21 Replies to “The New DBS Multiplier Account: The Best Savings Account For Frugal Millennials”

  1. wow, i am impressed. the DBS website is not even updated. but you have all the info in your blog already!

    this is indeed good for people with lower income, with no min sal.

    just that the highest hoop of 3.5% is quite hard to achieve though.

      1. Hi FC,

        I guess it’s whether the 1.8% to 2.3% interest is appealing enough.

        I agree for the 3.5% tier, it’s either you ‘can’ or ‘cannot’ hit it. Not much point trying. 😂

  2. Good share! Just that I am not sure how many of us can actually hit the last tier lol. And for those who can probably won’t be too bothered to open an account like this?

    1. Hi RT,

      You are right. For someone with more than 20k income, the 3.5% interest on $50k is really akin to a drop in the ocean.

  3. Quite smart of them — they literally get the whole pie for those before 2% and after 3.5%. After 2.3, before 3.5 uob one, maybank, BOC share the pie.

    1. Hi Jarwey,

      On behalf of DBS, I hope you are right. Besides comparing the interest rate, the most attractive feature of the DBS multiplier is no min on any category and there is a lot of flexibility involved.

  4. To qualify for 2.08% with just salary crediting + 1 extra transaction the monthly amount must be more than $30000.

    How many millennials can hit that kind of volume in terms of their monthly transactions… There’s not much incentive to try for the tier above $5000 imo, and at that level there are comparable or maybe even better accounts out there…

    1. Hi Don,

      That was my initial assessment too. It’s really whether the 1.8% to 2.3% interest is attractive enough if you qualify for at least two categories.

      For some higher income earners, they might be able to hit the 3.5% on a consistent basis, otherwise it’s quite impossible for most.

  5. Thanks for the article! Do you know if its possible to use the Multiplier Account with SAYE to qualify for DBS BYOB?

    1. Hi KY,

      I don’t think that is possible as they are two separate accounts/schemes.

      With the introduction of the revamped DBS Multiplier, they have also closed off new applications for the BYOB account.

      1. Hmm, I registered for BYOB but haven’t had my first salary credited yet.

        I remember reading on Investment Moats where he mentioned that DBS BYOB could be use with POSB Cashback Bonus.

        Considering both POSB Cashback Bonus and DBS Multiplier are Bank & Earn Programme, I was thinking if I could enjoy the 1.8% on the Multiplier account on top of 4% on BYOB.

        1. Hi,

          I blogged about possibly synergising BYOB with Multiplier account over at fighting4financialfreedom.blogspot.com. since i am alrdy crediting salary with dbs for SAYE, i though i could see how else i can benefit from the arrangement.

          I opened both SAYE and Multiplier account already. Fingers crossed that i get to enjoy higher interest in both accounts.

  6. So which one would you use in the end? In previous articles, you use ocbc 360 and uob one and posb investor savor.
    Now with this new scheme? Do you want to change to dbs from your uob one? Thanks.

    1. I just checked faq. This cannot be opened together with posb cash back. Must choose one from another. As you are a investor savor account user. And posb cash back would stop recognise after first 12 months. So would you want to switch to this? And gap the investors savor for a month or two to continue with the interest? The bad things are you need to move your balance to the new account. Which is troublesome. Posb cash back is great as you don’t need to maintain balance in the account.

    2. Hi Considerposb,

      We can’t qualify for DBS Multiplier as both the Mrs and I do not have a salary credit anymore. Otherwise, with us sitting on quite a bit of cash, we would actually enrol into both to enjoy higher interest rates on our savings.

  7. for those with more than 150k in warchest, I think UOB One or SCB BonusSaver is better for the highest tier. the new multiplier for the 3.5% requires two categories. spending is easy but the rest of the three of which to choose one is not so easy. So we are therefore relegated to the credit salary hoop + 1 category (spending) which ends up being the same as the old multiplier. In fact, the old multiplier is easier. just deposit salary and that’s it to get the same interest. So i think DBS new multiplier is NOT an improvement over the old multiplier from the standpoint of the customers.

    UOB One and SCB BS are easier as it is just GIRO. Moreover, UOB One do not even require salary credit as one of the hoops. Since most of us will only have a single salary credit, we can put salary for SCB BS and do the credit spending and 3 GIRO transactions for UOB One.

  8. Hi,

    I read the FAQ and noticed that current RSP products are not recognised for this multiplier account. Only those that are newly set up are recognised, so your brother’s transaction would only be $1850 instead.

    Also they make it quite hard for you to terminate and reopen. You need to fully redeem your units and wait for 6months before setting up the RSP again.

    Do correct me if im wrong!

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