Given the need for central bank to keep the cost of borrowing low to stimulate the economy, banks had also lowered interest rates on their flagship savings accounts in tandem. Gone were the days when we could easily pocket ~2% – 3% interest rate p.a. effortlessly. Having been accustomed to such returns, it is little wonder that flexible insurance savings plans offering sub 2% returns are gaining lots of traction amongst this nation of savers. The latest kid on the block is Dash PET, a collaboration between Singtel and Etiqa Insurance who are giants in their own respective fields. The high interest rate offered by Dash PET along with no additional criteria required attracted me to take a closer look and I promptly signed up for it thereafter. Here is Heartland Boy’s review of Singtel Dash PET, an insurance savings plan that offers up to 1.3%* p.a. on $10,000 for the first year.
Dash PET offers up to 1.3%* p.a. on first $10,000 (wef 27 April)
Dash PET offers a 1.3% p.a. bonus on the first $10,000 in the first policy year absolutely hassle-free. This 1.3%* p.a. is applicable for the first year and for a limited time only as this rate is advertised on a first come first served basis. There is a possibility that interest rates may be reduced for policyholders who sign up later, so you may want to act fast to lock in the rates and avoid disappointment from procrastination. (Update: From 27 April 2021, note that the returns on the first $10,000 have been revised to 1.3% p.a. for the first policy year. For above first $10,000 account value, it will be 0.3% for the first policy year.)
Do note that for amounts above the first $10,000, the total interest rate is lower at 0.3%* p.a. instead as shown in Diagram 1.
Based on the prevailing crediting rate, the returns on the premium deposited will be calculated daily although they will only be credited after the calendar month. As shown in Diagram 2, I logged in to my Dash mobile app and found that I have already started earning interest on my Dash PET policy.

Diagram 2: Floating interest rate calculated on Heartland Boy’s Dash PET policy signed up before 27 April 2021
Seeing the interest accrues daily can serve as a source of motivation for some people to attain their savings goal faster. In a way, this is similar to the CPF as the earlier you perform your top up, the faster it starts earning returns. To be entitled for interest crediting, the policyholder needs to maintain at least $50 average daily balance. This is a really low threshold which makes Dash PET highly accessible to all types of savers (school-going young adults, interns etc). Finally, there is no fall below fee; just make sure your average daily account value is at least $50 to enjoy Dash PET benefits!
Flexible Top-ups and Withdrawals for Dash PET
The second main draw of Dash PET lies in its flexibility in terms of topping up and withdrawals of funds. The mechanism to top up or withdraw is supported by both Dash Wallet and PayNow, making it highly convenient.
As summarised in Diagram 3, there is no lock-in period or monthly commitment for regular top ups or withdrawals. Policy holder can top up anytime as long as it is more than/equal to $1 (if using eNETS, this is $50) and done in multiples of $1. No processing fee applies for top ups.
Policy holder can withdraw their funds anytime as long as it is more than/equal to $1 and done in multiples of $1. If the premiums are withdrawn directly into the Dash mobile wallet, there is no fee. However, a processing fee of $0.70 per withdrawal applies if funds are withdrawn directly into the customer’s bank account via PayNow. My opinion is that the processing fee of $0.70 is negligible if the need really arises for a large withdrawal.
Insurance Benefits
As a PET that takes care of you, the Protect component comes from the insurance benefits provided by Dash PET. In the event of death, Dash PET pays out 105% of the account value. However, do note that usual exclusions will apply. You may refer to the product summary for full details.
In addition, all Dash PET life insured are also entitled to the Financial Assistance Benefit for Covid-19, introduced by Etiqa Insurance. It is FREE and covers for the contracting of COVID-19 as well as the side effects from taking the vaccine.
Finally, let’s not forget the capital is guaranteed. As an insurance policy, Dash PET is also protected under the Policy Owners’ Protection Scheme administered by SDIC.
New Features To Further Boost Returns of Dash PET
The product team is pushing ahead to roll out more ways to earn even higher interest on Dash PET. In the coming months, look out for exciting features such as riders that not only offer additional protection but also boost the financial returns on your Dash PET account at the same time. For instance, riders which complement the base Dash PET plan are being contemplated based on the sneak peek provided by the team. While we await with anticipation on these additional features, there’s no stopping us to sign up for Dash PET now to lock in the prevailing interest rates.
How To Sign Up For Dash PET
Dash PET is offered exclusively through Singtel’s Dash mobile app and underwritten by Etiqa Insurance. Therefore, one must first download the Singtel Dash mobile app first before signing up for Dash PET. The eligible Dash user must also be aged between 17-75 and possess a valid Singapore NRIC or Singapore residency/work pass. Given its popularity, it is little wonder that they have also cap it to 1 policy per individual.
My experience signing up for Dash PET was extremely smooth-sailing especially since I already signed up for Dash EasyEarn earlier. The entire process was done on my mobile phone and in less than 15 minutes, I already had my policy issued and premium reflected on my Dash app. Should you need to contact the customer care team, they can be reached via live chat on the Tiq by Etiqa website, contact number at +65 68878777 or email at customer.service@etiqa.com.sg
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 get 800 Dash Reward Points credited into your Dash mobile wallet upon your first transaction with minimum value of $2 (excludes Dash PET)! Alternatively, you can download Dash from Google Play or Apple Store and punch in this promo code to enjoy the benefit.
In a limited-time promotion valid till 30 Sep 2021, will be rewarded with an extra 1,200 Dash Reward points if you meet the following conditions:
- Sign up for Dash and Dash PET within the same month (eg: both account openings made in June)
- Have minimum $500 account value in Dash PET at time of Dash Reward points crediting
- Both Dash and Dash PET accounts must be active at time of Dash Reward points crediting
That makes it a total sign-up bonus of 2,000 Dash Reward points (sufficient to exchange for Shopee, Grab etc voucher)!
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! With Dash PET, Singtel Dash aims to be the companion mobile app for 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.
- Up till 26 April 2021 – For the first S$10,000 Account Value: Guaranteed 1% p.a. + 0.7% p.a. bonus for the first policy year. For above first $10,000 Account Value: 1% p.a. guaranteed + 0.2% bonus for the first policy year.
- From 27 April 2021 onwards, for the first $10,000 Account Value: 1.3% p.a. for the first policy year. For above first $10,000 Account Value: 0.3% p.a. for the first policy year. Crediting rate is non-guaranteed.
- 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 27 April 2021.
- This article is written in collaboration with Dash PET and contains affiliate links but all opinions are based on my own experience using the product.
When do we receive the 1000 + 800 points? I have registered, spend and deposited in PET.
Hi,
Thanks! Make sure to maintain at least $500 balance as at 31 March. They will notify via SMS and credit the points into your account after the free-look period and by 30 April 2021. The full T&C can be found in this link (https://dash.com.sg//files/terms/Terms_and_Conditions_-_Dash_PET_Referral_Promotion_-_24-31_March_2021.pdf)
Hi Alison,
Firstly thank you for this write up. Greatly appreciate it. Some questions which I hope you can verify:
1) if it’s capital guaranteed, what does it mean by the surrender value may be less than the premiums paid?
2) what is the diff btw interest earned and floating interest? Would you recommend to withdraw the interest earned each time to the dash wallet?
Hi Est,
1) Are you referring to this clause in its T&C? “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.” If yes, I think this is pretty standard clause found in its T&C.
2) Floating interest is not credited into your wallet yet but interest earned is. You can withdraw the interest earned into your dash wallet at no fee.
Hi Alison,
Thank you….