DBS offering 10,000 miles for opening a bank account

DBS is offering both new and existing customers the opportunity to earn 10,000 miles by simply opening a bank account.

From 1 July to 30 September 2019, customers who open any of the following accounts online…

• DBS Multiplier Account
• DBS Multi-Currency Autosave Account
• POSB eEveryday Savings Account

…and maintain a minimum average daily balance of at least S$10,000 for 6 consecutive months will receive 5,000 DBS Points, which can be converted into 10,000 miles with Singapore Airlines KrisFlyer, Asia Miles or Qantas Frequent Flyer.

Each customer is entitled to a maximum of one reward (i.e. opening multiple accounts won’t give you more DBS points).

You also need to be a DBS Altitude cardholder (either Visa or AMEX) to be eligible. If you don’t already have a DBS Altitude card, there’s an ongoing sign up bonus that’s well worth considering.New-to-bank customers who spend S$6,000 in the first 3 months will get 10,000 bonus miles. If you get the AMEX version, you can also earn a further 50% bonus miles on all spending in the first 3 months, capped at 10,000 bonus miles.

The ultimate “cost” of this promotion really depends on how much you value a mile, and what you were planning to do with that S$10,000.

If the money would otherwise sit idle in a low interest account, you might as well transfer it over to DBS and get some miles out of it. The DBS Multiplier was recently revamped to offer up to 3.65% annual interest on deposits of up to S$100,000, and when paired with a salary credit + monthly spending on a DBS credit card can earn between 1.8 to 3.5% interest.

The full T&C of the promotion can be found here. If you meet the eligibility criteria, you’ll receive your DBS points 3 months after the month you open your account (e.g if you open in July, you’ll get your points by 31 October).

Conclusion

Assuming you’ve got some extra funds lying around, 10,000 miles for a few minutes’ work is a pretty good return. Remember to open your account online to be eligible.

(HT: Benjamin in the Telegram Group)

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