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DBS has several savings accounts for you to choose from, ranging from children’s, everyday, autosave, expatriate, to more complex savings accounts such as multi-currency and the DBS Multiplier account. Explore the available DBS accounts listed above and below, for the best savings account is not necessarily the one with the highest interest rate but one that is suitable for your lifestyle and banking needs.
Major banks in Singapore have been making revisions to their products in 2020 since COVID-19 has affected the Singapore Inter-Bank Offer Rate (SIBOR) and Singapore Dollar Swap Offered Rate (SOR) – essentially benchmark rates that Asian banks refer to when borrowing, lending, and transferring money, currency, bonds, mortgages, derivatives, and interest rates. Whether you hold a basic DBS Savings Account, a DBS Multiplier, or an DBS expatriate account, here are the interest rates from 1 August 2020 onwards with new changes and revisions reflected.
|DBS Savings Accounts||Interest Rates - from 1 August 2020 (per annum)||Bonus Interest Rates - Maximum (per annum)|
|DBS Savings Account||0.05%||0.05%|
|DBS Multiplier Account||0.05%||2.80%|
|DBS Multi-Currency Account||0.05%||0.05%|
|DBS eAutosave Account||0.05%||0.05%|
|DBS Current Account||0.00%||0.00%|
|DBS Expatriate eMulti-Currency Autosave Account||0.05%||0.05%|
|DBS Expatriate Autosave Account||0.05%||0.05%|
What is the difference between the DBS Multiplier Account, DBS Remix eSavings Plus, and DBS Multi-Currency Account? In a nutshell: if you have a wide banking relationship with DBS or POSB across different financial products such as home loans, insurance, investments, and credit cards, the DBS Multiplier Account is for you. If you are a student studying abroad, or if you are a frequent flyer who shuttles between cities and handles multiple currencies, the DBS Multi-Currency Account will be suitable for you. Finally, the DBS Remix eSavings Plus Account was converted into DBS Savings Plus Account in 2018, after which the series of DBS Savings accounts were discontinued for new applications.
The DBS Multiplier Account is a savings account with a base interest rate of 0.05% per year and offers one of the best bonus interest rates in the market right now with a maximum bonus interest rate of 2.80%. To maximize the deposit you hold in this savings account, you will need to credit your monthly salary or dividends to your DBS or POSB savings account, use a DBS or POSB credit card, and make active purchases with DBS Insurance and DBS Investment.
As of 16 November 2018, DBS Remix eSavings Plus has been merged with the DBS Expatriate Savings Account, DBS Savings Plus AF Account, and DBS eSavings SPEP Account to form the DBS Savings Plus Account. The account comes with a minimum average daily balance of S$1,000 and a fall below fee applies. No branch service fees and ATM withdrawal fees. The DBS Savings series of accounts are no longer offered for account opening.
If you are studying overseas or a frequent flyer constantly dealing with multiple currencies, the DBS Multi-Currency Account will give you access to both savings in Singapore and foreign currencies such as Australian, Canadian, US, Sterling Pound, and more.
To maximize your DBS Multiplier Account, you will need to credit above S$3,000 in salary or dividends from your CDP (Central Depository) account, DBS Vickers, DBS Online Equity Trading, DBS Unit Trusts, and other DBS investment products via GIRO to any of your DBS or POSB savings accounts.
Income crediting aside, you will need to spend across any of these 4 other categories totaling above S$2,000 per month to qualify for bonus interest – DBS home loans, insurance, investments, and credit card spend. Expenditure on any of your DBS or POSB credit cards and supplementary credit cards will be eligible.
If you invest with DBS, eligible investments include DBS InvestSaver, Unit Trusts, DBS Vickers, DBS Online Equity Trading, and more. Investments have to be made after you open your DBS Multiplier account. Bonus interest rates earned will only be valid for 1 month or 12 consecutive contributions, depending on your investment of choice.
If you have any existing or new DBS or POSB home loans, your cash or CPF monthly instalments will be eligible for contribution towards your bonus interest rates on your DBS Multiplier account.
If you are considering DBS Insurance to qualify for further bonus interest rates on your DBS Multiplier Account, you will need to purchase eligible regular premium policies from DBS. Existing insurance policies from DBS will not qualify for bonus interest rates.
Prior to opening a DBS savings account, you will need to first prepare some documents such as a valid Passport with biodata, NRIC, employment pass (if any), any bills, payslips, or letter of employment, or education enrolment letters to prove your residence in Singapore. If you are a Singaporean, you can skip all of these preparation if you were to apply for your DBS savings account online via SingPass MyInfo.
You can submit your application for a DBS savings account online via the DBS website or by visiting a DBS branch in person. If you are submitting your account application online, visit the DBS website to first apply for digibank Online. Thereafter, you will be able to apply for your savings account of choice – DBS My Account, DBS Multiplier Account, eMySavings Account, POSB SAYE Account, or POSB Payroll Account.
Once you have submitted your physical or online application for a DBS savings account, it will take 7 working days for the application to be processed. You can check on your application via the DBS ibanking portal, digibank Online. Click on “Apply”, “More Application Services”, followed by “View Application Status”. A confirmation SMS will also be sent to you once your application has been approved.
DBS ibanking, now renamed to DBS digibank online, allows you to login to the DBS online banking portal to check your DBS savings account status, transaction details, transfer funds and make payments, create recurring bill payments via GIRO, and submit any saving accounts applications or requests.
To contact DBS customer service, you can call the DBS general enquiries hotline at 1800 111 1111 or +65 6327 2265 if you are calling from overseas. Alternatively, you can visit the DBS Singapore website, click on the red conversation icon on the bottom right hand corner of your screen to launch the DBS digibot online chatbot. Finally, you can leave DBS Singapore a tweet via Twitter, or visit a DBS branch in person.