DBS changed its Mutiplier plan

[Charlie_Zhan]

I see my bank when doing FAST got option to choose transaction code which DBS does not iirc so asking if anyone tried.

FAST and payroll GIRO file is two different things and systems altogether.

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[eat.buttercake]

RSP applied before opening DBS multiplier not counted, otherwise don't matter if RSP is on another POSB/DBS account.

So how should I do this to get the bonus interest? Stop RSP and reapply again?

 

[Charlie_Zhan]

So how should I do this to get the bonus interest? Stop RSP and reapply again?

RSP must be cancelled for at least 6 months before resubscribing in order for it to be recognised as eligible.

the other way is the cancel your current one and resubscribe to another RSP

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[5408854088]

DBS Multiplier Account is considered as eAccount and cannot receive hard-copy statement? seems that cannot opt out of e-statement.

 

[Tornesoul]

What dbs /posb cc r u guys using to combine w dbs multiplier?

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[Guojing88]

Can I check, do I need to credit my salary to this new DBS multiplier account, or can I just credit it to my already existing POSB account?

 

[lnrccn]

Can I check, do I need to credit my salary to this new DBS multiplier account, or can I just credit it to my already existing POSB account?

credit the already existing POSB account will do. no need make any changes.

Note: salary credit is with transaction reference codes of either ‘SAL’ or ‘PAY’

 

[Guojing88]

credit the already existing POSB account will do. no need make any changes.

Note: salary credit is with transaction reference codes of either ‘SAL’ or ‘PAY’

Thanks, so the idea is to credit it in any POSB account, but make sure this multiplier account has at least $50,000, to max the interest.

 

[Buzy_bee]

Thanks, so the idea is to credit it in any POSB account, but make sure this multiplier account has at least $50,000, to max the interest.

Need to credit salary and use the credit card (not debit) at least once a month (no minimum spend) and have $50k in Multiplier to max the interest.

 

[Trazora]

best to have a third category investment/insurance/mortgage to get the higher tier interest

 

[Squaredot]

preferential interest credited

 

[jnashville]

Hi guys I got 2 questions.

I just opened the dbs multiplier account today 8th of Jan Monday.

1) If I put the max of 50k Now to my newly created multiplier account, and my salary definitely will b credited to my existing posb savings account around 30th/31st jan. I have also spend on my posb every day card, will my 50k from today 8th Jan to 31st Jan be getting the pro rated additional interest?

Or should I just wait for end month to put 50k in?

2) salary don't have to be credited into the multiplier account but just a normal posb savings account will do right?

 

[Mad_Stranger]

Hi guys I got 2 questions.

I just opened the dbs multiplier account today 8th of Jan Monday.

1) If I put the max of 50k Now to my newly created multiplier account, and my salary definitely will b credited to my existing posb savings account around 30th/31st jan. I have also spend on my posb every day card, will my 50k from today 8th Jan to 31st Jan be getting the pro rated additional interest?

Or should I just wait for end month to put 50k in?

2) salary don't have to be credited into the multiplier account but just a normal posb savings account will do right?

1) interest is computed based on daily balances. So you should top up first if you are sure you can fulfil the conditions

2) salary can be credited to any DBS/POSB account. Transaction code must be of reference codes 'SAL' or 'PAY'

 

[jnashville]

1) interest is computed based on daily balances. So you should top up first if you are sure you can fulfil the conditions

2) salary can be credited to any DBS/POSB account. Transaction code must be of reference codes 'SAL' or 'PAY'

Okay thanks alot. I was actually thinking of parking 50k in cimb fastsaver till like end of the month then transfer over. Okay will transfer them out to multiplier tonight.

Edit: sorry for repeated question. Saw someone mention asking question 2 in the below comments.

 

[Buzy_bee]

preferential interest credited

Is it recommended to transfer out the interest once you hit $50k?

 

[Trazora]

Is it recommended to transfer out the interest once you hit $50k?

yes. bonus interest up to $50k only.

 

[jnashville]

I just opened a DBS Multipler acct yesterday and deposited 50K into the acct. I already have my salary credited to my POSB bank acct and my home loan (serviced by CPF) is with DBS.

Will I be getting max interest of 3.5% pa or that I still need to activate another service such as investing.

First time doing this type of multiplying acct. Thanks in advance.

Saw your this statement "I already have my salary credited to my POSB bank acct and my home loan (serviced by CPF) is with DBS."

I too have a cpf HDB loan. It's the normal HDB loan that is at 2.5percent interest.that is not counted right haha..

 

[a4973]

i intend to change from OCBC360 to DBS Multiplier.
how can i time the change such that the interest earnings are seamless across the OCBC360 & DBS Multiplier accounts?
my salary credit is on 20th pf each month

 

[dude123]

Just spoke to the cso. She mention that salary must be credited into the multiplier account and not any posb/dbs account. Is that true ? So confused now as the gurus here mention that any account will do.

 

[elwinlee]

Just spoke to the cso. She mention that salary must be credited into the multiplier account and not any posb/dbs account. Is that true ? So confused now as the gurus here mention that any account will do.

Doesn't need to be multiplier account. In my case, my salary is credited to POSB account.