Banking

DBS offering 10,000 miles for opening a bank account

Expired
New and existing DBS customers who put $10,000 for 6 months in a newly-opened account will get 10,000 miles.

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.

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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.

DBS Altitude AMEXRegular Rate+50% Bonus
Local Spending1.21.8
Overseas Spending2.03.0
Online air ticket & hotels 3.04.5

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.

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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).

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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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Starrynight
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Starrynight

Thanks! Just to be sure, the SGD10,000 does not need to be *new to bank* funds right? Don’t see that in the T&Cs.

A
Guest
A

Hi! Thanks for writing this article!

A question,
It’s stated in the T&C that “DBS Multi-Currency Autosave referring to eMulti Currency Autosave (eMCA) [Individual / Joint alternate]”
– If my husband and I open a joint Multi-currency Autosave account, and each of us have our own DBS Altitude cards, does depositing $10k into one Joint account entitle both of us to get 5000 DBS points each?

Thanks!

Freddy
Guest
Freddy

Can I pool DBS points from different credit cards and transfer them together?

Githio
Guest
Githio

I don’t think so. 99% sure.

BBB
Guest
BBB

My WWMC and DBS altitude card points were pooled together for points redemption, so it can be done.

Phil
Guest
Phil

Can

ABC
Guest
ABC

Yes, you can pool DBS points from multiple credit cards

Githio
Guest
Githio

What if I already have multiplier account? So to qualify for 5000 points I must open DBS Multi-Currency Autosave Account or POSB eEveryday Savings Account?

I can’t open another multiplier account right?

Ash
Guest
Ash

T&C doesn’t seem to allow that.

Mileshedgehog
Guest
Mileshedgehog

I have a multiplier account too. The only account I dont have is the multicurrency autosave. Am I still eligible?

Phil
Guest
Phil

Same situation. I don’t see how as the SGD10,000 deposit is not applicable, but I have not bothered to phone up to try and find out.

Zul
Guest
Zul

After looking at DBS and POSB website separately, the POSB options DOES NOT issue you DBS points. The infographics provided by them only indicate that applicant will receive $20 cash gift. The only way to get 10,000miles is via the DBS deposit accounts route.

Ryan
Guest
Ryan

I called up DBS hotline and asked them about the promo. The lady told me posb eeverday acc can get the dbs points if you have the altitude card. Clarified with her on the infographics too.

JJ
Guest
JJ

I checked with the DBS CSO too. Opening the POSB everyday savings account would give you DBS points too.

If you read the full terms & condition, it’s written there as well. While i’m not sure why the website does not mention the POSB account, the terms & condition, as Aaron has attached above which is the same one found on DBS website, does provide so.

James
Guest
James

Makes sense to do it on 1 aug? If do it now which is after 1 week, to hit the average daily balance for jul will need to transfer in more than 10k. But tnc also didn’t clarify whens the starting point, could also be july open, 1 aug then start counting.

Mileshedgehog
Guest
Mileshedgehog

that;s a good point.

Tan
Guest
Tan

Detail T&Cs says “By Second Month,” so best open July….

(extracts of T&Cs)
By second month of account opening:
(i) Deposit and maintain a minimum average daily balance of S$10,000 for at least 6 consecutive months (“6-month Period”);
AND
(ii) Must be a DBS Altitude Cardmember

Note: DBS Points are given 3 mths after opening. aka open in July 19 get points in Oct 19.

(sources: https://www.dbs.com.sg/iwov-resources/pdf/deposits/promotions/online-account-opening/account-online-opening-promotion-1jul-30sep2019.pdf)

Siao
Guest
Siao

Open multiplier acc no need fresh funds right?intend to transfer from POSB acc to multiplier once open the acc

pd
Guest
pd

If i already have a Multiplier account, closing it and reopening another one will qualify me for the promotion right?