https://www.dbs.com.sg/personal/landing/dbs-multiplier/?pid=sg-dbs-pweb-home-featured-cardtile-deposits-multiplier
It's an encouraging shift from the previous scheme where it just seemed to be more complicated. The calculation now is a lot more simple, with a lower qualifying amount of $2,000 worth of transactions to start earning bonus interest.
Just credit your salary and make a transaction in another qualifying category and you will be eligible for the enhanced interest rates. If you use 2 additional categories, you get even more bonus interest.
The categories are the same. So it's to just credit your salary. Then to make 1 or more transactions with credit card spending, home loan payments, insurance payments or investment related transactions.
The best parts of this enhanced scheme is...
NO MINIMUM SALARY REQUIRED (A salary is required but with no minimum quantum)
NO MINIMUM CREDIT CARD SPEND REQUIRED
For me, this is an awesome plus point, cos my wife already has her salary going into her DBS account already, and we have our SP services out on her POSB Everyday card, and we have our home loan with DBS as well. So straight off, I'm looking at the bonus rates from the salary + 2 category section.
Both UOB and OCBC have minimum spend requirement on the credit card to be eligible for bonus interest rates.
I think that most people would be falling into the $2,500 - $15,000 categories. So the interest rates would likely to be around 1.85% - 2.20%
The 3.5% would be really hard to hit cos the customer would need to have transactions worth over $30,000. It's a bit disappointing that it's set so high up, but oh well... No free lunch.
Although UOB gives a 2.43% effective bonus interest rate on their UOB One account, the downside is that there is a $500 minimum spend.
What's even better is that both of them aren't mutually exclusive.
You can put your salary on the DBS Multiplier account, get a DBS loan and set up SP services payment using your POSB Everyday card and you can enjoy the bonus interest on the first $50k in the Multiplier account.
And you can further combo this with the UOB One account, which requires $500 minimum spend on a UOB credit card + 3 GIRO payments from the One account. Then you can enjoy the bonus effective interest of 2.43% on the $50k in the UOB One account.
Any additional credit card spending above $500, just put it on your DBS card and maybe you can hit a higher rate of interest on the Muliplier account.
Truly a win-win situation for consumers.
The contenders used to be UOB and OCBC.
Cos UOB was the only bank which was ok without salary credit. So I suppose people with more than $50k would put their funds in UOB, and credit their salary with OCBC.
But with this enhanced DBS Multiplier account, I think that DBS has upped its game and is there contending with the other local banks in trying to get consumers to bank with them.
Well done DBS. And of course we are happy with this cos we will be enjoy the additional bonus interest as well.
More info can be found on their FAQ link
https://www.dbs.com.sg/iwov-resources/pdf/deposits/multiplier-programme/DBS%20Multiplier%20Programme_FAQ.pdf
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