Trust Bank Singapore, New Digital Bank Freebies!

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Have you applied for your Savings Account or Credit Card with Trust Bank Singapore, Singapore's digital bank backed by a unique partnership between Standard Chartered Bank, and FairPrice Group? REFERRAL CODE: BZACYE0F ( it is a number zero, not letter ) Get $35 worth of free Fairprice vouchers and other freebies by just Downloading the Trust App and Open a Savings Account online with the App, simple/easy within 10mins!: Get free $10 Fairprice E-voucher (no minimum spend at stores/online) by entering this code ( BZACYE0F ) when apply for the Savings Account. Get free 1kg Fairprice Rice voucher Get free Kopitiam Breakfast Toast Set voucher Charge one transaction to your debit card to get free Fairprice $25 voucher (no minimum spend, at stores/online). Hack: Do a funds transfer of $1 or $10 from your own bank to Trustbank savings account. Then Just add your debit card number to Grab App, authenticate with $1 charge/refunded to your saving
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DBS Multiplier Major Change (Feb 1 2020) - The Good, The Bad, The Ugly


A quick overview of the major changes to the DBS Multiplier Account terms and conditions effective Feb 1 2020 (Just announced at DBS website today):

The GOOD

If u dun qualify for salary credit in the past, u can now qualify with dividend credit from CDP.

A new “category” called INCOME is created. This comprises either (1) salary credit or (2) dividend credit from CDP (see note A below). This INCOME “category” replaces the current salary credit “category”.

So those without salary credit can now qualify for multiplier bonus interest with dividend credit from CDP (see note A below).

Those who have built SSB ladder to generate mthly dividend credit fall under this “category”. DBS listens to your feedback! Your difficulty in meeting the salary credit requirements, mostly not within your control, have been resolved. Many companies might switch from giro to more cost efficient payment or transfer methods in the future, so this is a positive action by DBS.

So in future, u can move your salary credit to other banks, to their high interest savings account where salary credit is a requirement.

Those without salary credit should start to build the SSB Ladder!

The BAD

U will need at least INCOME + 2 more categories to earn Multiplier bonus interest on first 50k!

If u only have INCOME + 1 more category, only the first 25k will earn bonus interest.

The best and easiest category will be Investment Category by starting RSP or DBS/POSB Invest Saver so your first 50k can qualify for bonus interest (assuming u meet INCOME + Credit Card category).


The UGLY

Dividend credit from CDP (see note A below) no longer qualify as Investment Category!

As dividend credit from CDP (see note A below) will be combined under INCOME “category”, it no longer qualify as a separate category under Investment.

As I suspected or expected, DBS took action on this because so many people brag so much of this “loophole” they discovered, something DBS did not foresee, which “cost” them potential loss of income.

The SSB ladder u built to generate monthly dividend credits from CDP had been removed and transferred to the INCOME category. A logical and still positive move for some and most customers.

So those who rely on the SSB ladder (see note A below) to meet the investment category will have to seek alternative solutions. 

To me, the best and easiest solution to meet this category in Feb 1 2020 is to start RSP or DBS/POSB Invest-Saver! 

I already foresee this move coming, already got my RSP in place since May 2019!

Good Luck!

 Revised Multiplier Interest Rate Table as I see it:

Note A (created on Jan 9 2020 after receiving official email from DBS on Jan 8 2020 evening)

 Seems that there is an additional change not mentioned in DBS revised tnc on Jan 1 2020, see blue bold text below:

 Income =
  1. Salary Credit: Must be credited via GIRO, with transaction reference codes 'SAL' or 'PAY' and/or
  2. Dividends: Must be credited via GIRO, from Central Depository Pte Ltd (CDP) and/or DBS Multi-Currency Settlement Account (MCSA)

 If u cannot visualise the change from the table, below is a summary:
Effective Feb 1 2020

Income + 1 cat is 25k cap
Income + 2 cat is $50k cap
Income + 3 cat is $50k +50k cap

Income =

1. Salary Credit: Must be credited via GIRO, with transaction reference codes 'SAL' or 'PAY' and/or

2. Dividends: Must be credited via GIRO, from Central Depository Pte Ltd (CDP) and/or DBS Multi-Currency Settlement Account (MCSA)


Part 2: The Solution!


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