When it comes to savings in Singapore, the DBS Multiplier Account continues to be a favorite. It offers a way to increase your interest rates based on how actively you engage with various DBS services. Whether you’re a full-time worker, freelancer, or an investor looking to make your money work harder, the account presents several opportunities to grow your savings in 2024 through transactions like salary credits, credit card spending, home loans, and investments.
Let’s take a look at the latest 2024 interest rates and a few strategies that can help you maximize your returns with the DBS Multiplier Account.
What is the DBS Multiplier Account?
In simple terms, the DBS Multiplier Account rewards you with higher interest rates based on your transactions with the bank. The more services you use, such as crediting your salary, making payments with DBS credit cards, or investing through the bank, the better your interest rate will be. It’s a flexible account designed to fit different needs, whether you’re employed, working freelance, or just looking for an efficient way to grow your money.
Interest Rates for 2024
The account operates on a tiered interest system, meaning your interest rate increases with the total value of your monthly eligible transactions. Here’s a rundown of the interest rates you can expect in 2024:
Your interest rate depends on how many banking activities you engage in across these categories:
- Salary Credits: Ensure your salary is credited via GIRO.
- Credit Card Spending: Use DBS or POSB credit cards regularly.
- Home Loan Payments: If you have a DBS/POSB home loan, payments qualify.
- Insurance Premiums: Payments towards DBS insurance products.
- Investments: Invest in DBS Unit Trusts or engage in share trading.
The more categories you engage with, the higher your interest rate becomes, especially when your transaction volume is higher.
To check if the DBS Multiplier account is the best savings account for you or if there is another account that will help you earn more, you can use dtenAI’s savings account recommendation engine.
Tips to Maximize Your Interest Rates
To get the most out of your DBS Multiplier Account, follow these steps to maximize the interest rate:
1. Credit Your Salary via GIRO
One of the easiest ways to increase your interest rate is by ensuring your salary is credited to your DBS account through GIRO. Even freelancers can benefit if their income is credited through GIRO.
2. Use DBS Credit Cards Regularly
Your spending on DBS or POSB credit cards counts towards your total monthly transactions, so making regular purchases can help you move into higher interest tiers. If your combined salary credit and card spending cross S$500 a month, you could be earning up to 1.80% p.a.
Quick Tip: Consider using cards like the DBS Altitude Card (for miles) or the DBS Live Fresh Card (for cashback) to earn rewards while increasing your eligible transactions.
3. Boost Transactions with Investments and Insurance
If you’re already investing in DBS products like Unit Trusts or paying for insurance premiums, these transactions will help push your total monthly volume higher. Hitting S$30,000 or more in total transactions unlocks the top interest rate — up to 4.10%
Quick Tip: If you’re planning long-term investments, consider doing so through DBS to maximize the benefits of this account.
Benefits of the DBS Multiplier Account
- No Minimum Balance: There’s no need to worry about maintaining a minimum balance, which makes this account accessible to just about everyone.
- Great for Freelancers and Retirees: You can qualify for the salary credit category if their income is credited through GIRO.
Is the DBS Multiplier Right for You?
This account is a good fit for those who already use DBS or are open to consolidating their financial activities with the bank. It’s especially beneficial for:
- Salaried Workers: If you can credit your salary into your DBS account and regularly use a DBS credit card, you’ll find it easy to qualify for the higher interest tiers.
- Home Loan Customers: Those with a DBS/POSB home loan can take advantage of another category to reach the highest interest rates of up to 4.10% p.a.
- Investors and Insurance Buyers: If you’re already investing or buying insurance through DBS, the Multiplier Account makes it easier to grow your savings.
How Does it Compare to Other Savings Accounts?
When compared to other popular high-interest savings accounts, like the OCBC 360 or UOB One, the DBS Multiplier offers more flexibility. Other accounts often have stricter conditions or higher spending thresholds to meet, but the DBS Multiplier allows you to achieve higher interest through a variety of everyday transactions, giving you more options to qualify. To be sure which savings account is best for you, be sure to check your personalised recommendation from dtenAI which calculates it for you in a minute.
Final Thoughts
In 2024, the DBS Multiplier Account remains one of the top choices for savers who want to maximize their returns. With interest rates reaching as high as 4.10% p.a., it offers some of the best opportunities for growing your savings without the need to lock in your funds. By strategically managing salary credits, card spending, and investments, you can unlock the full potential of this account.
If you’re already using DBS services or considering consolidating your finances with them, the DBS Multiplier Account is definitely worth exploring to supercharge your savings.