What You Need to Know About The DBS Multiplier Account

29 March 2024

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What You Need to Know About The DBS Multiplier Account

Looking for a dependable way to grow your savings and earn high interest with attractive returns? With countless savings account options available for cash management and short-term investments in Singapore, finding the best savings and investment account can feel overwhelming.

The DBS Multiplier Account emerges as a standout choice for its versatility and the comprehensive financial benefits it offers. This blog post will explore and provide a detailed overview of its features, benefits, and how it holds up against other high-interest savings accounts.

DBS Multiplier Account: What is It and How It Works

The DBS Multiplier Account is more than just a savings account; it's a financial tool designed to grow your money. Offering a blend of flexibility, attractive interest rates, and a broad spectrum of product categories, the DBS Multiplier Account caters to both savers and investors. 

Key Features and Benefits:

  • Flexibility: The DBS Multiplier Account is a versatile platform for savings and investment needs, accommodating a wide range of financial activities under one account. This adaptability suits diverse financial goals, from building an emergency fund to planning for future short-term or long-term investments.
  • Interest Rate Structure: With a tiered interest rate system, the DBS Multiplier Account incentivises users based on the volume and variety of their banking transactions. The more you bank with DBS across different product categories, the higher the interest rates you can unlock. This includes salary crediting, credit card spending, home loan payments, insurance premiums, and investments through DBS.
  • Various Product Categories: The DBS Multiplier Account encompasses several product categories, allowing customers to integrate various financial dealings into a single account for simple cash management. Aside from savings and current accounts, it includes investment services, home loans, insurance products, and more, each contributing to the overall eligibility for higher interest rates.
  • Enhanced Earnings Potential: With the ability to earn higher interest rates on your account balance, the DBS Multiplier offers an effective way to accelerate your savings growth. The account does not cap the balance eligible for elevated interest, thereby providing significant earnings potential for substantial balances.
  • No Minimum Balance Requirement

 DBS Multiplier Tiered Interest Rate

The DBS Multiplier Account stands out as a compelling option for those seeking to amplify their savings through structured financial activity. This account doesn't just reward the simple act of salary crediting; it encourages account holders to engage across multiple financial dimensions to unlock higher bonus interest rates. Understanding how to maximise returns with this account involves a detailed look at its bonus interest criteria, which hinge on three primary factors:

Total Monthly Transactions

The account segments transactions into tiers, each associated with escalating interest rates.

  • Monthly transactions between S$500 to S$15,000, bonus interest rates vary from 1.80% to 2.40% p.a.
  • Monthly transactions between S$15,000 to S$30,000, bonus interest rates vary from 1.90% to 2.50% p.a.
  • Monthly transactions beyond to S$30,000 or more, bonus interest rates vary from 2.20% to 4.10% p.a.

Current Account Balance

The size of your account balance significantly affects your bonus interest. The Multiplier Account incentivises maintaining a higher balance with graduated interest rates.

  • For balances up to the first S$50,000, account holders can earn between 1.8% to 2.2% p.a.
  • For balances up to S$100,000, this interest range extends up to 2.1% to 4.1% p.a. for balances

Diversified Transaction Categories

Engaging in a broader array of transaction categories further elevates the bonus interest. By merely adding additional category across credit card spend, home loan instalment, insurance, and investment:

  • One additional category to your income, the interest rates stand at 1.8% to 2.2% per annum.
  • Two categories boosts potential earnings to between 2.1% and 3.0% per annum. 
  • Three categories can see interest rates soar to between 2.4% and 4.1% per annum.

In essence, the DBS Multiplier Account rewards account holders not just for saving, but for actively using their accounts in diverse ways. From maintaining a healthy balance to diversifying transaction types and increasing transaction volumes, the pathway to maximizing returns is multifaceted. This approach not only benefits savers with competitive interest rates but also encourages a holistic engagement with banking services, setting a foundation for financial growth and stability.

DBS Multiplier Account: Its Limitations

The DBS Multiplier Account is designed to reward you for engaging in various financial activities, but maximising its benefits requires some savvy manoeuvring. You'll need to spread your activities across saving, spending, investing, and purchasing insurance through DBS or POSB to earn higher interest rates. 

While investing and insurance can help push you into higher interest rate tiers, they might seem complex and intimidating if you're not already familiar with them. Additionally, achieving the best rates often means having a significant amount of money moving through your account, which could be challenging for those just starting out or with limited funds to spare. 

DBS Multiplier Account Eligibility and Account Opening 

The process of opening a DBS Multiplier Account is a simple, hassle-free process, empowering you to quickly begin reaping the benefits of this dynamic financial tool for cash management and more. 

Here’s what you need to know about the eligibility criteria and the DBS Multiplier Account opening process:

  • You must be at least 18 years of age.
  • No initial deposit required.
  • Service charge of S$5 per month applies if your average daily balance falls below S$3,000 (inclusive of SGD equivalent of foreign currency balance). This service charge will be waived if you are 29 years old or below, or DBS Multiplier is your first DBS/POSB account (online applications only).

Applying for a DBS Multiplier Account online is a simple process, especially with the digibank app.

For New DBS/POSB Customers:

Follow these three simple steps to open your account instantly:

  • If you haven't already, register for Singpass.
  • Download the digibank app from your app store.
  • Use Singpass to apply within the app, upload your passport for verification (Malaysians should upload both sides of their IC), and your account will be set up immediately.

For Existing Customers with Digibank Access:

If you're already a DBS/POSB customer with digibank access, the process is even simpler.

Via Digibank Online: Navigate to Apply > Deposit Accounts > DBS Multiplier Account > Instant Apply, or choose Request > Opt-in Bank & Earn Programme.

Through the Digibank App:

  • Open your digibank app, 
  • Select ‘More’, then ‘Deposit Account’, 
  • Tap on ‘DBS Multiplier Account’.

DBS Multiplier vs OCBC 360 vs UOB One

When it comes to choosing the best savings account, it is crucial to consider your specific financial habits and goals. The DBS Multiplier, OCBC 360, and UOB One account present distinctive benefits tailored to different needs. Here is a detailed comparison:

DBS Multiplier AccountOCBC 360 AccountUOB One Account
Interest RatesUp to 4.1% p.a. of tiered rates Up to 7.65% p.a. of tiered ratesUp to 7.8% p.a. of tiered rates
Maximum annual interestS$4,102.60S$10,293.12S$5,203.00
BenefitsNo minimum balance or fall-below fees. Interest rates increase with more transactions.Bonus interest for insurance and investment products. Encourages savings growth.Simpler structure for earning higher rates.
ConsiderationsNeed to focus on salary crediting and spending on at least three of four categories (credit card spend, home loan instalment, insurance, and investment) to achieve maximum ratesNeed to meet multiple criteria including: crediting salary of at least S$1,800, increase average daily balance by at least S$500 a month, credit card spend of at least S$500 a month, purchased insurance product, purchased investment product, and maintaining minimum $200,000 balance to achieve maximum ratesMaintaining total card spend of at least $500 and crediting min $1600 or perform 3 GIRO transactions monthly; and maintaining a tiered account balance of up to S$100,000.

Simple Way to Grow Your Cash

StashAway simplifies cash management with three tailored products: Simple, Simple Plus, and Simple Guaranteed, designed to suit your unique financial needs and preferences.

Simple Guaranteed

Enjoy a guaranteed rate of up to 3.7% p.a. with the safety of principal and interest amounts, subject to underlying bank risks. Choose a lock-in period from 1 to 12 months to match your financial goals.

Simple Plus

With a yield to maturity of 4.5% and no lock-in period (though best suited for 12 months or more), Simple Plus is perfect for those seeking higher returns with ultra-low risk.


Simple offers a projected rate of 3.7% p.a., combining attractive returns with the freedom to access your funds anytime, no lock-in period, and ultra-low risk.

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