Trust Bank Singapore, New Digital Bank Freebies!

Image
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
Post a Comment

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!


Comments

Post a Comment

Popular posts from this blog

CPF@55 Policy Designed to Make the Rich Richer!

CPF@55  Policy Designed to Make the Rich Richer! Do you know that  CPF@55  policy can help you get richer with a bigger SA (Special Account Balance) after 55? Yes, provided your are rich with a big OA (Ordinary Account Balance) and SA which exceeds the FRS (Full Retirement Sum).  Assuming you have $240k (SA), $160k (OA) and FRS is $200k, this is how you can become richer after 55: 1.  2 weeks before your 55th birthday, buy a stable Unit Trust Bond Fund with $200k SA under CPFIS/SA investment scheme (minimum $40k SA must be maintained) 2.  On your 55th birthday, CPFB will transfer $40k (SA) and $160k (OA) to your RA (Retirement Account) to form $200k FRS. 3.  Next day, sell your CPFIS/SA investment of $200k, this will be returned to your SA. 4.  You now have $200k (SA) and $0 (OA) after RA is created! What happens on your 55th birthday if you did not do the hack (ie. step 1&3) above?  CPFB will transfer $200k (SA) to RA.  So after 55, you will have $40k (SA) a
Read more

NTUC Fairprice Shares pays 5% dividend!

Yesterday I received the NTUC Fairprice Co-operative's dividend and rebate statement for financial year ended March 31, 2008. I was surprised to receive so much money for this investment! I was holding more shares than I thought. I received 5% dividend and 4% in rebate, which had already been credited to my bank account on September 5, 2008. Too bad, that's the maximum each member can hold. Another very good Capital Protected Dividend Stock to own! Ntuc Income Share Pays 9% Dividend for 2009, credited June 3 2010
Read more

EWI's End of Mania Era Report Free!

FREE DOWNLOAD: Like Dracula rising from his coffin after being consumed by fire, this Great Asset Mania has come back from the dead again and again. You've bared witness to the frightening monster. Its fangs drip with unsustainable government spending, overvalued stocks and fear of a so-called double dip recession. But does it have what it takes to rise once more? Or has it finally received a fatal stake in the heart? Download this FREE special report to find out . Or continue reading for details. It's true that many investors, analysts and certainly the mainstream press have been baffled by the past three years of market volatility and economic chaos. But when you read in the headlines that, "No one saw it coming," please know, dear reader, that the statement is false. A small group of analysts did see it coming, did warn their readers about it, and still do sound the alarms when necessary. But you'd be hard-pressed to hear about them from the mainstream f
Read more