Singapore-based financial blog that aims to educate people on personal finance, investments, retirement and their Central Provident Fund (CPF) matters.

Wednesday, 2 September 2020

3 Tips To Earn More Interest With DBS Multiplier

We looked at our own DBS Multipler account and started questioning how the interest tier works and how to maximise our interest.

After reading the FAQs and thinking hard, we (kind of) found 3 tips that are quite worth sharing with you 😉

A New Tool

Before we dive into the DBS Multiplier tips, we want to let you know a new tool we've built here at Investment Stab.

If you're like us, always wondering how much more should I spend in which category in order to maximise the interest I will earn, FRET NOT!

We've took the time to build a DBS Multiplier Account Interest Estimator.

Now we can know how much more to spend in 1 category so as to earn more interest from the DBS Multiplier Account.

Let us know in the comment below which other bank's saving account you would like us to build a calculator for 😉

Alright, and now for the tips.

Tip 1: Combine your Salaries into a Joint Account

Your salary: $3,000 per month

Your spouse salary: $3,500 per month

If you both credit your salary into your individual accounts, your Multiplier account will record your 'Income' as $3,000.

Your spouse's Multiplier account will record their 'Income' as $3,500.

But, if you both credit it into a joint DBS/POSB account that you both own, both of your Multiplier accounts will record your 'Income' as $6,500!

That's like an extra $3,500 income for you and an extra $3,000 income for your spouse, to hit the Multiplier criteria.

Recommended Read: Cannot Withdraw CPF Money If Never Hit CPF Retirement Sum?

Tip 2: Invest in DBS Invest-Savers

The DBS Invest-Savers is a Regular Shares Savings (RSS) plan.

The lowest amount to invest in the RSS is $100.

If spending an extra $100 yields you additional interest that is more than $100 because you added another category, then why not.

Furthermore, it is low in fees and buying the STI ETF means you are buying the top 30 companies in Singapore.

Sounds pretty worthwhile.

The downside is that the contributions are recognised as "Investment" for only a year after you start the Invest-Saver plan with a Multiplier account.

After that, the RSS investment no longer qualifies as the "Investment" category.

Tip 3: Be Joint Borrowers of DBS/POSB Home Loan

Your monthly mortgage payment is $2,000.

If you are the only name on that mortgage, your Multiplier account will get $2,000 under the 'Mortgage' category.

But, if you add your partner's name into the mortgage, both of your Multiplier accounts will record your 'Mortgage' category as $2,000!

That's like an extra $2,000 mortgage for your partner to earn higher interest.

And you don't actually have to really pay another extra $2,000 to earn that qualifying sum ✌


For more on the FAQs about DBS Multiplier account, you can click HERE.


We hope these tips are good enough for you.

If you got any more tips you want to share, let us know in the comments below 👍

Recommended Read: Why You Should Max Your CPF Retirement Sum Early

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