Choosing the right bank account can be a daunting task, with so many options available in the market. When it comes to savings accounts, DBS Bank is a popular choice among Singaporeans. However, which DBS account is better for you? Let’s explore the two main options: DBS Multiplier and DBS Savings Plus.
DBS Multiplier is a high-interest savings account that offers up to 3.8% p.a. interest rate, depending on the amount deposited and the number of eligible transactions made. The account requires customers to fulfil certain criteria to qualify for the higher interest rates. For instance, to earn the highest interest rate, customers must deposit a minimum of S$25,000 and make eligible transactions in at least three categories, such as salary crediting, credit card spend, home loan instalments, and insurance premiums.
On the other hand, DBS Savings Plus is a basic savings account that offers a flat interest rate of 0.05% p.a. for deposits below S$5,000 and 0.1% p.a. for deposits above S$5,000. Customers do not need to fulfil any eligibility criteria to earn the interest. Additionally, the account comes with a debit card that can be used for daily transactions and ATM withdrawals.
So, which account is better for you? It depends on your financial goals and banking needs. If you have a large amount of savings and can fulfil the eligibility criteria, DBS Multiplier may be a better choice as it offers a higher interest rate. The account is also suitable for those who have multiple banking needs and can meet the minimum transaction requirement.
On the other hand, if you have a small amount of savings and prefer a hassle-free account, DBS Savings Plus may be a better option. The account offers a flat interest rate and comes with a debit card that can be used for daily transactions. It is also suitable for those who do not have multiple banking needs or cannot meet the eligibility criteria for DBS Multiplier.
In conclusion, DBS Multiplier and DBS Savings Plus are both great options for savings accounts, but which one is better for you depends on your financial goals and banking needs. Evaluate your needs and preferences before making a decision.