DBS changed its Mutiplier plan

[havetheveryfun]

It will be another account with a different number

It depends on what criteria you are trying to satisfy.

I think he meant like cos some other similar accounts like SCB bonus saver force u to sign up for credit card when u open bonus saver account... But for dbs multiplier u don't need to sign up cc to open the acc but u will still need one if u want to clock the transactions category

 

[cassowary18]

hi all, need some advices.

fresh grad drawing $2.5k. Using dbs savings only.

If i create a DBS multiplier account, will this account be linked to the same number as my dbs savings account number?

Also do i need a credit card for DBS multiplier account? (Now only using debit nia).


Thanks in advance bros

You have two options, basically.

Option 1: Income + PayLah retail spend. But max interest for this is 0.50% p.a., might as well go for SCB JumpStart or Singlife.
Option 2: Income + (Credit card OR Home Loan OR Insurance OR Investment). You have to fulfill at least one, but not necessarily all of the categories. Of course the more categories you fulfill the higher your interest.

Most people go with credit card as their first category because it's quite easy to get approved for a DBS credit card. At $2.5K per month your annual salary is exactly $30K which is the MAS mandated minimum salary for credit cards. I know people who gotten approved or a DBS credit card with only 1 month payslip and employment letter (most banks require at least 3 months payslips).

Of course you could always explore fulfilling the other categories too. As a fresh grad investment and insurance should be the easiest to fulfill.

Alternatively, you can explore UOB ONE (allows debit card spend to fulfill criteria), OCBC 360 (doesn't need credit card spend) or SCB JumpStart (no criteria needed, just need to be below 26 when you open account) as alternative options.

 

[lifebearersan]

It will be another account with a different number

It depends on what criteria you are trying to satisfy.

if got credit card can waive annual fee? for subsequent years after the 1st year free waiver..

 

[reddevil0728]

if got credit card can waive annual fee? for subsequent years after the 1st year free waiver..

you can call in to ask for waiver. whether given or not is another matter.

 

[lifebearersan]

you can call in to ask for waiver. whether given or not is another matter.

tks. I think $3000 stuck into account is something to think of too.

 

[reddevil0728]

tks. I think $3000 stuck into account is something to think of too.

erm why is it stuck when u open the account for the sake of the higher interest?

 

[havetheveryfun]

If we use paywave from the credit card will it be considered as credit card transactions for dbs multiplier?

 

[reddevil0728]

If we use paywave from the credit card will it be considered as credit card transactions for dbs multiplier?

nowadays most places uses paywave and don't put the card into the slot already ma.

Paywave is still cc payment

 

[vsvs24]

if got credit card can waive annual fee? for subsequent years after the 1st year free waiver..

So far DBS have waived. Just get it. Don't worry till 1 year later. If they don't waive then cancel 1 year later. DBS multiplier don't have min spend for credit card. Just use it once to take bus or MRT and you already hit salary plus 1 category for 0.9% (assuming salary plus credit card $2500 to $5000).

But DBS multiplier is good only if you can hit extra category for insurance and investment. If you can't and if your savings is not high, suggest placing upto 10k in Singlife for 2% and the rest (upto 20k) in Std Chartered Jumpstart for 1%.

 

[MrHighlander]

One question

If I buy shares today using Vickers, and the trade only settles next Monday (Nov 2), is it considered under the investment category for this month or next month ? Is it the trade date or settlement date ?

 

[reddevil0728]

Did you check out their website?

"The investment amount of your online equity trade will be recognised for the month only post settlement date."

https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier

 

[MrHighlander]

I see, thank you

Did you check out their website?

"The investment amount of your online equity trade will be recognised for the month only post settlement date."

https://www.dbs.com.sg/personal/deposits/bank-earn/multiplier

 

[wilflare]

mega bummed. tried applying today and keep getting the following error
"We are unable to proceed with this application. This product is only available to Singapore citizens/PRs aged 18-60 (as at Age on Last Birthday) residing in Singapore, and is subject to a maximum allowable insurance limit by the insurer."

guess I have to go down to a branch

ended up going down to the branch today, the wealth planner was very helpful.

there was an issue applying CancerCare even on her end and apparently the min entry age is 40

ended up with the ManuProtect Decreasing Lite (II) which is just cheaper than CancerCare (if you don't count the 35% first year discount, but even with that, it's only just a $1 more per month)

the amount has already been debited from my Multiplier. hope it gets approved and incepted tomorrow.

 

[havetheveryfun]

ended up going down to the branch today, the wealth planner was very helpful.

there was an issue applying CancerCare even on her end and apparently the min entry age is 40

ended up with the ManuProtect Decreasing Lite (II) which is just cheaper than CancerCare (if you don't count the 35% first year discount, but even with that, it's only just a $1 more per month)

the amount has already been debited from my Multiplier. hope it gets approved and incepted tomorrow.

wow too many people apply then they raise the age requirement ?

 

[reddevil0728]

ended up going down to the branch today, the wealth planner was very helpful.

there was an issue applying CancerCare even on her end and apparently the min entry age is 40

ended up with the ManuProtect Decreasing Lite (II) which is just cheaper than CancerCare (if you don't count the 35% first year discount, but even with that, it's only just a $1 more per month)

the amount has already been debited from my Multiplier. hope it gets approved and incepted tomorrow.

erm. did the person show you B&W?

https://www.dbs.com.sg/personal/insurance/protection/protection-plans/cancercare

cause this says otherwise

 

[IronMan123]

ended up going down to the branch today, the wealth planner was very helpful.

there was an issue applying CancerCare even on her end and apparently the min entry age is 40

ended up with the ManuProtect Decreasing Lite (II) which is just cheaper than CancerCare (if you don't count the 35% first year discount, but even with that, it's only just a $1 more per month)

the amount has already been debited from my Multiplier. hope it gets approved and incepted tomorrow.

The banker anyhow bluff one. If they limit the age, their customer base also restricted. This is not what a bank want to see situation. DBS got huge commission from Manulife to sell the premium for them.

Posted with iPhone HardwareZone Forums app

 

[havetheveryfun]

If my salary only credited last day of the month, e.g 30oct will I still be able to see bank n earn summary for October in first few days of Nov? Or when Nov comes it will already be bank n earn summary for Nov?

 

[OnePunchMan]

If my salary only credited last day of the month, e.g 30oct will I still be able to see bank n earn summary for October in first few days of Nov? Or when Nov comes it will already be bank n earn summary for Nov?

it should still be considered in oct. in their mobile app when you select the multiplier account, it should have a rabbit logo on the top which lets you know you current qualifies amounts under multiplier. For mine, it was updated by end of day after salary is credited.

 

[demoforce1]

ended up going down to the branch today, the wealth planner was very helpful.

there was an issue applying CancerCare even on her end and apparently the min entry age is 40

ended up with the ManuProtect Decreasing Lite (II) which is just cheaper than CancerCare (if you don't count the 35% first year discount, but even with that, it's only just a $1 more per month)

the amount has already been debited from my Multiplier. hope it gets approved and incepted tomorrow.

which posb/dbs branch?

 

[Squaredot]

If my salary only credited last day of the month, e.g 30oct will I still be able to see bank n earn summary for October in first few days of Nov? Or when Nov comes it will already be bank n earn summary for Nov?

Your Oct B&E is still available for viewing in Nov. No worries.