Recently, there has been a spate of news from banks slashing their interest on some of their high-interest rate accounts starting July. For instance, Standard Chartered’s JumpStart account saw a reduction of the interest rate from a flat 2% on the first $20,000 to 1%. OCBC also revised their interest rate and terms and conditions for their OCBC 360 Account.
This round of reduction in interest rates happened right after the lowering of interest rate of central banks around the world. While ordinary folks are lamenting on the cut of interest, some have turned to other high-interest alternatives, such as the Singlife and StashAway Simple Cash Management accounts, which yields an interest rate of up to 2.5% and 1.9% respectively, higher than some accounts and fixed deposits.
Just recently, there is an addition of another similar product, Dash EasyEarn, which promises returns of up to 2% on your cash savings, as well as flexible top-ups and withdrawals. We take a look at some of the key highlights of this product in this article.
Interest Rates Of Up To 2% On The First Year
As mentioned, one of the key highlights of this account is the high interest rate of 2% per annum on this account, which comprises of a guaranteed interest of 1.5%, and an additional 0.5% bonus interest, which is available on a first come, first served basis, paid on the first year of the policy.
An initial deposit of $2,000 is required to open the account and earn interest, which is paid up to the policy limit of $20,000. Even the base rate of 1.5% p.a. is still higher than some of the high-yield or fixed deposit accounts out in the market currently.
Dash EasyEarn Is An Insurance Savings Plan (And Not A Bank Account)
It is important to remember that Dash EasyEarn is not a bank account. Rather, it is an insurance savings plan underwritten by Etiqa Insurance. This means, your funds are protected under the Policy Owner’s Protection Scheme by the Singapore Deposit Insurance Corporation (SDIC) against any unexpected crisis.
As an insurance savings plan, the account comes with a life insurance coverage of 105% of the deposit in the event of death or terminal illness. The policy is automatically renewed every year subject to conditions and exclusions, and it will be terminated once the benefit is paid.
The minimum single premium to effect cover for insurance starts from $2,000, up to a maximum account value of $20,000. Interest returns are calculated daily based on the account value, and interest will only be earned for the month if the average daily account value of S$2,000 is maintained.
The account value is calculated as the single premium paid plus ad-hoc top-ups and accumulated interest, less partial withdrawals and any withdrawal charges.
Top-Ups And Withdrawals To Your Dash EasyEarn Account
Similar to the Singlife Account, the Dash EasyEarn Account works via the existing Singtel Dash app. You can view and access to your account balance, while using the money by transferring to your Dash e-wallet and make payment via the Dash Visa or e-wallet purse at merchants locally and overseas, as well as tapping and paying for public transport rides, and remitting monies to selected Asian countries. In addition, you can also enjoy competitive foreign exchange rates when paying using the VIA network through Dash app when travelling.
To top up the Dash EasyEarn Account, you can do so via eNETS directly, without having to go through the Dash e-wallet. Do note that the starting amount required is $2,000, with subsequent top ups made in multiples of $500. The maximum top-up amount is capped at $20,000.
For withdrawals, you can choose to make the transfer to either your Singtel Dash e-wallet (which you can use straightaway for payments at merchants) or directly credit to your bank account via PayNow, which incurs a charge of $0.70 per transaction. A minimum withdrawal of $100 is required, in multiples of $100 per withdrawal.
Signing Up For The Dash EasyEarn Account
You will first be required download the Singtel Dash App. After opening the app, click ‘Grow Money’ on the home screen.
After agreeing to the terms and conditions, you can click ‘sign up now’ button, where you will be required to fill up personal details and declaration. Next, all you need is to transfer your premium to the Dash EasyEarn account from your bank account using eNETS.