How to Easily Grow Your Money with a Savings Account

Due to the poor returns they provide, savings accounts are at times disregarded when compared to the potential returns on investments, particularly long-term ones.

They are an ideal way to grow your money without taking any risk of investing. 

Nonetheless, a savings account does provide several advantages to help make up for that poor return. When you run the risk of losing money with investments over time, it does not happen with a savings account, for it will not run at a loss.

Conversely, you earn interest on the balance, which keeps increasing in your savings account. Some accounts let customers earn up to 4% annually on their savings, allowing them to save more with bonus interest without going through hoops.

Banks in Singapore offer different types of savings accounts to suit any customer. These bank accounts, generally, necessitate the depositor to keep a minimum balance. Some savings accounts do not have a minimum balance requirement and offer higher interest rates on large balances. 

DBS Multiplier is an ideal and simple savings account to multiply your money, for it enables you to execute transactions across different product categories and earn additional interest. A Multiplier Savings Account allows you to earn a maximum interest rate of 4.2 percent annually, with more bonus interest in every category you transact.

Useful Information About DBS Multiplier Savings Account

DBS Multiplier Savings Account is known for its salient features.

1. No Minimum Balance is Required

The DBS Multiplier does not require you to keep a minimum balance, considering your varied needs. Instead, the account holder can grow their money by transacting in different DBS/POSB categories to qualify for bonus interest rates.

2. A Multiplier Savings Account is for Everyone

No matter if you are a student, an employee, a gig economy worker, a full-time national serviceman, or a retiree, you can save more, as multiple forms of income are recognised.

3. Increase Bonus Interest through Different Stages

With the balance caps increased you can earn a starting bonus interest, which is three times higher, with DBS Multiplier Savings Account to earn additional bonus interest.

4. Adaptable Enough to Achieve Goals

Transacting in some DBS/POSB categories will make you eligible for a bonus interest rate. There is a range of product categories to help you fast multiply your savings. To make it easier to attain greater savings interest rates, you can use your Credit Card and PayLah! spends, integrated into one category.

5. Helps with More Effective Money Management

You may conveniently manage your money by having your finances in one location to earn more with your salary or dividends or with the NAV Planner having SGFinDex connected to it.

• Dealing with more and more product categories when using the DBS Multiplier account will increase your bonus interest. The categories are: 

• Getting a mortgage

• Using eligible credit cards for paying or shopping

• Purchasing a qualified insurance product 

• Investing in a qualified investment product

PayLah! retail shopping exposes you to a greater interest rate in addition to transactions in other product categories.

Why Should You Have a DBS Multiplier Savings Account?

The prime benefit of having this savings account is you can multiply your savings with eligible transactions in certain categories. For instance, it helps you to use the Paylah! or credit card for payments or purchases and also benefit from their home loan payment plan, thus allowing you to satisfy two of the four requirements.

Furthermore, there is no minimum sum needed for any one transaction category to qualify for the bonus interest on your savings account. It implies that you could be considered a credit card user even if you use your card only occasionally. You can use other categories, such as home loans, to reach the necessary transaction values every month to receive bonus interest.