Tag: deposit

Interest Rate Series (DBS Multiplier) [2.5 out of 5 Burger Patties]

On By RistrettzIn Interest Rate Series, Interest Rates, Personal Finance Series, RandomLeave a comment

As on 4 November 2022

On 4 November 2022, 3 working days after OCBC rolled out their new interest rate on their flagship 360 accounts, DBS followed up with an email that the DBS Multiplier has increased from 3.5% to 4.1%. The balance cap amount is also increased to S$100,000

The Multiplier account has always been proportioned by the transaction amount.

below S$2,000

S$2,000 to below S$2,500

S$2,500 to below S$5,000

S$5,000 to below S$15,000

S$15,000 to below S$30,000

Above S$30,000

The next layer of categories to fulfil will be the number of categories. They are known to be:

1. Salary/Dividends/SGFinDex

The Salary portion has to be a GIRO transaction with code “SAL” or “PAY”, which seems pretty strict given that there are increasing numbers of the next generation in the ‘gig economy’

For dividend crediting, these eligible dividend has to be from CDP, DBS Vickers Securities, DBS Online Equity Trading, DBS Unit Trusts, DBS Online Funds Investing and Invest-Saver (Promotion their own eco-system)

Connecting and sharing financial information from SGFinDex to NAV Planner (I would think one needs to do this on a monthly basis

2. Credit Card Spend

For the monthly card spend, it has to be on any DBS credit card and has to be eligible spending. Eligible will be the usual suspects and it will be very much dependent on the MCC codes.

3. Home Loan Installment

Home Loan financing has to be from DBS or POSB (New or Refinancing). The eligible amount will be from the monthly home loan instalment amount.

4. Insurance

Similar to my previous post on insurance and investment in these high-yield accounts. These are usually valid for a limited period and interest rates are always subject to changes. Further, only selected insurance are eligible.

5. Investment

Nothing much to comment on here. This section will be pretty hard for most people to fulfil.

Additional option: The PayLah! Retail Spend. Honestly, don’t seem like a good deal to me.

The ideal interest rate will be between 0.9% to 2,5%. Frankly, nothing much has changed though and I don’t think it is even worth announcing via their communication channels. I feel like there wasn’t even much thought placed into it. I just felt like it isn’t any effort to compete with these changes. With the most recent 0.75 bps increase by the US Feds, this is not anything competitive and not quite worth looking into for now.

For more information, check the link here: DBS Multiplier Calculator

Conclusion

Nothing worth looking at for now. Till next time.

All about Tiger Brokers

On By RistrettzIn Alternative Investments, Deals, Personal Finance SeriesLeave a comment

I may have been a latecomer in the free stock game here but there’s always a opportunity or rather opportunity cost. Regardless of the time and period, if there’s something to gain or benefit from recommending certain products. I don’t see why we can’t do that. There have been a recent trend in growing a trading platform of late and in doing so, offering too good to refuse perks such as free “1” shares of popular and big capitalisation US equity companies.

Before I begin, I need to say that I’m working with Tiger Brokers on this sponsored content. Personally, I have used them and cost wise, it has been one of the more effective trading apps I’ve used as compared to traditional brokerage.

Tiger Brokers Perks

Tiger has a professional trading platform with easy-to-navigate design, quick online account opening, and funding. Tiger support trading global markets that include US, HK, Singapore stocks, and more. Tiger is offering every client benefit below when you do an initial funding of 2000SGD or estimate 1550USD:

1. Registration: 500 Tiger Coins
2. Account Opening:
Stock: 60 commission-free trades within 180 days for stocks of U.S., H.K., Singapore & Australia
Future: 5 commission-free trades for Futures within 30 days
3. First Deposit ≥ SGD 2,000：
Stock: 1 free Apple (NASDAQ: AAPL) share

I just want to qualify for you to take note that you can’t send in a test transfer like initial $1 and the balance $1999 on the second transfer.

Due to some system related constraints, these are the issues that came up. I know that end of the day, what’s the difference as long as it makes up the whole sum. I have feedbacked to them and we shall see what they say.

In Summary, you have to complete an initial transfer of the full amount to the Tiger Broker Designated account that was opened in your name to be eligible for the promotion and free stock.

Read the updated Terms and Conditions here: https://www.tigerbrokers.com.sg/welcomerulesg?lang=en_US&contentId=153

Updated to be correct until 30 September 2021.

To apply directly, click here to use my link: Tiger Broker Account Opening Link

Thank you all in advance. I may give you a little extra if you use my link to sign up. Just drop me a private note once you have done so and funded the account.

Disclaimer

This is not a sponsored post. This is purely my own opinion after using their service and/or products. If you like what you are seeing, do remember to check they out and do your diligence. There is no one size fits all investment strategy. Just take note to use this code to get your Tiger Perks – “WELCOME321“

Now, if what I am sharing does resonates with you, do use my referral codes here at Referral and Recommendations

If you like what I am sharing or if it resonates with you, do use my referral codes for other services at https://atomic-temporary-178675883.wpcomstaging.com/contact/

The pictures were taken from Tiger Brokers website for this article.

Singlife Reopens with new Marketing Strategy

On By RistrettzIn Alternative Income, Interest Rates, New IdeasLeave a comment

I like how Singlife uses the community to spread information. It is definitely a cheap way to spend money. It gives me content to publish while it provides Singlife with multiple arms to disseminate information. However, there isn’t any referral scheme with this re-open. Instead, I guess that to stay sustainable, they have to reduce the interest rates for the first S$10k.

I received the email from their Marketing Communications team and it reads:

The Central Banks continue to keep interest rates low, Singlife has introduced a new way to be rewarded for spending and investing, earning up to 2.0% p.a. return on the first S$10,000 through the following campaigns:

  • The Save, Spend, Earn Campaign and,

  • The Grow 0.5% p.a. Bonus Return Campaign.

The catch here is up to 2.0% p.a. return. Beginning 1 July 2021, the Singlife Account will offer up to 2.0% p.a. return on the first S$10,000. The base crediting rates will be revised to 1.0% p.a. on the first S$10,000 and 0.5% p.a. return on the next S$90,000, customers will still have the opportunity to enjoy up to 1.0% p.a. bonus return.

So, sustainability of the business is a way forward. I’ll say that the interest rate has been semi-nerfed for valid reasons. On top of that, you can still gain 0.5% more by spending and another 0.5% if you invest with GROW. Personally, I wouldn’t put money with GROW but I will spend to make the interest up to 1.5% for the first S$10k.

Disclaimer

This is not a sponsored post. This is purely my own opinion. If you like what you are seeing, do remember to check they out and do your diligence. There is no one size fits all investment strategy.

If you like what I am sharing or if it resonates with you, do use my referral codes here at Referral and Recommendations

In this article, the pictures were taken from websites for illustration only. Stay Safe!