Skip to main content

My Experience with DBS Treasures

I signed up for DBS Treasures in September this year after seeing a promotional notification on my DBS digibank app. The promotion stated that, upon successful sign-up, Multiplier account holders would receive the Multiplier tiered bonus interest on account balances of up to $200,000. 

Since it seemed like an easy opportunity, I figured—why not? I could simply transfer funds from my UOB Stash account, especially since UOB had reduced its effective interest rate to 2.045% (and would be reducing it further to 1.5% from 1st December).

From the Welcome email, these were the highlighted benefits of being a DBS Treasures client:

A Unique Blend of Personalised Advisory and Digital Capabilities

• Bespoke Solutions for Accredited Investors

As an Accredited Investor, you gain access to a wider range of sophisticated investment products, such as investment-grade bonds, equity-linked notes, and more—beyond the usual retail offerings. This expanded range is meant to enhance your portfolio’s performance.

• Comprehensive Market Insights from Wealth Investment Experts

Insights from the Chief Investment Office, Group Research team, and Investment Counsellors are shared regularly to support your portfolio strategy with up-to-date market views and opportunities.

• Exclusive Invites to DBS Treasures Wealth Events

Clients enjoy curated events and webinars designed to broaden investment knowledge and facilitate networking with like-minded peers and industry professionals.

• Wealth Management Account (WMA) in DBS digibank

Treasures clients gain access to a Wealth Management Account, providing a holistic view of their portfolio along with market analysis and investment tools.


My first contact with my relationship manager (RM) after sign-up was via the Welcome email. I had asked about the Terms and Conditions of the sign-up promotion, as oddly enough, I could no longer find the details on the app or website. The DBS website now showed a different promotion starting in October. 

Fortunately, I had taken a partial screenshot of it on my phone.



A Meet-Up for Product Selling

There was no email reply to my query (so much for sharing more details per stated on the screenshot eh?), but a meet-up was proposed. I met up with my RM who was accompanied by a Product Manager (PM). Before the meeting, I was under the impression that the RM would review my financials and risk appetite to recommend suitable investments for my portfolio or perhaps discuss a mortgage refinancing. That was not the case.

My original query about the promotion remained unanswered; the RM said she wasn’t aware of the details and needed to check. Meanwhile, I was pitched an annuity plan (a DBS–Manulife tie-up) bundled with a DBS loan “exclusive to Treasures clients.” The minimum single premium was $500,000, and the loan component was meant to boost the monthly payouts.

After originally agreeing, I thought it through again and decided not to sign for it. My reasons being:

  1. The DBS loan offered does not have a fixed interest rate. The strategy relies on earning more from the annuity portfolio than the loan interest—meaning the payout isn’t fixed. I might be enticed by the falling interest rates now but that does not mean interest rates will stay low forever.

  2. It is essentially a life insurance (which I don't need) and requires a 10-year commitment before I can surrender the plan without penalty. A lot of things and life circumstances can change in a decade, and I might need the capital elsewhere.

  3. The capital is locked up for a year with no tangible return. Payouts begin only from policy month 13 to age 120. Being relatively young and capable of managing my cashflow, I questioned whether I even needed an annuity plan now.

  4. Being tied down by a long-term special loan with the bank would mean that I must maintain a certain sum of money there and remain as a Treasures client. I cannot just close my Wealth management account and switch out as I like.

Missing Promotional Interest Payout

I was told that my Treasures account was successfully opened in September, so it should have been eligible for the promotion which I saw. Instead of checking with my RM who seemed clueless, I contacted the bank directly when the promotional interest didn’t appear in my account last month.

This was much more efficient—I received a call a few days later. The customer service officer informed me that additional interest for my increased holdings in Multiplier account would only be credited at the end of the following month. This applies to all eligible months: October, November, and December. 

I’ll wait and see.

Wealth Management Account Experience

After the conversion to Treasures, my banking interface—both online and in the app—changed. I can’t say it’s simpler. I’m not sure if this is due to the set up of the Wealth Management Account (WMA, which clients need to manually signed up for after joining Treasures), but I can no longer purchase Unit Trusts in lump sums through the regular investment page; it only shows me RSP options.

To get around this, I have to first top up cash into the WMA and then purchase Unit Trusts from there—an unnecessary inconvenience.

A further slap of surprise, the minimum lump-sum investment that I can place has now been raised from $100 to $1,000.

Will I Stay with DBS Treasures Next Year?

Maybe, maybe not. It depends on whether I can derive any real value from it beyond the sign-up offer. Perhaps I will go for some DBS Treasures Wealth Events in my free time and review again.


Thanks for reading!

Get a $10 Fairprice e-voucher when you sign up on the Trust bank app using my referral "8E73GQZ6" and start earning up to 3.5% p.a. interest rate on your deposits.

Get $20 bill rebate with TUAS power when you sign up with my referral code "RCPKNX4".

Do check out my other referrals here for more sign up bonuses.

🤗
Labels:

Comments

Post a Comment

Popular posts from this blog

Reflections for year 2024

2024 has been a relatively peaceful year. So peaceful that I have read countless novels and other books, met my sports buddies almost every weekend and picked up horticulture. Physical and mental health As we say, health is wealth. I have stuck fairly consistently with my exercise regime and tried to include more fruits and vegetables in my meals (although I eat out more and cook less these days). My weight, BP and cholesterol levels are doing ok. For those 40 years and above, remember to get your  subsidized health screenings from the government . Working less and meeting up with friends more contributed to an improved mental health. I see that the government has stepped up on initiatives in the community but work place initiatives from employers still seemed lackluster, especially for those who can't WFH and need to commit 44 hours or more a week at frontline work. I have also started a Gratitude journey to celebrate all my little life milestones. Financials Investment wise ...
Post a Comment
Read more

The best credit card for my house reno & prep

As updated in my previous post, I have finally bought my own place solo. For the past few months I have been busy coordinating with various contractors and vendors for my house renovation. As I am still on flexi work schedule, I decided to be my own ID. With only a simple renovation in mind, I set my reno budget as 20k (aircon & fixtures inclusive). The renovation process and acting as my own ID were not as easy as I thought. It took me about a month to gather and compare quotations from different contractors and another few weeks to finalize all the things that I need my chosen contractor to do. I eventually settled for a main contractor who specializes in carpentry work but also provides painting, tiling and electrical services. I have grossly underestimated the amount of defects that need fixing for this resale flat. Fortunately, the floor tiles and some of the existing built-ins are still in good condition so I kept them, otherwise I would have burst my budget. The first issue ...
Post a Comment
Read more

Shit happens and I lost my low-hanging fruits

My POSB SAYE account just hit its 25th month —the much-anticipated “month of maturity.” I was all ready to enjoy the 3.5% bonus interest I’d patiently saved for… only to receive a measly $17+ cash gift instead of a few hundred dollars. I was about to send a message to query the bank what caused this interest drop versus what I have gotten on the 13th month. Confused, I double checked my account history and— gasp! —found a single $50 transfer I’d made to a joint account in one of the past months. I hadn’t even realized that I’d chosen the SAYE account as the fund transfer source. For those unfamiliar with the T&Cs of POSB SAYE: “To receive the additional 3.5% p.a. Cash Gift Interest, ensure that you do not make any withdrawal from your POSB SAYE account.”   “If a withdrawal is made in the month, this will result in the previously accumulated additional 3.5% p.a. interest to be forfeited.” Yes, one tiny transfer = months of bonus interest gone . Even depositing it back the...
Post a Comment
Read more