Tuesday, July 8, 2014

DBS Remix Salary Bundle Promotion... Worth It?

If you are like me, seeing new bank products and promotions will light up your eyes and bring your brain into a mathematical overdrive.

I just saw this new ad, so I'd like to share my thoughts on it.

So this is for the DBS Remix Promotion that is currently floating around.

First off, you get $100 if you credit your salary with DBS only if you are doing it for the first time. If you happen to be one of the next 1,900 customers, you will only get $60. If you're beyond #2000, sorry buddy, nothing special for you. Minimum salary has to be $1,400 net

Second, the $40 offered from setting up new GIRO billing payments is given in the form of Capitavouchers. Hey, come on. Seriously?

Thirdly, $30 for the first 200 new customers to sign up for the POSB Invest-Saver plan.

Lastly, $30 only for the first 200 new customers to sign up for DBS Vickers.

It feels like a sad marketing attempt to win market share of the people crediting their monthly salary by GIRO. Not only are the rewards and offers not substantial, they are also limited, not only in time, but in the number of redemptions! I think this $200 offer is really a marketing gimmick for people who don't read the fine print.

Why not credit your salary with OCBC and get 1% of your entire account balance for doing absolutely nothing? No-strings attached extra money. Now that is what I call buying market share. It's a win-win situation. They win customers, you win more money. Awesomeness.

For full disclosure, I am a DBS client and I do have DBS Remix account. It is for young adults, and I opened it because it has no minimum balance. Since it has no minimum balance, I have moved most of my cash over to OCBC to earn the bonus interest offered by the OCBC 360 account. I keep a small token amount in my DBS account, in case I need to draw money from an ATM, since DBS has a better ATM network.

The move from DBS to OCBC as my main bank was a tough one, since my DBS bank account does have some sentimental value to me. It has been with me as my only bank account for as long as I can remember! Back since 2006 I think. However, at the end of the day, money talks. Mine told me it wanted to go over to OCBC.

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