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If you haven’t heard, the DBS Multiplier Account got an upgrade with new changes on 1 Oct 2021.
We’re pleased as punch, as the changes make earning bonus interest even easier, with expansion of qualifying transactions and products.
In a nutshell, DBS has opened more ways in which to fulfil its requirements to achieve a higher interest rate. For instance, you can now connect to Singapore Financial Data Exchange (SGFinDex) on DBS NAV Planner in replacement of crediting your salary or dividends, making it even more inclusive! DBS has also expanded its investment and insurance categories, and now recognises even more payment modes.
As it is, the DBS Multiplier Account already stands out from other savings accounts, not just due to the recognition of consolidating your finances with SGFinDex on DBS NAV Planner, but Multiplier also recognizes transactions under well-established features such as robo-investing with digiPortfolio, its regular savings plan Invest-Saver, and online equity trading via the DBS digibank app too. With this new upgrade, Multiplier makes financial planning even more rewarding.
Read on to find out more about these changes and how we can harness the DBS Multiplier Account to achieve our financial goals.
DBS Multiplier: Rewarding you as you achieve your financial goals
With these new changes in place, here are 4 ways the DBS Multiplier account rewards you as you journey towards achieving your financial goals.
1. Bonus interest when you get a consolidated view of your finances through SGFinDex on DBS NAV Planner
When setting our financial goals, it’s important to have a good overview of our finances – i.e. how much we really have. Having this overview is also key to ensuring we’re on track to achieving these financial goals.
IKR, getting all this financial information into a consolidated sheet can be a tedious process… but with SGFinDex on DBS NAV Planner, it’s as simple as a click of a button.
The benefit of connecting to SGFinDex on DBS NAV Planner is that it consolidates all our financial information from participating banks and government agencies like CPF, IRAS and HDB. With these main sources of financial information, it reduces the time spent on gathering information across the various institutions and allows us to focus on setting and monitoring our goals.
Connecting to SGFinDex on DBS NAV Planner also allows the tool to provide better personalised insights and tips on how to improve our financial planning — bringing us another step closer to achieving our financial goals!
From 1 Oct 2021 onwards, connecting to SGFinDex on NAV Planner can be an alternative to crediting salary or dividends. Multiplier is the first amongst all banks to recognise SGFinDex, providing flexibility in getting bonus interest for those with no fixed salary or dividends.
Hola to students, gig economy folks and retirees, this is great news!
2. Invest and grow your money, your way, and get extra returns
While we strive towards our financial goals, it’s also important to invest and make our money work harder for us. Everyone has different levels of investment knowledge and risk appetites, but it’s crucial for everyone to take advantage of the time horizon available and make compounding interest work in our interest (literally).
The recent hype around robo-investing has been growing, and it’s easy to understand why. Robo-investing removes the complexities around investing (much more straightforward) and offers liquidity by allowing withdrawals at any time.
DBS also has its own version of robo investing — digiPortfolio — which offers ready-made investment portfolios put together by human expertise (the elite investment team at DBS) and powered by robo-technology.
This means that the elite investment team at DBS carefully selects exchanged traded funds (ETFs) to create a quality portfolio. They monitor and align the portfolio regularly with DBS’ Chief Investment Office’s views, ensuring optimal asset allocation and portfolio resilience. Technology comes in to rebalance and monitor portfolios, ensuring efficiency and scale.
Good news is that digiPortfolio is now also recognised under Multiplier’s investment category, making DBS the first bank to recognize robo-investing. This way we’re able to potentially earn even more interest on top of our investment gains, making financial planning even more rewarding.
3. Be rewarded when you protect yourself and your loved ones
Insurance should be a part of everyone’s financial planning. In the event of any unfortunate circumstances, the payout would help cushion the financial impact, hence protecting ourselves and our loved ones.
Everyone has different priorities and needs — with no one-size-fits-all solution for insurance, it’s important to find an insurance plan and premium type that suits your lifestyle and needs.
Finding a plan that suits your needs can be rather complex, here’s an article that could help guide you. Things may be a bit simpler when it comes to narrowing down which premium term works better for you. Here’s what you can consider when choosing between single or regular premium insurance plans:
Why choose a single premium insurance plan?
- For those who have a lump sum of cash and prefer to pay their premiums in one shot, paying a single premium can mean paying less overall than if you opt for regular premiums.
- For those with varying incomes, paying a single premium may be more feasible as cash flow is more unpredictable. Making a single premium payment would help guarantee no incurring of penalties or lapsed policies in the future.
- For those who are planning for wealth accumulation through insurance, such as endowment plans, opting for a single premium plan can enable you to start growing a lump sum of cash as soon as possible.
Why choose a regular premium insurance plan?
- For those who do not have as much liquid cash, regular premiums are much more manageable than a lump-sum payment. In addition, for those drawing a regular income but juggling multiple commitments with lesser savings, this could be the way to go.
- For those who prefer to have buffer for liquidity, regular premium terms would be more attractive. This frees up some buffer for other things, such as investments at a higher interest rate, or for a rainy day.
All in all, most of us buy more than 1 insurance policy throughout our lives, usually a mix of regular and single premium plans, depending on the product.
Multiplier now recognises both single premium and regular premium terms under their insurance category, rewarding us for protecting ourselves and loved ones, regardless of premium terms.
4. Put together a holistic portfolio that goes beyond cash
For Singaporeans and Singapore Permanent Residents, a large percentage of our money is in CPF. Because of this, it is vital that CPF and SRS should be taken into consideration as part of our financial plan.
As we know, CPF is our government’s way of ensuring we can accumulate money for retirement during our working years. Likewise, SRS, though optional, is another source of funds that we can set aside for our golden years.
Many of us also have our own retirement fund, whether it’s money in the bank or other investments or endowment plans. When combined with CPF and SRS, these are solid foundations to help us enjoy a comfortable retirement.
To support holistic financial planning, DBS Multiplier now recognises CPF and SRS as payment modes when investing in unit trusts and equity trades. That’s not all — SRS is also recognised as a payment mode for single premium insurance plans, making our holistic financial planning even more rewarding.
Achieve those financial milestones quicker
In summary, the new changes to the DBS Multiplier Account make it much easier to be rewarded with higher interest on our savings, alongside DBS’ suite of useful financial tools and products to help you achieve our financial goals quicker.
It’s like enjoying a boost to your experience-earning capabilities in game, so that you can level up quicker with the same amount of effort and time… the same goes for your progress bar towards your financial goals!
Who knows, since the new changes kicked in, you could have already been earning much more bonus interest on your Multiplier while keeping the same financial habits. Who says financial planning is boring and not rewarding?