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.
| DBS Altitude AMEX | Regular Rate | +50% Bonus |
| Local Spending | 1.2 | 1.8 |
| Overseas Spending | 2.0 | 3.0 |
| Online air ticket & hotels | 3.0 | 4.5 |
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.
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)
Signing up for cards or making purchases through the links in this article may generate a referral commission that supports the running of The Milelion. Found this post useful? Subscribe to our Telegram Channel to get these posts pushed directly to your phone, or our newsletter (on the right of your screen) for the latest deals and hacks delivered to your inbox.
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.
not that i know of
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!
i suspect not- it will be credited to the primary account holder. T&C don’t say but i’m 99% sure. check with them if you want 100% confirmation
Checked with DBS CSO and it is mentioned that DBS eMCA joint account for 2 with DBS Altitude Card (both primary) will allow both account owners to get the 5k points
didn’t expect that! I’d definitely get it in writing, though…
Can I pool DBS points from different credit cards and transfer them together?
I don’t think so. 99% sure.
My WWMC and DBS altitude card points were pooled together for points redemption, so it can be done.
Can
Yes, you can pool DBS points from multiple credit cards
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?
T&C doesn’t seem to allow that.
I have a multiplier account too. The only account I dont have is the multicurrency autosave. Am I still eligible?
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.
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.
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.
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.
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.
that;s a good point.
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)
Open multiplier acc no need fresh funds right?intend to transfer from POSB acc to multiplier once open the acc
If i already have a Multiplier account, closing it and reopening another one will qualify me for the promotion right?