## Singlife 2.5% Review

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!

## Singtel Dash EasyEarn Review

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.

Pros:

• 2% per annum interest (much better than bank savings account or even fixed deposit).
• This 2% holds for deposits up to $20,000. • Capital-guaranteed. • 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. Cons: • 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 Your bank account will receive the amount withdrawn within seconds, while the $0.7o withdrawal fee is deducted from your Dash EasyEarn balance.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 Source: HardwareZone Update: The above information is incorrect. An official Singtel representative has contacted us to tell us the correct information. The Dash EasyEarn Lite option is not automatically applied when the savings amount is less than$2,000 as it is only open to eligible Dash users such as work permit holders.

## Is Dash EasyEarn Safe?

A popular question asked is definitely whether Dash EasyEarn is safe? The answer is it is safe.

Firstly, it is protected up to specified limits by the Singapore Deposit Insurance Corporation (SDIC), under the Policy Owners’ Protection Scheme. As of the current date, it means that your money in Singtel Dash EasyEarn is insured up to S$100,000 per account. Or in other words, in the unlikely event that Dash EasyEarn (Etiqa) collapses, your money up to S$100,000 is safe. You can see that Etiqa is under SDIC list of Policy Owners’ Protection (PPF) Scheme Members on the SDIC official website.

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.

## Dash EasyEarn vs Singlife

We have written about the excellent insurance savings plan Singlife in our popular blog post.

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. Singlife Referral Code Link: https://app.singlife.com/enWxrIzdt9 (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. If you are interested in earning 2% interest with Dash EasyEarn, sign up with the referral code DASH-2I2KM or tap on this link https://appserver.dash.com.sg:443/mgm?DASH-2I2KM now! 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. ## Singlife Referral and Review ## Singlife Referral and Promotion Code (Worth$10)

(The Singlife referral code/ promo code is the above URL link. Just click it on your mobile device to apply the referral code.)

## Singlife Debit Card Review

The Singlife Account comes with a free Visa Debit Card. It has no annual fees and no FX (foreign exchange) fees. You can use the Singlife Debit Card overseas, there will be zero FX fees imposed on your overseas purchases.

Even if you just intend to use it rarely, there is no harm just activating your Singlife Debit Card. You can get instant notifications on your spending in the Singlife App. For greater security, you can lock and unlock your Singlife Card all through the Singlife App.

The most important thing to note regarding Singlife Debit Card is that you must activate it in order to get the S$10 Referral or Promotion bonus. Disclaimer: The opinions on Singlife 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 Singlife Referral and Singlife Review. In particular, this blog post is not a substitute for obtaining advice from a qualified investment advisor. ## How much to retire in Singapore? (Reliable Sources Only) A popular question (which is also related to financial Math), is how much money does it take for a person to retire in Singapore? We will collate reliable sources and their calculations in this blog post. By reliable, we mean that we will only select sources posted by major banks (POSB, OCBC, etc.), as well as those posted on major Singapore news outlets (Straits Times, Today, Channel News Asia etc.). Major insurance companies (AIA, Prudential) etc, can also be considered. Lastly, we also consider famous blogs like Mothership, Seedly, MoneySmart. We will also post the relevant “metrics”, which include Retirement Age, Retirement Monthly Income, Years to Retirement. Note that the Straits Times has estimated that a recommended Retirement Monthly Income is$1379, or around $1400. This covers mostly necessary items only, with just a few small “luxuries” like “occasional inexpensive meals out with family or friends, homes that are safe and comfortable, and an annual holiday to a nearby destination”. Note that air-conditioning and owning a car is excluded from the budget. (Note that this list is not finalized, we will continue to add new sources here when we encounter one.) ## 1) OCBC: S$1.3 million

OCBC has a very interesting “fishing video” featuring a talking fish. In it, it is calculated that “to retire in 20 years and live on S$3,000 monthly, you need S$1.3 million”.

Retirement Age: 62

Retirement Monthly Income: $3000 Years to Retirement: 20 ## 2) Mothership: S$720,000

This plan is worked out by Daniel, 29, and featured on Mothership. His retirement plan is to spend “30 years on a piece of farmland bought overseas, where he will build a ranch, and live off the earth surrounded by free-roaming livestock”.

Retirement Age: 50

Retirement Monthly Income: $2000 Years to Retirement: 21 The$720,000 can be broken down into S$360,000 cash and S$264,000 in his CPF Retirement Account at age 55 years old. Note that the above doesn’t quite add up to $720,000. That is because the CPF amount is for ensuring that he will “receive a steady stream of monthly payouts of around S$2,110 from age 65 for as long as he lives”.

## 3) Mothership: S$360,000 This is another plan from Mothership, by Melanie, age 25, female. Retirement Age: 70 Retirement Monthly Income:$3000

Years to Retirement: 45

Again, the magic number seems to be “S$264,000 in her CPF Retirement Account at age 55”. Melanie can then defer her monthly payouts to 70. She will then receive around$2,600 per month for as long as she lives.

## 4) Seedly: $228,960 to$473,760

The Seedly blog calculates that one would need $228,960 to$473,760, depending on the age of retirement. It is summarized in the table below.

The above is based on:

Retirement Monthly Income: $1,200 This is on the low side considering the Straits Times article that recommends$1379 for monthly retirement income. Nevertheless, the amount of total retirement savings required seems quite low compared to OCBC and Mothership.

## Best “Do-nothing” Saving Accounts in Singapore (Better than Fixed Deposit)

Albert Einstein once said that “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”

In E Maths, students will learn that the formula for Compound Interest is $\text{Total amount}=P(1+r/100)^n$. The exponential “to the power of n” explains the powerful effect of compound interest.

Choosing the right savings account can earn you hundreds of dollars or more per year (depending on how much savings you have).

There are many savings accounts that require a lot of “action” on your part, notably you need to credit your salary (with SAL code) to the bank, use their card, buy their investment/insurance/loan products, etc. These accounts include DBS Multiplier, OCBC 360, BOC Smart Saver, etc.

However, many people may not meet their criteria (or may not want to use so much of their products). For instance, self-employed people may not have SAL code salary.

Currently, I think the 2 best “Do-nothing” saving accounts in Singapore are:

## Citi MaxiGain

From Citibank, the interest rate of MaxiGain is tied to the SIBOR rate. Starting interest will be 80% of SIBOR, stepping up 0.1% for 12 counters. Final rate is around 2% or more. This is frankly better than many fixed deposits. The only downside is that if you withdraw from the account, the counter will drop to 0 (or to 6 once you reach the checkpoint of 6 counters). But even with the counter dropping to zero, the interest is around 0.8% or more which is pretty decent.