SINGAPORE: DBS raised its interest rates again for its flagship Multiplier savings account on Tuesday (Nov 1), increasing the maximum interest rate to 4.1 per cent per year from 3.5 per cent.
This comes after OCBC increased its interest rates for its 360 savings account to 4.65 per cent per year on the customer’s first S$100,000 when they credit their salary, save, and spend with the bank.
The DBS Multiplier scheme offers customers tiered interest rates of up to 4.1 per cent on the first S$100,000 in their account. The interest rates are tiered according to salary, spending and transactions in categories.
To achieve the maximum 4.1 per cent, customers need to credit their salary, dividends or SGFinDex to the account. They also need to spend S$30,000 or more in any three categories. The categories are credit card spending, home loan instalments, insurance and investments.