Wednesday, January 01, 2020

DBS multiplier account NERFED

It's the first day of the 3rd decade of the 3rd millennium and I received some news that DBS is going to nerf their multiplier account. I first heard it from Kyith (here) and the new changes, which will take effect from 1st Feb 2020 is listed here.

The major changes are that instead of dividends being under the "Investment" category, it is now grouped under a new "Income" category, which combines both the salary credit component together with all dividends received. This sucks because now, most people will have one less category to fight for the highest interest of 3.8%. I really don't want to get into some long term commitment, like buying a regular savings plan or DCA into sti etf, for something that is short term and fickle like the terms and conditions for the DBS multiplier account. I guess I'll have to contend with less interest.

The other major change is that the higher interest for the salary credit + transactions in 1 category is now applied up to a new cap of 25k only, down from the current 50k. It's not clear what they meant by this.

I take the liberty to include two scenario. But first, this is what is like currently (click if it's too small to zoom in):


This is what I think it'll be like after the changes to the cap from 50k to 25k:

Scenario 1

This is what I think it could be if they are kinder:

Scenario 2
Scenario 1 will introduce 2 tiers, first tier of 25k, next tier of 25k, then final tier of 50k. For this scenario, if you hit 3 categories including the new income category, and you also hit the max transactions per month of 30k and above, you'll get a blended interest of 2.79% pa ([2.08*25 + 3.50*25]/50 = 2.79) for the first 50k.

Initially it's 3.50% for first 50k, so that's a drop of $145/mth to $116/mth after 1st Feb. Say bye bye to the next 50k unless you buy their insurance and investment, which I am very repulsed to do so.

I don't think they are going to be kind so screw scenario 2. Ironically, in my mind, I just wanted to do scenario 2, until I actually do out the jpg to realise that it's too nice to have scenario 1 where there is a first 25k tier, next 25k tier, and final 50k and above tier.

Maybe just bloody buy their stocks and get a dividend of more than 5% pa lol

10 comments :

la papillion said...

Some updates.

Surprise surprise, I got confirmation that it is afterall the 2nd scenario that I listed out. Which means if you hit the requirements, your first 50k will be at most 3.5% pa rather than the blended rate of 2.79% pa from the 1st scenario. They are kinder than I thought.

Quite hard to reach 3.8% for the max and highest tier, but at least 3.5% for first 50k is not bad.

Unknown said...

What are the 3 categories? Can you please elaborate?

la papillion said...

Hi unknown,

Sorry for the extremely late reply. You can really look up their websites to look at the different categories you know. But i'll feed it to you:

a) salary + dividends, known from 1st Feb 2020 as Income category
b) Credit card spending
c) home loan installments
d) insurance
e) investments

Alan Curtis said...
This comment has been removed by a blog administrator.
Blog27999 said...

Your Affiliate Profit Machine is ready -

And making profit with it is as simple as 1-2-3!

Here are the steps to make it work...

STEP 1. Choose which affiliate products you intend to promote
STEP 2. Add some push button traffic (it takes JUST 2 minutes)
STEP 3. See how the affiliate system grow your list and sell your affiliate products all on it's own!

So, do you want to start making money?

Click here to launch the system

Unknown said...

Did you hear there is a 12 word phrase you can speak to your man... that will induce intense emotions of love and impulsive appeal for you deep within his heart?

Because hidden in these 12 words is a "secret signal" that triggers a man's impulse to love, worship and care for you with all his heart...

12 Words That Trigger A Man's Love Instinct

This impulse is so hardwired into a man's genetics that it will drive him to work better than ever before to make your relationship as strong as it can be.

In fact, fueling this dominant impulse is absolutely binding to getting the best ever relationship with your man that the moment you send your man one of the "Secret Signals"...

...You will immediately notice him expose his soul and heart for you in such a way he never expressed before and he'll perceive you as the only woman in the universe who has ever truly fascinated him.

Bryan Roland said...

TESTIMONY ON HOW I GOT MY LOAN FROM A GENUINE LOAN COMPANY.

This is a change of life! i needed a loan to open my restaurant and bar, when one of my business partner introduce me to this good and trustful loan lender STEVE WILSON finally God smiled on me by directing me to this new lender who put a smile on my face this year and he did not scam me and also by not deceiving or lying to me but however this lender gave me 2% loan which amount is $550,000 united states dollars after my agreement to their company terms and conditions and one significant thing i love about this loan company is that they are very fast
You can contact the loan lender via
EMAIL :stevewilsonloanfirm@gmail.com or whatsapp:+16673078785
Company website:https://stevewilsonfinancialloanfirm.webs.com/

Priya J said...

I came across this saving investment plan, hope can provide more insights.

saving investment plan

ziana roy said...

Thank you for sharing such great information.
It has help me in finding out more detail about coronavirus insurance

willian vivian said...

when I thought about the way things have been recently, i owe my thanks to God for letting me find this amazing personality, i mailed Mr. alex roughly 2 months now, I was actually very uncertain about investing, very scared because i was also low on cash.I gave it my all, my first investment of $2,000 two weeks ago brought me $ 29,230 last week, and what intrigues me the most is the way him handles he partners, i recommend him too to my friend jeff, after trading with him, his testimonies have let me come here to attest for him. We are happy to meet a professional in you. I am proud to recommend him to any person who has a passion for trading, meet a good mentor and get good fortunes.Contact this veteran at: totalinvestmentcompany@gmail.com