For much of last year and this, I was on a personal quest to seek out various places to stash my liquid funds.
Time for a quick and easy blog post about this option that I have begun using recently as there could be others like me who have missed it as well.
What is Dash PET?
I’m not sure how, but somehow I didn’t pick up Dash PET on my radar early on.
Launched a year ago in 2021, Dash PET by Etiqa Insurance is an insurance savings plan that offers savings at high returns, with capital guaranteed and full flexibility of funds.
In a nutshell, I use it because it offers a savings option that is –
- High returns : 1.5% p.a. on my first $10,000*^
- Flexibility of funds : No lock-in period
- Capital guaranteed : Protected under the Policy Owners’ Protection (PPF) Scheme administered by SDIC
Ah. This actually somewhat reminds me of SingLife which I have been using since last year.
There is plenty of information on the Singtel Dash PET official website but allow me to distill the most important information into a single table.
|1.3%*||0.2%^||Up to 0.25%# x 3|
| $10,001 to|
Death & TPD
1 Maximum account cap of $30,000 and non-guaranteed crediting rates
Essentially, the best play for me is yielded by depositing $10,000 into Singtel Dash PET and activating the free add-on protection (Death & Total Permanent Disability, $50,000 for 1-year) for 1.5% per annum.
Although the paid add-ons (coverage range from $10,000 to $100,000) contribute to additional returns of 0.25% each, I noted that there is a min. amount of coverage that needs to be selected before the max. 0.25% rate is achieved – I think of it as subsidizing the premiums rather than adding to my returns.
Also good to note is that although interests are calculated daily, it is only credited on the 1st of every month.
Funding Dash PET via PayNow Easily
It is important to mention that while Dash Wallet and Dash PET are two separate wallets, we are able to transfer money between the two for free. Both are easily accessed via the same Singtel Dash mobile app.
Meanwhile, the process of funding my Dash PET account was painless and immediate. Via the Singtel Dash mobile app, three options are available to fund it are –
- Dash Wallet
- Bank account
I utilized PayNow when I started my account and funds were received instantaneously.
Liquidity of Funds
One of the best thing about the Dash PET account is the absence of a lock-in period.
This means that funds can be withdrawn at any time, although an admin fee of $0.70 needs to be paid for direct withdrawal of funds from Dash PET to my bank account.
A small price to pay if liquidity is needed, especially when I’m intending to leave my emergency funds in here.
Given Dash PET status as an insurance savings plan, only folks aged 17 to 75 would be eligible for this plan.
Because it is so easy start with Dash PET from just $50, it would seem to be a good option for students and young adults who tend to have lesser savings and little/no insurance coverage.
People like myself who are looking for additional options to park emergency funds might find this to be a good choice too.
As of right now, I already have funds on platforms such as Endowus Cash Smart, Syfe Cash+, MoneyOwl WiseSaver and SingLife. I’ll be honest and admit upfront that these yield are a mere fraction of the 12% I am able to get elsewhere.
And yet, I know enough to be disciplined in parking my liquid emergency funds in places that are readily accessible with the level of risk that I’m comfortable with.
Talk about diversification huh? As always, skin in the game – I only write and share about products that I’m using personally.
Why not take a look at Dash PET and see if it is something that would be helpful to you?
* For the first S$10,000 Account Value: 1.3% p.a. for the first policy year. For above first S$10,000 Account Value: 0.3% p.a. for the first policy year. Crediting rates are non-guaranteed.
^ 0.2% p.a. additional interest applies to the first S$10,000 account value of your active Dash PET policy during the first policy year while the complimentary protection is active. Complimentary protection sum assured is calculated as up to 5X of the first S$10,000 of your Dash PET account value.
# Additional interests of up to 0.25% p.a. from each activated add-on protection applies to the first S$10,000 account value of your active Dash PET policy.
Get Free S$10 When You Save S$5,000
As usual, I missed out on free $10 credits because I didn’t use any referral code with signing up! Don’t leave money on the table like me.
At no extra cost to you, my referral code DASH-VNKND would give your Dash PET account a head start when you decide to start a savings plan with them!
T&Cs chart from the official website for full transparency below. (Promo till 31 March 2022)
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Hello! I’m Kevin, Turtle Investor
At the age of 30, I am the Personal Finance Blogger who laid claim to a negative net worth of minus $25,755 – and decided to turn things around.
- Seven years later in 2019, I hit CPF Full Retirement Sum (FRS) of $176,000 without making a single cent of CPF top-up
- In nine years, I have added more than $1 million to my net worth
- I earned over six-figure in alternative income in 2021 in addition to my full-time job
I am married to a lovely wife and that means dual income with no kids. In my free time, I chase miles so that we can fly in business class. My hobby is making pocket change off this blog and sharing everything I know with you!