how to maximise dbs multiplier

[thisisnotme1212]

some questions on how to maximise dbs multiplier acct.

what does first 25k mean? must have 25k minimal to get the interests? if less than 25k no benefits?

how to get home loan installments? if the loan in hdb loan, does charging it to multiplier acct count to the category?

how to get insurance premiums? does the policy have to be under dbs or can be under any insurance companies but charged to the acct?

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

 

[wira]

some questions on how to maximise dbs multiplier acct.

what does first 25k mean? must have 25k minimal to get the interests? if less than 25k no benefits?

how to get home loan installments? if the loan in hdb loan, does charging it to multiplier acct count to the category?

how to get insurance premiums? does the policy have to be under dbs or can be under any insurance companies but charged to the acct?

1. you can still get interest benefits with < $25K
2. loan has to be taken with DBS
3. Insurance has to be bought from dbs ( manulife for life insurance )

 

[Xwzlol]

1. you can still get interest benefits with < $25K
2. loan has to be taken with DBS
3. Insurance has to be bought from dbs ( manulife for life insurance )

Just to make clear for #1. The respective Bonus interest rate is cap for the first 25K account balance ( for category 1), the rest will follow normal rate.

 

[thisisnotme1212]

1. you can still get interest benefits with < $25K
2. loan has to be taken with DBS
3. Insurance has to be bought from dbs ( manulife for life insurance )

Just to make clear for #1. The respective Bonus interest rate is cap for the first 25K account balance ( for category 1), the rest will follow normal rate.

so for income + trans in 2 cat of >= 2k < 2.5k

if acct <= 25k = 1.55%
if acct > 25k <= 50k = 1.80% ?

 

[Trazora]

so for income + trans in 1 cat of >= 2k < 2.5k

if acct <= 25k = 1.55%
if acct > 25k <= 50k = 1.80% ?

acct > 25k <= 50k = 1.80% incorrect.
If only income+ 1 cat, get bonus interest for savings <= $25k only.

 

[thisisnotme1212]

acct > 25k <= 50k = 1.80% incorrect.
If only income+ 1 cat, get bonus interest for savings <= $25k only.

that was a bad example
i change it base to income + 2 cat, that should make a difference?

in short, to benefit from income + more than 1 cat, must have > 25k in acct?
else is only as good as income + 1 cat?

 

[DaniaoXZ]

that was a bad example
i change it base to income + 2 cat, that should make a difference?

in short, to benefit from income + more than 1 cat, must have > 25k in acct?
else is only as good as income + 1 cat?

Income + 1 cat = bonus interest for the first 25k
Income + 2 cat = bonus interest for the first 50k
Income + 3 cat = bonus interest for the next 50k

 

[thisisnotme1212]

Income + 1 cat = bonus interest for the first 25k
Income + 2 cat = bonus interest for the first 50k
Income + 3 cat = bonus interest for the next 50k

wasted hitting 2 cats

 

[IcYFl4mEz]

anyone bought the cancer insurance for the sake of 2 cat? if got 50k savings, worth?

 

[ashethen]

anyone bought the cancer insurance for the sake of 2 cat? if got 50k savings, worth?

I did. For 50k, you'll get about $40 per month more if you spend that $12 on cancer insurance

Posted from PCWX using SM-N960F

 

[Xwzlol]

The bonus interest rate are depend on "Total eligible transaction per month", Account Balance and Transaction Category.

Example:

You have 30K in account balance.
Your Transaction is Category 1 ( Income + 1 transaction )
Your Total eligible transaction Category 1 (Income + 1 transaction) is $5500 ( example $5000 salary + $500 credit card spent)

Referring to list on The Total eligible transaction per month:

Total transaction between 5K to 15K for category 1, you are eligible for bonus rate 1.9% p.a for your first 25K.

so breakdown interest amount for your 30K will be
25K * 1.9% = 475
5K * 0.05% = 2.5

Total Interest amount will be 478



For category 2, Bonus Interest rate for the first 50K only.
If you have account balance 100K, the bonus rate is applicable for the first 50K (the rest amount after 50K apply standard rate)

For category 3, Bonus Interest rate for the first 50K and the next 50K only.
if you have account balance 150K, the bonus rate is applicable for the first 50K and the Next 50K ( the rest amount after 100K apply standard rate)

 

[thisisnotme1212]

The bonus interest rate are depend on "Total eligible transaction per month", Account Balance and Transaction Category.

Example:

You have 30K in account balance.
Your Transaction is Category 1 ( Income + 1 transaction )
Your Total eligible transaction Category 1 (Income + 1 transaction) is $5500 ( example $5000 salary + $500 credit card spent)

Referring to list on The Total eligible transaction per month:

Total transaction between 5K to 15K for category 1, you are eligible for bonus rate 1.9% p.a for your first 25K.

so breakdown interest amount for your 30K will be
25K * 1.9% = 475
5K * 0.05% = 2.5

Total Interest amount will be 478



For category 2, Bonus Interest rate for the first 50K only.
If you have account balance 100K, the bonus rate is applicable for the first 50K (the rest amount after 50K apply standard rate)

For category 3, Bonus Interest rate for the first 50K and the next 50K only.
if you have account balance 150K, the bonus rate is applicable for the first 50K and the Next 50K ( the rest amount after 100K apply standard rate)

think this ish clearer.

y is the example 5k * 0.05? 0.05 is from where?

 

[kram62]

think this ish clearer.

y is the example 5k * 0.05? 0.05 is from where?

Base interest

 

[cassowary18]

wasted hitting 2 cats

Not wasted. You get higher interest.

Only wasted if you hit 3 cats.

 

[IcYFl4mEz]

I did. For 50k, you'll get about $40 per month more if you spend that $12 on cancer insurance

Posted from PCWX using SM-N960F

but i tot cheapest also $1.5 per day? as stated on the website. so meaning its about $30+ per month for the cancer insurance?