DBS/POSB steps up support for customers’ financial wellbeing by hiking interest rates on high-yield savings accounts
Singapore, 01 Nov 2022 - With high inflation and rising interest rates diminishing consumers’ spending power and disrupting their financial plans amid post-pandemic recovery, DBS/POSB is moving up interest rates on two high-yield interest savings accounts: DBS Multiplier and POSB Save As You Earn (POSB SAYE) Account. This marks the second round of interest rates adjustments made for the bank’s competitive bank-and-earn programme DBS Multiplier, in which interest rates will be increased to up to 4.1% p.a., from 3.5% p.a currently. At the same time, POSB SAYE customers can earn additional 3.5% p.a. interest on their regular monthly savings.
Half of the existing DBS Multiplier and POSB SAYE account holders will immediately benefit from these changes
[1]
, which kick in today. The bank will also raise the DBS Multiplier balance cap to SGD100,000 so that customers can earn even higher interest on their balances. All in, a DBS Multiplier account holder will stand to earn up to 35 times in interest compared to a DBS non-Multiplier customer
[2]
.
The latest revisions are in addition to the suite of solutions that the bank rolled out in August 2022 to help customers navigate inflation and build financial resilience – the first bank in Singapore to do so. These measures, which include increasing DBS Multiplier interest rates, rewarding cash rebates on DBS/POSB credit cards to stretch customers’ dollar on everyday spend, as well as offering unique home financing and savings solutions, have positively impacted customers’ finances over the past two months.
To help tide its customers over inflation, the bank has rolled out a wide range of inflation relief solutions over the past three months. These include offering cash rebates and hawker meal cashbacks, as well as reducing home loan interest expenses for eligible borrowers who earn less than SGD2,500 a month, when they sign up for the exclusive POSB HDB home loan. Now at an interest rate of 2.6% p.a., the new POSB HDB home loan offering is similar to the current HDB concessionary home loan rate.
Said Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank, “As a key institution that banks the majority of Singaporeans, we are committed to ensuring that our customers can grow and protect their money in both good and tough times. The impact on our customers’ wallets due to persistent market volatility and surging inflation cannot be ignored, so there isn’t a more crucial time than now to enable our customers – via our comprehensive range of solutions – to manage their finances prudently and make their hard-earned savings work harder for them. More importantly, we have designed these solutions in a way that we won’t make it difficult for customers to qualify for the benefits to achieve sustainable financial well-being.”
Since the bank first increased its DBS Multiplier interest rates in August 2022, DBS Multiplier customers across all segments of the population, including gig workers, first jobbers and full-time national servicemen, earn 12 times more interest compared to a DBS non-Multiplier account holder. The revision of rates sparked twice the number of account signups within a month, as compared to previous months.
The bank also increased interest rates on another high-yield savings account, the POSB SAYE Account, which enables customers to now earn additional interest of 3.5% p.a. on their regular monthly savings amount. A customer who deposits monthly savings of SGD100 into their POSB SAYE account will be able to accumulate interest of SGD89.13 by the end of two years. Customers are also able to have both DBS Multiplier and POSB SAYE accounts at the same time, which means they can receive the additional interest that both high-yield savings solutions are currently offering
[3]
.
To reward customers who save diligently every month and help them get more value out of their DBS/POSB home loans, the bank launched the DBS HomeSaver on 1 October, which enables new home loan customers (all property types) to yield higher interest on their savings with DBS Multiplier and POSB SAYE Account
[4]
. Under this programme, customers also get an additional cash bonus of up to SGD700 when they take up a home loan and a Mortgage Reducing Term Assurance (MRTA) mortgage insurance plan with DBS.
Over the years, the bank has been coming up with different ways across its banking solutions and community outreach efforts to support different segments of the population, including the underserved, gig workers, as well as students and seniors. During the early stages of the pandemic in 2020, the bank launched a wide range of liquidity relief measures and other initiatives to support businesses, retail customers and communities. These measures included deferred mortgage repayment, cash flow support for SMEs and social enterprises through loans and grants, as well as the SGD10.5 million “DBS Stronger Together Fund” to provide impacted communities across the region with medical supplies, meals and care packs.
Soo added, “We expect the tough days ahead to impact our customers’ financial circumstances. On top of our support measures so far, we will do more going forward, especially for the communities most at-risk.”
For more information, please visit the
DBS Multiplier
and
POSB SAYE Account
pages on our official DBS and POSB websites.
[1]
Refer to
Appendix A
[2]
This is based on an average DBS Multiplier customer with SGD50,000 in Multiplier account balances of SGD50,000, as well as income+transaction in 1 category SGD5,000 to <15,000. Eligible interest rate as of 1 November would be 1.8%p.a., hence monthly interest earnings would be SGD74.10. This interest amount is 35 times higher than a non-Multiplier customer with SGD50,000 savings in a regular savings account that gives 0.05% p.a. in interest.
[3]
Refer to
Appendix B
[4]
Refer to
Appendix C
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “
World’s Best Bank
” by Global Finance, “
World’s Best Bank
” by Euromoney and “
Global Bank of the Year
” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “
World’s Best Digital Bank
” by Euromoney and the world’s “
Most Innovative in Digital Banking
” by The Banker. In addition, DBS has been accorded the “
Safest Bank in Asia
“ award by Global Finance for 14 consecutive years from 2009 to 2022.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit
www.dbs.com
.
DBS Bank Ltd | 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3,
Singapore 018982 | Co. Reg. No. 196800306E
Tel: 65.6878 8888 | www.dbs.com
