DBS offering 12,000 miles for opening a Vickers & digiPortfolio account

From now till 31 August, earn 12,000 miles for opening a share trading or robo advisor account with DBS.

From 1 July to 31 August 2020, DBS is offering up to 12,000 miles to customers who open a DBS Vickers and digiPortfolio account for investing. 

dbs bonus points

Customers will need to conduct nine trades and invest S$9,000 for a 6-month period to qualify.

How it works

Customers first need to open a new multi-currency account, which will be used as the funding account for investing in DBS Vickers or digiPortfolio.

DBS Vickers bonus

dbs vickers

Customers who open a new DBS Vickers online trading account and execute “Buy” trades in the first seven months will receive DBS points as follows:

Number of Buy Trades by the 7th Month of Account Opening DBS Points
1300 (600 miles)
31,000 (2,000 miles)
62,000 (4,000 miles)
93,000 (6,000 miles)
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Eligible online buy trades include both cash and cash upfront trades, which is good because the latter is much cheaper (0.12%, with a S$10 minimum). The full fee schedule can be found here

If you open your account in July 2020, you’ll have until 31 January 2021 to make the trades. If you open your account in August 2020, you’ll have until 28 February 2021 to make the trades. 

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A DBS Vickers account lets you trade securities in seven different markets:

  • Singapore
  • Hong Kong 
  • USA
  • Canada
  • UK
  • Australia
  • Japan

digiPortfolio bonus

digiportfolio

Customers can also choose to also open a digiPortfolio investment account (DBS’s version of a robo investor) and maintain a balance for six months to earn additional DBS points:

Investment Amount Maintained for 6 MonthsDBS Points
S$1,000300 (600 miles)
S$3,0001,000 (2,000 miles)
S$6,0002,000 (4,000 miles)
S$9,0003,000 (6,000 miles)

The digiPortfolio has no upfront charges, platform fees, switching fees or lock-in requirements. Only a management fee of 0.75% p.a is administered. 

Further bonus for opening joint-alternate account

If you open a joint-alternate account, deposit S$3,000 by the following month and maintain the same average daily balance for six consecutive months, you’ll receive 1,000 DBS Points (2,000 miles). 

When will the bonus DBS Points post?

Bonus DBS points will post by February or March 2021, depending when your account was opened. 

Account Opening MonthReward Crediting Date
July 2020By 28 February 2021
August 2020By 31 March 2021

These points will be credited to your DBS Altitude Card, which must be activated at least 30 days prior to the Reward Crediting Date. 

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If you don’t already have one, DBS is currently offering S$220 of cashback when you sign up for a credit card as a new-to-bank customer. Apply via the links below and remember to enter the code SHOP220 in the promo code box. 

CardAnnual FeeKey Features
DBS Altitude Visa
Apply here
Read Review
S$192.60
(First year free)
3 mpd on airline and hotel spend, 2 lounge passes

DBS Altitude AMEX
Apply here
Read Review
S$192.60
(First year free)
3 mpd on airline and hotel spend

Do have a read of the full T&Cs and FAQs for this promotion, linked here.

Conclusion 

I’m personally sticking to my SC trading account, which allows Priority Banking customers to execute trades with no minimum commission. That said, for those of you in the market for another platform, this could be worth looking into. 

Don’t let this be the only factor that influences where you open an investing account, however. Be sure to check out Seedly’s comparison articles for brokerages and robo advisors before pulling the trigger. 

(HT: Adam)

Aaron Wong
Aaron founded The Milelion with the intention of helping people travel better for less and impressing chiobu. He was 50% successful.

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