DBS Multiplier Account Archives - My Sweet Retirement

DBS Multiplier Account Just Got Bigger

May 4, 2019May 4, 2019 My Sweet Retirement Leave a comment

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
Investments

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!

June 2018 Singapore Savings Bonds is 2.43%

May 5, 2018May 5, 2018 My Sweet Retirement Leave a comment

The effective interest rate for June 2018 Singapore Savings Bonds if you held it for 10 years is 2.43%. This is the highest interest rate for the past 12 months of Singapore Savings Bonds.

There are many ways the Singapore Savings Bonds can be useful. As it yields higher interest rates than most traditional savings account ( Singapore Savings Bond versus Savings Account versus Fixed Deposits ), it can be the best place to park your spare cash or serve as a temporary war chest for your stock investments.

I personally like to allocate a portion of my annual wage bonus and park them in Singapore Savings Bonds. This is in the event I get retrench by my current employer, the Singapore Savings Bonds can act as a lifesaver while I take time to look for a new job. Read More

Earn More Interest With DBS Multiplier Account + Singapore Savings Bonds

May 1, 2018May 1, 2018 My Sweet Retirement 14 Comments

This is probably something not new as other financial bloggers have blogged about how to maximize the interest rate for your DBS Multiplier account with the Singapore Savings Bonds.

The hack that I am going to share is that if you have a DBS Multiplier account, you get additional interest if you deposit your dividends from stocks to your DBS or POSB account. The payout from Singapore Savings Bonds into your DBS or POSB account qualify as well under the “Investments with DBS/POSB”.

The minimum amount for Singapore Savings Bonds is S$500 with a one time fee of S$2. The effective interest rate for Singapore Savings Bonds for May if you held it for ten years is 2.39% which is pretty attractive to me. (Read more: May 2018 Singapore Savings Bonds is 2.39%)

Below are the Singapore Savings Bonds that I have subscribed for. “Yes” means that the bond will be paying out in that month. Basically, Singapore Savings Bonds pay out every six months. I only have to subscribe to June, July and August Singapore Savings Bonds and I will be getting more interest from my DBS Multiplier account every month. Read More

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