However, increasing your account balance without increasing spending and categories will limit your bonus rate earnings. Because income credit is compulsory, the DBS Multiplier account is definitely for people with a regular paycheck and/or dividends. [Application Process] Convenience cannot be underrated. I opted for a HDB loan instead of bank loans because it was the most convenient when I signed the papers for my BTO flat. If you’re below 29 years old, your Multiplier Account does not have a minimum balance requirement. Accomplish another category, say investment, and your interest goes up slightly. It is also important to note that DBS has kept the benefits for the first S$50,000 unchanged. The categories are clearly defined whilst what qualifies as eligible transactions are less obvious. But you did raise a good point that the DBS Multiplier is easier to achieve on a month to month basis, especially if one fails to meet the UOB S$500 minimum spend for a particular month. For your spending to count towards obtaining bonus interest rates, you have to first fulfil the income category either by salary crediting via GIRO or receiving investment dividends. Heartland Boy will also go on to share how he has recently managed to unlock new categories to maximise his DBS Multiplier Account interest rate (2.1% on $100K) in this review… That’s not too bad and pretty easy to achieve. I know some people who have opted for bank loans and kept refinancing whenever better rates surfaced. Just in case you aren’t familiar with how the DBS Multiplier works, here is a quick summary to get you to speed. Use our comparison tool to choose the best plan for you. 25% off staycations on Agoda, Up to 3.5% cashback on all spend POSB Invest Saver Journey. $30,000 transaction amount. Copyright (C) 2013 - 2020 All Rights Reserved, Best Savings Account Interest Rates Promotion in Singapore. Moreover, you get the coverage anyway, so it’s not entirely a wasted cost. Why do I compare it with SSB? Sign me up whenever. High 3.30% p.a. Additionally, every transaction in DBS/POSB accounts has been consolidated to qualify for higher interest rates. DBS Multiplier Savings Account Review 2020 DBS Multiplier Savings account provides a base interest rate of 0.05% p.a. Your use of our services is subject to these revised terms which give you more control and protection over your data. Singapore Dollar (SGD) The interest rate you qualify for is determined by your monthly eligible transactions with DBS/POSB. ... DBS Multiplier. The DBS Multiplier Account has always been one of the more popular savings accounts around.. But the total actions value need to be at least $2000 to qualify for the bonus interest. After reviewing UOB One, OCBC 360, and now DBS Multiplier, to me it’s pretty clear that these three accounts have some flaws amidst compelling features, and the suitability highly depends on your financial habits. DBS works with Manulife to provide insurance needs for her clients. We have reviewed over 100 credit cards in Singapore to simplify your card shopping process. Personally I have some challenges hitting 3 categories but it might be possible for you and I would like to run through some scenarios. DBS Multiplier Savings account provides a base interest rate of 0.05% p.a.