DBS Multiplier Account Bigger at $100k @3.65%

DBS Multiplier Account Bigger at $100k @3.65%

Wow, my FRIEND was faster than me in securing DBS Multiplier Account with $100k @ 3.65%! FRIEND agreed to this interview writeup for sharing with my fans.

Q1. How FRIEND managed to “HACK” so fast?

A1. Have spare cash, deciding between topup to CPF or add to DBS Multiplier Account. But you said CPF SA Hack is now at “risk” should the “auditors/authorities” investigate and take action. So decided to explore DBS Multiplier Account “Hack” instead.

Now FRIEND earning 3.5% on $50k DBS Multiplier with salary+ 2 more categories, with DBS “Hack” using POSB joint savings account. So just need one more category to earn 3.65% on $100k. Was exploring the suggested “SSB Ladder” vs RSP Unit Trust.

Q2 So not choose “SSB Ladder'?

A2 “SSB Ladder” need to wait 6 mths later, then CDP dividend received qualifies. I like “SSB Ladder” as it is just another way of saving money with guaranteed interest, no risk if hold till maturity. But need $500 per mth x 6 = $3000 locked in for 10 years, unless DBS Multiplier say goodbye. Though the cost to buy SSB is low and I will receive back capital plus interest, besides semi-annual interest from CDP for the next 10 years, longer than DBS Multiplier can survive?

Q3 So why choose RSP Unit Trust?

A3. It is immediate, if RSP purchase occur before 15^th of the mth. DBS Multiplier 100k will earn 3.65% from May 2, 2019. Now there is RSP Unit Trust promo: “Get cashback into your PayLah! mobile wallet when you set up a Regular Savings Plan (RSP) online from 1 April to 30 June 2019” Each eligible Customer is entitled to a full rebate of sales charge for all Unit Trust transactions done via Internet Banking during the Promotional Period, capped at S$125 cashback per RSP per quarter.

FRIEND chose a more stable Unit Trust to minimise risk of potential loss due to price downward fluctuation. Will monitor the performance to make sure the loss will not exceed the interest to be earned from DBS Multiplier, haha. Can be easily terminated should it going occur.

Q4. Why not consider Insurance?

A1. FRIEND already bought one 3 mths ago, another 9 mths to run. Hope DBS Multiplier interest of 3.65% pa can help “boost” the returns from the insurance plan.

When the insurance “expire” for DBS Multiplier bonus interest, maybe explore Term Insurance. But dun like the idea as it is additional cost, eating into the interest income earned from DBS Multiplier. A cheap term insurance, eg mortgage insurance someone claim he bought at $205 per year and qualifies for DBS Multiplier might be doable. U earn additional $1825 (3.65% on 50k) to pay for $205, u still earn net interest of 3.24%, why not?

Q5. So are your planning to use the CPF SA Hack?

If the authorities take action, it is bye bye liao! But will explore other CPF Hacks if you share with me?

Ok, thanks, now I know how to “hack” DBS Multiplier Account to boost interest to 3.65% on $100k immediately starting May 2, 2019!

If cannot hack, then explore OCBC360 hack lor!