DBS changed its Mutiplier plan

[EarthlyTreasure]

Currently Salary credited to POSB Joint Account is considered meeting Salary category for all three joint account holders with individual Multiplier account. All account holders now fulfilled 3 categories.

If Joint account holder 2 and 3 switch from Multiplier Bonus interest to POSB Cashback Bonus, will the salary credited to joint account fulfill the salary credited for POSB Bonus?

 

[Trazora]

Currently Salary credited to POSB Joint Account is considered meeting Salary category for all three joint account holders with individual Multiplier account. All account holders now fulfilled 3 categories.

If Joint account holder 2 and 3 switch from Multiplier Bonus interest to POSB Cashback Bonus, will the salary credited to joint account fulfill the salary credited for POSB Bonus?

Yes. Note that posb cashback bonus salary category max out at $6666.67 salary

 

[Kojo0403]

wanna check with yall, i am renewing my RSP for 2021 just to clock requirement for the multiplier..

from my last research i believe the ETFs offered are pretty much safe and that i am doing $100/month, should not matter which one i choose next?

1) Nikko AM STI ETF
2) ABF Singapore Bond Index Fund (currently on this)
3) Nikko AM SGD Investment Grade Corporate Bond ETF
4) NikkoAM-StraitsTrading Asia ex Japan REIT ETF

What would be the best option out of the remaining 3 ah?

Depends on your risk appetite and investment objective.
2 and 3 has lower risk while 1ans 4 has higher risk with higher returns and dividend yield.

4 is pure REITs play

 

[reddevil0728]

Depends on your risk appetite and investment objective.
2 and 3 has lower risk while 1ans 4 has higher risk with higher returns and dividend yield.

4 is pure REITs play

2 and 3 may not be lower risk if interest rates go up

 

[cannot.remember]

If we are changing from multiplier to posb cashback, must the salary crediting account be changed also? All the investments and insurance have to be new also right so have to cancel and apply again

 

[cassowary18]

If we are changing from multiplier to posb cashback, must the salary crediting account be changed also? All the investments and insurance have to be new also right so have to cancel and apply again

Salary crediting account no need to change.

 

[cassowary18]

Happy New Year! Remember that today is the day Multiplier interest cut, so shift your money around if needed.

 

[duststorm]

Happy New Year! Remember that today is the day Multiplier interest cut, so shift your money around if needed.

Nearly forgot... So now can only shift to Singlife to get that 1%...

 

[IcYFl4mEz]

do you guys also cancel your ETF investment?

 

[reddevil0728]

do you guys also cancel your ETF investment?

For those who are still trying to clock 3 categories and don’t have housing loan why cancel?

What matters is your objective and not what others are doing

 

[maumu]

i'm in the $5k to $15k bracket with income + card spend + cancercare + RSP so still got 1.2% on $100k...

keeping everything for now. but if it's going to drop below 1%... i might bail.

 

[heng_ah]

i'm in the $5k to $15k bracket with income + card spend + cancercare + RSP so still got 1.2% on $100k...

keeping everything for now. but if it's going to drop below 1%... i might bail.

Can i check if the 1.2% on $100k is your EIR?
I bailed because after deducted premium for cancercare, my EIR is below 1%.

 

[cassowary18]

Yeah if you buy insurance you don't need to chase higher interest, it's a bit of a waste now. Better to move your money to Singlife or something.

 

[reddevil0728]

Can i check if the 1.2% on $100k is your EIR?
I bailed because after deducted premium for cancercare, my EIR is below 1%.

Pretty sure it isn’t.

Because 5-10k bracket the interest on average is 1.2%.

Are you quite old such that your cancercare premium is so high until it makes such a big diff?

 

[maumu]

Can i check if the 1.2% on $100k is your EIR?
I bailed because after deducted premium for cancercare, my EIR is below 1%.

not EIR i guess... if u consider that the cancercare *might not be* necessary (for me it's around $14/mth after the 35% discount for one year).

my RSP is also min. $100/mth.

of course if I remove RSP and insurance, i will only have income + CC spend then it won't be worth it already.

the interest so far still exceeds the cost of insurance, and I take the RSP as a form of investment too, just like I would in buying funds/unit trusts with the (same) bank.

with 1.2% the monthly interest for $100k will be around $100 a month. sharp drop of around $70-$80.

 

[mirage_77]

Check if I want to cancel an insurance policy (because of 12-month limit and not revision of interest), do I email Manulife or I contact DBS (via phone)?

I logged in internet banking dont see the option to cancel under Insurance Summary.

[Update: Ok I called Hotline and they said I need to contact the insurer to cancel. A bit more hassle I guess]

 

[shpesft]

Need to call Manulife to cancel. I’ve previously posted the link to the form to use though someone did post that he could cancel the policy just by calling into Manulife though I had to email in the form

Check if I want to cancel an insurance policy (because of 12-month limit and not revision of interest), do I email Manulife or I contact DBS (via phone)?

I logged in internet banking dont see the option to cancel under Insurance Summary.

[Update: Ok I called Hotline and they said I need to contact the insurer to cancel. A bit more hassle I guess]

 

[eight8]

Sorry, i just open multipler. May i know when will the interest be deposit. The interest i got on 31 dec doesn't seem to be correct.

 

[Kojo0403]

2 and 3 may not be lower risk if interest rates go up

It’s relative.. if u compare 2 and 3 with equities or gold, it’s still “lower risk” as the impact of rates hike would be typically be greater for stocks and gold market.

 

[reddevil0728]

Sorry, i just open multipler. May i know when will the interest be deposit. The interest i got on 31 dec doesn't seem to be correct.

By the 7th business day for the preferential interest to be credited