Why I signed up for the DBS Multiplier Account

I recently signed up for the DBS multiplier account because of the higher interest rates that were offered compared to a normal savings account.

The process of opening the account was fuss free as everything was done online through internet banking.

Basically, the account offers a higher interest rate depending on the cashflow of that account. The cashflow is limited to a few items (e.g. salary), and various tiers of higher interest is offered if the cashflow exceeds different levels.

Considering that I had spare cash in another account, it made sense to just open the account and earn a higher interest rate for the time being. Besides, the interest is paid monthly!