The DBS Multiplier Account has long been the darling of personal finance circles in Singapore. Among those of us who spend hours working out the best interest rate, it’s almost always come in at the top (among those who are new to this community, welcome – and we’re talking about “the one with the giant rabbit in the ad”.)
But recently, the DBS Multiplier account has been accused of becoming less awesome. Let’s look at why:
First, a quick look at what the original DBS Multiplier deal was:
To understand what we’re on about, here’s a quick rundown of the original deal.
DBS Multiplier a savings account that has a base interest rate of just 0.05 per cent per annum. But you can take certain multiplier actions, that will raise your interest rate. At the time, these were:
- Crediting your salary (only mandatory action)
- Credit card spend (charge things to your DBS credit cards)
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