DBS changed its Mutiplier plan

[jnashville]

Will using ezreload feature on the posb everyday card be entitled and count towards having the extra interest? Or must manually use it to top up.

 

[ixoral]

Yes as long is a DBS loan home, the mode of payment doesn’t matter.

Just to double confirm, housing loan can be deducted from my normal savings account and not necessary the Multiplier account to enjoy the benefits right?

 

[ixoral]

This will count towards the credit card spend criteria.

Will using ezreload feature on the posb everyday card be entitled and count towards having the extra interest? Or must manually use it to top up.

 

[Trazora]

Will using ezreload feature on the posb everyday card be entitled and count towards having the extra interest? Or must manually use it to top up.

either way will count towards the credit card spend criteria.

 

[hwmook]

For some reasons, I managed to clock total transaction above $15,000 (as shown in Bank and Earn Summary).

With fulfillment of salary crediting and two other criteria, should entitled to 2.30% bonus interest (before deduction of basic interest of 0.5%)

So it is 2.25% x average balance of 50k. But what I received was much lesser than $95.50.

Something wrong with Dec 2017 bonus interest....?

I also realised DBS multiplier calculate interest in a very peculiar way. The bonus interest in paid on daily balance up to $50,000, the bonus interest is not paid on any amount exceeding $50,000 on any day.

Let assume you have $100,000 on 15 days of the month and $0 for the other 15 days of the month. Average balance is $50,000, the normal 0.05% interest calculate base on this. But the bonus interest will only pay out on $50,000 for the 15 days, it doesn't take the average balance for the month.

 

[a4973]

I also realised DBS multiplier calculate interest in a very peculiar way. The bonus interest in paid on daily balance up to $50,000, the bonus interest is not paid on any amount exceeding $50,000 on any day.

Let assume you have $100,000 on 15 days of the month and $0 for the other 15 days of the month. Average balance is $50,000, the normal 0.05% interest calculate base on this. But the bonus interest will only pay out on $50,000 for the 15 days, it doesn't take the average balance for the month.

so to get the bonus interest on the full allowable 50K, its best to leave the 50k static in the Multiplier account & use our other (DBS / POSB ) account as the operating account for crediting salary etc?

 

[heng_ah]

you maintained $50k throughout Dec?

I also realised DBS multiplier calculate interest in a very peculiar way. The bonus interest in paid on daily balance up to $50,000, the bonus interest is not paid on any amount exceeding $50,000 on any day.

Let assume you have $100,000 on 15 days of the month and $0 for the other 15 days of the month. Average balance is $50,000, the normal 0.05% interest calculate base on this. But the bonus interest will only pay out on $50,000 for the 15 days, it doesn't take the average balance for the month.

Now I get it.

Apparently based on hwmook's explanation, DBS doesn't use average daily balance (ADB) method for bonus interest.

Some days I have 60k, some days I have 40k++. I calculated ADB is still slightly above 50k.

DBS strictly cut-off at 50k when the day balance is way above it (for my case is 60k) .

 

[heng_ah]

so to get the bonus interest on the full allowable 50K, its best to leave the 50k static in the Multiplier account & use our other (DBS / POSB ) account as the operating account for crediting salary etc?

Leave it static.

As observed, this account is not for transactional purposes.

 

[dork32]

I also realised DBS multiplier calculate interest in a very peculiar way. The bonus interest in paid on daily balance up to $50,000, the bonus interest is not paid on any amount exceeding $50,000 on any day.

Let assume you have $100,000 on 15 days of the month and $0 for the other 15 days of the month. Average balance is $50,000, the normal 0.05% interest calculate base on this. But the bonus interest will only pay out on $50,000 for the 15 days, it doesn't take the average balance for the month.

thanks for sharing. nice info

 

[a4973]

I also realised DBS multiplier calculate interest in a very peculiar way. The bonus interest in paid on daily balance up to $50,000, the bonus interest is not paid on any amount exceeding $50,000 on any day.

Let assume you have $100,000 on 15 days of the month and $0 for the other 15 days of the month. Average balance is $50,000, the normal 0.05% interest calculate base on this. But the bonus interest will only pay out on $50,000 for the 15 days, it doesn't take the average balance for the month.

Leave it static.

As observed, this account is not for transactional purposes.

should fund in the 50K on 1st of the month to maximise? coming from OCBC360 which i will transfer out from on 1 Feb

 

[Trazora]

should fund in the 50K on 1st of the month to maximise? coming from OCBC360 which i will transfer out from on 1 Feb

Already answered you on the OCBC 360 thread? It seems obvious to me that you should transfer the $50k to DBS multiplier on 1 Feb if you are sure you be getting higher interest than OCBC 360 in Feb. In fact if you can get everything setup for Jan, you should transfer ASAP.

 

[hwmook]

Now I get it.

Apparently based on hwmook's explanation, DBS doesn't use average daily balance (ADB) method for bonus interest.

Some days I have 60k, some days I have 40k++. I calculated ADB is still slightly above 50k.

DBS strictly cut-off at 50k when the day balance is way above it (for my case is 60k) .

I transfer money from my UOB account to DBS on the last few days of Dec as I have already exceeded the average daily balance for UOB One thus I notice that the normal and bonus interest doesn't tally. Bonus interest is just slightly more than 20x of normal interest thus meaning my bonus interest is slightly more than 1% and there is no such category. DBS multiplier is the first I have seen that calculate this way.

 

[ashethen]

DBS has promotion for BYOB (ended in 31 Oct 2017). If you have previously registered and eligible for it, you can apply for DBS Multiplier.

BYOB needs you to credit salary into any account and monthly transfer ($10 to $3000) to SAYE account to get 2% interest payable on 13th and 25th month.

Additional 2% interest if you use debit/credit card 5 times monthly (no minimal spend).

For Multiplier, you need to credit salary to any DBS/POSB account and use credit (not debit) card at least once.

Hence by crediting salary and use your CREDIT (not debit) card 5 times in a month, you will fulfill requirements for both BYOB and Multiplier.

I registered BYOB but didn't bother about it until now I recently opened multiplier account. Am I still eligible for BYOB benefits?

 

[Jacqueline.]

DBS has promotion for BYOB (ended in 31 Oct 2017). If you have previously registered and eligible for it, you can apply for DBS Multiplier.

BYOB needs you to credit salary into any account and monthly transfer ($10 to $3000) to SAYE account to get 2% interest payable on 13th and 25th month.

Additional 2% interest if you use debit/credit card 5 times monthly (no minimal spend).

For Multiplier, you need to credit salary to any DBS/POSB account and use credit (not debit) card at least once.

Hence by crediting salary and use your CREDIT (not debit) card 5 times in a month, you will fulfill requirements for both BYOB and Multiplier.

how do i stack with multiplier and POSB SAYE?

 

[Trazora]

how do i stack with multiplier and POSB SAYE?

salary crediting and credit card spend count towards meeting requirements for both.

 

[jnashville]

quick questions.

i have 50k in my dbs multiplier account.

my salary comes in to my posb savings account. i straight away transfer a bulk of that salary out to either cimb fastsaver or citibank maxigain account.

i have ezreload on my posb everyday card.

1) i will still get the base interest + bonus interest right? (though i transfer my salary out to other bank accounts after it comes in)

2) the interest will be credited to the DBS mulitplier account and not the posb savings account. So for example, 50k, once interest comes in, example $100. The DBS multiplier account will have $50100. I can transfer the $100 out from the multiplier account to other bank accounts. This will not have any effect on interest rates right?

 

[Trazora]

quick questions.

i have 50k in my dbs multiplier account.

my salary comes in to my posb savings account. i straight away transfer a bulk of that salary out to either cimb fastsaver or citibank maxigain account.

i have ezreload on my posb everyday card.

1) i will still get the base interest + bonus interest right? (though i transfer my salary out to other bank accounts after it comes in)

2) the interest will be credited to the DBS mulitplier account and not the posb savings account. So for example, 50k, once interest comes in, example $100. The DBS multiplier account will have $50100. I can transfer the $100 out from the multiplier account to other bank accounts. This will not have any effect on interest rates right?

Does not matter if you transfer out salary or interest.

 

[jnashville]

Does not matter if you transfer out salary or interest.

damn this dbs multiplier is actually quite good compared to SSB. i can only see why some might put in SSB if they already max out all the other accounts or maybe do not have a salary crediting via giro.

 

[Alex K]

1. Yes
2. Correct.

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[Tornesoul]

damn this dbs multiplier is actually quite good compared to SSB. i can only see why some might put in SSB if they already max out all the other accounts or maybe do not have a salary crediting via giro.

Dbs multipler tnc might change. Ssb lock in 10years return

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