For the second time this year, DBS has increased interest rates for its flagship Multiplier savings account.
On Tuesday (1 Nov), DBS announced that customers can earn up to 4.1% interest on their deposits yearly, an 0.6% increase from what it was previously.
Source: Google Maps
This came just a day after OCBC increased interest rates on its 360 savings account to 4.65%.
In a press release, DBS announced that the revised interest rates will take effect from Tuesday (1 Nov).
DBS’ Multiplier account offers customers tiered interest rates based on their account balances and spending.
With the move, the maximum annual interest rate on the Multiplier account will rise from 3.5% to 4.1%.
This, however, will only apply to the first S$100,000 in customers’ accounts.
There are also criteria that customers must meet in order to enjoy the 4.1% interest rate — they must spend S$30,000 or more across three eligible categories. These include:
In addition to these criteria, customers must credit an income stream to their Multiplier accounts. This may come in the form of salary, dividends, or use of the Singapore Financial Data Exchange service.
Customers who do not meet the spending requirement across all three eligible categories may still enjoy interest, albeit at a lower rate.
More information can be found on DBS’ website. Here’s a quick look at the different rates:
Source: DBS
Earlier in August, DBS announced that Multiplier customers could earn up to 3.5% interest for their balances of over S$50,000 and up to S$100,000.
In their announcement on Tuesday (1 Nov), DBS also announced an interest rate bump on their POSB Save As You Earn Account (SAYE).
Effective immediately, SAYE customers can earn bonus interest of 3.5% – up from 2% – on top of the base interest of 0.05%.
DBS’ move come just one day after OCBC raised interest rates on its 360 Savings account to 4.65% per year.
The bump was a significant one, offering more than double the 1.85% before.
Similarly, this is the second time in as many months that OCBC has raised interest rates on its 360 Saving Accounts.
In September, OCBC bumped interest rates to 4.05% per year for customers’ first S$100,000, prompting long queues islandwide.
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Featured image adapted from Google Maps.
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