DBS changed its Mutiplier plan

[vsvs24]

It is by GIRO deduction from any DBS/POSB account of your choice by default.

I don't remember having the option to pay manually, maybe no such option.

Thanks.


........

 

[Squaredot]

Only will appear on 9/10, based on the 7 biz days.
Don’t understand why need to take so long especially now everything should be automated calculation.

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Bonus interest jib liao
Always been credited on 7th and seen on 8th.

 

[MrAppleCrumble]

Those who bought insurance to hit extra category and pay monthly premium, may I know how the monthly premium is paid ? Do we have the choice to pay manually every mth, GIRO to DBS/POSB bank account or charged to credit card ?

I think giro is better if not the system can’t track u on the 12 month extra interest if u manual pay.

 

[vsvs24]

I think giro is better if not the system can’t track u on the 12 month extra interest if u manual pay.

Thanks for the advice.

 

[ABuNeNe]

just opened a multiplier account and informed my hr to credit salary to this account

is interest calculated based on calendar month?

should I start transfer money in to this account to earn interest, apply for the cancercare insurance and look into the investment?

 

[reddevil0728]

just opened a multiplier account and informed my hr to credit salary to this account

is interest calculated based on calendar month?

should I start transfer money in to this account to earn interest, apply for the cancercare insurance and look into the investment?

Yes calendar month.

Insurance if you sign up now will only count next month even though premium taken this month.

Investment if you do RSP for etf, need to sign up a few days before 15 to be safe

 

[ABuNeNe]

Yes calendar month.

Insurance if you sign up now will only count next month even though premium taken this month.

Investment if you do RSP for etf, need to sign up a few days before 15 to be safe

thanks reddevil0728!

just setup my insurance with cancercare at a premium of $11.57 for the first 12 months and investment with RSP on ABF Singapore Bond Index

will wait for my salary credit and transfer in my funds

 

[reddevil0728]

thanks reddevil0728!

just setup my insurance with cancercare at a premium of $11.57 for the first 12 months and investment with RSP on ABF Singapore Bond Index

will wait for my salary credit and transfer in my funds

You actually start accruing the higher interest from today, even though your salary only gets credited later. As long as it is in by this month can already.

 

[MrAppleCrumble]

You actually start accruing the higher interest from today, even though your salary only gets credited later. As long as it is in by this month can already.

Bro do they count by average daily balance or how they count ah the multiplier acc balance

 

[reddevil0728]

Bro do they count by average daily balance or how they count ah the multiplier acc balance

They count by the available balance each day. you cannot have $31mil on the last day of a 31 day month an expect the max interest for the full month

 

[Chua Zhiming]

For the $50-$100k, need 4 categories.

Currently i have salary credit + credit card spend + ETF investment.

So i just need to buy 1 insurance policy correct? or need the home loan.

Thanks for advice !

 

[reddevil0728]

For the $50-$100k, need 4 categories.

Currently i have salary credit + credit card spend + ETF investment.

So i just need to buy 1 insurance policy correct? or need the home loan.

Thanks for advice !

Yep........

 

[Trazora]

For the $50-$100k, need 4 categories.

Currently i have salary credit + credit card spend + ETF investment.

So i just need to buy 1 insurance policy correct? or need the home loan.

Thanks for advice !

Either insurance or home loan. If buy insurance this month will count to multiplier starting next month.

 

[MrAppleCrumble]

For the $50-$100k, need 4 categories.

Currently i have salary credit + credit card spend + ETF investment.

So i just need to buy 1 insurance policy correct? or need the home loan.

Thanks for advice !

Yea bro, but home lian abit sensitive judging from so many banks lol giving diff package with all time Low interest rates nowadays.

 

[vsvs24]

Share my experience on getting insurance.

My cancercare premium quote is $55.34 per mth.
After 35% discount = $35.97.

I walk in to POSB branch last month. Bank staff told me based on my age etc the cheapest is ManuProtect Decreasing II where the min coverage is $100,000. Monthly insurance is $36.70 (annual $427.57).

I was not convinced that this is the cheapest based on his attitude. He was like trying to sell me other insurance. He also just got the quote for this one product without checking out the other policies .

So I got the DBS contact from a bro/sis here who said his bank officer went through the different policies and decrease the insured amount till the minimum allowed by the system and found him the cheapest plan.

I contacted the bank officer a few days ago. She found the cheapest plan for me would be monthly $19.92 . I went to the branch and signed up today.

So those above 50 still can get a plan with a decent monthly premium. Don't trust those bank officers who did not even bother to check up for you or tell you must pay annual premium.

 

[Squaredot]

Good sharing Thanks vs!

 

[IronMan123]

Share my experience on getting insurance.

My cancercare premium quote is $55.34 per mth.
After 35% discount = $35.97.

I walk in to POSB branch last month. Bank staff told me based on my age etc the cheapest is ManuProtect Decreasing II where the min coverage is $100,000. Monthly insurance is $36.70 (annual $427.57).

I was not convinced that this is the cheapest based on his attitude. He was like trying to sell me other insurance. He also just got the quote for this one product without checking out the other policies .

So I got the DBS contact from a bro/sis here who said his bank officer went through the different policies and decrease the insured amount till the minimum allowed by the system and found him the cheapest plan.

I contacted the bank officer a few days ago. She found the cheapest plan for me would be monthly $19.92 . I went to the branch and signed up today.

So those above 50 still can get a plan with a decent monthly premium. Don't trust those bank officers who did not even bother to check up for you or tell you must pay annual premium.

This one you have to go to the bank to find out, so it might not suitable for those who don't want to Q at the branch and talk to the sales boys or girls. Anyway thanks for sharing.

 

[a4973]

Share my experience on getting insurance.

My cancercare premium quote is $55.34 per mth.
After 35% discount = $35.97.

I walk in to POSB branch last month. Bank staff told me based on my age etc the cheapest is ManuProtect Decreasing II where the min coverage is $100,000. Monthly insurance is $36.70 (annual $427.57).

I was not convinced that this is the cheapest based on his attitude. He was like trying to sell me other insurance. He also just got the quote for this one product without checking out the other policies .

So I got the DBS contact from a bro/sis here who said his bank officer went through the different policies and decrease the insured amount till the minimum allowed by the system and found him the cheapest plan.

I contacted the bank officer a few days ago. She found the cheapest plan for me would be monthly $19.92 . I went to the branch and signed up today.

So those above 50 still can get a plan with a decent monthly premium. Don't trust those bank officers who did not even bother to check up for you or tell you must pay annual premium.

Can share the name of the 19.92 plan and the amount of coverage?
Can also pm the DBS officer contact?
Thanks

 

[vsvs24]

This one you have to go to the bank to find out, so it might not suitable for those who don't want to Q at the branch and talk to the sales boys or girls. Anyway thanks for sharing.

Think can do video call but I choose to go to branch. I get all the info I need and clarify by WhatsApp. Once I decide to signup, we agree on date and time I go to branch. No need to Q as there is appointment.

For senior citizens like us no choice because Cancercare is too expensive

 

[chiokcc]

Can share the name of the 19.92 plan and the amount of coverage?
Can also pm the DBS officer contact?
Thanks

Most probably it's the "MANUPROTECT TERM LITE", the same one I bought to bump myself up one category for Multiplier.