Thursday 2 April 2020

More changes for DBS Multiplier on 1 May 2020

There have been many revisions to interest rates by the banks recently. For me, I opened the DBS multiplier account when it first came out and most recently the Standard Chartered Jumpstart Account. I also have another POSB account and a UOB One account.

The accounts which I put most of my money into are mainly DBS Multiplier and Jumpstart. After changes in Feb 2020, another round of changes has arrived for Multiplier come 1 May 2020.

Read more: DBS Multiplier changes and what might be my next action

Everyone can really easily qualify for DBS Multiplier's criteria and I guess that is why they had to combine the categories in Feb and now with lower interest. As per below, effective 1 May 2020 the interest rates would have some adjustments with total eligible transactions of $2500 to $5000 having the biggest cut of 0.25%.

For me, I still think it is a good account that pays above average interest rates. So, I will still keep a portion of my money there. Also because, I am under 29 years old, there is no fall-below fee required which is really great. So not much changes on my end and also because my savings are not so robust that the changes will have a significant effect.

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