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DBS Multiplier vs OCBC 360 account

Find out how you can unlock high potential interest rates with these two accounts, as well as their pros and cons.

Zyane Tan

Updated Jan 21, 2022. What changed?

Fact checked

When looking for high-yield accounts in Singapore, you’d most likely have come across the popular DBS Multiplier and OCBC 360 accounts. These two accounts promise high potential interest rates but unlocking them requires some work.

In this review, we’ll compare their features, fees and requirement so you can decide which one is more suitable for you.

Breakdown of DBS Multiplier vs OCBC 360 account in Singapore

	OCBC 360 account	DBS Multiplier Account

	Read review	Read review
OVERVIEW
Description	Earn competitive bonus interest on the first $75,000 of your balance when you credit your salary, save, insure or invest with this account	Multiply your savings with bonus interest rates when you credit your income and meet all the account's criteria.
Maximum Potential Interest (EIR):	2.78% p.a.	3% p.a.
Minimum Interest Rate	0.05% p.a.	0.05% p.a.
Fall Below Fees	S$2	S$5
Minimum Initial Deposit	S$1,000	S$0
REQUIREMENTS
Minimum Balance	S$3,000	S$3,000
Minimum Age Eligibility	18 years old	18 years old
Learn more	Read review	Read review

*We selected products from each provider that were the most comparable. You can find all available products on our review pages as well as the provider’s website.

What are high-yield savings accounts?

High-yield savings accounts are deposit accounts that typically promise better returns than traditional savings or chequing accounts through tiered interest rates. However, the main caveat with such accounts is that you’ll typically be required to fulfill specific conditions, such as crediting your salary, spending on your credit card or committing to financial products offered by the bank.

High interest savings accounts

How much bonus interest can you earn from the DBS Multiplier and OCBC 360 accounts?

To give you a better idea of how much bonus interest you can get with both accounts, we’ll look at 3 examples below. For our examples, we’ll assume that you fulfill all the criteria for both accounts.

If you have an account balance of $100,000 and make $8,000 worth of eligible transactions per month, this is what you can expect from both accounts:

	DBS Multiplier Account	OCBC 360 Account
Balance cap for bonus interest	$100,000	$75,000
Criteria fulfilled per month	Income credit Credit card spend Insurance premiums Investments Home loan	Salary Save Insure Invest
Monthly eligible transactions	$8,000 (e.g. $5,000 income + $3,000 across the other categories)	N/A
Interest rate	0.8% on the first $50,000 1.6% on next $50,000 0.05% base interest for balance above $100,000	2.33% on $75,000 0.05% base interest on entire balance
Monthly interest	$120.08	$152.84

*The interest illustrated is an estimate based on the assumption that the balance remains the same throughout the year.
In this example, you’ll still accrue more total interest with the OCBC 360 account compared to the DBS Multiplier account even though the remaining $25,000 is not applicable for bonus interest earn.

Next, we’ll take a look at how much interest you can get with a smaller account balance of $50,000, and makes $8,000 worth of eligible transactions per month. Here’s what you can expect from both accounts:

	DBS Multiplier Account	OCBC 360 Account
Balance cap for bonus interest	$100,000	$75,000
Criteria fulfilled per month	Income credit Credit card spend Insurance premiums Investments	Salary Save Insure Invest
Total monthly eligible transactions	$8,000 (e.g. $5,000 income + $3,000 across the other categories)	N/A
Bonus interest	0.8% on first $50,000	1.5% on $50,000 0.05% base interest on entire balance
Monthly interest	$33.45	$65.78

*The interest illustrated is an estimate based on the assumption that the balance remains the same throughout the year.

In this case, the OCBC 360 account still flair a lot better than the DBS Multiplier account.

Assuming that you’re able to meet all the criteria for maximum potential interest rate, this is how much interest you’d earn with a $200,000 account balance:

	DBS Multiplier Account	OCBC 360 Account
Balance cap for bonus interest	$100,000	$75,000
Criteria fulfilled per month	Income credit Credit card spend Insurance premiums Investments	Salary Save Insure Invest Grow
Total monthly eligible transactions	$30,000 (e.g. $10,000 income + $20,000 across the other categories)	N/A
Bonus interest	2% on the first $50,000 3% on next $50,000 0.05% base interest on the remaining balance	2.73% on $75,000 0.05% base interest on entire balance
Monthly interest	$250.02	$182.56

*The interest illustrated is an estimate based on the assumption that the balance remains the same throughout the year.

With a larger account balance of $200,000, you’ll be able to unlock another 0.4% bonus interest through the ‘Grow’ category with OCBC 360 account. However, since the bonus interest is capped at the first $75,000 of your account balance, the monthly interest from the OCBC 360 account pales in comparison to the DBS Multiplier account.

How to decide between the DBS Multiplier and OCBC 360 accounts

Since both the DBS Multiplier and OCBC 360 accounts have their fair share of pros and cons, the account you should go for would bog down to your lifestyle and and financial capabilities.

The DBS Multiplier account may be ideal for you if:

If you have a high income or substantial monthly expenditure (including home loan, insurance and investment products)
You have a DBS credit card and actively charging your expenses to it
You’re a DBS loyalist with commitment in its home loan, insurance and investment products
You’re self-employed and have eligible dividends

The OCBC 360 account might be suitable if:

You’re able to consistently increase your month-to-month balance by at least $500
You have a sizable balance and able to maintain at least $200,000 to unlock the Grow bonus
You’re intending to commit to insurance or investment products offered by OCBC
Able to credit at least $1,800 monthly salary via GIRO

Pros and cons

Both the DBS Multiplier and OCBC 360 accounts are high-yield savings accounts, but they’re structured differently and catered to account holders with varying financial habits. While both of these accounts come with a host of benefits, they’re not without their downsides.

DBS Multiplier Account

The DBS Multiplier is great if you’re a high-income DBS loyalist with sizable monthly expenses spread across various categories, such as credit card spend, home loan payments, insurance and investments. Take a look at some of the pros and cons of the DBS Multiplier account:

Advantages

No qualifying amount for Income category. The only criteria for the Income category is that your salary must be credited through GIRO.
Dividends qualify under Income category. Dividends from Central Depository (CDP), DBS Vickers Securities, DBS Online Equity Trading (OET), DBS Unit Trusts, DBS Online Funds Investing, DBS Invest-Saver are qualified for the Income category.
SGFinDex qualify under Income category. Simply connect SGFinDex to DBS NAV Planner to qualify.
No initial deposit required. While most high yield accounts require a minimum opening deposit, this one doesn’t.
Higher balance cap for bonus interest. The DBS Multiplier account offers bonus interest for up to $100,000 of your account balance.
More category options. Home loan payments and credit card spend count towards your total monthly eligible transactions.
Alternative tracks for bonus interest. There are two other options to earn bonus interest even if you’re unable to meet the required categories.

Disadvantages

No step-up bonus. There is no incentive for month-to-month balance increment.
Mandatory salary/dividend credit. To be eligible for bonus interest, salary credit is compulsory for all account holders above 29 years old.
Financial products must be purchased via DBS. Three of the qualifying categories (home loan, insurance and investment) require you to commit to products from DBS.
12-month limit for insurance and investment. The financial product(s) will only be counted as a multiplier action for 12 months. After that, you’ll need to commit to a new insurance scheme or investment product to fulfil these two categories for another 12 months.
Extra categories required for bonus interest on a higher balance. To earn bonus interest on account balance over $25,000, you’ll need to transact in 2 or 3 additional categories.
Balance eligible for bonus interest will not earn base interest. Account balance eligible for bonus interest will not earn any base interest on top of it.

OCBC 360 Account

The OCBC 360 Account is a good choice for young working adults and frugal savers looking to make their money work hard for them through bonus interest for consistent increase in month-to-month balance, investments, insurance and maintaining a high account balance. Here are the pros and cons for the OCBC 360 Account:

Advantages

No minimum monthly spend. Other than the insurance and investment categories, you’re not required to meet any qualifying monthly spend to earn bonus interest.
Step-up bonus. OCBC 360 account offers bonus interest for consistent monthly savings, incentivising you to build your account balance.
Bonus for high account balance. If you’re able to maintain at least $200,000 in your account every month, you’d be able to unlock an extra 0.4% p.a. interest on your first $75,000 balance.
Fall-below fee waiver. You’ll not incur a fall-below fee if your daily average balance is less than $3,000 for the first year.
Base interest applied to the entire balance. Your full account balance is eligible to accrue the base interest rate. This means that the first $75,000 can earn both base and bonus interest.

Disadvantages

Minimum requirement for salary credit. Your monthly income needs to be at least $1,800 and credited via GIRO to qualify for the Salary category.
Initial deposit. You’re required to deposit at least $1,000 when you open an OCBC 360 account.
Lower balance cap for bonus interest. You can only accrue bonus interest on the first $75,000 of your account balance.
Fewer category options. No spend bonus or mortgage categories for those looking for other ways to meet bonus interest criteria.
No alternative tracks for bonus earn. There’s only one option to earn bonus interest with this account, which is to fulfill as many of the five available categories as possible.
12-month limit for insurance and investment. The financial product(s) will qualify for 12 months of bonus interest. After this period, you’ll need to commit to a new insurance scheme or an investment product from OCBC to fulfil these two categories for the next 12 months.

How to apply

Take a look at the eligibility, required documents and step-by-step application process for both the DBS Multiplier and OCBC 360 accounts in detail here:

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.
Eligibility
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.
Required information
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)
- Foreigners:
  - Valid passport
  - 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
1. Click on the ‘Apply now’ button on the DBS Multiplier Account page.
2. Select your preferred mode of application.
3. For existing DBS customers: choose between iBanking or debit/ATM card.
4. For new customers: click on ‘none of the above’.
5. Select ‘Use MyInfo’ if you have a SingPass account to prefill your application.
6. If you have none of the above, click ‘Continue without MyInfo’ to proceed.
7. Fill in the required fields and upload any necessary documents.
8. Submit your application.
9. Allow time for DBS to get in touch with further instructions.
To begin your application for the OCBC 360 Account, simply head to OCBC’s website and click on the ‘apply now’ button. Before applying, you should make sure that you meet the eligibility criteria and have the required documents on hand. This account also requires an initial deposit of $1,000.
Eligibility
To apply for an OCBC 360 Account, you must be:
- A Singaporean, Singapore PR or foreigner with a valid visa.
- At least 18 years old.
Required information
If you’re a new OCBC 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)
- Foreigners:
  - Valid passport
  - 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
1. Click on the ‘Apply now’ button on the OCBC 360 account page.
2. Select your preferred mode of application.
3. For existing OCBC customers: click on ‘Log in to Internet banking’.
4. For new customers with SingPass: click on ‘Apply with MyInfo’. This will allow you to prefill the application by retrieving personal data from MyInfo.
5. If you don’t none of the above, click on ‘Fill in application form’ to proceed.
6. Fill in the required fields and upload any necessary documents.
7. Submit your application.
8. Allow time for OCBC to get in touch with further instructions.

The verdict

Both the DBS Multiplier and OCBC 360 accounts are great options, but do know that they don’t offer the same set of perks.

In terms of accessibility, it is easier for account holders to unlock the bonus interest rates offered by the OCBC 360 account. In addition, it doesn’t require account holders to meet sizable monthly spending to gain bonus interest. Those who build up their account balance will also be rewarded with extra interest rewards. Unfortunately, the main caveat of the OCBC 360 account is that the bonus interest rates are only limited to S$75,000 of your account balance.

As for the DBS Multiplier account, it’ll be more suitable for frequent spenders and those with a larger account balance. But it’s also considerably harder to qualify for its rewards and perks.

Before deciding which of these two accounts is better for you, make sure to compare other savings accounts available in the market.

Compare a range of savings accounts in Singapore

Name	Mobile View Savings Account	Minimum Initial Deposit	Fall below monthly fees	Minimum annual interest rate	Maximum annual interest rate
OCBC 360 account	Minimum Initial Deposit S$1,000 Fall below monthly fees S$2 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 2.78% p.a.	S$1,000	S$2	0.05% p.a.	2.78% p.a.	Earn competitive bonus interest on the first $75,000 of your balance when you credit your salary, save, insure or invest with this account	View details	loading Fetching your data...
SC Bonus$aver Account	Minimum Initial Deposit S$0 Fall below monthly fees S$5 Minimum annual interest rate 0.01% p.a. Maximum annual interest rate 2.38% p.a.	S$0	S$5	0.01% p.a.	2.38% p.a.	Unlock up to 2.38% p.a. of bonus interest on the first S$80,000 deposit and access up to 14 different currencies with this account.	View details	loading Fetching your data...
DBS eMySavings Account	Minimum Initial Deposit S$50 Fall below monthly fees S$0 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 0.25% p.a.	S$50	S$0	0.05% p.a.	0.25% p.a.	Grow your balance with a savings account that offers higher interest rates when you credit a preset amount each month.	View details	loading Fetching your data...
DBS Multiplier Account	Minimum Initial Deposit S$0 Fall below monthly fees S$5 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 3% p.a.	S$0	S$5	0.05% p.a.	3% p.a.	Multiply your savings with bonus interest rates when you credit your income and meet all the account's criteria.	View details	loading Fetching your data...
UOB Stash Account	Minimum Initial Deposit S$1,000 Fall below monthly fees S$2 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 1% p.a.	S$1,000	S$2	0.05% p.a.	1% p.a.	Grow your savings and earn increasingly higher interest rates for the first S$100,000 of your account balance.	View details	loading Fetching your data...
Maybank iSAVvy Savings Account	Minimum Initial Deposit S$500 Fall below monthly fees S$2 Minimum annual interest rate 0.19% p.a. Maximum annual interest rate 0.5% p.a.	S$500	S$2	0.19% p.a.	0.5% p.a.	Meet day-to-day banking needs and achieve your saving goals by creating sub-accounts through online banking.	View details	loading Fetching your data...
Maybank SaveUp Account	Minimum Initial Deposit S$500 Fall below monthly fees S$2 Minimum annual interest rate 0.25% p.a. Maximum annual interest rate 2.75% p.a.	S$500	S$2	0.25% p.a.	2.75% p.a.	Save and engage in qualifying Maybank products to unlock a maximum interest rate of 3% p.a. on the first S$50,000 of your balance.	View details	loading Fetching your data...
POSB eMySavings Account	Minimum Initial Deposit S$0 Fall below monthly fees S$0 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 0.25% p.a.	S$0	S$0	0.05% p.a.	0.25% p.a.	Earn special interest rates when you grow your month-to-month balance consistently with this preset monthly savings account.	View details	loading Fetching your data...
POSB SAYE Account	Minimum Initial Deposit S$0 Fall below monthly fees S$0 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 2% p.a.	S$0	S$0	0.05% p.a.	2% p.a.	Unlock higher interest when you credit your salary, save a preset amount and make no withdrawals from this special savings account.	View details	loading Fetching your data...
SC JumpStart Account	Minimum Initial Deposit S$0 Fall below monthly fees S$0 Minimum annual interest rate 0% Maximum annual interest rate 0.4% p.a.	S$0	S$0	0%	0.4% p.a.	A day-to-day banking account with attractive interest rates and cashback on debit card spending for young adults Between 18 and 26 years old.	View details	loading Fetching your data...
CIMB StarSaver (Savings) Account	Minimum Initial Deposit S$1,000 Fall below monthly fees S$0 Minimum annual interest rate 0.3% p.a. Maximum annual interest rate 0.3% p.a.	S$1,000	S$0	0.3% p.a.	0.3% p.a.	A savings account with competitive interest rates and access to over 6,000 CIMB ATMs across the region.	View details	loading Fetching your data...
KrisFlyer UOB Account	Minimum Initial Deposit S$1,000 Fall below monthly fees S$2 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 0.05% p.a.	S$1,000	S$2	0.05% p.a.	0.05% p.a.	Access your finances anytime with this interest-bearing passbook savings account.	View details	loading Fetching your data...
CIMB StarSaver (Savings)-i Account	Minimum Initial Deposit S$1,000 Fall below monthly fees S$0 Minimum annual interest rate 0.3% p.a. Maximum annual interest rate 0.3% p.a.	S$1,000	S$0	0.3% p.a.	0.3% p.a.	This Shariah-compliant savings account come with competitive profit rates and a wide range of banking features.	View details	loading Fetching your data...
BOC SmartSaver	Minimum Initial Deposit S$1,500 Fall below monthly fees S$3 Minimum annual interest rate 0.3% p.a. Maximum annual interest rate 0.5% p.a.	S$1,500	S$3	0.3% p.a.	0.5% p.a.	Designed for BOC Multi-Currency Savings (MCS) account holders, this savings plan offer bonus interest when you meet certain requirement.	View details	loading Fetching your data...
POSB My Account	Minimum Initial Deposit S$0 Fall below monthly fees S$0 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 2% p.a.	S$0	S$0	0.05% p.a.	2% p.a.	This simple savings account has no minimum balance requirement and comes with a wide range of essential banking features.	View details	loading Fetching your data...
CIMB FastSaver Account	Minimum Initial Deposit S$1,000 Fall below monthly fees S$0 Minimum annual interest rate 0.15% p.a. Maximum annual interest rate 1% p.a.	S$1,000	S$0	0.15% p.a.	1% p.a.	The CIMB FastSaver is a savings account that offers tiered interest rates based on the size of your account balance	View details	loading Fetching your data...
UOB Passbook Savings Account	Minimum Initial Deposit S$500 Fall below monthly fees S$2 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 0.5% p.a.	S$500	S$2	0.05% p.a.	0.5% p.a.	Manage your finances anytime, anywhere with this simple savings account with high daily interest rate.	View details	loading Fetching your data...
OCBC Bonus + Savings Account	Minimum Initial Deposit S$5,000 Fall below monthly fees S$2 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 0.5% p.a.	S$5,000	S$2	0.05% p.a.	0.5% p.a.	A simple, no-frills savings account that offers higher interest when you grow your month-to-month balance and make no withdrawals, up to 0.5% p.a.	View details	loading Fetching your data...
POSB Everyday Savings Account	Minimum Initial Deposit S$0 Fall below monthly fees S$2 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 0.2% p.a.	S$0	S$2	0.05% p.a.	0.2% p.a.	An everyday savings account that offers cashback on your DBS/POSB debit card spend.	View details	loading Fetching your data...
UOB Lady’s Savings Account	Minimum Initial Deposit S$1,000 Fall below monthly fees S$2 Minimum annual interest rate 0.05% p.a. Maximum annual interest rate 0.05% p.a.	S$1,000	S$2	0.05% p.a.	0.05% p.a.	Benefit from complimentary medical insurance cover, free annual health screenings and more with this female-only savings account.	View details	loading Fetching your data...

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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.

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Zyane Tan

Zyane Tan is an 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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DBS Multiplier vs OCBC 360 account

Find out how you can unlock high potential interest rates with these two accounts, as well as their pros and cons.

In this guide

Guides

Savings Accounts

Comparisons

Breakdown of DBS Multiplier vs OCBC 360 account in Singapore

OCBC 360 account

DBS Multiplier Account

What are high-yield savings accounts?

How much bonus interest can you earn from the DBS Multiplier and OCBC 360 accounts?

Example 1 - $100,000 account balance, $5,000 monthly salary and $3,000 monthly expenditure

Example 2 - $50,000 account balance, $5,000 monthly salary and $3,000 monthly expenditure

Example 3 - $200,000 account balance and maxed out every criteria

How to decide between the DBS Multiplier and OCBC 360 accounts

Pros and cons

DBS Multiplier Account

OCBC 360 Account

How to apply

DBS Multiplier Account

OCBC 360 Account

The verdict

Compare a range of savings accounts in Singapore

Compare up to 4 providers

Zyane Tan

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