Converting to DBS multiplier account
I used to be on the DBS cashback program. I already had salary crediting and a housing loan with the bank. With a token spending on the card, I had met the minimum 3 category criteria to receive about $45 worth or cashback per month. The rest of my funds were parked at either Maybank iSAVvy or StandChart e$aver, both which offers higher interest on fresh funds deposits. Rotating funds between the two accounts once every 2 months kept the "fresh" status. However, interest rates have fell significantly this year. Last checked, the 1-month SIBOR is only at 0.5%. Correspondingly, deposits at the accounts are returning only 1.3% for iSAVvy and 1.1% for the e$avers for amounts of $50k - 200k. For the DBS Multiplier, the interest rates gets a 0.2% boost when one more category is added. It's easy to add the investment category by setting up a RSP (Regular Savings Plan) to purchase the Nikko AM STI ETF monthly. Minimum amount is $100 only. Sales charge is 0.82%, meaning that about...