DBS Mulitplier and saving account query...

[articland05]

not bad what...mthly interest quite high

Sent from LGE LG-H990 using GAGT

 

[iduncheckmail]

not bad what...mthly interest quite high

Sent from LGE LG-H990 using GAGT

really ? how come yours so less ? i got ~$300 / mth.

 

[reddevil0728]

really ? how come yours so less ? i got ~$300 / mth.

Cause different tier?

 

[77james]

As long as Salary is credited into any of your DBS/POSB bank accounts under your name, can already. However, only the money in the Multiplier account earns the interest. Hence it is common practice to put more funds in your Multiplier account, and leave enough for normal spending in your normal DBS/POSB account. So, yes, to "enjoy the higher interest", put in more funds into Multiplier account.

Yes, you can freely transfer funds between Multiplier account to your other DBS/POSB Accounts.

Yes, you can withdraw from your Multiplier account. You can either 1) Have a basic ATM or DBS Debit Card card, and link it to both your normal DBS/POSB account and Multiplier account for ATM cash deposit/withdrawal use or 2) Just apply one ATM / Debit card for each account ATM use.

Thanks a lot. Really informative.

 

[articland05]

really ? how come yours so less ? i got ~$300 / mth.

Cause different tier?

ya higher tier.
or just higher amt in the account?

Sent from LGE LG-H990 using GAGT

 

[reddevil0728]

ya higher tier.
or just higher amt in the account?

Sent from LGE LG-H990 using GAGT

can kind of backwards derive 1 lor

 

[Sweetangtang]

Anyone here tries SAYE? Is it worth?

 

[deathgod309]

Anyone here tries SAYE? Is it worth?

Its not great. Its because the 2% will only be applicable to whatever you put in per month and not 2% as a whole after 2 years. Meaning if you put $10k after 2 years of saving, your interest rate will not be $2k but lesser. Additionally, its like locking up your money as you will lose your interest if you withdraw any amount at all. If you are interested, I rather you put in a short 2 years endowment where they give you about 1.8% per year.

 

[MrEdmund]

POSB SAYE Miscalculation - bad experience

Do be extra careful though. Before you enrol into POSB SAYE, do your own calculation on how much money you will get at the end of 2 years (CGI+base interest). You can use the calculator on their website but limited to specific amount. Alternatively, just calculate by yourself with an excel.

I have reached the 2nd year of my POSB SAYE few months ago and the bank "shortchange" me by an amount close to $200. After several followups which lasted more than a month, they have reimbursed me the $200.

I had to teach them how to calculate? That is very wrong, isn't it??
Very bad experience.

 

[wenguang]

Its not great. Its because the 2% will only be applicable to whatever you put in per month and not 2% as a whole after 2 years. Meaning if you put $10k after 2 years of saving, your interest rate will not be $2k but lesser. Additionally, its like locking up your money as you will lose your interest if you withdraw any amount at all. If you are interested, I rather you put in a short 2 years endowment where they give you about 1.8% per year.

it is not meant for lump sum saving, ideal for saving your monthly salary.

 

[Yan Sia]

Its not great. Its because the 2% will only be applicable to whatever you put in per month and not 2% as a whole after 2 years. Meaning if you put $10k after 2 years of saving, your interest rate will not be $2k but lesser. Additionally, its like locking up your money as you will lose your interest if you withdraw any amount at all. If you are interested, I rather you put in a short 2 years endowment where they give you about 1.8% per year.

Is there a short 2 years endowment ?

 

[reddevil0728]

Do be extra careful though. Before you enrol into POSB SAYE, do your own calculation on how much money you will get at the end of 2 years (CGI+base interest). You can use the calculator on their website but limited to specific amount. Alternatively, just calculate by yourself with an excel.

I have reached the 2nd year of my POSB SAYE few months ago and the bank "shortchange" me by an amount close to $200. After several followups which lasted more than a month, they have reimbursed me the $200.

I had to teach them how to calculate? That is very wrong, isn't it??
Very bad experience.

did they admit they are wrong?