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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ReplyDeleteInteresting take on the DBS Multiplier changes back in 2020 — it’s true that even small tweaks to bonus categories can impact how we optimise our savings and spending! With interest rates shifting so much over the past few years, it’s also worth keeping an eye on borrowing costs if you’re planning big purchases. For example, UOB’s home loan packages can start from around a 3-month Compounded SORA + 0.70% p.a., which effectively puts current floating mortgage rates in the ~4% range depending on the SORA component and package chosen.
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