DBS launches enhanced DBS Multiplier Account
Now easier for young adults to qualify for higher interest rates with lower transaction threshold, along with no minimum salary crediting amount and no minimum credit card spend
SINGAPORE,01 November 2017 -
To cater to the financial aspirations of young adults in Singapore, DBS has launched the enhanced DBS Multiplier Account, making it easier for them to qualify for higher interest rates on their account balances by lowering the transaction threshold, with no minimum salary crediting amount and no minimum credit card spend.
The first-of-its-kind programme was introduced in 2014 to reward customers for consolidating their banking with DBS, with any combination of salary credit, credit card spend, insurance, investments or mortgage instalments. Since its launch, the DBS Multiplier Account has seen an average account growth of 30% year-on-year.
To better understand their financial needs and preferences, DBS conducted an extensive year-long customer immersion exercise with close to 1,000 young adults in Singapore. The bank discovered that 64% of young adults felt that managing their finances took up a lot of their time, while 38% felt that it was complicated and a barrier to achieving their financial goals.
Other insights indicated that even as young adults want to be rewarded for their regular banking transactions, they prefer not to be tied down by certain conditions – for example, a minimum amount for salary credit or minimum credit card spend. Further research also showed that half of young adults aged 21 to 35 in Singapore spend less than SGD500 on their credit cards monthly.
With the enhanced DBS Multiplier Account, young adults need not worry about fulfilling such conditions. To enjoy higher interest rates on their account balances, they only need to have their salaries credited with DBS/POSB and transact in one or more of the following categories: credit card spend, home loan instalment, insurance or investments.
To enjoy higher rates, customers just need to have their total eligible monthly transactions add up to SGD2,000 or more:
• Between 1.55% p.a. and 2.08% p.a. if their salary credit and transaction in one category add up to SGD2,000 or more
• Between 1.8% p.a. and 3.5% p.a. if their salary credit and transactions in two or more categories add up to SGD2,000 or moreDBS Multiplier Account interest rates *Total monthly transactions consist of salary crediting and one or more of these categories: credit card spend, home loan instalment, insurance or investments
By lowering the minimum threshold for total eligible transactions from SGD7,500 to SGD2,000, the enhanced DBS Multiplier Account allows more young adults to qualify for higher interest rates, starting from the time they enter the workforce. For example:
• A university fresh graduate with a net salary of SGD2,700 and a credit card spend of SGD200 monthly will enjoy interest rates of 1.85% p.a. on his/her DBS Multiplier Account balance
• A young working adult who was been in the workforce for a few years with a net salary of SGD4,600 and a credit card spend of SGD450 monthly will earn 1.90% p.a. on his/her DBS Multiplier Account balance
• A married young working adult earning a net salary of SGD5,000, with a credit card spend of SGD550 and a home loan instalment of SGD2,600 monthly, will enjoy 2.20% p.a. on his/her DBS Multiplier Account balance
Eligible transactions are detected at customer level – across customers’ various product holdings with DBS/POSB so they only need to deposit their balances in a DBS Multiplier Account, while transacting with their usual DBS/POSB accounts, to enjoy the higher interest rates.
Jeremy Soo, Head of Consumer Banking Group (Singapore), DBS Bank, said, “DBS has always led the industry in providing customers with innovative and relevant products and services to address their financial needs. When we launched this first-of-its-kind programme back in 2014, we wanted to help our customers maximise their funds and grow their wealth in a smarter way.”
He added, “With the enhanced DBS Multiplier Account, more young adults will be able to benefit from the higher interest rates as they take up relevant financial services based on their changing needs. We understand their need for flexibility in how they manage their finances. We also want to be there for them at an early life stage and help them achieve their financial and life goals.”
Customers can simply apply for the enhanced DBS Multiplier account at www.dbs.com.sg/multi.
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings, is among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank
” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia
” by Global Finance for nine consecutive years from 2009 to 2017.
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, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of its 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.