Being the thrifty Singaporean I am, I had to check it out and compare to the OCBC 360 account I am using right now that gives 1.55-1.85%, depending on my month's spending on OCBC 365.
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| Image Source: DBS Multiplier |
The mandatory basic criteria is that you HAVE to credit your salary with DBS/POSB and a transaction in one of the categories above. Although it is advertised that no minimum salary or credit card spending required, when referencing to the breakdown below, notice how a total transaction of <$2,000 would leave you with only the basic interest rate of 0.05%? I would have appreciate it if DBS had been more clear that the minimum transaction has to be >$2,000 per month.
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| Image Source: DBS Multiplier |
Take into example a monthly salary of $2,500 and credit card spending of $500 (with DBS/POSB), you would get a 1.85% interest! (total amount transacted: $3,000).
Now, taking this into my own perspective, I usually use SC Unlimited Cashback Card or Amex True Cashback Card for my purchases because most months I would hardly hit >$500, let alone >$600 (OCBC 365 credit card criteria). Therefore, for most months, I usually earn 1.55% on my OCBC 360 account.
With this new DBS multiplier account, I only need to make one small purchase on a DBS/POSB credit card and I can get 1.85% interest (even charging $0.01 to my card is considered a transaction). Since the minimum spend for DBS/POSB credit cards are pretty unreachable for me - $600-$700 minimum spending, I will still stick to my no minimum cashback cards. In conclusion, DBS multiplier account is definitely better than my OCBC 360 account because of how much easier it is for me to earn a higher interest rate!
Also, comparing this new DBS multipler account to UOB's One account, if you are able to transact in 2 or more categories, then DBS multipler is definitely the way to go.
DBS is pretty aggressive, let's watch and see if the rest will play catch up.
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