Monday, August 10, 2020

Switched from DBS Multiplier to POSB Cashback Bonus account

For the last few months, the interest rate for our saving account had been dropping.

This is mainly due to FED had decreased the interest rate.

This near zero interest rate will likely remain till 2022 (Link).

Given that stock market had also taken a hit in the last few months, I had used almost near 100% of my warchest kept in DBS Multiplier account to buy stocks such as HongKong Land, UIC, ComfortDelGro and ST Engineering.

As such, if I were to continue to remain in DBS Multiplier account, the interest amount i will be receiving for the month of Aug 2020 will be less than $1.

Thus, I made a switch from DBS Multiplier to POSB Cashback Bonus account on 8 Aug 2020 in order to maintain similar interest amount i had been receiving via DBS Multiplier.

The categories are similar in both DBS Multiplier and POSB Cashback Bonus account thou.

The main diff is DBS Multiplier award your interest rate based on your Transactions amount + Multiplier account balance vs POSB Cashback Bonus just based on your Transactions amount.
DBS Multiplier

POSB Cashback Bonus

Why POSB Cashback Bonus account instead of DBS Multiplier?
POSB Cashback Bonus account will be good for those like me who are low in saving currently.

Can I join both POSB Cashback Bonus and DBS Multiplier program?
Nope. You can only join 1 program.

How do i make a switch from DBS Multiplier to POSB Cashback Bonus and vice versa?
Log in to your ibanking account -> Request -> More Request -> Switch Bank & Earn Programme
The switch is instant.

More questions?
Refer to POSB Cashback Bonus FAQ

Oct Update: Decision was right to make the switch (Link) based on bonus statement received for Aug & Sep

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