DBS Multiplier Changes
DBS Multiplier has officially announced some changes, effective 1 January 2021. Do check out the official PDF document here.
We also attach the screenshot below for the reader’s convenience.
DBS Multiplier Review
Well, it is clear that the DBS Multiplier changes are not good! Most of the interest rates are heavily affected, especially for the average Singaporean saver. This is not unique to DBS though, most banks in Singapore have slashed their interest rates, including Citibank, CIMB, and others.
For savers who have less than 3 categories transactions (Credit Card Spend, Home Loan Instalments, Insurance or Investments), most likely his/her interest rate will drop to below 1% p.a. This is a halving of the previous interest rate.
DBS Multiplier Minimum Balance
Note that DBS Multiplier has a relatively high minimum balance of S$3,000, and there is a service charge of S$5 if average daily balance falls below S$3,000.
DBS Multiplier Alternative
If you are looking for an alternative to DBS Multiplier, do check out our previous blog post Gigantiq Promo Code: MATH88. Basically, Gigantiq is a capital guaranteed savings plan that offers interest rate of 1.8% p.a. (previously 2% p.a.). This is much higher than all banks currently, including fixed deposits. Gigantiq is backed by Etiqa, which is the insurance branch of Maybank, the largest bank in Malaysia.