Help guide to Using SingTel Dash EasyEarn: Here's How It Really works
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 discount from the interest rate from a flat 2% on the first $20,000 to 1%. OCBC also revised their rate of interest and conditions and terms for his or her OCBC 360 Account.
This round of reduction in rates of interest happened right after the lowering of interest rate of central banks all over 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, greater than some accounts and glued deposits.
Just recently, it comes with 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 check out some of the key highlights of this product in the following paragraphs.
Interest Rates Of Up To 2% On The First Year
As mentioned, among the key popular features of this account is the high interest rate of 2% per annum about this account, which includes an assured interest of 1.5%, as well as an additional 0.5% bonus interest, that is available on an initial come, first served basis, paid around the newbie of the policy.
An initial deposit of $2,000 is needed to open the account and produce interest, which is mortgage free to the policy limit of $20,000. Even the base rate of just one.5% p.a. is still greater than a few of the high-yield or fixed deposit accounts out there currently.
Dash EasyEarn Is An Insurance Savings Plan (And Not A Bank Account)
It is essential to remember that Dash EasyEarn is not a banking account. Rather, it is an insurance savings plan underwritten by Etiqa Insurance. This means, your money is protected underneath the Policy Owner's Protection Scheme by the Singapore Deposit Insurance Corporation (SDIC) against any unexpected crisis.
As an insurance savings plan, the account has a insurance coverage of 105% from the deposit in case of death or terminal illness. The policy is automatically renewed each year susceptible to conditions and exclusions, and it will be terminated when the benefit is paid.
The minimum single premium to effect cover insurance starts from $2,000, up to and including maximum account worth of $20,000. Interest returns are calculated daily based on the account value, and interest are only earned for that month if the average daily account value of S$2,000 is maintained.
The account value is calculated because the single premium paid plus ad-hoc top-ups and accumulated interest, less partial withdrawals and then any withdrawal charges.
Top-Ups And Withdrawals To Your Dash EasyEarn Account
Similar towards the Singlife Account, the Dash EasyEarn Account works through the existing Singtel Dash app. You will see and access to your account balance, while using the money by transferring for 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 spending money on public transport rides, and remitting monies to selected Parts of asia. In addition, you can also enjoy competitive foreign currency rates when paying while using VIA network through Dash app when travelling.
To top-up the Dash EasyEarn Account, that can be done via eNETS directly, without needing to go through the Dash e-wallet. Do note that the starting amount required is $2,000, with subsequent top ups produced in multiples of $500. The utmost top-up amount is capped at $20,000.
For withdrawals, you are able to choose to result in the transfer either to 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 electric power charge of $0.70 per transaction. A minimum withdrawal of $100 is needed, in multiples of $100 per withdrawal.
Signing Up For The Dash EasyEarn Account
You will first be expected download the Singtel Dash App. After opening the app, click 'Grow Money' around the desltop.
After receiving the conditions and terms, you are able to click 'sign up now' button, where you is going to be necessary to fill up personal details and declaration. Next, you just need to transfer your premium to the Dash EasyEarn account from your bank account using eNETS.