I’ve been constantly sourcing for a high interest checking account to park my cost savings as I always have confidence in making my money work harder for me. A lot of my friends did it and moved their cost savings to OCBC 360 too, UOB One, Standard Chartered, or even CIMB. I opened a few accounts just to ensure my savings earn a higher interest too.
Where do I transfer my cost savings from? The answer is POSB/DBS. I have been utilizing POSB/DBS savings account for a very long time since I used to be a child. Because they have the most ATMs in Singapore, most people have a POSB/DBS account as their basic checking account. And for the longest time, I am trying to discover if POSB/DBS has a high interest checking account so that I could consolidate all my money in one bank or investment company. Finally, the right time has come!
They have joined the competition to give a high interest account on the market right now with the revamp of the DBS Multiplier account. This is certainly a game-changer! It really is attractive, flexible, easy to use & most important of most, many of us would currently have a DBS/POSB checking account rendering it easier to integrate. The new DBS multiplier account is quite different from the other banking institutions as they have removed the majority of the pain points for you to get a higher interest.
This is also not the same as their previous multiplier accounts, which isn’t that attractive. 2000, pay 3 different bills, meet the very least credit credit card spend to get higher interest from banks such as OCBC just, UOB etc. Now, all these will change with the new DBS multiplier accounts. DBS allows you to earn higher interest without minimal salary credit, NO necessity to pay any expenses and NO minimum credit credit card spend.
The minimal interest you can get is 1.55% p.a. per month 2000 or more. You may get up to 3.50% p.a. The very first thing you need to do is to have your salary acknowledged into any DBS or POSB savings account. This implies if you already have your salary credited to your existing DBS/POSB checking account, you don’t have to make additional changes to it.
Remember there is no minimum salary credit to enjoy higher interest. Additional 1 Other Requirement – Enjoy min 1.55% p.a. For credit credit card spend, it does apply to any DBS/POSB bank cards (not suitable to debit cards). For insurance, it does apply to any purchase of insurance with DBS/POSB. For housing loan, it is applicable to any regular installment payment for housing loan with DBS/POSB.
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2400 with any DBS/POSB savings account and you involve some shelling out for your DBS/POSB credit card, you’ll be eligible for the 1.55% p.a. 1-credit credit card spend shall allow you to earn that higher interest. 2,500 and above, you’ll get a higher interest at 1 even.85% p.a. Additional 2 Other Requirements – Enjoy min 1.80% p.a. 2 other requirements, we can certainly get more than 2% p.a.
How Much Interest IS IT POSSIBLE TO Typically Earn? I think this new multiplier account from DBS makes it simpler to earn higher interest really. Its easier and more flexible than the other existing products out there on the market. Let’s do some scenarios and observe how much interest can one typically earn?