Where to Stash (Dash) your cash and Grow Money (EasyEarn)

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Stashing Your Cash

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.

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 EasyEarn

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).

Seriously

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.

Conclusion

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.

If you like what I am sharing, do use my referral codes here at https://lifejourney.blog/contact/

Disclaimer

This is not a sponsored post. This is just a tool and exploration to find out cash solutions, interest rates as well as a market survey. It is never too much to learn and know more about.

This picture image was taken off Singtel Dash and EasyEarn for illustration purpose only.

 

Crypto.com (MCO swap to CRO)

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Crypto.com (MCO) has been around for almost 4 years now. I have not seen any utility crpyto company who has delivered what they want to deliver to consumers over the last 4 years. They are as similar if not the same as any other company with a physical product that works.

Crypto.com

My first serious foray into crypto was the MCO card introduced by a friend of my. The great deal initially was a referral fee of USD 50 for both referrer and referee. Then comes the Spotify, Netflix and free airport access (via Lounge key – Not so much now but still it is okay) all these comes in at 100% cash-backed to the card via the utility token (Used to be MCO but now it is swapped into the CRO)

For many users, especially the pioneers or even global users who have been approved in their countries to issued MCO Visa cards (Debit card), it is certainly not what was listed in the white paper but hey, it is a pretty good move in my opinion and while the Wirecard Fiasco is still ongoing, I think it is a win-win for all Crypto.com users. Some users think otherwise but I find that this is an option once more to think bigger profits which a 10x margin might be possible. Of course crypto comes with risks. It is a big risk but it should also return big as well.

The community has been negative for such changes. I guess there is no right and wrong answer to it. I still choose to believe that is moving in the right direction for customers as well as sustainability. So in all that, I will still hold and wait on for more good news on their end. The CRO staked amount has also been adjusted lower which means more good news and more CRO released for usage.

The Swap Value

There’s the alert and actionable items: Action is required before 2 Nov 2020 at 23:59 UTC, or you will lose the functionality currently associated with your MCO. We will not perform the MCO swap on your behalf and the swap will not happen automatically.

Crypto.com will use the following formula based on the volume weighted average price as expressed in United States dollars (“VWAP”)to determine the number of CRO allocated to you that reflects each swapped MCO:

1 MCO = (30-day VWAP of MCO / 30-day VWAP of CRO) x 1 CRO

(30 days between 4 Jul 2020 to 2 Aug 2020, both dates inclusive)

So it will be fixed at 1 MCO = 27.4639 CRO

Crypto.com will offer an Early Swap Bonus in CRO if the MCO swap is performed before 2 Sep 2020 23:59 UTC, based on the following formula and criteria: So Swap early for

1 MCO = 33.1726 CRO

The pros is now that the stake and interest has now increased as CRO terms are on better rates. Development of De-fi is on its way. More flexibility in terms of usage and managing the tokens. Benefits are better now for existing customers.

The cons would be the way they initially managed and wrote on the white paper. This definitely lost some points as well as how MCO was originally the golden boy which has turned obsolete now.

All Benefits remains the same and on the same tier. Not bad I supposed, just that the quantity of CRO is now much more than before. I don’t think that’s a big deal. The whole idea is adoption, more utility and more users. It spells 10x to me more. Just be patient.

Disclaimer

If you like what I am sharing or if it resonates with you, do use my referral codes for other services at https://lifejourney.blog/contact/

The pictures were taken from Crypto.com website for this article.

New Referral Scheme from Singlife

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This is really a great piece of marketing work from Singlife. Though late into the referral game, this is some good way to get and garner new acquisitions. It is well known that Singaporeans are pretty starved for yields. This insurtech firm is one that I have wrote about recently and it is a good product.

(Updates 1 Nov 2020): I received an email from Singlife communications – As a heads up, Singlife Paid Referral Programme will come to a close on 1 November 2020.

All referees (i.e. people who have been referred) who have successfully in-forced their Singlife Account by 1 Nov 2020 will have up to fifteen business days (i.e. 20 Nov 2020) to order and activate their Singlife Visa Debit Card for both you and your referee to still qualify for the S$10 referral bonus. 

You also probably received an email from them on 30 Oct 2020 notifying of the upcoming termination. 

As from their excerpt:

“Singlife’s Paid Referral Programme has enjoyed a successful run and will come to a close as of 1 November 2020. Thank you for all your support! Upon the Effective Date of Termination (1 Nov 2020), all referees who have successfully in-forced their Singlife Account(s), by the Effective Date of Termination, will have up to fifteen business days (i.e. by 20 Nov 2020) to order and activate their Singlife Visa Debit Card to qualify for the S$10 bonus.”

Still, the good and bad and them. It is still a decent alternative cash source.

The Good about Singlife

I’ll have one more strong and valid point to date with this referral scheme.

  • A referral fee of S$10 is deposited in your Singlife account for each friend you invite to Singlife and there are no cap for this. Each friend gets S$10 too so if you find this useful, do use my link to sign up here: https://app.singlife.com/S49MSfXlF8
  • SDIC covered
  • Relatively high interest rate for the first $10k
  • Simple and fuss-free – registration and login all done online
  • You can also spend normally like what a debit card does, having a functioning physical card.
  • Transfers are all ifast which is really impressive and same day receipt
  • Customer service is pretty responsive and quick to reply (Live chat and email)
  • Some form of insurance is complimentary including retrenchment insurance (It’s not a lot but it is a nice gesture)
  • No-contract, no terms no fees when you withdraw.

You can read my previous post about Singlife: https://lifejourney.blog/2020/06/26/low-or-no-interest-where-to-park-your-funds/

Find out more here: https://singlife.com/

Disclaimer

If you like what I am sharing or if it resonates with you, do use my referral codes for other services at https://lifejourney.blog/contact/

The pictures were taken from Singlife website for this article.

Low or no interest? Where to park your funds?

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Due to the current covid-19 pandemic, we have seen quite a change in the world’s economic situation. Central banks around the world have reduced interest rates to an extremely low level. In finance, or what we call an emergency fund – has to always be liquid. It is well known to keep 3 – 6 months of funds for a rainy day. As for the amount to keep, it really depends on everyone’s personal situation. I would say, it depends on how much you spend and how willing one will be able to adjust to change their lifestyle. Given the current situation, it may be better to keep up to 9 or 12 months of emergency funds. Again, it depends very much on every individual’s finance situation.

Reduction of interest in “High Yield”saving accounts

Recently, we have seen the banks reducing the interest rates of deposit accounts or “high yield” saving accounts. It is only a matter of time when everyone else will reduce that interest amount so it is important to always keep funds liquid. You will never know what happens so it is important to stick to the rules – Keep your liquid funds liquid. A couple of months back, I found an interesting channel to keep some funds for a pretty high yield of 2.5% pa.

Of course, there are plenty of choices out there to choose from but today we shall talk a little more about an “alternative” choice as compared to a bank. Let’s throw Fixed Deposits out of the equation as well as they are close nothing at this point in time.

Singlife

This is Singlife account. The interest of 2.5% p.a. is capped for the first $10,000 that you fund the account and the next $90,000 will be on 1.0% p.a. Any amount more than $100,000 will earn no interests thus this account will be suitable for anyone who wishes to keep a small sum of funds with Singlife and the hassle of having another account.

As indicated on their website, the Singlife Account is an insurance savings plan and it is neither a bank savings account nor fixed deposit. Each person is only entitled to one Singlife Account policy.) Singlife is also known as an Insurance Technology company that is licensed by MAS.

This is a really good channel to keep funds in however just take note that the 2.5% p.a. is not guaranteed and can be changed anytime. I think that this is fair given how flexible the funds can be taken out at will. In a most recent post, the news state that Singlife has raised 100 million funds in new AUM.

Pros

Below are some of the pointers that I felt is compelling enough to sign up for an account as the pros outweighs the cons at this moment and I am going to discuss more about why we should just get an account online:

First, Singlife is an insurance savings plan coupled with insurance and interest features. Fund placed with Singlife will be capital guaranteed so there will not be any hidden fees.

Second, you can earn up up to 2.5% p.a. for the first $10,000 with minimum funding of $500 to start earning this interest amount.

Third, there is insurance benefits – 105% of the account value and retrenchment benefits.

Fourth, the Singlife debit card is complementary and works like a normal debit card.

Fifth, No Lock-In. No contracts. Funds can be withdrawn anytime with no cost and minimum term.

Sixth, application is easy. Works only on an app and you can use SingPass to register easily.

Seven, funds are covered by SDIC so your funds are safe and protected for up to S$75k if there are any bank run on deposits.

In Summary, this can be a good tool for transition of better interest accounts or a medium terms solutions to parking your own funds.

Cons

There are not many bad points out there but to name a few and mainly only due to requirements and how cumbersome it can turn out to be.

First, they are relatively the new boys in town. In terms of branding and knowing who Singlife is needs to be worked on.

Second, since they are an alternative choice, traditional and conservative folks will just monitor or give it a pass

Third, the threshold of up to S$10k for 2.5%p.a. may not be appealing for some folks out there. 

Fourth, having yet another digital wallet or account is going to be slightly more cumbersome. Hence this might deter more sign ups.

The other choice is to go to Tiq or Dash Easy Earn. The interest option is slightly lower but you can’t avoid opening yet another account. 

Conclusion

The whole idea here is to share what are the different options and alternative available to park your funds. If this works for one person, it might not for the other. There isn’t a one size fits all solution but there are plenty of solutions out there. We just have to dig deeper and find out more about them. Then, we also question about the time spent to research and the effort to track different apps and accounts. It really depends on every individual. To some it might be creating more issues but to others, these solutions may be gems. 

I find that these solutions are a good option for the younger group of graduates and those who have just started to find employment. You have to start somewhere so this is one avenue to do so.

To find out more about Singlife, click here: Singlife Website

Disclaimer

This is not a sponsored post and purely my own opinion that I am writing about in my thoughts. If you like what you are seeing, do remember to check they out and do your diligence. Don’t be too fixated with what is the best.

If you like what I am sharing or if it resonates with you, do use my referral codes for other services and products here at https://lifejourney.blog/contact/ for the services.

Images seen in this article were take off Singlife website for illustration purposes only.