Personal Finance
Nerfed: DBS Multiplier Reduces Interest Rates For First $25,000 Tier From 1st May; What Are Some Alternatives?
By Sethisfy  •  April 4, 2020
April continues being a month of bad news, and DBS Multiplier is reducing its interest rates for account holders who only fulfil one category on top of Salary. Salary + 1 category for first $25,000:
Total Eligible Transactions Current From 1st May
<$2,000 0.05% pa 0.05% pa
≥S$2,000 to <S$2,500 1.55% pa 1.40% pa
≥S$2,500 to <S$5,000 1.85% pa 1.60% pa
≥S$5,000 to <S$15,000 1.90% pa 1.80% pa
≥S$15,000 to <S$30,000 2.00% pa 1.90% pa
≥S$30,000 2.08% pa 2.00% pa
The interest rate drops are nowhere as drastic as UOB One’s nerfs, so most DBS Multiplier users shouldn’t lose too much sleep over this. Besides, this only affects those who qualify for one category on top of Salary. DBS users who have more than $25,000 would already find another category to fulfil in order to get higher interest on a $50,000 balance. Those rates aren’t affected. Personally, I’m glad my mortgage is with DBS, so it’s really easy for me to clock 2 categories. With UOB One out...
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By Sethisfy
As an adult, I’ve been through many ups and downs in my career path and personal finance journey, not unlike many Singaporeans. From my years as a tied insurance agent turned independent financial adviser, I realised that there are very few sources of proper, unbiased financial advice for working adults to access. Worse, self-styled “financial consultants” are selling products like savings plans and ILPs to the detriment of the clients whose interests they were supposed to serve.
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