Back in Aug 2017, I wrote about my wife registering for the DBS BYOB Promotion and opening the SAYE Account. One of the benefits I mentioned was that she will receive a S$88 cash gift for having registered by 30 September 2017. This has now been credited into her DBS bank account. The 2% pa bonus interest on her monthly savings of S$3,000 in the SAYE Account has also been credited into her PayLah account.
It’s about time. My wife had to call DBS in September 2017 and check whether the qualifying conditions have been met. Before waiting for another 2 months to finally see the cash gift and bonus interest. Let’s not forget about the other 2% pa bonus interest that is coming one year later. Another reminder of why I continue to have a problem with DBS.
It’s like a feeling of finally getting a reward for putting in all that effort to jump through those hoops and hurdles. More relief than satisfaction of knowing that it didn’t go to waste. DBS should really work on simplifying the requirements and rewarding its customers earlier. Not make them wait anxiously to see if they qualified.
I wonder whether it’s because my wife and I work in banks that result in us being so harsh on them. It might be because we are more exposed to their what they believe to be “customer-centric” but in reality turns out to be “profit-maximising” business practices. Banks are always going to ensure they extract more benefits out from you compared to what they give you in return.
Which is why the best way to protect consumer rights and interests is for you to understand how to work the system. Move your cash funds and investments around where possible to get a better outcome. Creating competition and hurting the banks’ profits is what ensures you get the best deal as a consumer. Otherwise, you will just end up being a number.
Anyway, I have started seeing online reviews of the new DBS Multiplier Account. It does seem to have improve from the previous version. On the landing page at the top, I can see it says No Minimum Salary Credit and No Minimum Credit Card Spend. Then when you get to the interest rate table at the bottom, you work out the total eligible transactions per month has to be above S$2,000 before you qualify for the higher interest rates.
Which suggests realistically there still has to be some sort of minimum transaction level for each category that you qualify to get the higher interest rates. The worst part about this is I actually think it is a better product than the OCBC 360 Account. You just have to get to that conclusion on your own after going through all the terms and conditions to make sure you don’t get caught out by something. Again, a late reward for doing the tricks. Let’s see how this one works out.
Hi, was wonder if you could share the bonus interest credited for the 1st month . I have received $0.64 of interest for the 1st month for a monthly savings of 3k which is way lower than the $5 interest calculated base on the formula 2%*3000*31/365.
Hey, my wife received about S$5 of bonus interest in her DBS PayLah account. It’s separate from the normal interest she is receiving in her DBS SAYE account. This is based on monthly savings of S$3,000 since Aug 2017 so I’m not sure which months the S$5 of bonus interest is meant to cover. Another problem I have with DBS.
Have checked with the bank and they said interest for the month will be credited into paylah 60 days aft the end of that mth.
That’s useful to know there is a 2 month delay in the crediting of the bonus interest. Thanks!
i see. I only have an Saye account and my 1st deduction is on 1 Oct.Guess ill have to wait till Dec to see if the interest for the 1st month is credited if the 60 day period applies. Thanks for the info.
Oh, doesn’t this portion of the bonus interest needs to be credited into a PayLah account? Or it goes into the SAYE account in the absence of a PayLah account? No worries and let me know how it goes. Interested to find out too!