Last year, I opened a second trading account with DBS Vickers. I chose it as I can just apply online and I already have a DBS Savings account. So payment of shares could be easily done I suppose. I didn't quite like the interface at first but once I got used to it, it is alright. A few months later, I found out about DBS's Multiplier Account. The benefit of this account is we earn higher interest rate compared to the saving account if we fulfil their criteria. Only the first $50k in this account could earn the higher interest. The transfer is also immediate. The criteria to earn the higher interest rate is to transact in at least 2 categories and the total amount needs to exceed $7500. There's a total of 5 categories which are listed in the screenshot below. Trading using DBS Vickers would be categorise under Investment. Dividends credited into our saving account is also counted as monthly transaction.
For DBS Vickers, when we trade and choose cash upfront as payment option, each trade commission is 0.12%, min $10. We will have to topup the cash upfront account before we trade. Say if I want to trade a stock and the total cost is $5000, I have to transfer funds from my saving account into this cash upfront account before I place the trade. The transfer is instantaneous. 1 thing to note is the settlement date will still considered be 3 working days. So if I place a trade on 31 March, the transaction is considered as done in April. Currently there is a $5 rebate for each trade promo that would end in June 2017. For more information, please visit DBS website. By the way, DBS is not paying me to advertise. Both the DBS Vickers and Multiplier account benefit me a lot and so I would like to share with anyone who read this Post. I am basically trading for free as the higher interest earned could cover my trade commissions. :)
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