Comparing DBS Multiplier Program with OCBC 360 Account

Those who have been reading my posts will know that I have been blogging about these 2 different accounts for sometime now. From my point of view, these are fantastic new products by the banks that offer higher interest rate than what they supposing "high interest account" offers.


So with limit cash on our hands, which is the better account to deposit our money into? Lets take a look at them heads on.

Overview of DBS Multiplier program

DBS Multiplier  looks at the total transaction based on 4 activities in your associated DBS/POSB accounts. These are

• Salary crediting
• Credit Card spending
• Home Loans Instalment
• Investment Dividends

Once the total for all 4 activities in your account hit and exceed a certain threshold, you will be rewarded with a higher interest rate for the first $50,000 cash in your multiplier account. Details for the interest rate can be found
http://moneychatroom.blogspot.sg/2014/03/dbs-multipler-programme-has-increased.html


In short, there is no minimum amount that you must hit for each individual activity.

Overview of OCBC 360 Account

For this account, you will be awarded a base interest rate of 0.05% p.a. for your account. In additional, the first $50,000 in your account will be rewarded with an interest of 1% p.a. for each of the following activities.

• Credit Salary of at least $2,000 per month
• Make 3 unique bill payments from this account with OCBC Online Banking
• Spend $400 on all your OCBC credit cards per month

In theory, you can get a maximum of 3.05% p.a. of interest for the first $50,000 in the account. But even if you do not hit the requirement for all 3 activities, hitting each one would already have netted you 1% of interest.

Which one is for you?

Generally, I feel that the conditions from OCBC is easier to reach for middle income worker, as they revolves around activities that you most likely will do every month, such as paying 3 bills, spending $400 on credit cards.


Although DBS does not have a minimum amount for each activity, its minimum threshold for all activities is at $7,500, which shows that it is aiming at those who are earning and spending more. They are also targeting the group that has high home loan instalment and/or high investment income.


So you will need to work our based on your earning, spending and investment patterning to see which one can give the best return for your money.


If you do not have problem hitting the all the requirements for both, the OCBC will be better as it offers a higher interest rate of 3.05%. DBS highest interest rate is only at 2.08%. Better yet, put into both if you have more than $50,000 so that you can enjoy higher interest rate for higher amount of your cash.