Wednesday, July 1, 2020

Revision of Terms and Interest Rates - DBS Multiplier Account (w.e.f 1 Aug 2020)

You might recall that the last update (Link Here) I made with regards to the DBS Multiplier was in May 2019 last year.

Back then, they've enlarged the proportion of the categories and interest rates, making the maximum effective interest rates on applicable transactions up to 3.65% on the first $100k.

Since then, we've seen central banks around the world cutting interest rates back close to zero and this resulted in banks having to follow suit to making revised changes to their savings account and fixed deposits issuance.

With effect from 1 August 2020, the multiplier interests for the Income + 1 and 2 categories are going to come down (as expected) and quite a bit too from the last revision.

The changes from the 1 category are in variance of 0.7% difference for transactions that are above $2k.

That means if you've been previously earning 1.40% from the 1 category, you will be earning only at 0.70% from Aug 2020 onwards. That is equivalent to a 50% drop from the current interests that you are earning.

The higher your transactions the lesser the drop from a percentage point of view, though in absolute the variance is still at 0.70%.

For the 2 categories, the changes are in variance of 0.5% for transactions that are above $2k and it goes lower to 0.4% variance when you hit a transaction of above $5k. The message they are trying to portray is to transact more with DBS and with DBS NAV Planner in place now, it makes sense to consolidate all your accounts into one.

All other qualifying conditions including the 3 plus categories remain unchanged.

However, not everyone is able to transact such a big sum each month.

Thankfully, they've made it more lenient with regards to dividend crediting, which can add up quite a bit each month for those who are dividend lovers.

From 1 August 2020 onwards, eligible dividends now include dividends received from all markets that are transacted via DBS Vickers and also other platform such as unit trusts and Invest-Saver.

It also includes dividends that goes into the SRS and CPFIA accounts, which was not an alternative previously.


Conclusion

I'm going to stick with DBS Multiplier for now because all the other changes such as OCBC 360 and UOB One Savings account have also made drastic changes in the past months so you won't really get to "save" much by moving your funds here and there each month.

I think what is possible is perhaps to take advantage of the expanded servings from DBS such as taking advantage of the NAV budgeting planner and also the expanded crediting of the dividends. With this in place, I think it makes more sense to increase the amount of transactions as well as the number of categories in each transactions as you deem fit.

Thanks for reading.

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  2. uncle168,

    last time posb is gov one

    the interest is 5% leh no risk one gov guaranttee all deposits

    that was when blue collar workers love the gov

    now deposit in the bank earn nothing

    while property speculators borrow cheap money from the bank and push up the property market making it unaffordable for stinkies

    the removal of estate duty made things worst as it erodes meritocracy as a useless son of a rich man is still rich while a smart son of a poor man remains poor

    no capital gain tax and tax on interest means capital doesn't get taxed while we have to be tax for labour thru income tax

    even gold also no need gst but rice need to pay gst

    something is wrong with the pap

    god speed

    keekeekee

    ReplyDelete
  3. uncle168,

    how can permanent residents be consider locals?

    they have a foreign passport and do not enjoy singaporean benefits

    the tenure of permanent resident should be fixed at 10 years when the person then decide whether he wants to be a citizen or revert back to a working or study pass

    our permanent resident policy will create a lot of problems in the future where jobs will go to them and singaporeans will be forced to become grab drivers and food deliverers

    this cannot be the future of our children or rather there may not be any children left in the future as our birthrate is dropping to zero

    vote for the future

    vote for the opposition

    vote for the past

    vote for the pap

    keekeekee

    ReplyDelete
  4. uncle168,

    instead of raising gst the gov can increase corporate and income tax as those who earn more should pay more and not the other way around

    the gst voucher is a political tool to make the poor feel useless and have to depend on the gov for help

    our tax system needs an overhaul when more tax is needed for capital like gold dividend andl on essential like utilities like water tax gst

    a gov that don't tax reits and tax rice has really lost its way

    looking at the ncmp debate it is likely wp can win all 21 seats and psp can also win all 24 seats

    so the opposition is likely to form the next gov as predicted by cotton chqn

    we should let pap mps become ncmp since they like it so much

    god speed

    keekeekee

    ReplyDelete
  5. uncle168,

    1) wealth of a nation in singapore is not its people but its land

    actually our gov managed to have trillions in reserve due to the land acquisition act in 1967 when the gov acquried almost all the land in singapore for next to nothing

    even if the pioneer and medeka generation work 24/7 until the day they die they will never ever accumulate so much wealth in such a short time of 50 years in trillions or S$1,000,000,000,000.00.

    to inflate the price of land in singapore the gov have to increase the population artifically via immigration to boost demand for rental rates and hence the price of property including hdb flats but the side effects is inflationary growth and not productivity driven growth which is much harder to achieve and congestion in our public infrastructure like mrt and buses

    a piece of worthless land in tanah merah can easily be sold for S$400M because property speculators knows the gov will keep importing foreigners to push up property prices to keep in its secret land reserves under sla

    if you look at all the players in the property market they are all linked to the gov and the pap party member from construction companies to property developers to utilities providers

    the last thing on the pap's mind is the welfare of its people until the wp won aljunied grc which gave way to the pioneer and mekeka generation package

    then you ask is this enough?

    2) the pioneers and merdeka generation deserves better

    the gov can easilly afford to fully subsidise healthcare, transport and a monthly pension like payment to elderly with little or no cpf or saving by raising corporate and income tax

    the pap schemes to help the poor is ironic as most of the elderly don't even know how to read let alone ask for help

    the best way is to give the help directly instead of waiting for them to ask for help

    but the hardcore pap voters are mostly elderly who continue to suffer hoping the pap would help them eventually while the pap mps enjoy million dollar salaries and quite frankly do not really care until election time

    3) foreign talent a race to the bottom for trash instead

    15 years ago the foreigners in singapore were real talents from china and malaysia

    they were hardworking and smart and my company grew due to the high productivity and the quality of work was high

    after the casinos were build things started to change

    the pap realise it can change the constitution to earn dirty money from the casino easily by legalising gambling in singapore which lky said over his dead body

    then came the white paper on population easily passed to keep the demand flowing to fill the land sales coffin unlimited money for our sovereign funds to anyhow buy all sorts of companies that were doomed to fail like luckin coffee, bayer, grab

    now my company hire labour from cheaper sources but the quality of work is very bad like philipines, myanmar as they can't even speak proper english yet the gov allow them to work in singapore which make no sense at all

    even the traditional source from malaysia and china has gone bad as there is zero qc to grant work permit s pass or p pass

    my company has yet hire anyone from ceca but i guess it is a matter of time if the pap wins again

    my sibling experience with ceca is terrible as they know how to suck up to their boss which is also ceca and hr also ceca so the entire it team is a mess

    our mom poor qc of foreign talent has lead to low productivity and instead crude inflationary lead economic growth as mentioned by chen show mao in ge2011

    it is sad that today in singapore our labour market is a race to the bottom

    cheaper yes

    better faster?

    it would depend on who you vote for

    even the guy who say this have given up and retired to a live of free toothpick from dtf

    conviction?

    god speed

    keekeekee

    ReplyDelete
  6. uncle168,

    ge2011 i voted wp in ec grc as wages were stagnant and the congestion of rapid immigration affected our lives

    ge2015 i voted pap as lky passed away there was a sense that if pap did not win a strong mandate there would be an opportunity for our neighbouring countries to attack us and social unrest if there is no unity in the country

    ge2020 i am going to vote for the wp as i sense the pap losing its way via ceca pofma and covid

    i trust lhl but not hsk because when he was head of mas in 2005 that was when all the delisted china stocks started listing on sgx causing many retail investors to lose a lot of money due to lack of screening of china ipo in singapore

    i wonder why there was no call by the government for a probe after so many china ipo were allowed to list in singapore by mas

    i am not sure hsk is the right person to be pm as he has a majority in parliment that can be easily abused

    he raided our reserves s$100b and most of the money were used to save glc which over leveraged their balance sheet when times were good which temasek did not warn their management to conserve cash in case of rainy days

    without an opposition to pressure the pap to separate the civil legistrative and gov bodies when the head of the gov becomes corrupt there will be nobody to stop him as he would have absolute power

    this is why we have many singaporeans working as taxi drivers and food deliverer when they should be counted as structurally unemployed

    that is why our unemployment numbers look low as people trained to be engineers and it are displaced by foreigners disguised as locals as permanent residents

    i saw gerald from wp on an mrt twice using a xiaomi phone and i think to myself why is he making his own life so miserable to fight for singaporeans who don't appreciate what he is doing

    during cny wp leon handed me mandrain orange at bedok south hawker centre an elderly man told me to vote for the opposition as they will fight for the poor benefits

    we must not give the pap a blank cheque like in ge2015

    we must pressure the gov to be accountable to its people and not brush issues aside

    the future of singapore dependa on a gov that place its people first and not its party members first

    we need accountability independence and compassion in the new gov as predicted by cotton chan and masogo who subconsciously think lhy should be thw pm of singapore as he is the better boss when he was in singtel

    its now or never

    god speed

    keekeekee

    ReplyDelete
  7. uncle168,

    sreits should pay tax on dpu

    the total market cap of sreit is s$100b at 5% yield the annual dpu is around s$5b

    taxed at 20% the gov can get around s$1b in annual tax revenue to help the elderly poor

    similarly we should bring back the old dividend section 44 when dividend is taxed at income tax level and refund if the investor total income has no income tax payable

    bank interest should also be tax at income tax level and the money can be used to fund a national savings bank for blue collar workers to deposit their savings at rates higher than commercial banks fully guarantee by the gov

    the fund raised will loan out to hdb bto buyers

    the estate duty return would tax 20% of assets in excess of $1m

    it would not affect hdb flats as the value is less than s$1m

    using the market cap of reits alone if all the unitholders uplorry the gov can collect $20b in estate duty and redistribute it to smart children of poor families

    what if the rich leaves singapore?

    where can they hide now?

    all the gov around the world are facing pressure to tax the rich as the cost of pension balloons due to massive retirement of baby boomers

    the rich unfortunately dug their own grave by not trickling down their wealth now they have no where to hide

    hong kong and london are good examples

    the end of capitalism is near accelerated by covid and monetary easing

    god speed

    keekeekee

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  9. uncle168,

    our lives

    why wasn't dr paul tambyah part of the panel of experts being consulted in the covid 19 taskforce when he is an expert in infectious diseases?

    our jobs

    why our job employment numbers for locals include foreigners disguised as pr and no break down is given

    this is important as there is sense in the ground that pr are replacing singaporeans in pmet jobs

    our future

    our birthrate is currently 1.14

    the chinese birthrate is 0.98 less than 1

    if we don't stop ceca singapore will become an Indian nation

    if we give pap a black cheque taxes will rise, welfare for the people will fall, immigration from India will accelerate

    do you want your children to become a grabfood delivery after spending more than 13 years to get a degree?

    you are not voting for yourself

    you are voting for your children

    look at your children and ask them what future so they want for singapore

    the answer is clear

    we want a country that welcome foreign talent but not trash

    we want a gov that listen and not ignore our cries for help

    we want clear separation of civil legistrative and gov to ensure independence

    god speed

    keekeekee

    ReplyDelete
  10. uncle168,

    4 more days to ge2020

    final prediction
    psp - 24 seats
    wp - 21 seats
    sdp - 2 seats
    pap - 46 seats

    ironically sdp would be the king maker

    god speed

    keekeekee

    ReplyDelete
  11. uncle168,

    it is likely pap and wp would form a coalition government so vivian and jamus can be bff

    it is unlikely psp would work with wp as wp is pap lite pushing pap to the left everytime it wander to the right

    if this happens stinkies life will be better for the next 5 years

    god speed

    keekeekee

    ReplyDelete
  12. uncle168,

    does lhl know his mp has to ask whether the person is a singaporean b4 he ask him to vote for him

    there are so many foreigners in singapore the pap has to engage twice as many people and only half of them can vote

    its like asking 4 person 2 are foreigners 2 are singaporean 1 is underage

    the singaporean only half will vote pap

    so the odds is 1:8

    luckily pr cannot votw right?

    but a super majority can change constitution right?

    keekeekee

    ReplyDelete
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    ReplyDelete
  14. uncle168,

    actually covid 19 is the beginning of the end of human civilisation so you vote who also no use

    we are all going to die as there is no vaccine and the virus will keep mutating and kill 5% of the world population everytime it mutates :(

    keekeekee

    ReplyDelete
  15. uncle168,

    the wealth of our nation has to be our own people

    singaporeans

    while we can depend on foreign talents and capital investment how sustainable can it be in a post covid world?

    redeployment of the unemployed to essential jobs and subsidising the wage difference would increase the productivity of these jobs no graduates would once take as they transform these jobs for the future

    what's wrong with paying more tax so all of us can have free healthcare, education and elderly care?

    the government needs to re-think its assumptions to truely build a social safety net without so many holes

    tomorrow is cooling off day

    god speed to the party that will put singaporean first

    keekeekee

    ReplyDelete
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  17. uncle168,

    i've voted :)

    god speed

    keekeekee

    ReplyDelete

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  19. uncle168,

    the 70% is now 60% back to ge2011 level

    without lky pap is finished

    with cpf hdb ceca unresolved pap is likely to lose power in ge2025

    congrat to wp win in hougang aljunied and sengkang or 10 seats

    hopefully when i wake up wp win east coast and psp win west coast or 10 seats

    a total of 20 opp seats would show stinkies are unhappy with the pap

    if the pap do not change the people will change the gov

    so now left 2 ncmp seats

    god speed

    keekeekee

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  21. uncle168,

    soon there will be by election in sengkang when wp raeesah khan goes to jail for racism when pap will promise all the hawker amenities and ban planes from flying

    soon bankruptcy would befall aljunied ahtc and by election with promise of major sers in the grc

    pap will make sure wp by the end of 2021 only left hougang

    then pap will use the last card to change the constitution to allow pr to vote in ge2025

    狗改不了吃屎 stinkies will once again betray wp and vote pap the same case as in pe bye election

    keekeekee

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  23. uncle168,

    there is massive demand for essential jobs like high tech farming, eldercare, waste management that can be transformed to be more productive if the subsidise the initial wage and allow graduates to do these jobs and use the skilla they learn in university to streamline outdated work processes

    the tax code needs to be changed to tax dying billionaires in singapore and move away from taxing consumption to wealth to reduce the gini

    the eventually result would be those who earn more will pay more tax in return essential basic services like healthcare and education will be available to all for free

    the wealth gap in our society wull never narrow unless we have minimum wage and estate duties capping both ends

    a more equal society will increase the birthratw and less problems for the gov

    the pap has been kicking the can down the road as essential workers are paid peanuts for the crucial work they do

    this cannot continue a new normal must arise that singapore cannot be a place where they are only insurance and property agents as tharman has failed to deliver

    it should be a place singapore die to defend and willing to suffer now so our children will have a better future

    the election results have shown that singaporean were willing to take risk for a brighter tomorrow

    god speed

    keekeekee

    ReplyDelete

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