In the current low-interest rate environment, banks offering decent interest rates on your hard-earned savings deserves some special attention. After OCBC has re-launched the 360 Account offering up to 3.05% p.a. interest rate on your savings account, DBS has launched the DBS Multiplier Program which offers up to 2.08% p.a. depending on your monthly cash flow in the account (see table below).

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My first observation is that the DBS program is targeted at high-income earners with housing loan. It is difficult to qualify even for the minimum monthly cash flow of $7,500 and only a very small percentage of people will have a cash flow of more than $20,000 and above to qualify for the maximum interest rate of 2.08% p.a. For both programmes, the higher interest rate is paid on the first $50,000 only. Under most situations, OCBC seems to be offering …