This will allow you to have your own funds to use, and you can now enjoy greater returns. However, if both of you route your dividends to the joint account, then you will both register investment transactions in the four months.
Second step: When you open a joint account, both you and your partner will appear as the holders of the account. An example of this is the issuance of two separate ATM cards for each person, and either one is allowed to withdraw money from the account. This means that the money you have saved up at the bank will be working for you, and you will earn more money that can be used to secure your future.
This means that you and your partner need to change the account listed for direct crediting in your CDP account and replace it with the joint account. The DBS Multiplier Account will also benefit big ballers who can afford to transact $30,000/month and yet still have enough savings in the account to reap the benefits of the increased interest rate. Unless you have a total transaction size of S$30,000 or more per month across the categories which I think is not achievable for most people, best interest you can get is 2.30% pa. With competing products such as the Maybank Saveup, you can get around 3% pa provided you can fulfill three of Maybank’s categories (easiest to fulfill are salary credit, bill payment through GIRO and credit card spend of at least S$500 per month).
If you are the type who holds one of the “high interest account” elsewhere but only qualify with 2 or 3 categories like salary, bill payment or card spend; the DBS Multiplier Account can potentially work in your favor. Even though each one of you has a DBS multiplier account, salaries should not be credited to these accounts but to your joint account.
To take advantage of this, you can do one of two things: Fifth step: Make transfers from your joint account to the individual DBS multiplier account. © All rights reserved. Let us take a closer look. This account does not give any additional interest for bill payment but the good thing about it is that you can mix and match in as few as just 2 categories to earn higher interest. For instance, you can use just your salary plus any small spend in a DBS credit card (even a S$1 spend) to qualify for at least 1.55% pa.
In this site, I share with you my top travel itineraries. DBS offers two different joint accounts, namely Joint-Alternate and Joint-All. As you combine your salaries and dividends, you will be able to make sure that you enjoy the maximum benefits of this account and put your money to work. You can speak to DBS and use their DCS (Direct Crediting Service). DBS has just announced several changes to their Multiplier account. The DBS Multiplier account offers customers tiered interest rates that is stepped up if customers have more transactions with the bank, and transact in … First step: Both of you open an individual DBS multiplier account. As such, if you are looking to earn as much interest as possible, you will need to make this transfer earlier on in the month.
If you spend at least S$500 in credit cards, make bill payments (thru GIRO) of at least S$300 and earn a salary of at least S3,000 but not overly high like S$30,000 per month; the, Same salary and card spend or bill payment profile such as the above and you take out a housing loan – again the.
They say that two are better than one because they will get more for their effort or investment. DBS Multiplier: an account that grows with us. As such, both individual DBS multiplier accounts will recognize a salary of $6,000 for each one of you.
As a user of the DBS Multiplier Account myself, I really like the fact that DBS continues to improve their account features and evolves with us across our different life stages. With this, each one of you is bumped up to the next tier, which is that of those earning more than $5,000 and less than $15,000 per month (>$5000 – <$15,000). No conditions required with the Citibank account except that your account balance doesn’t decrease month-on-month. This includes withdrawal of money.
Providing immediate consumer solutions and advice. Travel Blog, Itineraries & Guides, Hotel Reviews. Even though each one of you has a DBS multiplier account, salaries should not be credited to these accounts but to your joint account. Notify me of follow-up comments by email. Citi MaxiGain Savings Account – Is It Worth Signing Up For? So your salary boosts that of your partner, and your partner’s salary boosts yours to get you over into the next tier. It gets more interesting the higher up you are in the transaction scale.
This opens you up to more benefits because you are able to earn more interest.
Alternatively, you can also email me at bino (at) iwandered.net.
How Heartland Boy Maximises His DBS Multiplier Account Interest Rate.
Once the salaries have been credited to the account you both share, the joint account, each one has access to the other person’s salary. Here is how the accrual of interest works in DBS multiplier accounts: For an account balance of $50,000 and under: Salary Credit + Transactions in 1 Category, Salary Credit + Transactions in 2 Categories, Salary Credit + Transactions in 3 Categories or more.
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