DBS My Account

[revhappy]

Convert your DBS Multiplier account to No fall below fee; My Account

Hey guys,

Just discovered this DBS account called My Account:

https://www.dbs.com.sg/personal/deposits/savings-accounts/my-account

It is a very simple account without minimum balance and fall below fee.

Best part if you have a multiplier account which you want to ditch, but cannot ditch because it is your salary account and you need a DBS account, but also you dont want to keep money in your multiplier account anymore, then fret not, you can convert your multiplier account account to My account online.

https://www.dbs.com.sg/personal/support/bank-deposit-autosave-conversion.html

This is really cool feature by DBS!

 

[revhappy]

I just realized, this account is not marketed much by DBS, nor by any of the local financial blogs, since it will be a huge loss for DBS if everyone moved their money out of DBS multiplier and converted it to My Account for just transactional purposes. But this option is available with DBS, which is great.

 

[Byfrost]

Hey guys,

Just discovered this DBS account called My Account:

https://www.dbs.com.sg/personal/deposits/savings-accounts/my-account

It is a very simple account without minimum balance and fall below fee.

Best part if you have a multiplier account which you want to ditch, but cannot ditch because it is your salary account and you need a DBS account, but also you dont want to keep money in your multiplier account anymore, then fret not, you can convert your multiplier account account to My account online.

https://www.dbs.com.sg/personal/support/bank-deposit-autosave-conversion.html

This is really cool feature by DBS!

This DBS My Account has already been out quite a few months already, possibly even at the start of 2020.

I am currently using it, and I feel it's the best basic no frills current account (DBS My Account is a Current Account, not Savings Account) so far. No fall below fee (as long as you enrol for eStatement), no minimum balance, comes with the DBS Visa Debit card. I use this account to sort my monthly budget accordingly so I don't overspend.

OCBC Statement Savings Account still has a SGD1,000 minimum balance and UOB Uniplus Account still has a SGD500 minimum balance to avoid fall below fee.

 

[Byfrost]

I just realized, this account is not marketed much by DBS, nor by any of the local financial blogs, since it will be a huge loss for DBS if everyone moved their money out of DBS multiplier and converted it to My Account for just transactional purposes. But this option is available with DBS, which is great.

They did marketing for it, on Facebook and Instagram. I do see the DBS My Account advertisements occasionally while scrolling.

In my opinion, Financial Blogs won't bother to cover because it's a low interest basic account.

 

[revhappy]

This DBS My Account has already been out quite a few months already, possibly even at the start of 2020.

I am currently using it, and I feel it's the best basic no frills current account (DBS My Account is a Current Account, not Savings Account) so far. No fall below fee (as long as you enrol for eStatement), no minimum balance, comes with the DBS Visa Debit card. I use this account to sort my monthly budget accordingly so I don't overspend.

OCBC Statement Savings Account still has a SGD1,000 minimum balance and UOB Uniplus Account still has a SGD500 minimum balance to avoid fall below fee.

That is great, I have just submitted request to convert my multiplier account to My Account. I guess I will not lose any feature of multipler, other than the multicurrency part maybe. In fact even if they didnt give me an ATM or debit card, I would still convert it, mainly it is meant for salary in and giro out kind of transactions. Now that we have Singlife and dash easy earn, I don't need the interest part of the multiplier anyways.

 

[CrashWire]

I am currently using it, and I feel it's the best basic no frills current account (DBS My Account is a Current Account, not Savings Account) so far.

It's a pity that because it's a current account, I can't convert my POSB eSavings (ex-passbook) account to it.

Still need to maintain the $500 to avoid fall-below fee.

 

[peppermint7]

Do note that this account only pays interest once a year. Previously we were discussing it in another thread. Now i couldn't find the thread

One issue i faced is when i apply for the account electronically, i am only able to link 1 card to it (either DBS debit Visa or Posb Passion). As i have these 2 cards and do not wish to give up any of them, i have no idea if it is even possible to link 2 cards to it instead of only 1

Another info about this account is that it is also a MCA account which can be used to replace DBS Autosave for those who use DBS Vickers to trade.

 

[revhappy]

Do note that this account only pays interest once a year. Previously we were discussing it in another thread. Now i couldn't find the thread

One issue i faced is when i apply for the account electronically, i am only able to link 1 card to it (either DBS debit Visa or Posb Passion). As i have these 2 cards and do not wish to give up any of them, i have no idea if it is even possible to link 2 cards to it instead of only 1

Another info about this account is that it is also a MCA account which can be used to replace DBS Autosave for those who use DBS Vickers to trade.

Yes, I saw your post, it is in the DBS Vickers online thread. This a gem of an account with not much information in this forum or even the DBS Burrow. I joined the facebook group and there is no post about it.

My current multiplier account which I have applied for conversion to My account, currently has both Passion POSB and DBS Visa debit card linked to it. Lets see if they will unlink one of them or just leave it as it is. For me as long as FAST works I dont care. I havent visited ATM since years now ever since SoCash has arrived, haha.

 

[badsector]

It's a pity that because it's a current account, I can't convert my POSB eSavings (ex-passbook) account to it.

Still need to maintain the $500 to avoid fall-below fee.

some old POSB eSavings account doesn't has fall-below fee
likely those ppl in their late 30's

those <21 and >60 yrs old, this fee was wavied

 

[yiwei]

Yes, I saw your post, it is in the DBS Vickers online thread. This a gem of an account with not much information in this forum or even the DBS Burrow. I joined the facebook group and there is no post about it.

My current multiplier account which I have applied for conversion to My account, currently has both Passion POSB and DBS Visa debit card linked to it. Lets see if they will unlink one of them or just leave it as it is. For me as long as FAST works I dont care. I havent visited ATM since years now ever since SoCash has arrived, haha.

If you have DBS Vickers, just keep the multiplier account as the only account linked to Vickers, there is no minimum sum to maintain.

https://www.dbs.com.sg/vickers/en/resources/mca-faq/account-opening

 

[revhappy]

It's a pity that because it's a current account, I can't convert my POSB eSavings (ex-passbook) account to it.

Still need to maintain the $500 to avoid fall-below fee.

I wonder what is the difference between Current and Savings account? DBS Multiplier is a current account, but it is used for saving money and offers high interest. Also it doesnt come with cheque book. Isnt current account meant for transactional banking and should come with cheque book?

 

[cassowary18]

This is a good account to have if you don't bank with the Big 3 in Singapore, which makes it hard to find ATMs. Just FAST your money over to this account and withdraw from DBS ATM.

 

[Slowdown]

I have also applied for this account and plan to close my posb saving account once I have sorted out all the giro arrangement.

I have my joint account where my salary and big ticket items are transacted from. My personal saving account is for my daily transactions. I transfer a fixed sum of money to my saving account each month and I always end up falling below the minimum sum ($500) and has to pay $2.

This account will suit me fine. I already have dbs multipler account where I leave my bank balance stagnant to earn maximum possible interest. This account I can now use to deposit my USD Cheque and perform other transaction.

 

[silverbomb]

Converting to My Account from multiplier account, I assume the multiplier interest rates will be gone with it too right?

Anyway my multiplier was opened along with DigiPortfolio so the fall below is waived so long as I have my DigiPortfolio active.

Posted from PCWX using SM-G965F

 

[reddevil0728]

Converting to My Account from multiplier account, I assume the multiplier interest rates will be gone with it too right?

Anyway my multiplier was opened along with DigiPortfolio so the fall below is waived so long as I have my DigiPortfolio active.

Posted from PCWX using SM-G965F

yea duh? my account is my account. multiplier account is multiplier account.

 

[revhappy]

Converting to My Account from multiplier account, I assume the multiplier interest rates will be gone with it too right?

Anyway my multiplier was opened along with DigiPortfolio so the fall below is waived so long as I have my DigiPortfolio active.

Posted from PCWX using SM-G965F

Yes, the multiplier interest will go away. I cancelled my DBS credit cards, so I am not going to get any multiplier interest anyway. No point keeping the multiplier account. I dont have any investment products with DBS like vickers or digiportfolio.

 

[Byfrost]

That is great, I have just submitted request to convert my multiplier account to My Account. I guess I will not lose any feature of multipler, other than the multicurrency part maybe. In fact even if they didnt give me an ATM or debit card, I would still convert it, mainly it is meant for salary in and giro out kind of transactions. Now that we have Singlife and dash easy earn, I don't need the interest part of the multiplier anyways.

Converting to My Account from multiplier account, I assume the multiplier interest rates will be gone with it too right?

Anyway my multiplier was opened along with DigiPortfolio so the fall below is waived so long as I have my DigiPortfolio active.

Posted from PCWX using SM-G965F

You will lose the interest for the Multiplier account. My Account is a Multi-Currency account so you won't lose that feature.

 

[Byfrost]

I wonder what is the difference between Current and Savings account? DBS Multiplier is a current account, but it is used for saving money and offers high interest. Also it doesnt come with cheque book. Isnt current account meant for transactional banking and should come with cheque book?

In today's context in the banking industry in Singapore? No difference. "Savings Account" that can be linked to any NETS or Visa/MC debit card and spend money freely. That's as good as a current account.

In short, only difference is the name of the account.

Cheque book is a optional value added service provided by the bank. Current Account simply means there will be high transaction volumes of inward and outward cash flow, where as Savings account are meant to... save.

 

[CrashWire]

I cancelled my DBS credit cards, so I am not going to get any multiplier interest anyway.

This is a good idea once DBS stops the Go Online promos. I think the signup bonus after 12 months might be better than whatever peanut interest we can earn now.

 

[revhappy]

One issue i faced is when i apply for the account electronically, i am only able to link 1 card to it (either DBS debit Visa or Posb Passion). As i have these 2 cards and do not wish to give up any of them, i have no idea if it is even possible to link 2 cards to it instead of only 1

I tested both debit cards(visa debit and posb passion) at ATM today linked to My Account(converted from Multiplier account). Both cards are still working.