Monday, 13 November 2017

Multiply Your Money The Easy Way

Good news for DBS Multiplier Account holders! DBS has recently revised their interest rate for Multiplier Account and it is now even easier to earn higher interest rate the hassle free way! We will need to have at least 2 eligible transactions per month in order to earn the higher interests. 1 of the criteria needs to be Salary Credit. The other criteria could be credit card, home loan, insurance, or investments with the bank.

Take an example of someone who has $3000 salary credited into his bank acount every month. Assume he receives $50 dividend from shares and spend $10 on his DBS credit card every month, he would receive 2% interest per year! Previously, the criteria to earn 2% interest pa is way much higher. There is no lockin period for funds inside the Multiplier Account and we will receive interests the following month. I like the passive and hassle free way to earning higher interests as I do not need to have a minimum spending on my credit card or minimum investment amount in order to fulfil their crietria. I am using the POSB Everyday Card for my daily commute, receiving dividends in my bank account and also buying shares with DBS Vickers. 

The downside is only the first 50k in Multiplier Account will enjoy the higher interest rate. For those interested, can check out the link here.

However, depending on individuals, ocbc360 could be a better choice for higher interest rate if you could fulfil their conditions.

Disclaimer: I am not given any monetary incentive by DBS to promote their services. This is purely a public service announcement. Cheers!

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