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 Changes (Feb 1 2020) – Solution



If you can spot the suggested solution already detailed in my prior article here this morning, then all the upcoming changes on Feb 1 2020 will not affect you. Yes, all these changes will be transparent to you if you implement this solution before 15 Feb 2020.


What is the suggested solution again?

Simply start a Regular Savings Plan (RSP) of $100 per month before Feb 15 2020 to qualify for the Investment Category from Feb 2020 onwards, valid for 12 months.


What is RSP?



I provide a summary below:

  1. Objective of RSP: The primary purpose/objective of this RSP is just to help you earn bonus interest on the Multiplier Account. It is not meant to be an investment of monies for long term gain.
  2. You can either invest in ETFs or Unit Trusts. Read the link above for the 4 ETFs and the list of Unit Trusts eligible for RSP.
  3. Because my objective is just to earn interest, I will have to choose a fund which is stable, not subject to much market volatility/uncertainties, to minimise the risk of potential capital loss. One such type of fund is Fixed Income Unit Trust, my preference.
  4. DBS charges a small fee whenever you invest $100 per month, less than $1 for Unit Trust RSP. So if the additional multiplier interest you can earn is much more than $1 per, it covers the cost of this investment.
  5. The RSP is only “valid” for 12 months, ie it will only help you earn bonus interest for 12 mths. To continue to earn bonus interest for the next 12 months, you have to start a new RSP on a different fund (say B), ie different from the first RSP (say A). If you want to buy the same fund (say A) for the next RSP, you have to terminate the old RSP ( A) at least 6 months before and must fully redeem/sell the units.
  6. You must start the RSP before the 15th of the month to qualify for bonus interest for the current month onwards. DBS will then deduct $100 per month on the 15th (next business day if 15th is non-business day). $100 will be posted to your investment account 3 business days later. It will be updated in the Bank and Earn Summary (BNE) another 3 business days later. You should always check your BNE to confirm updates and the interest rate awarded.
If the benefit (additional Multiplier Interest) is not worth the effort/cost/risk of the RSP investment, then explore other high interest savings account with other banks which can give you higher interest with less/easier criteria to meet.

 Eg OCBC360 - How to Hack! (Boost Your OCBC360 Interest Rate to 3.55%pa from April 2019!)

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