4 Reasons Why DBS Multiplier Is A Competitive Savings Account

Tired of jumping through hoops to earn interest? DBS Multiplier has now expanded and included additional categories that you can tap on to qualify for higher interest, making multiplying your money a lot easier and flexible.

Whenever the topic of savings accounts comes up, DBS Multiplier is bound to surface at some point in the conversation.

Launched way back in 2014, it has become a household name that everyone is no stranger to, and for good reason. The best part - on 1 August, 2022, DBS Multiplier account raised its interest rates up to 3.5% per annum for sums over $50k and up to $100,000, as long as you meet the category requirements.

Besides helping you rake up competitive interest rates so your savings won’t just sit idly, DBS encourages all of us to adopt a holistic approach towards personal finance management.

Knowing everyone has unique goals and targets, DBS has expanded its insurance and investment categories to include more ways to stack your interest up, rewarding you for every step in your financial planning. They’ve also included connecting to SGFinDex on DBS Planner as a category for customers who are unable or choose not to their credit salary or dividends with DBS.

Read on to find out more about Multiplier’s game-changing additions, and how it distinguishes itself from the savings account pack.

#1 You don’t necessarily have to draw an income

More often than not, most savings accounts grant you higher interest when you credit your monthly salary.

With DBS Multiplier, you now have an alternative option to fulfil in place of crediting your salary or dividends — by connecting SGFinDex on DBS NAV Planner. It is the first bank that rewards you for connecting with SGFinDex, which gives you a holistic overview of your money by consolidating your financial information across banks, CPF, HDB and IRAS, a vital aspect of financial planning.

At a glance, you will be amazed by the clear overview of your financial standing and commitments. From there, you’ll be in a better position to act on your finance management, while scoring higher interest rates. You’ll also get better and more comprehensive insights and tips on how you can up your financial planning game. Win-win, isn’t it?

If you’re someone who is paranoid about online privacy and phishing scams, know that SGFinDex is government-owned and accesses your information only through SingPass — your personal information is safe and secure.

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#2 Rewards you for holistic financial planning

Financial planning isn’t just about accumulating sufficient emergency funds and then calling it a day. It’s a personal responsibility to look after all areas of your life and have all your finances consolidated, and here’s where Multiplier comes in to reward you for that.

Multiplier makes it extremely easy for all to seamlessly ease into investments and insurance, in order to create a solid financial plan for themselves. Everyone has different needs and preferences when it comes to financial planning, hence DBS has expanded their categories to include more options. With increased flexibility in choosing products that meet your needs, you’re able to build your financial plans while getting rewarded with higher interest rates from DBS Multiplier.

One of the new inclusions under the investment category is digiPortfolio (the first bank to recognise robo investing, at that!). It gently lets you into the investment waters with just S$1,000 — good for you first-timers who don’t know where to start — so you can qualify for higher rates. Here are the available portfolios to choose from:

Besides digiPortfolio, you can now go beyond cash savings and optimise your CPF and Supplementary Retirement Scheme (SRS) funds. One potential way is by investing them in DBS’s unit trust funds to make your retirement money work harder.

Savvy financial planning doesn’t stop at investments. As much as some would say ‘offence is the best defence’, you’ll still need actual defence. We’d be talking about your insurance coverage here; DBS Multiplier has recently included single premium insurance policies (that you can also pay with your SRS funds) into their insurance criteria, ideal for those who want to bolster their coverage for the sake of their families, yet shun the burden of monthly financial commitments.

With the added incentive of being rewarded with higher interest rates by investing and getting insured, what’s stopping you from building your own holistic financial plan?

#3 Mix and match transactions to enjoy higher interest rates

There’s no multiple hoop-jumping to score the maximum interest rate. These transactions could be something that is already part of your lifestyle; say, you’re already financing your home loans through DBS or have been paying your bills with a DBS credit card — you can mix and match these transactions to earn higher interest.

Simply credit your income and dividends or connect to SGFinDex on DBS NAV Planner (good news for those who do not have income or dividends) and transact in credit card spend, home loan instalments, insurance or investments with DBS, with transactions adding up to at least S$2,000.

But if you’re investing or financing your home elsewhere, don’t worry - you won’t be missing out on the interest rates either. There’s a PayLah! option that you can tap on that still requires you to credit your income or connect to SGFinDex on DBS NAV Planner to qualify, with a minimum combined transaction amount of S$500. This is great for individuals who regularly depend on PayLah! to make e-payments.

Alternatively, those who are 29 years old and below and are not drawing a salary can rely purely on PayLah! transactions without a minimum spend and earn an interest rate of up to 0.3% p.a.

With the wide range of categories available to help you lock in higher interest, DBS Multiplier is designed to cater to your lifestyle and financial habits, so you won’t have to go out of your way just to fulfil the criteria.

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#4 Joint account hack

We once polled a group of couples to opine on whether joint savings accounts are relationship boosters or wreckers. If you are on the pro camp, great! If you’re on the con camp, well, this might change your mind.

While this hack may not be new, it’s definitely worth mentioning. For couples with DBS joint accounts and DBS Multiplier, as long as both of you credit your income into the joint account, both will qualify for the income category, get higher transaction tiers and chalk up higher interest. Here’s the nifty trick: you can later take what you need for your individual use, and transfer it back to your own Multiplier savings account.

For example, if both of you are earning S$4,000 each, both of you would have to credit both salaries into your joint account, so the combined S$8,000 salary sum will qualify for a higher transaction tier, as compared to a mere S$4,000 with just one party’s salary.

If one of you isn’t working yet, don’t sweat it. The employed one can simply credit their salary to the joint account, and it can fulfil both the ‘credit salary’ criteria for your individual Multiplier accounts.

As unromantic as it sounds, successful couple money management could be a contributing factor to marital bliss, and you can’t deny the usefulness of a joint account — especially not when it can reward you with extra moolah while you’re at it.

Stay on top of your finances with DBS Multiplier

With DBS Multiplier, not only do you benefit from your own financial planning, but you’ll also be rewarded for it. Whether you’re investing to accumulate wealth or protecting yourself with your various insurance plans, look forward to higher interest rates that’ll encourage you to take on a more holistic approach towards managing your finances.

Multiplying your money shouldn’t be difficult, and DBS Multiplier can help you out with that. Not yet convinced? Head over to their interest calculator to see just how much interest you’ll earn according to your financial habits and projected monthly transactions, with no strings attached.