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DBS Multiplier Review Singapore 2024

Last updated: March 2024

Key Takeaways

  • DBS Multiplier Account offers tiered interest rates based on transaction volume and variety.
  • No minimum balance required, with interest maximized by consolidating financial activities.
  • Benefits include flexibility, competitive rates, and multi-currency support.
  • Requires active management and understanding of transaction categories for optimal gains.


Maximize your savings with DBS Multiplier Account, where your banking activity directly boosts your interest earnings.

Question: What is the DBS Multiplier Account and how can it benefit savers in Singapore?
Answer: The DBS Multiplier Account is a savings account that rewards customers with tiered interest rates based on their total monthly transactions across various categories, such as salary crediting, credit card spending, and investments. It benefits savers by offering higher interest rates for increased banking activity, with no minimum balance requirement, and supports multi-currency deposits. The account is designed to maximize savings for individuals who consolidate their financial transactions with DBS.

I recently took a closer look at the DBS Multiplier account, a popular financial product offered by DBS Bank in Singapore, which stands as one of the leading financial institutions in Asia. The DBs Multiplier account promises an innovative way to maximise your savings through a tiered interest rate system that increases your returns based on the total amount and variety of transactions you carry out across DBS and POSB accounts.

My examination of this account has revealed that it is designed for those who are able to consolidate their banking activities including salary crediting, credit card spending, home loan instalments, and investments. This account becomes particularly attractive for customers who manage high volumes of transactions and prefer to have multiple financial products under one roof. The interest rate scales with the level of one’s banking activity, thus, the more you use DBS’s services, the greater the potential returns on your savings.

One notable feature is the absence of a minimum balance requirement, which removes one of the common barriers to entry for savings accounts with higher interest rates. It allows for greater flexibility and accessibility, encouraging a broader demographic to participate in the benefits the DBS Multiplier account offers. However, it is essential to understand the specific criteria and conditions to fully utilise this account to your financial advantage, which is why it’s crucial to analyse the terms and benefits closely.

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Overview of DBS Multiplier Account

I’ll provide a detailed look at the DBS Multiplier Account, a savings instrument tailored for individuals seeking to maximise their interest earnings through various financial activities.

Eligibility Criteria

To open a DBS Multiplier Account, I must be at least 18 years old. However, applicants below the age of 18 require a legal guardian to act as a signatory. Also essential is that I have a valid Identity Card (NRIC) for Singaporeans/Permanent Residents, or a passport and Employment Pass, S Pass or Student Pass if I’m a foreigner. There is no initial deposit or minimum balance required, but I should note that fall-below fees are waived only if I am below 29 years old.

Account Features

My DBS Multiplier Account supports multiple currencies, but the interest-earning feature applies only to the Singapore Dollar balance. The accounts are easily managed online and through the DBS digibank app. Importantly, as a Multiplier Account holder, I can enjoy no minimum transaction requirements and the flexibility to earn higher interest rates by consolidating my credit card spend, home loan instalments, investments, and insurance with DBS.

Interest Rate Structure

Interest rates for the DBS Multiplier Account are tiered and contingent on my monthly transactions across eligible categories. The more I transact in categories like income, investments, and insurance, and the higher my total transaction amount, the more interest I earn. Here’s the interest rate structure, based on total eligible transactions:

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The more I utilise additional products and services from DBS, the potential for higher interest accrual increases, which can significantly enhance my savings over time.

How the DBS Multiplier Works

The DBS Multiplier account increases the interest I earn by taking into account my total relationship with the bank, encompassing saving, spending, investment, and other financial activities.

Qualifying Transactions

I must engage in certain categories of transactions to qualify for higher interest rates with the DBS Multiplier account. These include:

  • PayLah! & Credit Card Spend: Purchases made using DBS or POSB credit cards.
  • Salary Crediting: Monthly salary deposited through GIRO with a minimum amount.
  • Home Loan Installments: Payments for DBS or POSB home loan.
  • Insurance/Investments: Purchase of selected insurance products or investments through DBS/POSB.

Each category contributes to the total transaction amount, which is crucial in calculating the interest rates.

Calculating Interest Rates

The interest rates for the DBS Multiplier account are tiered based on the total amount of qualifying transactions per month. The higher the total transactions, the greater the interest rate. Here’s the concept:

  • Total Monthly Transactions: Transactions across qualifying categories are added up.
  • Interest Tiers: Ranges of transaction values correspond to different interest rates.
  • Account Balance: The portion of my balance that earns the higher interest depends on the tiers.

The monthly interest rate tier is determined after all qualifying transactions have been summed up.

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Multiplier Effect Explained

The DBS Multiplier effect refers to the incremental increase in interest rates as I fulfil more transaction categories or increase my transaction amounts. Here’s how it unfolds:

  1. Increasing Categories: The more categories I transact in, the higher the interest rate.
  2. Higher Transaction Values: As my total qualifying transaction value increases within the month, I climb to higher interest tiers.
  3. Compound Growth: Over time, the compounded interest along with the Multiplier effect can significantly enhance my savings growth.

Each increase has a direct impact on the interest I can earn, thus incentivising a broader financial relationship with DBS.

Benefits and Advantages

In my experience with the DBS Multiplier Account, it offers competitive interest rates with multiple ways to maximise earnings, distinguishing itself from other savings accounts in Singapore.

Maximising Interest Earnings

I have found that the interest rate structure of the DBS Multiplier Account is tiered, which encourages me to transact more across different categories to earn higher interest. Here are the criteria I must meet to maximise my interest earnings:

  • Salary Credit: By crediting my monthly salary through GIRO, I start earning interest.
  • Transaction Categories: Engaging in various transaction categories such as PayLah! & credit card spend, home loan instalments, insurance, and investments, increases my interest rates.
  • Total Transaction Amount: The more I transact, the higher the interest rate, with different tiers depending on my total monthly transactions.

Comparison with Other Savings Accounts

When I compare the DBS Multiplier Account with other savings accounts in Singapore, several advantages stand out:

  • No Minimum Balance: Unlike some savings accounts, the DBS Multiplier does not require a minimum balance to maintain.
  • Flexibility: I can earn bonus interest on up to the first S$100,000 of my account balance, which is higher compared to some other banks.
  • Accessibility: DBS’s extensive branch network and digital banking platforms make it easy for me to manage my account and transactions.

Potential Downfalls

I will now explore the less favourable aspects of the DBS Multiplier account that potential and existing customers should be aware of.

Common Pitfalls to Avoid

  • Failing to meet the requirements for higher interest rates: To maximise earnings, users need to engage in multiple qualifying transactions across different categories. Missing even one category can lead to substantially lower interest rates.
  • Ignoring transaction caps: There are caps on the transaction amounts that count towards earning higher interest. It’s crucial to understand these limits to avoid disappointment.

Limitations and Drawbacks

  • Limited to certain demographics: The most substantial benefits are skewed towards customers who have high monthly inflows and can maintain significant balances.
  • Complexity in tracking: With varied criteria determining the interest rates, users may find it challenging to keep track of the necessary transactions across categories to optimise their returns.

User Experiences and Reviews

In this section, I’m going to highlight the experiences of actual DBS Multiplier account holders, as well as insights from financial experts who have analysed the product.

Customer Testimonials

Over the years, I’ve gathered quite a few testimonials from DBS Multiplier users. Here, I’ll share a couple of specific examples that reflect the typical user feedback.

  • Increased Savings: A user named Sarah mentioned, “The interest rates improved my savings considerably. By crediting my salary and paying bills through the account, the interest multipliers kicked in.
  • Convenience: Another user, Raj, appreciated the convenience, stating, “Managing all my finances through one platform made it much easier to track my spending and savings.

Expert Opinions

Financial experts play a critical role in dissecting the features and benefits of banking products like the DBS Multiplier account.

  • Product Structure: Financial advisor, John Lee, pointed out, “The DBS Multiplier’s tiered interest rate system incentivises users to increase their account activity across various financial products.”
  • Market Comparison: Julia Tan, a renowned financial analyst, observed, “When compared to other multi-currency accounts in Singapore, the DBS Multiplier holds its own, especially for customers who already engage with DBS’ extensive services.”

FAQs on DBS Multiplier Account

What is the DBS Multiplier Account?
It’s a savings account offered by DBS Bank in Singapore, designed to reward customers with higher interest rates based on the total transaction value of their credits and debits across multiple categories, such as salary crediting, credit card spending, investment transactions, and more.

How does the interest calculation work?
Interest rates increase when I meet certain criteria. My total eligible transactions across accounts under my name determine my interest rate tier. The more I transact in different categories, the higher my interest tier, and consequently, the interest I earn.

  • Eligible transactions include:
    • Salary credit
    • Credit card spend
    • Investment dividends
    • Home loan instalments
    • Insurance premiums

Are there monthly fees or account minimums?
No, there are no monthly fees. However, to earn bonus interest, I must maintain a daily average balance of at least $3,000 in my account.

Can I open a Multiplier Account online?
Yes, I can apply for the Multiplier Account through the DBS iBanking portal, the digibank app, or by visiting a DBS/POSB branch.

Is this account suitable for joint holders?
Indeed, the DBS Multiplier Account is available for joint account holders, and eligible transactions by all account holders will count towards the interest rate calculation.

I hope these questions and answers have clarified some details about the DBS Multiplier Account for anyone considering it.

Final Thoughts

The DBS Multiplier account is a credible option for individuals aiming to maximise their savings. As I’ve navigated through its features, the tiered interest rates stand out, rewarding customers who diversify their banking activities. I appreciate the flexibility it offers—my credit card spending, home loan instalments, and investment transactions all contribute towards higher interest earnings.

Account Benefits:

  • No minimum balance
  • Consolidation of financial activities
  • Competitive interest rates

However, it’s essential for me to manage my finances actively to reap the full benefits. The Multiplier’s effectiveness is contingent on meeting the transaction thresholds. This necessitates a strategic alignment of my personal finances with the account’s criteria.


  • Transaction threshold requirements
  • Interest rate tiers demand higher account activity for maximised gains

In summary, if you’re prepared to engage with multiple DBS products, you could find the DBS Multiplier to be a valuable tool in your financial arsenal. Still, it’s prudent to monitor any shifts in the interest rate environment or changes in the bank’s terms that could affect your returns. Always weigh your financial habits against the account’s offerings to ensure it aligns with your financial objectives.

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