03 August, 2018

Opening of DBS Multiplier & UOB One deposits

We have seen a few revamp from some of the banks such as the recent policy update by UOB One account effective 1st August 2018. Being a financial savvy adult becomes complicated nowadays, with the abundance of many deposit accounts out there such as the CIMB FastSaver Account and BOC SmartSaver Account at your discretion to earn higher interests.

Honestly, I have not been the most updated on the subject and hence was late in switching my deposit accounts to one with a higher interest. In fact, it is almost 6 months late since the revamp of the DBS Multiplier Account. Better late than never?

I have peers who are also hesitant to switch to better accounts due to the hassle involved such as informing the HR to amend the salary crediting account and the need of moving large sums of money to a new account.

As we know, different deposit accounts suit different spending habits to yield each of us an optimal annual interest.
Before I go into why I choose DBS Multiplier and UOB One, below are the factors/expenses which led to my decisions.

Credit card spend (usually less than $500)
3 bills to pay (Debit GIRO Transactions)
Crediting of salary (over $2000)
Investments: Brokerage transactions executed almost month to month

After comparisons made between some deposit accounts and credit cards, I decided to choose UOB One and DBS Multiplier. In expense, OCBC 360 will be sacrificed soonest. Let me share with you why they are a good fit in my scenario and some of which may also be applicable to inform you on how you can take advantage of the accounts' criteria (especially on the investments portion).

DBS Multiplier Account
-Multi-Currency Account (MCA)
-Higher Interest Rates for up to first $50,000 balance
-Fall Below Fee applicable for balances under $3000

To earn juicer interests, DBS Multiplier requires you to credit your salary (mandatory) along with any one of the other 4 categories to further stack your interest returns. The great thing is that there is no minimum imposed on salary crediting amount OR credit card spend to limit us from earning higher interest. In addition, different types of currencies in your Multiplier Account are also eligible to earn you interests.

As shown below, you will be entitled for the interests even if your salary are credited into other DBS/POSB deposit accounts (than the  Multiplier account itself). This was confirmed further with the sales at the DBS branch.
Do read up on the T&C for more details.

In my opinion, DBS has the most complete product bundle currently in terms of credit card, saving accounts and investments. It will be a bonus if you are taking DBS house loan OR are insured under any of their Manulife products.

As seen in the above calculator, I can earn around 2.2% interest per annum by:
Crediting my salary.
Making any transaction with my POSB Everyday credit card ($1/month is also eligible). I plan to use this card as my EZ Link, since transport cost is inevitable for work.
Executing “Buy” transactions on stocks using DBS Vickers.
Credit of dividends into my DBS saving accounts.

To investors out there who trade foreign stocks, I am going to explain why using DBS Vickers will be very beneficial to your wallet. Here is why!

Since the Multiplier account is able to contain 12 different foreign currencies, your money in other type of currencies (eg. USD or GBP) will no longer need to be stuck in your trading account balance doing nothing. They will be transferred to your MCA account automatically without the need of self withdrawal (if account linkage is done).
*Update: Foreign currencies are not eligible to the higher interests. 

By using MCA, you can convert your SGD into other currencies at the banks’ rate (which is more attractive compared to a non multi-currency account). Furthermore, you can hold on to them and exchange them back to SGD when it is deemed more attractive.
You will earn interests from your "Buy" transactions and dividends received, as explained earlier.
As an introduction to non DBS Vickers users, "Cash Upfront" payment provides us heavily discounted brokerage fee when we purchase shares by paying cash upfront to the bank. This used to be only limited for SG stocks. Fortunately, they are now applicable to foreign stocks after you link your MCA account to the Vickers trading account.

I really like the whole Mutiplier package and it strongly favors me in earning higher interests while taking advantage of more savings from investments.

UOB One Account
-Higher Interest Rates up to the first $75,000
-Fall Below Fee applicable for balances under $500

There is an ongoing new accounts promotion from 16 July to 31 August 2018. Every new UOB account member will get $100 if the account is applied online. You will also need to deposit $5,300 into your Fresh Funds and SMS the bank to register for this promotion. Terms and conditions apply.

Since I am already holding UOB One credit card, there is no harm of having a deposit account to capitalize on rebates from forecasted wedding and travel expenses. Due to my low frequencies of hitting high credit spends, I decided to charge my monthly Prudential payments to this card to push the monthly spending above $500. (to be explained below)

There are two sections in this account in order to maximize the interest returns.
First is the almost mandatory credit card spend of $500 or more. One must note that UOB One account interests are issued month to month while UOB One card requires you to spend $500 or more for 3 consecutive months to get good rebates. On the second part, you can choose between salary credit OR 3 Debit GIRO transactions. Since my salary credit is already used on DBS Multiplier, I shall perform my 3 bill payments under UOB One account instead.

To avoid the fall below fee, only a minimum balance of $500 is required (which differs significantly from the $3000 requirement in OCBC 360 and DBS Multiplier).

So give it a though, which packages out there suit you most?
Feel free to throw your questions if you have any doubts on the two accounts mentioned.

With all these said, the many different interest account packages are making Singapore Saving Bonds (SSB) much less attractive nowadays, especially for people with lesser net worth. Just my opinion.


  1. "total balances of other DBS accounts are also eligible to earn you these interests under the Multiplier account scheme"
    This statement is inaccurate. While transactions from other accounts is counted to determine the interest tiering,the interest received is only for balances in your multiplier account.

    1. Hi,

      Sorry for my late reply. Thanks and you are right.

      Had confused it with the other types of currencies in the Multiplier accouunt. Guess I am deluding myself on earning higher interests. The post is now updated, along with added details on Salary credit t&c.

  2. Hi,

    Based on my views, I think that both accounts require spending above specific amount in order to qualify for the promotional interest. Given the low monthly bill spending, I will not be able to qualify for the said promotion, unless I am given the overseas work assignment in which I can charge the air-flight and hotel accomandation to my debit card. I need to induce more spending in order to qualify for such promotion. Such action is not economic effective as per my perspective.

    I will have to forego these two promotions.

    My two cents worth of views.


    1. Hi Ben,

      Sorry for the late reply as well.
      Yes, UOB One Account entails one to spend >$500 to earn better interests.And there is no point to make ourselves do that for the sake of a few bucks.
      In your case, DBS Multiplier will suit you more as it does not "force" you to spend certain amounts to be eligible for each category.
      I am not sure of your expense scenario but below is an example how you can at least earn higher interests than the usual 0.5% in traditional deposits.

      -Salary Credit: $2400 (amount after CPF deduction on a $3000 salary)
      -Credit card spent: Payment of $10 on household/EZ Link or other inevitable bills (yes, it is $10!)
      -Invest: Using Vickers to buy $500 worth of shares

      In the above case, one will get to enjoy 2.0% annual interests.
      Even if the "Invest" portion is removed, the interests will fall to 1.55% annually.
      Do play around with the Multiplier calculator to see how it fits you. :D

  3. Hi, you mean you were able to top up foreign currency (say USD) from the Multiplier account into the Vickers cash upfront account and purchase the foreign shares?

  4. Hi 22°C,

    Yes, that is the advantage here.
    I guess most of us are confused by the steps initially. Before we can use cash upfront on US stocks using USD currency, we need to first link our Multiplier account to Vickers. And as you know, we need to login via Ibanking since it is cash upfront.

    1) In Ibanking, transfer money from SGD to USD in your Multiplier. Yes, this is how you convert your SGD to USD, by "transferring" within Multiplier itself. (also the same step when we convert USD back to SGD)
    2) Once converted, you have USD funds in your account. (make sure there is enough for your trade)
    3) Access Vickers from Ibanking.
    4) Now bid on the USD stock you wanted and set the payment under Cash Upfront.
    5) Once the transaction is filled, your USD funds will be immediately earmarked and deducted accordingly.

    Hope this clarifies.
    Let me know if you need further help. Probably need to make a post on this haha.

    1. Hi Frowns88,

      Between step 1 and step 2, don't you need to do a 'topping up'?
      Under ibanking's 'Top up Cash to DBS Vickers Account', I can select my Multiplier account but I can't select the currency to use in topping up to Vickers. By default it shows 'Top Up Amount S$'. Not sure if you get the same screen as I do.

    2. the topping up portion is required when the accounts are not linked.
      There is no need to top up after linkage of both accounts.(there is a form to fill to link)

      Is your Vickers currently under EPS/GIRO payment?

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  6. Hi Frowns88, thanks for letting me know. I will check with them regarding the acct linkage application. :)