Singapore’s DBS Bank has rolled out the enhanced DBS Multiplier Account to meet the financial ambitions of young adults in the country.
The latest version of the account will make it easier for adults to qualify for higher interest rates on their account balances by slashing the transaction threshold, with no minimum salary crediting amount and no minimum credit card spend.
The bank has reduced the minimum threshold of transactions from SGD7500 to SGD2000 to qualify for higher interest rates.
The lender said that young adults will become eligible for higher interest rates on their account balances just by crediting salaries with DBS/POSB and transact using any of the services offered by the bank.
DBS Bank head of consumer banking Singapore Jeremy Soo said: “With the enhanced DBS Multiplier Account, more young adults will be able to benefit from the higher interest rates as they take up relevant financial services based on their changing needs.
“We understand their need for flexibility in how they manage their finances. We also want to be there for them at an early life stage and help them achieve their financial and life goals.”
DBS conducted a survey with nearly 1,000 young adults in Singapore to understand their financial needs and preferences and found that 64% of young adults felt that managing their finances took up a lot of their time, while 38% felt that it was complicated and a barrier to achieving their financial goals.
Even as young adults want to be rewarded for their regular banking transactions, they prefer not to be tied down by certain conditions such as minimum amount for salary credit or minimum credit card spend, the survey revealed.