If you’re undecided between DBS Multiplier vs UOB One, here’s the best guide just for you
The DBS multiplier and UOB One are two of the best savings accounts available in Singapore. You can quickly use either of these two savings accounts without any hassles. However, account holders who want to maximize both banks will want to know about the intricate details guiding both savings accounts.
DBS Multiplier savings accounts are popular among savers because of their high-interest rates. However, DBS Multiplier requires minimum income. UOB savings do not require minimum incomes but need savers to reach a minimum spending requirement to earn average and bonus interest rates.
Below is an in-depth review and comparison between the two high-quality savings accounts.
DBS Multiplier Account Savings Account
DBS Multiplier has no required minimum initial deposit to enjoy its features. Plus, eligible minimum spend that goes beyond S $2,000 are eligible for high savings account interest rate increases. These include credit card spending, home loan installments, insurance payments, and investments.
In addition, you can get bonus interest by using your DBS account with Paylah to gain higher interest rates. Paylah users below 29 years old can take advantage of higher interest rates too. You can learn more about these added rates below.
- Base and Maximum Interest Rates: 0.5-3.8%
- Bonus Rates
| Total eligible transactions per month | Bonus interest with the DBS Multiplier account | ||
| First $50,000 | Next $50,000 | ||
| Income + 1 category (capped at $25,000) | Income + 2 categories (capped at $50,000) | Income credit + 3 categories | |
| <$2,000 | 0.05% | 0.05% | 0.05% |
| ≥$2,000 to <$2,500 | 0.4% | 0.6% | 1.2% |
| ≥$2,500 to <$5,000 | 0.4% | 0.7% | 1.4% |
| ≥$5,000 to <$15,000 | 0.5% | 0.8% | 1.6% |
| ≥$15,000 to <$30,000 | 0.5% | 1% | 1.7% |
| ≥$30,000 | 0.6% | 2% | 3% |
- Paylah Bonus Interest Rates
| Total transactions per month | Up to first $10,000 in DBS Multiplier Account | |
| Income + PayLah | PayLah only (up to age 29) | |
| >$0 to <$500 | 0.05% | 0.3% |
| ≥$500 | 0.4% | |
- Minimum Initial Deposit: S $0
- Convenience
- Account holders can access their savings and overall account condition using DBS’ Digibank online or mobile application.
- You can save in 12 foreign currencies aside from the Singaporean dollar. Currencies you can save in are the following:
- AUD
- CAD
- CNH
- EUR
- HKD
- JPY
- NOK
- NZD
- GBP
- THD
- USD
- Same-day transfers worldwide with zero fees
- Zero forex fees when you pay with foreign currencies
Savings Account Features
- Required Salary Credit: None
- Minimum Credit Deposit: None
- Minimum Average Monthly Balance: S $3,000
- Fall-Below Fee: S $5. However, the bank waives this fee for account holders aged below 29 years old.
- Monthly Fee: S $5
How to Apply
Here are DBS’s requirements for soon-to-be account holders who wish to open DBS Multiplier bank accounts.
Eligibility
- 18 years old and above
- Open to Singaporeans, PRs, and foreign workers
Required Documents
- Billing Statements (for address verification)
- NRIC number
- Passport/S-Pass/Working Pass (for foreigners)
- Tenancy Agreement (for foreigners)
- Latest Payslip (for foreigners)
- Letter of Employment (for foreigners)
- SG WorkPass App screenshot
UOB One Account
UOB One account’s main appeal is its zero income requirement and spending-oriented approach in increasing your interest rates. Thus, you get higher savings interest with higher credit card spending. However, UOB One Account requires you to work for your interest. This makes DBS’s Multiplier account base interest rate appealing for most prospective account holders.
Account holders who spend big will love UOB One’s huge offers. Therefore, you can maximize this spend-oriented savings bank account with your UOB credit card and other spending. Learn more about it below.
- Base and Maximum Interest Rates: 0.5-2.5%
- Bonus Rates
| Account balance | Credit card spend | Credit card spend + salary credit OR bill payments |
| First $15,000 | 0.25% p.a. | 0.5% p.a. |
| $15,001 to $30,000 | 0.25% p.a. | 0.55% p.a. |
| $30,001 to $45,000 | 0.25% p.a. | 0.65% p.a. |
| $45,001 to $60,000 | 0.25% p.a. | 0.8% p.a. |
| $60,001 to $75,000 | 0.25% p.a. | 2.5% p.a. |
| Above $75,000 | 0.05% p.a. | 0.05% p.a. |
- Minimum Initial Deposit: S $1,000
- Convenience
- Mighty FX link available for foreign exchange spending
- Eligible for UOB Joint Account integrations
- All transaction histories remain in your app for 5 years
- Great bonuses for first-time UOB customers.
Savings Account Features
- Required Salary Credit: S $2,000
- Minimum Credit Deposit: None
- Minimum Average Monthly Balance: S $1,000
- Fall-Below Fee: S $5
- Monthly Fee: None
How to Apply
Eligibility
- 18 years old and above
- Open to Singaporeans, PRs, and foreign workers
Required Documents
- Billing Statements (for address verification)
- NRIC number
- Passport/S-Pass/Working Pass (for foreigners)
- Tenancy Agreement (for foreigners)
- Latest Payslip (for foreigners)
- Letter of Employment (for foreigners)
- SG WorkPass App screenshot
DBS Multiplier vs UOB One: A Handy Comparison Table
Readers in a rush but want to know about DBS Multiplier’s interest rate or how to earn bonus interest in either savings account can use this handy table for all their needs.
| DBS Multiplier | UOB One | |
| Base-Maximum Interest | 0.5-3.8% | 0.5-2.5% |
| Bonus Interest | See Table | See Table |
| Minimum Initial Deposit | $ $0 | S $500 |
| Required Salary Credit | None | S $2,000 (to gain interest) |
| Minimum Credit Deposit | None | None |
| Minimum Average Monthly Balance | S $3,000 | S $1,000 |
| Fall Below Fee | S $5 (Waived for savers below 30 years old) | S $5 |
| Average Monthly Fee | S $5 | S $0 |
DBS Multiplier vs UOB One: The Winner
UOB One Bank Accounts
DBS’ Paylah integration makes it easy to gain interest by hitting the S $500 minimum requirement. Other savings accounts have higher minimum amounts.
UOB requires the same S $500 to gain interest. However, account holders who aren’t spending much for the month can still receive substantial APY with DBS multiplier.
UOB gives you good interest rates if you use GIRO to pay three of your registered bills. DBS might not have this feature, but your home loan, investment payments, and credit card spending are enough to give you higher interest rates.
In the end, UOB One wins because it doesn’t require account holders to have a minimum salary or dividend amount to earn bonus interest.
How Can You Find The Best Savings Account?
DBS Multiplier and UOB One aren’t the only savings accounts in Singapore. All of its banks provide you with competitive APY and ways to earn bonus interest. Therefore, you won’t have any losses working with any Singapore bank.
Customers who want to maximize their bank’s services will want to learn every single detail to make sure they used the best savings account. These include APYs that can combat possible future inflation and retain their bank account’s savings.
These four tips will effectively help you find a savings account with the right interest rates and meet your objectives. Plus, these points will help you maximize bonus interest rates and maintain your account balance, too.
1. Why Do You Need One?
A savings account works much better than your piggy bank. It has an APY that maintains your savings’ value during inflation or deflation. Therefore, the amount of your piggy bank and savings account has been the same in numeric value but vastly different in economic value.
You can maximize a savings account’s features with your objective to preserve your saving’s value after 5-10 years or even further. However, you won’t find high profits from a saving account with 0.50% APY or above. The stock market and investment banking are the two avenues that make viable APY earnings possible.
Therefore, keep in mind that:
- Savings accounts save your money and retain its economic value
- Cannot earn stock market and investment banking-level profits
- Can give you small profits after 5-10 years and onwards
2. Interest Rates
A savings account with high interest is a great deal. You get much higher profits with above-average APY. Therefore, using a high-interest savings account is always viable because you can get higher profits in the process.
Higher interest rates don’t mean instant higher profits. Some savings accounts have monthly fees and penalties for lower-than-minimum maintaining balances. Thus, account holders must research each financial product in depth before finalizing their purchasing decision.
The APY of savings accounts depends on the country’s current economic situation. A poor economic turn during the year can mean lower interest rates on savings accounts. The banks raise APYs when the economy recovers or does well. However, these increases may reflect slowly on existing savings accounts.
3. Balances and Deposits
Most banks will waive monthly deposits for customers who effectively maintain their existing balance. Most DBS Multiplier account holders enjoy this benefit because they have zero minimum monthly balance requirements.
Some banks may require customers to make regular deposits or purchases to have their monthly fees waived or increase their APYs. For example, UOB One owners get better rates than DBS Multiplier account holders with eligible spending.
Balances and deposits vary from each bank. Therefore, prospective account owners should read their bank’s terms completely to ensure they’re knowledgeable about these details plus their interest rates.
4. Monthly Fees
All banks will waive your monthly fees if you maintain your balance or regularly achieve its required actions. Other savings accounts may have other requirements to waive monthly fees. Always read your terms and conditions completely to learn these details effectively, as we’ve mentioned above.
Savings Accounts vs. Certificates of Deposits (CDs)
Certificates of Deposits (CDs) are bank-guaranteed returns with a fixed income amount and interest rate. Their interest rates will always beat savings by a huge mile. However, CDs don’t give you immediate access to cash like savings accounts do.
CDs have higher interest rates because the banks will take your money and use them for banking and investing activities. Then, the bank gives back your money plus the added interest rates once it reaches its maturity rate. In addition, the bank must return the fixed income amount and interest rates despite their gains or losses in the pre-maturity period.
The only risk in using CDs is the bank will keep your money and make it inaccessible for a year or more, depending on your investment’s maturity rate.
We highly recommend going for savings if the following are true for you:
- Immediate cash access
- Inflation-fighting APY
- Conservation rather than a profit-oriented approach
We recommend CDs if these are true for your situation:
- Take advantage of higher interest rates
- Won’t take out your cash within the next few weeks or months
- Want a low-risk investment
Savings Accounts vs. Investment Accounts
Saving money is the ultimate goal of bank accounts. Investment accounts have the goal of maximizing possible APY through a long-term investment strategy, short-term investment strategy, or a combination of long and short-term investment strategies.
Investment accounts have a minimum balance requirement like savings accounts. You can purchase company stocks, bonds, and other investment products through their platform.
An investment account owner has full control of their possible yearly APY and exposes themselves to higher risk. Therefore, investors must always have a higher risk appetite than savers.
Which Bank Has The Highest Savings Interest Rate in Singapore?
Here are five more banks with high interest rates in Singapore. You can use this table as a reference for your future savings needs.
| Savings account | Interest Rates |
| OCBC 360 | 0.35% to 0.45% (w.e.f. Feb 2021) |
| Maybank Save Up | 0.48% to 2.93% |
| SCB Bonus Saver | 0.48% to 1.08% |
| BOC Smart Saver | 0.7% to 1.4% |
| HSBC eFlexi Account | 0.81% |
What’s a Bonus Interest?
Account owners can get bonuses by performing specific actions with rewards. For example, UOB One accounts have a minimum spend that provides higher interest rates to account holders who surpass them.
Other savings accounts might reward account holders with higher interest rates through credit card usage with partner merchants or taking out insurance from a partner company.
We highly recommend an in-depth review of your account’s possible bonus triggers for higher interest rates or special rewards.
Can You Earn From Savings Accounts?
Earning from savings accounts is a common misconception that we attribute to common bank advertising. Most banks advertise their high interest rate that makes customers believe they can earn high profits by using the product.
Unfortunately, account APYs aren’t high enough to provide major account holders any profit. Banks will not invest this money. Instead, they link it to the local government’s interest rate adjustments and interbank borrowing rate. Economic improvements are a good sign that savings APYs are likely to rise in the near future.
Savers who want to increase their savings must study investment banking and stock market investing. Savings are conservative assets because they have virtually zero exposure to any market value. On the other hand, investment accounts expose your savings to assets that economic activities greatly affect.
Can I Lose Money in a Savings Account?
Customers can possibly lose money in their accounts during economic downturns. Singapore banks and the government will reduce interest rates to encourage high-risk investment activity. Thus, your account and the bank cannot guarantee it will preserve your cash’s pre-inflation or deflation value.
In this situation, Certificate of Deposits is the best product for conservative investors because of their fixed-rate and maturity date amount. Government bonds are excellent assets that can preserve your money’s pre-inflation value, too.
However, keep in mind that both CDs and bonds have their respective terms and fees. Careless investors can lose money due to a lack of asset due diligence.
How Can I Waive Monthly Fees From My Savings Account?
DBS and UOB account holders can waive their monthly fees by depositing and maintaining a certain balance threshold the two banks determine for each financial product. For example, DBS requires Multiplier account holders to maintain S $3,000 to waive their monthly fees and avoid the S $5 below-balance fee.
UOB and other banks may ask their account holders to deposit and hold a different amount. Therefore, we highly recommend that you consult your bank’s terms and fees table to find their monthly fee waiving conditions.
Is My Savings Better In Investment Banking Than Savings Bank Accounts?
Continuous and resilient economic growth guarantees the stock market’s recovery all the time. Thus, many Singaporeans consider investment banking as better than savings bank accounts. However, brokers require a minimum balance like savings bank accounts. Therefore, wise reallocation and huge capital are essential in investment banking.
Savings bank accounts are excellent stepping stones towards investment banking because they can preserve your savings’ value during economic downturns. In addition, economic failure is a great time to take out your cash and invest in the stock market.
Is APYs Critical for Savings Account?
Yes, annual percentage yields are critical for savings accounts because they determine your savings’ value after inflation. Singapore banks have varying APYs that they link to the government’s interest guidelines. Therefore, higher APYs are a certain loss amount that banks are willing to face to receive a higher customer population.
High APYs do not guarantee you’ll gain profit. A S $10,000 deposit on a 0.50% APY savings will provide you S $10,050 by the end of the year. Thus, you’ll have profited S $1,500 by 30 years.
On the other hand, an investment account whose assets fluctuate between 0.50%-3.00% APY can give you S $1,500 – S $9,000 after 30 years for depositing S $10,000.
Can I Invest Using a Savings Account?
DBS Multiplier and UOB One link to their bank’s foreign exchange services. Forex is a great investment venture in itself. Here’s a great starter guide if you’re interested.
Alternatively, you can conveniently withdraw your savings and reinvest them in the stock market or to any of your bank’s investment products. A savings bank account gives you full liquidity to reinvest the cash anytime.
A Quick Recap
DBS Multiplier gives you the following:
- Paylah interest bonuses
- Interest bonuses for a credit card, mortgage, insurance spending, and more
- Requires a S $3,000 deposit to waive its monthly S $5 fees
- Has 0.5-3.8% APY
UOB One gives you the following:
- Credit card and salary credit interest bonuses
- Zero minimum salary and dividend amount requirements
- S $500 maintaining balance
- 0.5-2.5% APY
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