DBS Multiplier Account Bigger from May1,2019!
Yes! Max cap at $75k (see note a below), with up to 3.5% pa interest, that's $2625 interest per year or $218.75 per mth!
The best savings account to multiply your money at up to 3.5% p.a. with no minimum salary credit, no minimum credit card spend, and if u can hit one more category, with total transactions of more than $30k per month!
A. And DBS teach you how to “Hack” if you do not have salary credit or do not have Investment Category, so u can still qualify to earn up to 3.5% pa interest, hurray!
How to “Hack”
- Giro You's salary to Joint Savings Account
- Giro Me's dividend credit from CDP to Joint Savings Account
Bingo, all You, Me personal DBS multiplier accounts will earn bonus interest, with 2 “guaranteed categories”: salary and investment!
B. Don't have dividend credit from CDP?
U can build an SSB ladder such that u get dividend credit from CDP every month.
How to build SSB ladder?
- Buy $500 worth of SSB (Singapore Savings Bond) every month for 6 months.
- On month 7, CDP will pay u dividend for month 1 SSB purchase (M1), remember to arrange Giro credit to the Joint Savings Account (see A above)
- On month 8, CDP will pay u dividend for month 2 SSB purchase (M2)
- So u will continue to receive dividend every month, for 10 years as SSB has 10 year maturity and pays dividend every 6 mths.
Bingo, u have guaranteed yourself another category to earn bonus interest on DBS Multiplier Account.
C. Credit card spend (no minimum amount) is another easy category to meet to help u boost your interest rate tier! Just charge any amount, $1 or less also can! Bingo, if you have any DBS/POSB credit card!
Note a.
I speculate with 99% confidence that the DBS Multiplier Account balance cap will be increased to $75k tomorrow May 1 2019. But it might be more, up to $100k maybe! I will update this article tomorrow immediately after DBS release the announcement tomorrow.
Today, I have already moved $25k into the account so I can enjoy the interest for tomorrow (it is a holiday), kiasu lah!
