Discover What Makes DBS Multiplier a Competitive Savings Bank Account


Savings accounts are sometimes overlooked when compared to the possible returns on long-term investments, owing to the low returns they offer. Nevertheless, they do however have a variety of other benefits to help offset that low return.

Savings accounts, by itself, never lose money. With investments, you have the possibility of losing money over a period. On the contrary, the balance in your savings account will increase and not decrease with the interest you earn.

Most savings accounts, if any, require the accountholder to maintain a low minimum balance and deposit any money you have. Some savings accounts come with attractive interest rates if you can maintain a large balance, but do not require you to hold a minimum balance to open and maintain an account. One of the best savings bank accounts is DBS Multiplier, for it allows you to conduct transactions in multiple product categories and get a bonus interest rate.

Offering bonus interest in different tiers, a Multiplier Savings Account helps you earn a maximum interest of 4.2 percent a year.

Features of DBS Multiplier Savings Account

Some prominent features of DBS Multiplier include:

1. Everyone can open this savings account

With different types of income accepted, everyone can multiply regardless of whether they are a worker or an employee, a national serviceman (full-time), a student, a retiree, or a gig economy worker.

2. No requirement for a minimum amount

People have different needs and to help them, DBS offers a savings account with no minimum amount required for various DBS/POSB product categories to receive bonus interest rates.

3. Flexible enough to reach targets

You can receive a bonus interest rate with certain DBS/POSB product categories. You can quickly multiply your money if you have access to numerous product categories. For instance, PayLah! and credit card spending are now combined into one category, making it simpler to access higher savings interest rates. ​​

4. Different tiers to earn more bonus interest

DBS Bank’s increase in balance caps has helped it offer a starting bonus interest three times higher to help you earn extra bonus interest.

5. Enables better financial planning

By having SGFinDex connected to the NAV Planner or choosing your dividends or salary, you can easily manage your finances by having all your finances in one place to earn more.

With the DBS Multiplier account, your potential bonus interest earnings increase the more product categories you deal with. They include:

  • A qualified insurance product – if you buy it
  • Eligible credit cards, on which you spend
  • Investing in an investment product, if it is a qualified one
  • Obtaining a mortgage

Along with transactions in a variety of categories, PayLah retail spending also entitles you to a higher interest rate.

Who Are Eligible for a Multiplier Savings Account?

Some prerequisites to fulfill to make you eligible for a DBS Multiplier account are:

  • Should be 18 years of age
  • No initial payment is needed
  • For the average daily balance of less than S$3,000, an SGD 5 monthly service fee will be charged. Those who hold a DBS Multiplier for the first time with DBS/POSB or who are 29 years old or below, do not have to pay the monthly service charge.
  • An SGD 30 will be levied on the early closure of the account within six months.

Benefits of Having a DBS Multiplier

One of the advantages of having this multiplier account is that you can use their credit card to make purchases and take advantage of their home loan payment plan, making it possible to meet two out of the four criteria.

Additionally, there is no requirement for a minimum amount across all transaction categories to avail of the bonus interest rate.

It means that even if you use your credit card sparingly, you can still fall into the credit card category. You can make up the required value of transactions in a month to earn bonus interest through other categories, such as house loans.

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