What is DBS Multiplier Account?
DBS Multiplier Account is a popular savings account in Singapore that offers attractive interest rates and rewards for maintaining a high balance. It is designed to encourage saving and reward customers for managing their finances responsibly. DBS Multiplier Account offers a variety of benefits, including:
High interest rates: DBS Multiplier Account offers interest rates of up to 4.05% per annum, making it one of the highest-yielding savings accounts in Singapore. The interest rate is tiered, meaning that the higher your balance, the higher the interest rate you will earn.
Rewards: DBS Multiplier Account customers can earn rewards for maintaining a high balance, including cash rebates, vouchers, and travel miles. The rewards are based on the average daily balance in your account.
Minimum Balance for DBS Multiplier Account
The minimum balance for DBS Multiplier Account is S$3,000. This means that you must maintain a balance of at least S$3,000 in your account at all times in order to earn interest and rewards. If your balance falls below S$3,000, you will not earn any interest or rewards for that month.
Why is it Important to Maintain Minimum Balance?
Maintaining the minimum balance for DBS Multiplier Account is important for several reasons:
Earn interest and rewards: The minimum balance of S$3,000 is required to earn interest and rewards on your account. If you do not maintain the minimum balance, you will not be eligible for any of the benefits offered by DBS Multiplier Account.
Avoid fees: DBS Multiplier Account charges a monthly fee of S$2 if your balance falls below S$3,000. This fee can be waived if you maintain a high balance in your account.
How to Maintain Minimum Balance
There are several ways to maintain the minimum balance for DBS Multiplier Account:
Deposit funds: The most straightforward way to maintain the minimum balance is to deposit funds into your DBS Multiplier Account. You can do this via online banking, ATM, or check.
Set up automatic transfers: You can set up automatic transfers from another DBS account to your DBS Multiplier Account. This will ensure that your account is always topped up to the minimum balance.
Link your salary credit: You can link your salary credit to your DBS Multiplier Account. This will ensure that your account is automatically credited with your salary each month, which will help you maintain the minimum balance.
Common Mistakes to Avoid
There are a few common mistakes to avoid when maintaining the minimum balance for DBS Multiplier Account:
Withdrawing too much: The most common mistake is withdrawing too much from your account. If you withdraw more than the minimum balance, you will not be eligible for interest and rewards.
Forgetting to deposit funds: Another common mistake is forgetting to deposit funds into your account. If you forget to deposit funds, your balance will fall below the minimum balance and you will be charged a monthly fee.
Not linking your salary credit: If you do not link your salary credit to your DBS Multiplier Account, you will need to manually deposit funds into your account each month. This can be a hassle and could lead to you forgetting to deposit funds.
Pros and Cons of DBS Multiplier Account
Pros:
High interest rates: DBS Multiplier Account offers interest rates of up to 4.05% per annum, making it one of the highest-yielding savings accounts in Singapore.
Rewards: DBS Multiplier Account customers can earn rewards for maintaining a high balance, including cash rebates, vouchers, and travel miles.
No monthly fee: DBS Multiplier Account does not charge a monthly fee if you maintain a balance of at least S$3,000.
Cons:
Minimum balance requirement: DBS Multiplier Account requires a minimum balance of S$3,000, which can be a challenge for some customers to maintain.
Interest rate is tiered: The interest rate on DBS Multiplier Account is tiered, meaning that the higher your balance, the higher the interest rate you will earn. This means that customers with smaller balances will earn a lower interest rate.
Frequently Asked Questions
Q: What is the minimum balance for DBS Multiplier Account?
A: The minimum balance for DBS Multiplier Account is S$3,000.
Q: Why is it important to maintain the minimum balance?
A: Maintaining the minimum balance is important for earning interest and rewards on your account. It also helps you avoid paying a monthly fee.
Q: How can I maintain the minimum balance?
A: You can maintain the minimum balance by depositing funds into your account, setting up automatic transfers, or linking your salary credit.
Q: What happens if I withdraw too much from my account?
A: If you withdraw too much from your account, you will not be eligible for interest and rewards. You may also be charged a monthly fee.
Q: Is DBS Multiplier Account a good savings account?
A: DBS Multiplier Account is a good savings account for customers who are looking for high interest rates and rewards. However, it is important to maintain the minimum balance in order to earn these benefits.
Hot Search Title
DBS Multiplier Account Minimum Balance 2025: How to Maximise Your Savings
Conclusion
DBS Multiplier Account is a great savings account that offers high interest rates and rewards for maintaining a high balance. However, it is important to maintain the minimum balance of S$3,000 in order to earn these benefits. By following the tips in this article, you can easily maintain the minimum balance and maximise your savings.
Additional Tables:
Table 1: DBS Multiplier Account Interest Rates
| Balance | Interest Rate |
|---|---|
| S$0 – S$2,999 | 0.05% |
| S$3,000 – S$49,999 | 2.20% |
| S$50,000 – S$99,999 | 2.70% |
| S$100,000 and above | 4.05% |
Table 2: DBS Multiplier Account Rewards
| Average Daily Balance | Cash Rebate | Vouchers | Travel Miles |
|---|---|---|---|
| S$3,000 – S$9,999 | 0.25% | S$10 | 250 miles |
| S$10,000 – S$19,999 | 0.50% | S$20 | 500 miles |
| S$20,000 – S$49,999 | 0.75% | S$30 | 750 miles |
| S$50,000 and above | 1.00% | S$40 | 1,000 miles |
Table 3: Common Mistakes to Avoid with DBS Multiplier Account
| Mistake | Consequence |
|---|---|
| Withdrawing too much | Not earning interest or rewards, paying a monthly fee |
| Forgetting to deposit funds | Not earning interest or rewards, paying a monthly fee |
| Not linking your salary credit | Having to manually deposit funds each month, risk of forgetting to deposit funds |
Table 4: Pros and Cons of DBS Multiplier Account
| Pros | Cons |
|---|---|
| High interest rates | Minimum balance requirement |
| Rewards | Interest rate is tiered |
| No monthly fee (if minimum balance is maintained) |
