DBS changed its Mutiplier plan

[Trazora]

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

Yea, no issue

 

[Slowdown]

I have an existing POSB saving acct and I think that I do not want to make this acct as my Multipler account. I am thinking of opening another personal saving acct as my MA. I was told I must maintain a minimum of 3K in my MA acct. I am worried that my regular saving acct has so many GIRO deduction that one day it may fall below 3K.

Does it make sense to open a new MA? If I have two personal saving acct now, will O get bank charge if my regular saving acct falls below a certain balance? I only know that we do not need to maintain minimum balance if we only have one personal acct.

 

[Trazora]

I have an existing POSB saving acct and I think that I do not want to make this acct as my Multipler account. I am thinking of opening another personal saving acct as my MA. I was told I must maintain a minimum of 3K in my MA acct. I am worried that my regular saving acct has so many GIRO deduction that one day it may fall below 3K.

Does it make sense to open a new MA? If I have two personal saving acct now, will O get bank charge if my regular saving acct falls below a certain balance? I only know that we do not need to maintain minimum balance if we only have one personal acct.

Multiplier account will be a separate account. It will not affect the min balance requirement on your existing account.

 

[vegavega25]

I have an existing POSB saving acct and I think that I do not want to make this acct as my Multipler account. I am thinking of opening another personal saving acct as my MA. I was told I must maintain a minimum of 3K in my MA acct. I am worried that my regular saving acct has so many GIRO deduction that one day it may fall below 3K.

Does it make sense to open a new MA? If I have two personal saving acct now, will O get bank charge if my regular saving acct falls below a certain balance? I only know that we do not need to maintain minimum balance if we only have one personal acct.

Minimum balance requirements apply to each account separately, based on whatever terms and conditions come with those accounts. There is no calculation of balances across accounts. The only thing in this scheme of things that is considered across bank accounts is salary credit. That is, in order to meet the transaction numbers for the DBS Multiplier account, the SAL credit can be to any personal or joint DBS/POSB account belonging to the DBS Multiplier account holder.

 

[Slowdown]

Thanks for the feedback.

 

[plexxor]

I have an existing POSB saving acct and I think that I do not want to make this acct as my Multipler account. I am thinking of opening another personal saving acct as my MA. I was told I must maintain a minimum of 3K in my MA acct. I am worried that my regular saving acct has so many GIRO deduction that one day it may fall below 3K.

Does it make sense to open a new MA? If I have two personal saving acct now, will O get bank charge if my regular saving acct falls below a certain balance? I only know that we do not need to maintain minimum balance if we only have one personal acct.

if u don't put money in multiplier account, u are wasting the higher interest rate.

Sent from The Matrix using GAGT

 

[Slowdown]

Would it be a simpler solution that I open a MA and put 50K inside. I have salary deposit and Mastercard with POSB. That would qualify me for the higher interest right?

if u don't put money in multiplier account, u are wasting the higher interest rate.

Sent from The Matrix using GAGT

 

[Buzy_bee]

Yes, if you are below 30 years old can combo with BYOB (Be Your Own Boss) promotion

Would it be a simpler solution that I open a MA and put 50K inside. I have salary deposit and Mastercard with POSB. That would qualify me for the higher interest right?

 

[Squaredot]

Would it be a simpler solution that I open a MA and put 50K inside. I have salary deposit and Mastercard with POSB. That would qualify me for the higher interest right?

Yes I think so.
I plan to do the same
Will open account this month ($5 fall-below fee waived for 1st mth) to get ready for Dec

 

[zumaba]

if my wife using the supplementary card, will her card spending be considered for her Mutiplier account?

 

[Singleton]

Yes. Just need to credit salary into any dbs or posb account.

No fresh funds requirement.

I blur blur ask my HR to change my existing POSB account to the multiplier account ....

then how about my dividends which is also credit to my POSB account so I still need to manually switch my dividends to credit to my multiplier account?

 

[Squaredot]

if my wife using the supplementary card, will her card spending be considered for her Mutiplier account?

Supp card spending will count towards main cardholder.

 

[Squaredot]

I blur blur ask my HR to change my existing POSB account to the multiplier account ....

then how about my dividends which is also credit to my POSB account so I still need to manually switch my dividends to credit to my multiplier account?

No need to switch.

 

[xtwis7]

Oh so you can open the multiplier account but don’t need to actually credit to that account?

No need to switch.

 

[Trazora]

Oh so you can open the multiplier account but don’t need to actually credit to that account?

Just need to credit to the multiplier account to have up to 50k balance in order to earn the interest. Criteria to earn the higher interest eg salary crediting, credit dividend etc can be to any dbs/posb account under your name.

 

[Singleton]

No need to switch.

Ok great then i just need to transfer my savings to this multiplier account will do. thanks.

 

[Singleton]

Yes I think so.
I plan to do the same
Will open account this month ($5 fall-below fee waived for 1st mth) to get ready for Dec

Where got state the 1st month got $5 fall below fee waiver? I just transfer 3k over...

 

[terence2112]

For dividends credited into my POSB account for shares in my CDP, does it still qualify for the higher interest rate?

 

[Squaredot]

Where got state the 1st month got $5 fall below fee waiver? I just transfer 3k over...

In FAQ. Clearly written.

 

[Soul77]

Just open this account also. much better than the ocbc360