Question: Is DBS Multiplier A Savings Or Current Account?

Can I have 2 salary accounts?

However, if you are asked to open an account with a different bank at your new workplace, you must choose between closing the previous salary account and maintaining the minimum required balance.

Weigh your needs for multiple accounts and act accordingly..

Is DBS multiplier account good?

It’s still a good choice if you have a regular income. Even with the new lower interest rates, the DBS Multiplier account is still good for the typical office worker in their 20s or 30s, especially home owners. The main benefits are: Easy to earn interest with salary credit + credit card spend.

What is the interest rate for DBS multiplier account?

3.80%If your transactions do not meet the criteria, S$ balance in your DBS Multiplier Account will be accorded the prevailing interest rate for that month. The higher interest rates of up to 3.80% p.a. are applicable only up to the first S$100,000 in the DBS Multiplier Account.

Which multiplier account is best?

Best Savings Accounts in Singapore (2020)DBS Multiplier Account. Popular. S$0. … POSB Multiplier Account. Popular. S$0. … BOC SmartSaver. S$1,500. Min. … Maybank Save Up Programme. Welcome Gift. S$500. … OCBC 360 Account. S$1,000. Min. … UOB One Account. S$1,000. Min. … POSB SAYE Account. S$0. Min. … Maybank iSAVvy Savings Plus Account. S$500. Min.More items…

What is DBS monthly account fee?

Most DBS bank accounts do not come with a monthly service fee. However, DBS does charge a S$50 service fee for DBS Treasures members if their bank balance at the end of the month falls below S$200,000. Minimum overdraft interest charge.

Is DBS multiplier a current account?

The DBS Multiplier account is a savings account that allows you to earn up to 3.8% interest rate per annum. … The interest rate you earn first requires your salary to be credited into a DBS/POSB account (this does not have to be the DBS Multiplier account).

Can I withdraw from DBS multiplier account?

I have a DBS savings account which is linked to my debit card and Multiplier account linked to my credit card. I have been keeping a small sum in my savings account just so that I can withdraw cash from the ATM. Yes you can withdraw from your credit card.

Can I have 2 DBS account?

Step 1: Both Open Individual DBS Multiplier Accounts This means that DBS Multiplier accounts cannot be joint accounts. If there is more than one account holder to the DBS Multiplier account, you will not enjoy the higher interest rates accorded.

How do you maximize a DBS multiplier account?

Here’s how it works: Simply clock up retail spend using PayLah! of $500 in a month, and for customers above the age of 29, fulfil the Income criteria (Salary Credit/Dividends) in order to earn bonus interest of up to 0.5% on the first $10,000 in your DBS Multiplier Account.

Is Singlife account safe?

*The Singlife Account insurance savings plan is protected under the Policy Owners’ Protection (PPF) Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). The PPF Scheme provides 100% protection for the guaranteed benefits of your life insurance policies, subject to caps where applicable.

Is DBS my account a savings account?

A bank account for everything you need With a single account for saving, spending, and investing in SGD and foreign currencies, you’ll never need another bank account. … My Account comes with PayLah! and a DBS Visa Debit Card so you can enjoy the convenience of going cashless.

Which salary account is best?

The following is the list of best 5 salary accounts available in India:Kotak Platina Salary Account.SBI Corporate Salary Package.HDFC Bank Classic Salary Account.Citibank Suvidha Salary Account.Axis Bank Prime Salary Account.

Is DBS and POSB account the same?

POSB was acquired by DBS, as the Government sought to give DBS enough muscle to become a regional financial powerhouse. POSB was fully acquired by DBS Bank on 16 November 1998 for S$1.6 billion. … For example, DBS Bank depositors may use the Cash Deposit Machine installed islandwide in POSBank branches and vice versa.

How do you convert currency to DBS multiplier?

Tap Pay & Transfer and select All….Exchange Foreign Currencies using DBS Multi-Currency Autosave AccountLog in to digibank Online with your User ID and PIN.Under Transfer, select To My Account and log in with your 6-Digit iB Secure PIN.Under From, select the Account and Currency you wish to transfer from.More items…

What type of account is DBS multiplier?

The DBS Multiplier Account is a deposit account that rewards you higher interest when you credit your income (salary and/or dividends) and transact in one or more of the following categories: credit card spend, home loan instalment, insurance, investments.

What is the minimum balance for DBS multiplier account?

No initial deposit required. No monthly account fees. If this is your first account with us, open online now and there will be no minimum average daily balance required. Service charge of S$5 if average daily balance falls below S$3,000 (based on total SGD equivalent of SGD & foreign currency balances).