Half of the existing DBS Multiplier and POSB SAYE account holders will immediately benefit from these changes, which kick in on Nov 1. The bank will also raise the DBS Multiplier balance cap to $100,000 so that customers can earn even higher interest on their balances. All in, a DBS Multiplier account holder will stand to earn up to 35 times in interest compared to a DBS non-Multiplier customer, according to the DBS announcement.
With banks competing with the Monetary Authority of Singapore’s six-month T-bills for deposits, DBS Bank has fired the next salvo on the interest rate front.
In a press release on Nov 1, DBS announced it is moving up interest rates on two high-yield interest savings accounts: DBS Multiplier and POSB Save As You Earn (POSB SAYE) Account. “This marks the second round of interest rates adjustments {this year} made for the bank’s competitive bank-and-earn programme DBS Multiplier, in which interest rates will be increased to up to 4.1% per annum (p.a.), from 3.5% p.a currently. At the same time, POSB SAYE customers can earn an additional 3.5% p.a. interest on their regular monthly savings,” DBS says in its announcement.
