DBS changed its Mutiplier plan

[sgreview]

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.

Yes, your salary can be credited into any posb/dbs saving acct under your name, but the bonus interest is only calculated for saving in your Multiplier acct, so u cld have qualify for all but still earn little interest if most of your funds are in other saving acct besides the Multiplier acct. At least this was what I knew and what I din really like before I switched to another bank..

Anyway, I suspected the issue for him not receiving any bonus int was due to the salary crediting method his HR uses, that's why advised him to call bank to check

 

[sgreview]

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

This is really sad case.. try the UOB One acct as EarthlyTreasure suggested, that sld give u some consolation for higher interest.

Can also look into SCB, can earn ard 2.13%pa if u can spend 2k on credit card plus pay 3 bills and bonus int is given up to 100k of your savings

 

[Grafspee]

This is really sad case.. try the UOB One acct as EarthlyTreasure suggested, that sld give u some consolation for higher interest.

Can also look into SCB, can earn ard 2.13%pa if u can spend 2k on credit card plus pay 3 bills and bonus int is given up to 100k of your savings

Ah interesting to know as I have already a SC Unlimited Cashback Card
I will investigate

 

[Trazora]

This is really sad case.. try the UOB One acct as EarthlyTreasure suggested, that sld give u some consolation for higher interest.

Can also look into SCB, can earn ard 2.13%pa if u can spend 2k on credit card plus pay 3 bills and bonus int is given up to 100k of your savings

You talking about SCB bonus$aver? Must use bonus$aver credit/debit card which dun earn any rebate/points, so not so worth it.

 

[assiak71]

If i use ibanking to pay $1 to bills like SP services using cc, does it qualify for multiplier cc spend? Or have to go to sp services app to pay to qualify

 

[Kitaro9202]

A stupid question does debit card apply?

 

[cheongsterguy]

If i use ibanking to pay $1 to bills like SP services using cc, does it qualify for multiplier cc spend? Or have to go to sp services app to pay to qualify

I believe it qualifies

 

[Trazora]

A stupid question does debit card apply?

Not counted

 

[iduncheckmail]

If i use ibanking to pay $1 to bills like SP services using cc, does it qualify for multiplier cc spend? Or have to go to sp services app to pay to qualify

Yes can. Pay $1.28 for iCloud monthly also can.

 

[haydentan]

I heard that some have their salary crediting to the multiplier account, rather than the one chosen during the multiplier setup, they din get qualified for additional interest rate. Anyone experienced this?

 

[EarthlyTreasure]

I heard that some have their salary crediting to the multiplier account, rather than the one chosen during the multiplier setup, they din get qualified for additional interest rate. Anyone experienced this?

Salary can be credited to any personal or joint POSB/ DBS account. I think salary must be GIRO with “SAL” code to qualify for salary category.

Best to GIRO salary and CDP interest (SSB) and dividends to joint account to get better “mileage”. Once money is credited, just FAST money to Multiplier account to qualify for higher bonus interest rate.

Each person must also have their own personal Multiplier account. Total monthly transactions with POSB/ DBS for salary (mandatory) plus 1 or more Categories must be $2k and above to qualify for bonus interest.

Google “Multiplier DBS FAQ” to get more answers... it is all there.

 

[Jazzbie]

My company credited Feb salary in end Jan before CNY... Good intention by the co. but will affect my DBS Multiplier.

Anyone experience such issue before and DBS helped to adjust or LLST liao ?

 

[WoShiPro]

My company credited Feb salary in end Jan before CNY... Good intention by the co. but will affect my DBS Multiplier.

Anyone experience such issue before and DBS helped to adjust or LLST liao ?

Not possible. I tried asking before..

 

[SBC]

Can stack Multiplier with POSB CashBack Bonus?

 

[linuskltan]

Can stack Multiplier with POSB CashBack Bonus?

Nope, it's either Multiplier or POSB Cashback Bonus

 

[SBC]

Nope, it's either Multiplier or POSB Cashback Bonus

Thanks. Will stick to CashBack Bonus.

 

[heng_ah]

My company credited Feb salary in end Jan before CNY... Good intention by the co. but will affect my DBS Multiplier.

Anyone experience such issue before and DBS helped to adjust or LLST liao ?

Happened to me too.
Technically no Feb SAL.
I moved $47,000 (except min balance amount) to isavvy temporarily.
It's 2% p. a. promotional rate for Feb by Maybank.
Will return the fund to multipler in March.

 

[sgreview]

Ah interesting to know as I have already a SC Unlimited Cashback Card
I will investigate

You talking about SCB bonus$aver? Must use bonus$aver credit/debit card which dun earn any rebate/points, so not so worth it.

Yes, note that this is only for bonus$aver acct & credit/debit card.

Trazora, do share your strategy to max your credit cards/saving cashback and interest, would be great to learn from u.

IMHO, depends on how u see things, for e.g. most cashback credit card gives 0.25-1.5% (with no string attached kind) or up to 3.33-8% (with min spending and specific categories criteria kind). So unless u have been always hitting the higher tier of maybe 6-8% for your spending, bonus$aver may not be that bad an idea to consolidate your spending for higher ir if u can place 100k savings to max the ir. If spend $2k, IR received is 1.88% of 100k, which is ard $155 (30 days). 155 out of 2k spending is effectively 7.73% cashback.

 

[RocketAbyss]

Bonus interest is in!

 

[whizzard]

Bonus interest is in!

Bonus interest for DBS Multiplier is usually on the 7th of the following month.

UOB One is faster, on the 2nd of the following month.