Singapore Retail Banking · Explainer
High-Interest Multiplier Accounts: How They Work
What a “multiplier” account is
In Singapore, several banks offer high-interest savings or current accounts that multiply your base interest when you complete everyday banking activities with them. These activities can include crediting your salary, using a bank card, paying bills by GIRO, buying eligible insurance or investments, or increasing your average balance. The idea is simple: the more categories you fulfil in a month, the higher the effective interest rate (EIR) you can earn—up to each bank’s stated caps and terms.[DBS][OCBC 360][UOB One][SC Bonus$aver][Maybank SaveUp]
How banks calculate your returns
- Base + bonus interest: You always earn base interest. Bonus interest is layered on top when you meet one or more qualifying categories in that month. Base interest is typically credited monthly; bonus interest is credited either the same month or the following month, depending on the bank’s schedule.[DBS][UOB One][SC Bonus$aver]
- Balance caps: Bonus interest applies up to a cap on eligible balances (commonly the first S$100,000; some products allow more, e.g., up to S$150,000). Amounts above the cap usually earn only base interest.[DBS][OCBC 360][UOB One]
- EIR vs p.a. rates: Banks often show an effective interest rate that blends base and bonus across balance tiers. Use each bank’s calculator to see your personalised outcome for your balance and activity mix.[OCBC 360][UOB One]
Common qualifying categories (and what they mean)
- Salary / income credit: Credit regular income into your account. Many banks rely on a purpose code (e.g., “SAL” or “SALA”) or recognisable descriptions like “SALARY”/“PAYROLL”. Check your bank’s accepted methods (GIRO, PayNow, FAST) and the minimum monthly amount.[DBS][UOB One][SC Bonus$aver]
- Card spend: Spend a minimum amount on eligible bank cards in a calendar month. Some banks require spend on specific cards they issue.[OCBC 360][SC Bonus$aver]
- Bill payments by GIRO / eGIRO: Making a set number of GIRO debits (e.g., 3 per month) can be a qualifying route at some banks. eGIRO is the digital version that speeds up setup.[UOB One][ABS eGIRO]
- Insure / Invest: Purchasing eligible insurance or investments may unlock higher bonus interest for a stated period. Always review product details and risks before committing.[OCBC 360][SC Bonus$aver][Maybank SaveUp]
- Save / Grow: Some accounts reward increasing your average daily balance by a minimum amount or maintaining a higher average balance (ADB). Be aware that value dates can affect monthly ADB calculations, especially near month-end.[OCBC 360]
Popular multiplier-style accounts in Singapore (examples)
- DBS Multiplier Account: Earn higher rates when you credit income and transact in one or more categories such as card/PayLah! spend, home loan, insurance or investments. Page also explains when base and bonus interest are posted.[DBS]
- OCBC 360 Account: Bonus interest across six categories—Salary, Save, Spend, Insure, Invest, Grow—on balances up to S$100,000, with a clear EIR illustration and calculator.[OCBC 360]
- UOB One Account: A two-step structure: meet a monthly card spend and either credit salary (with purpose code “SALA”/“PAYNOW SALA”) or make 3 GIRO debits. Bonus interest can apply on balances up to S$150,000, with base and bonus credited on different schedules.[UOB One]
- Standard Chartered Bonus$aver: Earn bonus interest when you credit salary, spend on eligible Bonus$aver cards, and/or take up eligible insurance or investments. The page lists accepted salary methods (GIRO/PayNow/FAST) and explains bonus crediting timing.[SC Bonus$aver]
- Maybank SaveUp Programme: Link a SaveUp account and pick from qualifying products (e.g., salary credit/GIRO, card spend, loans, insurance, investments) to raise your EIR on stated balance tiers. The programme page outlines thresholds and bonus periods.[Maybank SaveUp]
Practical tips to maximise your EIR
- Match categories you already use: Choose an account whose requirements fit your routine (salary crediting, card spend, or GIRO bills) so you can qualify consistently.
- Set up salary credit correctly: Coordinate with HR so your monthly credit posts with the accepted method/purpose code and within the calendar month.[DBS][UOB One]
- Track balances and deadlines: Some banks calculate average daily balance and value dates; month-end transfers posted the next business day may count for the following month.[OCBC 360]
- Use the official calculators: Each bank provides an estimator for your balances and categories—handy for planning your monthly setup.[OCBC 360][UOB One]
- Know your protection: Singapore-dollar deposits are insured up to S$100,000 per depositor per Scheme member under SDIC.[SDIC]
FAQ
Do I need all categories? No. Most accounts award bonus interest by category; fulfilling more categories typically raises your EIR up to the balance cap.[OCBC 360][DBS]
When is bonus interest paid? It varies. For instance, some banks credit base interest at month-end and bonus by the next month’s posting date. Always refer to each product’s “How it works” or FAQ.[DBS][UOB One][SC Bonus$aver]
What counts as salary? Banks specify accepted methods and codes (e.g., GIRO/PayNow/FAST with “SAL”/“SALA”). Verify your bank’s criteria and ensure credits post within the calendar month.[DBS][UOB One][SC Bonus$aver]
Important
Interest rates, balance caps, eligible categories and computation rules change from time to time. Before taking action, please verify the latest details on the official bank pages below. For product choices that involve insurance or investments, review the product documents and consider independent advice where helpful.
References (official pages)
- DBS — DBS Multiplier: How it works, eligible transactions & crediting.
- OCBC — OCBC 360 Account: categories, EIR and calculator.
- UOB — UOB One Account: two-step structure, GIRO/Salary criteria, posting schedule.
- Standard Chartered — Bonus$aver: salary via GIRO/PayNow/FAST, card spend & bonus interest.
- Maybank — SaveUp Programme: qualifying products and thresholds.
- Association of Banks in Singapore — eGIRO overview (digital GIRO setup).
- SDIC — Deposit Insurance Scheme FAQs (coverage and eligibility).
