As promised, I have updated the comparison of the high interest accounts after DBS updated its Multiplier programme on 1st Nov 2017. As there are already very well written reviews of the new programme by Milelion and 15HWW, I will not be writing a long review.
In short, the new DBS Multiplier account is a boon for lower income earners who could not meet the minimum S$2k GIRO salary credit condition imposed by the other banks. In addition, high income earners with high expenditure, investment, insurance and mortgage (Five “highs”) will also benefit from the new changes. If the total transaction value is more than S$30k, they will be able to earn 3.5% for the first S$50k in their DBS multiplier account. This rate is one of the highest for a bank account and beats keeping money in fixed deposit.
Below are the updated comparison of the high interest accounts. In addition, I will be adding a new menu bar for high interest account.
Edit: 24th Jan 2018. DBS informed me via Alvin from DrWealth that there are other updates to the products and conditions of the DBS Multiplier account. I have updated the table below.