Rates Up: DBS Multiplier and UOB One Increase Rates

Interest rates have been rising for a while now and banks have finally responded accordingly: DBS and UOB have both announced increases to the rates of their flagship banking accounts. Thanks to Oxygen and V for sharing.

DBS Multiplier

It’s been sometime since I talked about DBS Multiplier, and the account gives rates according to the number of categories you fulfil.

Each month, you have to either:

  • credit your salary with DBS;
  • credit your dividends with DBS; or
  • link SGFinDex and request for information retrieval monthly.

On top of this, you have to qualify for at least 1 category:

  • Credit Card Spend
  • Home Loan Instalment
  • Insurance
  • Investments

DBS is proclaiming a rate of 3.5% p.a, but that’s provided you fulfil 3 categories (do note that salary/dividends/SGFindex does not count as a category), make at least S$30,000 of eligible transactions, and it’s only for balances above your first $50,000.

Total eligible transactions per month1 category
First $25,000
2 categories
First $50,000
3 categories
Next $50,000
< S$2,0000.05% p.a.0.05% p.a.0.05% p.a.
≥ S$2,000 to
< S$2,500
0.90% p.a.1.20% p.a.2.00% p.a.
≥ S$2,500 to
< S$5,000
0.90% p.a.1.30% p.a.2.20% p.a.
≥ S$5,000 to
< S$15,000
1.00% p.a.1.40% p.a.2.40% p.a.
≥ S$15,000 to
< S$30,000
1.00% p.a.1.50% p.a.2.50% p.a.
≥ S$30,0001.10% p.a.2.50% p.a.3.50% p.a.

For instance, if you credit your take-home monthly salary of $8,000, make a card spend of $2,000, and have a monthly investment of $6,000, your eligible transaction would be $16,000 for that month. Your first $50,000 will earn 1.50% p.a. interest, and the next $50,000 will earn 2.50% p.a. Assuming you have $100,000, your interest rate for that month is effectively 2% p.a.

Someone who achieves $30,000 in eligible monthly transaction would get 2.50% p.a. on his first $50,000 balance, and 3.50% p.a. on the next $50,000. That’s 3% p.a. for a balance of $100,000.

There was discussion in the Telegram chat group about qualifying for the insurance component which should come in helpful for those looking to maximise their Multiplier returns.


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UOB One Account

UOB has also improved rates on UOB One Account, putting the rate of 3.00% p.a. on marketing materials.

Account Monthly Average Balance (MAB)Spend min. S$500 (calendar month) on eligible UOB Card

Total interest
Spend min. S$500 (calendar month) on eligible UOB Card AND make 3 GIRO debit transactionsSpend min. S$500 on eligible UOB Card AND credit your salary via GIRO

Total interest
First S$15,0000.25%0.50%0.50%
Next S$15,0000.25%0.55%0.55%
Next S$15,0000.25%0.65%0.65%
Next S$15,0000.25%0.80%0.80%
Next S$15,0000.25%2.50%2.50%
Next S$25,0000.05%0.05%3.00%
Above S$100,0000.05%0.05%0.05%

To achieve this rate, you need to spend $500 on an eligible card (notable ones include UOB One Card, UOB Lady’s Card, and UOB EVOL Card) and credit your salary via GIRO. The 3.00% rate is on the next $25,000 after your first $75,000, which means someone who has $100,000 will get a blended rate of 1.5% p.a.

A balance of $75,000 will get only 1% p.a. overall. I have used the full extent of my E-Maths tuition skills, checking the sums like a good O-Level student should, and 1% p.a. was indeed the rate for a $75,000 balance.


Some buffs are… buffier than others, it seems. DBS Multiplier is a pretty decent option now to place funds if you can achieve its multiple conditions. UOB One account, on the other hand, still gives relatively weak rates, though its conditions are a lot more fuss-free than that of DBS.

I expect OCBC and other competitors to catch up, so stay subscribed if you want to get more updates. Also, I intend to make the Savings page a lot more happening in time, and you can now see quite a few options to set aside idle funds you may have.

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