I have previously wrote about Why I Switched to DBS Multiplier Account in the year 2017. If you can remember, the main selling points of the DBS Multiplier Account are
- No minimum salary credit
- No minimum credit card spend
After two years, I am glad there are changes to the DBS Multiplier Account which in my personal opinion are excellent changes as I get to earn higher interests without doing anything.
Previously, DBS Multiplier Account holders only get to earn higher interest rate on your first S$50,000. With the change, you can now earn higher interest rates on your savings up to S$100,000. The highest interest rate you can reach is 3.8% per annum.
On top of salary credit, the categories eligible remains the same. The categories are
- Credit Card Spend
- Home Loan Installments
- Insurance Premiums
The following breakdown shows the additional interest rate you can earn on the next S$50,000 on top of the first S$50,000. I do not have any home loan or insurance premiums with DBS but I usually fulfill the credit card spend and investments category. There is a DBS Multiplier Account + Singapore Savings Bonds hack that I wrote about which makes qualifying the investments category pretty easy.
Good job DBS Multiplier!