DBS Multiplier vs POSB, OCBC, UOB, BOC

Jes 2 Comments

Thank you to some readers who push me to work update my latest table on bonus interest. My last post comparing all the different bank account needs to revise now. I was very motivated to write on this because this is one of the rare times where bank actually revise their bonus interest upwards. Finally!

What is DBS Multiplier?
I like the bunnies, quite creative!

Let's jump straight to the good part:
No minimum salary credit
No minimum credit card spending

Sounds so good! Especially now that I am self employed at SnackFirst, all the more I need an account that does not judge me by my salary. Even if you have $100 salary, no matter how small the amount, just as long as they are credited into DBS bank as SAL (salary category), you will be able to hit the minimum criteria which is the salary credit.

Now the not-so-good part. If you only credit your salary without any of the other 4 categories, you can only get 0.05% interest, which is the base interest for any other banks too. You have to transact in at least 1 other category:
1) Spend on any DBS cards
2) Get a DBS home loan
3) Buy their insurance
4) Invest in their unit trusts or others

To get more than UOB One account interest at 2.43% or OCBC 360 at 1.85%, you will have to transact more than $15,000 a month.

Who is it beneficial to
1) For people who earn more than $15k - The high bonus interest at 2% to 3.5% is quite lucrative.
2) For people who spend a lot - Insurance agents, property agents who spend quite a lot on entertainment and food every month.
3) For people who has existing DBS home loans or are looking to switch - The interest might be motivating enough
4) For people who cannot hit 3 giro payments (bills) or have irregular spending frequently below $500 - DBS Multiplier or POSB Cashback would be a good choice

Comparing the bonus interests of different banks, the table is getting crowded:

What it means for me
Frankly, it's useless for me. My spending is $500 a month, my salary is non-existent. I don't intend to change my HDB loan to bank loan and I am sure not going to start buying their insurance or investments because of this.

In the $2,000 to $5,000 transacted amount for DBS multiplier which is the range for most people, the bonus interest at 1.8 to 2% is not much different from OCBC 360 at 1.85% without any insurance and investments. I guess most likely it's a big push for people to get their home loans from DBS.

Multiply like bunnies? Give birth to more babies then.

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  1. Hi I just found out about this and as a user of the 360, i find that im not able to hit the Bill Giro Cap (2 main bills at around 500). So I am just basically just getting the salary and spending portion (1000) which is worth 1.5%. As a small time investor, I am using SCB account to buy SG ETFs to a tune of SGD 500 a month.

    On the other hand after some calculation, I find that if i were to move to Multiplier, with my salary, and simply paying my bills using my credit card, keeping my spending to the same 1k, and investing using InvestSaver, i can get 2.2% quite easily. So for the investment portion, instead of just saving only in cash, perhaps can invest in the 2 ETFs offered by InvestSaver to qualify for higher tier interest? just my 2 cents.

    1. Hi there,

      You are right that you are only getting 1.5% for OCBC 360 and not 1.8% due to the requirement of 3 giro payments. You can definitely go with DBS Multiplier if you are thinking of investing with them.

      However, UOB One might be even better. It just needs your salary credit + $500 spending to get up to 2.43% interest, depending on your bank balance. You don't even need the giro payments. Hope this helps! :)