There is even more stuff of GIGA customers now. Now this is rather interesting on how they are developing as a company. First come first serve.
GIGA – A Subsidiary of Starhub
This is pretty cool now although i’m not quite sure if I am within the first few who applied for the OCBC Frank Credit Card. I’m not really a fan of OCBC cards as they are generally very traditional and they do not go out that much to get the deals or promotions as much as the other cards do.
Benefits of the FRANK Credit Card
They have this collaboration about giga’s perfect match with the following:
a. Unlock 6% cashback with the all-new FRANK credit card on online spends, grocery shopping and retail therapy (Using Samsung Pay, Apple Pay, Fitbit Pay, Garmin Pay or Google Pay)
b. S$50 giga bucks as credit to deduct off your monthly giga telephone bills within 2 months upon card approval.
c. Minimum monthly eligible spend of S$600 (online or offline and get S$75 back a month)
The GIGA offer is limited to the first 1,000 sign-ups and valid until 31 October 2020 so do find out more before application.
Nothing is for free. There will be a small registration fee for the SIM card. You also need to choose the date of delivery of your SIM card. However, you can use a referral code to supplement the discount. You will get a discount if you use my referral code – “LhS9Ng”. The referral credit is only valid for any plans except the basic $10 GIGA plans.
In my earlier posts, I talked about the need for an emergency fund and other than Singlife, which caps the 2.5% p.a. for the first S$10k. No other financial institutions have been able to match this super high interest yield for a pretty risk free approach .(Given that Singlife is under SDIC so the first S$75k is covered and safe) In recent months, we have seen some insurtech or alternative ways to put your money and entice people with relatively decent interest rates for your cash/emergency funds.
To recap, your emergency funds should have some level of liquidity so that you can utilise when necessary and not be penalised for doing so. This is by far my personal first rule. It is extremely interesting and exciting to see what might happen to the digital banking sector where there is a mixed bag of consortium lining up to be licensed to offer financial services. It looks like it is going to be something similar to what these insurtech is offering or even more innovation. (e.g. bundled products, higher interest rates or even offering curated financial products, robo-advisors and payment channels) It does seems exciting to see what new innovation these services can offer and retail customers will benefit from this digital drive.
Dash Easy Earn is a collaborative work between Dash (Singtel payment service) and Easy Earn (Tiq – An Insurance arm of Etiqa and a subsidiary of Maybank)
Let’s go for the Pros first:
a. Flexible no lock-in period hence no penalties for cancelling the plan.
b. First year interest rates stands at 2% p.a. (So this part is locked in and low interest rate environment is set to stay)
c. Relatively low barrier to entry. With S$2k minimally as maintenance amount that you keep, you get the interest accrued on a daily basis.
d. Capital Guaranteed.
e. Interest earned can be transfer to Dash Payment Service with no extra charge and they have a suite of deals and payments which you can use to pay your bills with. There is a $2 cashback for your first Singtel Dash transaction! Sign up with the referral code DASH-RYJKN or tap on this link https://appserver.dash.com.sg:443/mgm?DASH-RYJKN now
f. You can top up anytime to this account.
g. 105% of the account value is the sum assured should something happen to you.
Now for the Cons:
a. You need to download and register for yet another app. This is the Singtel Dash App. I mean, I really hate Singtel but I will not say no to free money.
b. You have to remember to maintain at lease S$2k in the EasyEarn Account.
c. 2% p.a. only applies for the first year and I believe that it will drop to 1.5 % p.a. thereafter. (From the terms and conditions: *Guaranteed 1.5% p.a. + 0.5% p.a. bonus for first policy year, available on a first come, first served basis) – Seems like there is sort of a cap to this.
d. There is a maximum amount to this. Once you have Topped Up to S$20k, that is the cap for every individual account. So there is this element of troublesome to remember and track for a 2% p.a. but if it suits you, then by all means go ahead.
e. Here is the key part to this which you will not hear it from Dash themselves. For any transaction that you transfer out via PayNow back to your own transact or savings account, there is a payment fee of S$0.70 per transaction. This is free if you transfer to Dash payment as described above for Pros point (e).
To some, the S$0.01 is money which they refuse to let go of but to others, not so much of a great deal. Don’t be penny wise pound foolish or you will never see the bigger picture. You will not gain anything by spending time and energy on pinching 1 cent. I personally know 8 out of 10 people does it and it annoys the hell out of me. If you have time to pinch 1 cent, I would rather you take that time to find ways to make $10 instead of ruining your own mood, wasting your time and fussing over the small things. I don’t get it and I still don’t today.
The User Interface
Here is how the screen looks like on the Dash EasyEarn App. You can see the Grow Money (New) in the Dash App which you can access and see your funds and interest. Do note that the interest are not accumulative though so it means that whatever you have in excess of S$20k earns no interest.
When you log in to EasyEarn, that is how the app looks like below.
Before I end off, I saw an interesting product which is on similar terms as Dash EasyEarn. They are from Tiq Insurance – meaning GIGANTIA but this works in their own Tiq App. (First year 1% + 1% p.a.) I’m not too sure why they have something similar to Dash EasyEarn. There can be a variety of reason. It could be that they have extra tranche of funds to offer customers or it could be that this is a longevity version of their product as compared to having inflexible Dash systems. I would explore Tiq option as well but let’s see what kind of proposition it makes to consumers.