DBS changed its Mutiplier plan

[sgreview]

Hello

Yes salary is credited directly to my DBS Multiplier Acct.
Most of the funds are on this acct.

Best to call DBS to ask for your case..

 

[FrostWurm]

Hello

I have an issue with DBS Multiplier Acct.
My Salary is credited every months (13,750 SGD)

Intro me your job plzzz

 

[blue_line]

Did you put money into the multiplier account and not your normal posb bank?

Firstly, are u certain u have opened a DBS Multiplier Acct?
Secondly, the Multiplier is a separate acct from your other saving acct, so if your salary is credited to your saving acct, u need to transfer money into your Multiplier Acct to earn the interest.

You do not need to credit the salary into Multiplier account.

As long as you credit it into a DBS/POSB account under your own name, it is fine.

 

[blue_line]

Hello

I have an issue with DBS Multiplier Acct.
My Salary is credited every months (13,750 SGD) and I have investment of about 2,000 SGD per month (Unit Trust with DBS) and abt 1,000 SGD per month on eMySaving Acct.
However I get only few cents of interest each month (not even 1 SGD)
I do not understand what i'm doing wrong.
Thanks in advance for your help
Regards

Only investment made after opening multiplier account will be recognised. Were your investment in place before you opened the multiplier account?

 

[myename]

Hello

I have an issue with DBS Multiplier Acct.
My Salary is credited every months (13,750 SGD) and I have investment of about 2,000 SGD per month (Unit Trust with DBS) and abt 1,000 SGD per month on eMySaving Acct.
However I get only few cents of interest each month (not even 1 SGD)
I do not understand what i'm doing wrong.
Thanks in advance for your help
Regards

Did you only look at the month end interest? Multiplier bonus interest is around 7th of the month.

 

[mdax23]

With that kind of salary, the mulitiplier interest become negligible already.

 

[PrinterJam]

Is your salary credited in via GIRO or FAST? And did the HR specify it as SAL code?

Iirc need to be SAL and enter via GIRO

 

[Grafspee]

Is your salary credited in via GIRO or FAST? And did the HR specify it as SAL code?

Iirc need to be SAL and enter via GIRO

Aaaaah probably issue is here.
Salary is identified as such however it’s not performed via GIRO but Fast.
I understand now how i lost 2 years of interest
Do you know any other bank with similar acct that will consider also FAST TRansfer and not only GIRO
Thanks in advance
Regards

 

[maple96]

Aaaaah probably issue is here.
Salary is identified as such however it’s not performed via GIRO but Fast.
I understand now how i lost 2 years of interest
Do you know any other bank with similar acct that will consider also FAST TRansfer and not only GIRO
Thanks in advance
Regards

U did not lose at all cos u did not take immediate action! Nobody with the right mind wld wait that long to find the answer Most wld kpkb when interest not received in the first mth.

 

[hyperbole]

Aaaaah probably issue is here.
Salary is identified as such however it’s not performed via GIRO but Fast.
I understand now how i lost 2 years of interest
Do you know any other bank with similar acct that will consider also FAST TRansfer and not only GIRO
Thanks in advance
Regards

2 years of interest?!

 

[Grafspee]

2 years of interest?!

Because it took me 2 years to realise there was something wrong.

 

[maple96]

Because it took me 2 years to realise there was something wrong.

new multiplier acct only came into effect in Oct/Nov 2017!

 

[Grafspee]

new multiplier acct only came into effect in Oct/Nov 2017!

AH ok.
I opened my DBS Multiplier account in Apr 2017 that's why I said (roughly) 2 years

 

[Squaredot]

AH ok.
I opened my DBS Multiplier account in Apr 2017 that's why I said (roughly) 2 years

that's quite a loss so sad

 

[PrinterJam]

Aaaaah probably issue is here.
Salary is identified as such however it’s not performed via GIRO but Fast.
I understand now how i lost 2 years of interest
Do you know any other bank with similar acct that will consider also FAST TRansfer and not only GIRO
Thanks in advance
Regards

If i recall, other banks also same rules unfortunately. I remember ocbc maybank also like this.
I'm abit more aware because i do finance and payroll for my company employees.
Sorry to hear about your interest loss

 

[Grafspee]

Checked with my HR, and unfortunately they refuse to proceed through a GIRO. Therefore i'm ****ed in any case.
So no more regrets unfortunately

Thanks for your help

 

[mdax23]

My guess is HR dept for a company with hundreds of employees will not change for the sake of one staff just because he is unable to get extra bonus interest from his bank unless he is the CEO.

 

[Grafspee]

Surprisingly

 

[fun4life]

But is that possible to set payroll recurrent via FAST?

 

[EarthlyTreasure]

Checked with my HR, and unfortunately they refuse to proceed through a GIRO. Therefore i'm ****ed in any case.
So no more regrets unfortunately

Thanks for your help

In your situation, you may want to explore opening UOB One account instead. To qualify for bonus interest, I think u can replace salary crediting with minimum 3 GIRO and then spend minimum $500 using their One credit card monthly. Check this out to see if it is more appropriate for u.