Sunday 5 January 2020

DBS Multiplier changes and what might be my next action

On the 1st day of 2020, I came across this article written by Kyith about changes to the bonus interest for DBS Multiplier. After which I received an email from DBS on the changes.


 I was a little disappointed when I saw the new changes that will start on 1 Feb 2020 because the bonus interest that I get will be affected.

Investments like dividends and SSBs interest which comes from CDP will no longer be categorized in the investment category but instead it will be together with salary crediting under the income category.

This will affect the interest I can earn as I will only fulfill the income and credit card spend category. 

In a way, I do understand that the interest rates that banks offer are ever changing and even more so when the outlook is not too good.

Also, the bonus interest will only be on balances up to $25 000. 

In the meantime, I will still leave a portion of my money in DBS multiplier as it will still offer a better rate than a normal savings account but might transfer a portion out to the Standard Chartered Jumpstart Account which will give me a 2% per annum.

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