Wonder where you could possibly stash your CNY angbao monies to enjoy attractive returns and insurance coverage at the same time? Here’s a possible solution- Dash PET by Etiqa Insurance on the Singtel Dash app is an insurance savings plan that allows users to Protect, Earn and Transact at the same time. Offering up to 1.5%*^ p.a. returns for the first S$10,000 savings, Dash PET currently offers the best returns** in Singapore for an insurance savings plan available for subscription. Without further ado, here is how you can increase your Dash PET interest rate when you opt in for free insurance coverage available on its mobile app platform.
Earn Attractive Interest Rates for the First S$10,000
Dash PET awards interest rates based on the following tiers:
As Diagram 1 shows, the first S$10,000 receives 1.3%* p.a. while it will be 0.3%* p.a. for amount above the first S$10,000. A minimum of S$50 is required for your Dash PET policy to earn interest rate. Interests are calculated on a daily basis (which is shown as floating interest rate on the app) and credited into your account on the 1st of every month.
Since interest rate is calculated daily, it makes sense to deposit the angbaos that you would like to save as soon as possible. The maximum account value is S$30,000, and not to worry, the user will continue to earn interests for amounts above S$30,000 at 0.3%* p.a.
As shown in Diagram 3, there is no lock-in period for your funds which makes this a really useful place to stash your emergency funds. As I am a Singtel Dash Wallet user, I often withdraw the interest earned to pay for my meals at the hawker centers.
The sharp-eyed you may have noticed in the opening paragraph that Dash PET is now advertised as rewarding 1.5%*^ p.a. interest rate for the first S$10,000 of your savings. Here’s how you can boost your returns for free.
Protect with these Insurance policies
As an insurance savings plan that earns a crediting rate, Dash PET is also concurrently offering 3 types of insurance policies which users can opt in conveniently on the mobile app as shown in Diagram 4.
For new and existing users who signed up after 27 April 2021, they can activate FREE protection to get 0.2%^ p.a. interest on your first S$10,000 Dash PET savings. This is how the crediting rate increases from 1.3% p.a. to 1.5% p.a. on your first S$10,000 Dash PET funds in the first policy year. As I am one of the early adopters (i.e. signed up before 27 Apr 2021), I do not qualify for this promotion. I console myself with the fact that I managed to lock in at a higher rate and I noticed that similar plans have been revising their rates downwards, so it definitely pays to act earlier.
The good news is that your crediting rates does not have to stop at 1.5% p.a. for the first S$10,000 Dash PET savings. In fact, in can even go up to as high as 2.25%*^# p.a.. You can add on to 3 types of insurance plans:
- Major Cancer
- Death & Total and Permanent Disability
- Accidental Death
Coverage starts from as little as 2 cents/day and the premiums are deducted from your Dash PET account in a fuss-free manner. A simple health declaration is required before you purchase the policies. Since the bonus returns are stackable, it is possible to get 0.2%^ p.a. (activate free protection) + up to 0.75%# p.a. (add on each of the 3 insurance plans) = up to 0.95%^# p.a. additional interest rates. This adds up to 2.25%*^# p.a. crediting rate on the first S$10,000 Dash PET savings as shown in Diagram 5.

Diagram 5: How to achieve 2.25%*^# p.a. returns on the first S$10,000 of your Dash PET savings (Source: Singtel Dash)
Improve Your Returns With This Limited-time Sign Up Bonus
If a possible 2.25%*^# p.a. interest rate on your first S$10,000 savings does not excite you, here’s additional incentives to nudge you further along. Dash is offering a limited-time sign up bonus for first-timers who are using Dash Wallet and Dash PET:
A) $1 to sign up for Dash PET + save S$1k or
B) $5 to sign up for Dash PET + save S$3k or
C) $10 to sign up for Dash PET + save S$5k
D) $3 for first payment/remittance (min. $3 spend or S$100 remittance)
E) $7 for subsequent remittance (min. $100)
After you have downloaded the Singtel Dash mobile app, simply top up the Dash Wallet and start making your first payment/remittances. Don’t forget to also sign up for Dash PET and save S$5,000 to receive $10. Therefore, it is possible to earn a total of $20 cashback (C+D+E). Note that Dash PET sign-up promos are not stackable so users will get the cashback amount based on savings amount.
For those who are looking to download the Singtel Dash app first and then sign up for Dash PET, you can use my referral code to take advantage of this limited-time sign up promotion. Alternatively, you can download Dash from Google Play or Apple Store and punch in this promo code to enjoy the benefit.
Dash wallet can be used to make Dash payment, send money, redeem deals etc. I have been double-dipping Dash with Fave to make payments at hawker centers and mom and pop stores in my neighbourhood!
Conclusion of Dash PET
A possible 2.25%*^# p.a. on the first S$10,000 is a meaningful return for students and first jobbers who are looking to start saving and insuring. Millennials looking for high-return, capital-guaranteed product to save up on their emergency funds (such as myself) may also find Dash PET a suitable place to park the funds. Dash PET has become a companion mobile app for my emergency savings, insurance, payments and more.
Disclosure:
- The information is meant purely for informational purposes and should not be relied upon as financial advice.
- Dash PET is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate.
- **Based on comparison with similar digital insurance savings plans available for subscription. Information accurate as at 9 September 2021. This comparison does not include information on all similar products. Etiqa Insurance does not guarantee that all aspects of the products have been illustrated. You may wish to conduct your own comparison for products that are listed in comparefirst.sg.
- *For the first policy year, 1.30% p.a. up to S$10,000 and 0.30% p.a. for subsequent amount in Account Value. Crediting rates are non-guaranteed.
- ^Additional 0.2% p.a. to the existing 1.3% p.a. returns for your first S$10,000 Dash PET savings during the first policy year while the complimentary protection is active. Complimentary protection sum assured is based on 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 payable add-on protection applies to the first S$10,000 account value of the active Dash PET policy.
- This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). This advertisement is for general information only. Terms apply. Full details of the policy terms and conditions can be found in the policy contract on dash.com.sg/dashpet. Protected up to specified limits by SDIC. As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is accurate as at 14 February 2022.
This article is written in collaboration with Dash PET but all opinions are based on my own experience using the product.
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