2 Home loan instalments
(a) Both contributions from the Central Provident Fund and cash payments for the home loan instalment will be included in the Eligible Transaction amount.
(b) Only the first 3 joint borrowers under the home loan will be accorded the monthly instalment as an Eligible Transaction, with the same full monthly instalment amount being accorded to each joint borrower.
3.4.3 Insurance premiums
(a) Only selected new regular premium insurance policies purchased through DBS/POSB will be included as Eligible Transactions.
(b) Insurance plans must be in force and past the free-look/cancellation period.
(c) Insurance plans with change of frequency in premium payments are not Eligible Transactions.
(d) Monthly premium amount recognised will be derived from dividing the annualised premium amount by 12.
(e) Inclusion of the monthly premium amount as an Eligible Transaction will start from 1 month after inception date and for 12 consecutive months only per insurance policy with annualised premium. Once the policy lapses, subsequent premiums will not be recognised.
(f) Only main policy owners will be accorded the interest for the monthly premium amount recognised as an Eligible Transaction.
3.4.4 Investment transactions
(a) Dividend credit: This must be credited via Central Depository into any DBS/POSB SGD-denominated savings/ current accounts held by you, either singly or jointly.
(b) Unit Trust Lump Sum investment: This must be new purchase through DBS/POSB in cash (not using funds from your Central Provident Fund or Supplementary Retirement Scheme account) and will only be recognised after the free-look/cancellation period.
(c) Monthly contribution amount to Unit Trust Regular Savings Plan and POSB Invest-Saver: This must be new purchase through DBS/POSB in cash (not using funds from your Central Provident Fund or Supplementary Retirement Scheme account) and will only be included as an Eligible Transaction for 12 consecutive contributions per investment fund.
(d) 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 has been previously terminated but not fully redeemed will not be considered an eligible transaction.
(e) Online equity trades: Only fully settled ‘BUY” equity trades purchased via Vickers Online Trading or DBS Treasures Online Equity Trading platform will be Eligible Transactions. For transactions via DBS Vickers online trading platforms, only the primary account holder will be accorded the transaction amount.
(f) Investment transactions denominated in foreign currency will be recognised as the Singapore dollar equivalent at the Bank’s prevailing exchange rate.
4 GENERAL
4.1 You are to assume full responsibility of liaising with your employer to effect the change in salary crediting arrangements where necessary. We will not be liable for any delay or miscommunication that may potentially affect eligibility of your transactions.
4.2 If there is any inconsistency between the Multiplier Terms and any brochures, marketing or promotional materials relating to any services available under the Multiplier Terms, the Multiplier Terms will prevail.
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