DBS multiplier announced on new year about changes in the tiering for multiplier account.So there will be 25K tier ( income + 1 action); 50K tier (income +2 tier); 100K (income +3 actions) instead of the previous 2 categories. So this triggered me to review my realistic achievable interest earned.
Reviewing DBS Multiplier acct
While i comfortably still fit inside the 50K tier, i realised that realistically i was hitting 2.3% and the occasional 3.5%... as i have reduced trading activities significantly. This translated to around 90+ bucks as i was not very active to quickly “TOP-up” the shortfall.
OCBC re-looked
That day i was sharing with my GF about the furore in the “burrow” fb group community, and she told me that she was using OCBC 360, and it triggered me that heartlandboy did some post about moving back sometime back (here).
I probed further, and based on my current spending, would say i could hit mostly 2.55% (except maybe for 1 month every yr, where i “clear”) the account up. nd based on $70,000, this meant that i would be earning $148.75 a month, this was would be like 50% more than my current interest ( or $685 difference), basically handphone bills for both my parents!
Interestingly, i did not close my OCBC360 account earlier, and i could just apply for a credit card online and get immediate approval using the MyInfo linkage with Singpass. So just need to change my salary crediting account with my HR ( which can be done totally electronically).
Moral of this incident
Periodically, it is worth it to review our financial plans, checking it against the initial purpose/ objective; exploring other opportunities out there.
This time round it was fruitful!
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