The DBS Multiplier Account offer the potential to earn up to 3% p.a. on your savings, if you credit your income and meet all the account criteria.
Learn how it works, the various interest tiers, features and more in this review.
How does the DBS Multiplier Account work?
Grow your savings with higher interest rates on your DBS Multiplier Account through one of the three options offered.
Option 1. Income and transactions in credit card/home loan/insurance/investment
The first criteria you need to fulfill would be to credit your salary and/or dividend to your DBS Multiplier Account. After fulfilling this mandatory Income category, the monthly interest rate you’ll be able to earn is determined by these factors:
Number of transaction categories you fulfill:
Credit card. Make purchases using any DBS or POSB credit card, including supplementary cards.
Home loan. Purchase a DBS home loan and servicing your monthly installments (both cash and CPF components included).
Insurance. Purchase any regular premium insurance policies from DBS’ insurance partner, Manulife after account opening. Only the first 12 consecutive months will be recognised.
Investments. You may fulfill this category in a few ways. Either make a new unit trust lump sum investment and contribute via DBS; or make a fully settled ‘BUY’ trade using DBS Vickers or DBS Online Equity Trading; or initiate a new DBS Invest-Saver plan (only recognised for the first 12 consecutive months).
Total value of eligible transactions:
The more you spend per month, the higher your interest rates will be.
Six interest tiers for total eligible transactions, starting from less than $2,000 to over $30,000 per month.
Average daily balance for the month:
Earn higher interest rates with a larger account balance (capped at $100,000).
Three levels of interest sets for account balance: first $25,000, first $50,000 and next $50,000.
What qualifies as 'income'?
To tick off the ‘income’ requirement, you’d may do so through:
Salary credit. Credit your salary via GIRO to any DBS/POSB savings accounts, including joint accounts.
Dividends. Selected investment dividends credited into your DBS/POSB bank account, DBS Wealth Management account, DBS SRS account, or CPF Investment account within the month also qualify as ‘income’. Do note that dividends have to be credited from any of these sources:
Central Depository Pte Ltd (CDP)
DBS Vickers Securities
DBS Online Equity Trading
DBS Unit Trusts
DBS Online Funds Investing
Alternative tracks to earn extra interest
For those without or unable to fulfill credit card, insurance, home loan or investment transactions with DBS, you can also earn extra interest by fulfilling the criteria outlined in Option 2 and 3:
Simply credit your income and clock up $500 worth of retail spend using PayLah! per month to earn 0.40% interest on the first $10,000 in your DBS Multiplier Account.
However, if you transact less than $500 on retail spend via PayLah!, you’ll only earn the base interest rate of 0.05% on your account balance.
For customers below 29 years old with no eligible income, DBS Multiplier Account also offer up 0.30% interest on the first $10,000 balance. Do note that you’ll still earn the same interest rate regardless of how much you transact through PayLah!.
Once you credit your income and/or dividend into the account, you’ll be eligible to earn 0.5% interest rate on your balance if you transact over $500 via PayLah! as outlined in Option 2.
Land these benefits with a DBS Multiplier Account:
Higher interest rates. Earn high maximum interest rates up to 3% p.a. when you credit your income and transact in three or more categories. Aside from fulfilling different categories, DBS Multiplier Account also offers various interest tiers based on the size of your account balance and monthly DBS transactions.
Multiple eligible categories. Attain higher interest rates by fulfilling one of the three options and categories suited to your savings and transaction habits.
Multi-currency convenience. The DBS Multiplier Account is a multi-currency account which allows you to access up to 12 foreign currencies and the Singapore dollar conveniently and transact at your preferred rates.
No foreign exchange fees. Pay up to 12 foreign currencies with no foreign exchange fees when you travel by linking your DBS Visa Debit Card to the DBS Multiplier Account as the primary account. The foreign currency transactions will then be debited directly from the respective foreign currency wallet.
Interest rates and fees
DBS Multiplier Account interest tiers
You’ll qualify for different interest tiers based on the number of categories you fulfill and total transactions per month. The following interest rates are accurate as of 19 April 2021 and are subject to change:
Total eligible transactions per month
Income + 1 category (First $25,000)
Income + 2 categories (Next $50,000)
Income + 3 or more categories (Next $50,000)
≥ S$2,000 to < S$2,500
≥ S$2,500 to < S$5,000
≥ S$5,000 to < S$15,000
≥ S$15,000 to < S$30,000
The DBS Multiplier account doesn’t charge any opening, monthly and maintenance fees.
Initial deposit. None
Fall-below fees. A $5 fall-below fee will apply if your average daily balance falls below $3,000 (waived for account holders below 29 years old).
Pros and cons
High interest rates. Potential to earn up to 3% interest rate p.a., which is significantly more than the account’s base interest rate.
Minimal fees. The account doesn’t charge any opening, monthly and maintenance fees. However, a nominal $5 fall-below fee applies if your average daily balance falls below $3,000 (waived for account holders below 29 years old).
No minimum initial amount. Starting an account is easy since there’s no minimum initial deposit required.
Quick and easy application. The online form takes five to 10 minutes to complete.
Low base interest rates. The base interest rate of this account is only 0.05%, which is incredibly low.
12-month limit on insurance/investments. Signing up for a new insurance/investment product will only fulfill the categories and be recognised for bonus interest in the first year. After that, it’ll no longer be counted as a multiplier action.
How to sign up
To begin your application for the DBS Multiplier Account, simply head to DBS’ website and click ‘apply now’. Before applying, you should make sure that you meet the eligibility criteria and have the required documents on hand.
To apply for a DBS Multiplier Account, you must be:
A Singaporean, Singapore PR or foreigner with a valid visa.
At least 18 years old.
If you’re a new DBS customer, you should have the following documents on hand to speed up your application:
Singaporeans and permanent residents:
Front and back photocopy of your NRIC/passport
Proof of residential address (if it’s different from the one in your NRIC)
Proof of employment/study or visit pass
Proof of residential address: e.g. utility bills, telco bills, bank statements or letters from government bodies dated within the last 3 months.
Online application process
Click on the ‘Apply now’ button on the DBS Multiplier Account page.
Select your preferred mode of application.
For existing DBS customers: choose between iBanking or debit/ATM card.
For new customers: click on ‘none of the above’.
Select ‘Use MyInfo’ if you have a SingPass account to prefill your application.
If you have none of the above, click ‘Continue without MyInfo’ to proceed.
Fill in the required fields and upload any necessary documents.
Submit your application.
Allow time for DBS to get in touch with further instructions.
With a maximum interest rate of 3% p.a., the DBS Multiplier Account is most ideal for mid-to-high income adults with regular paycheck and/or dividends.
As long as you’re capable of balancing several financial products with DBS and maintain a high volume of monthly transactions, you can grow your savings faster than any other savings accounts in Singapore. Even if you’re only able to credit your income and fulfilling one transaction category, you’ll still earn a significantly more interest than the low base interest.
However, if you’re unable to fulfill the requirements (or has financial products with other banks instead) to unlock higher interest rates with this account, you should compare other high interest savings accounts to find one that suits your banking habits.
Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars.
Please check with the provider for deposits and rates in other amounts and currencies.
Frequently asked questions
For those who do not draw a monthly salary, such as freelancers, retirees or self-employed individuals, you can still fulfill the Income category and bump up your interest rates through dividends from your SGX stocks or Singapore Savings Bonds (SSBs).
The SWIFT/BIC Code for DBS bank is DBSSSGSG.
No, the DBS Multiplier Account is a personal account without cheque facilities. If you need cheque facilities, you may consider applying for a current account.
No. The DBS Multiplier Account is purely personal and can’t be opened in a business’s name.
PayNow is a free service peer-to-peer fund transfer service that enables you to send money from your bank account to anyone in Singapore through FAST simply by entering a mobile number or Singapore NRIC/FIN. You can enroll in PayNow through SMS Banking, digibank Mobile, digibank Online or DBS iWealth.
For DBS/POSB customers, the initial default daily transfer limit is set to $3,000 to another DBS/POSB account and $1,000 to another bank’s account. You can change your daily transfer limits from the DBS mobile or internet banking platforms. Take note that the maximum transaction limit per day is $200,000.
Zyane Tan is an associate editor at Finder. An experienced copywriter and content creator, Zyane enjoys writing on a wide array of subjects. When she’s not busy typing away, she’s reading and musing over a pint.
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