Previously, we have written on Singlife Review before, just to update and give more details on the excellent Singlife 2.5% interest account and give an in-depth review.
Basically, Singlife’s 2.5% interest is the highest among all deposit accounts in Singapore as of September 2020. (If you know of any higher interest rate accounts, do comment below!)
Also, Singlife’s 2.5% interest does not require you to do any credit card spendings, nor do you need to credit your salary, nor purchase any insurance or investments (unlike DBS Multiplier or OCBC 360 account). Basically, you need to do nothing!
If you put in $10,000 into Singlife (which is the recommended amount to put in), it is a free $250 for you within one year. For amounts greater than $10,000, it is recommended that you put the rest into Dash EasyEarn.
In conclusion, due to reduction of interest rates in banks, currently there is no bank account (be it savings or even fixed deposit) that can beat or even come close to Singlife’s 2.5% interest. (Unless you can fulfill multiple conditions in DBS Multiplier.)
Hence, Singlife’s 2.5% interest rate is very attractive currently!
I’ve had a great experience with the Singlife Account, an insurance savings plan, and thought you would love it too! Save, spend, earn, & be insured! Install the app and sign up today to begin earning up to 2.5% p.a.* returns with your savings.
We will give a short review of Singtel Dash EasyEarn. Technically, Dash Easy Savings Account is a insurance policy, but it works like a bank savings account. Basically the pros and cons of Singtel Dash EasyEarn are as follows.
2% per annum interest (much better than bank savings account or even fixed deposit).
This 2% holds for deposits up to $20,000.
Protected by SDIC.
No lock-in period.
Comes bundled with life insurance (Be automatically covered with a death benefit of 105% of your Account Value).
Singtel is a big company (one of the biggest in Singapore), with good reputation and long history.
There is a $0.70 fee for withdrawing to bank account (quite a low fee though).
Minimum balance of $2000 in order to earn the max 2% interest (quite a low requirement).
The 2% interest rate is only guaranteed for the first policy year.
The insurance policy is actually administered by Etiqa, not Singtel. Etiqa is a big insurance company though, it is part of Maybank which is the biggest bank in Malaysia.
I tried the transfer of funds into Dash EasyEarn (it is by eNETS only). The speed is very fast, almost instantaneously I could see the funds in Dash EasyEarn after transferring. I have not tried withdrawal of funds yet, due to the $0.70 withdrawal fee.
Update September 2020: I tried withdrawing, the process was very smooth and instantaneous. Basically, the withdrawal is via PayNow to the bank account linked to your mobile number. Your bank account will receive the amount withdrawn within seconds, while the $0.7o withdrawal fee is deducted from your Dash EasyEarn balance.
Dash EasyEarn Lite
What is this Dash EasyEarn Lite? Apparently, it is the “small” version of Dash EasyEarn when you deposit $2,000 or less. The interest rate is also correspondingly lower, at 1%.
According to HardwareZone Forum, the Dash EasyEarn Lite option is applied automatically when your savings amount is less than $2,000.
Dash easy earn lite max premium is 2k.i think when you input the premium amount less than 2k its easy earn lite alrm
Secondly, Dash EasyEarn is a capital-guaranteed savings insurance policy. That means, it is impossible to lose the principal amount you put in. For example, if one puts in a capital of $20k (the max amount allowed), one will get back at least $20k no matter what the circumstances.
Lastly, Etiqa (the insurance company behind Dash EasyEarn) is regulated by Monetary Authority of Singapore (MAS). Their MAS license can be found on the MAS official website.
Basically, Singlife offers a higher interest rate of 2.5%, however this only applies to your first $10k deposit. Even though Dash EasyEarn offers a lower interest rate of 2%, it applies to a higher amount of $20k.
A logical conclusion is to max out Singlife first (by putting $10k in Singlife). Then, put in your excess in Dash EasyEarn.
(The Singlife referral code/ promo code is the above URL link. Just click it on your mobile device to apply the referral code.)
Dash EasyEarn Forum
If you still have any doubts about Dash EasyEarn, a good way to dispel your doubts is to read forums on Dash EasyEarn. The best forum on Dash EasyEarn is the one in HardwareZone Money Mind. The experts there will teach you more on how to maximize your earnings using Dash EasyEarn.
Disclaimer: The opinions on Dash EasyEarn Account expressed in this blog post is for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide information on Dash EasyEarn Referral and Dash EasyEarn Review. In particular, this blog post is not a substitute for obtaining advice from a qualified investment advisor.