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DBS My Account

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lzydata

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Slowdown

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Lykadr said:
Resuscitating an old thread.

I have an old Savings Plus account that I have kept around by maintaining a $500 minimum. I am thinking of closing this account and opening the My Account instead so I can use the money elsewhere.

I have read up what little DBS has on its savings and current accounts and can't find out much. Anyone knows the pros and cons of closing a savings account and opening up this My Account that seems simultaneously like a savings and current account but has no fall below fee.
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I assumed your saving plus account is with DBS.

I have only one thing to say about DBS. They don't actively promote something that is good for their client. Good for their client means bad for themselves.

Three yeara back I also changed to MyAccount from POSB Saving Account. I did it for two main reasons. Minimum balance charge on the old account. And the ability to support multi-currency on the new MyAccount.

You have all the benefit of a saving account, including ATM card. The days of a dedicate ATM card is blurred. A Debit Card is a ATM Card. I did not have to change my Debit Card. Just redirect it to my new account.

It has been serving me well until now. The only complaint I have is also due to my fault. User issue. Everytime I go to the ATM machine to withdraw cash, I will press withdraw from Saving Account. And then I get an error. MyAccount is a current account. End up these days I just do fast cash withdrawal so to avoid data entry error.

I had a few minor challenges when switching over to MyAccount. Despite switching my Debit Card to the new account, I could not make NETS payment back then. I called the bank and they told me that the option is not available on internet banking. They had to do it manually in their system. Don't know if this is still a problem. Nothing that a simple call to DBS won't fix the problem. The other problem is my GIRO. I had to redo the GIRO payments. All these are just teething issues.
 
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Lykadr

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Slowdown said:
I assumed your saving plus account is with DBS.

I have only one thing to say about DBS. They don't actively promote something that is good for their client. Good for their client means bad for themselves.

Three yeara back I also changed to MyAccount from POSB Saving Account. I did it for two main reasons. Minimum balance charge on the old account. And the ability to support multi-currency on the new MyAccount.

You have all the benefit of a saving account, including ATM card. The days of a dedicate ATM card is blurred. A Debit Card is a ATM Card. I did not have to change my Debit Card. Just redirect it to my new account.

It has been serving me well until now. The only complaint I have is also due to my fault. User issue. Everytime I go to the ATM machine to withdraw cash, I will press withdraw from Saving Account. And then I get an error. MyAccount is a current account. End up these days I just do fast cash withdrawal so to avoid data entry error.

I had a few minor challenges when switching over to MyAccount. Despite switching my Debit Card to the new account, I could not make NETS payment back then. I called the bank and they told me that the option is not available on internet banking. They had to do it manually in their system. Don't know if this is still a problem. Nothing that a simple call to DBS won't fix the problem. The other problem is my GIRO. I had to redo the GIRO payments. All these are just teething issues.
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Ya, "Saving Plus" is a DBS savings account I opened in the 90s when I was a teen that has since been grandfathered. It was specifically stated as a "savings account". When I go to the ATM, I have to select savings account instead of current account. To this day, I still cannot figure out any real differences between DBS' savings and current accounts. The website now labeling "My Account" as a deposit account wasn't helping either.

Thanks for the experience sharing. These are the sort of unstated stuff I was wondering about as what little description I can find on the website sounds too good to be true. I also wanted to avoid debit cards. I have been able to avoid having any fraudulent transactions on my credit cards so far. However, the debit card that came with my Singtel Dash had one. Moreover, the transaction was for an older debit card number that Singtel Dash claimed was cancelled. So money was deducted from my Singtel Dash wallet for a fraudulent transaction on a cancelled debit card number. I reported to police, and to MAS twice. MAS ignored me completely. Singtel Dash admit the transaction happened for a long cancelled card number yet refuse to accept responsibility or explain how such transaction is possible. So I naturally want to avoid debit cards now.

I'm only going to be using "My Account" as a backup so I will go ahead and close my "Savings Plus" account. Thank you again.
 
wira

wira

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Lykadr said:
Thanks. I want to avoid debit cards as they have the conveniences of a credit card but not the protection. Had a first hand negative experience.
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why not just apply for dbs credit card, link it to your my savings account and use that as ATM Card ?
 
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bearkia

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Lykadr said:
Thanks. I want to avoid debit cards as they have the conveniences of a credit card but not the protection. Had a first hand negative experience.
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Set the spending limit on debit card to zero, transaction won't go through while ATM function still works.
 
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GrandJedi

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Anyone know if I can convert Multiplier account back to My Account?
I can only see conversion from My Account to Multiplier on the website.
 
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wenguang

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GrandJedi said:
Is there a possibilty to migrate from Multiplier to MyAccount? Dont want to close because many giro linked to it. Thanks.
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based on my friends experience, when you opt out of the multiplier in the band and earn. It will be converted to MyAccount immediately with same account number
 
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dao

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Possible to open two MyAccount? One for personal, one for joint account?
 
sango65

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a4973 said:
Can open Joint Multiplier and deposit $200k based on 2 persons and get bonus interest on the $200k? Thank you
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dont think so, Multiplier is for personal (1 person) only. I think can have many joint a/cs.

I have 3 joint a/cs - with 2 sons and dad
 
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devion

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It stated My account is a multi currency account, but how come I only see SGD when I open this account? Unlike HSBC bank, am able to see each currency accounts. Is it only when you transferred in USD into this account, you will then be able to see the USD currency account?
 
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sglandscape

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devion said:
It stated My account is a multi currency account, but how come I only see SGD when I open this account? Unlike HSBC bank, am able to see each currency accounts. Is it only when you transferred in USD into this account, you will then be able to see the USD currency account?
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Yes too. You can see it's multi currency feature when you select exchange currency, you can select different currency but the account number is the same.
 
reddevil0728

reddevil0728

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devion said:
It stated My account is a multi currency account, but how come I only see SGD when I open this account? Unlike HSBC bank, am able to see each currency accounts. Is it only when you transferred in USD into this account, you will then be able to see the USD currency account?
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yes when u transfer other currencies in, then the "wallet" will be opened
 
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