I previously wrote about Dash PET. PET stands for Protect, Earn and Transact. It is the second insurance savings plan offered by Etiqa Insurance that earns a crediting rate and is only eligible to Dash users.
The insurance savings plan is similar to Dash EasyEarn whereby there is no monthly fees, no regular top ups required and no lock in period. You can start saving from just S$50 up to S$30,000.
As an existing user of Dash PET, I have received a notification email on the revision of its crediting rate which will be effective from 1 April 2022.
Here are the changes.
| Current Crediting Rate | Revised Crediting Rate | |
| 1st Year | 1.7% per annum for first S$10,000 account value | No Change |
| 1.2% per annum for account value above S$10,000 | No Change | |
| 2nd Year onwards | 1% per annum | 0.7% per annum |
I signed up for Dash PET in February 2022. This means that from 1st April 2022 onwards, the crediting rate will be reduced to 0.7% per annum.
Reason for Dash PET Crediting Rate Revision
It was mentioned that the COVID-19 pandemic has affected the global economy and disrupted the financial market. The prolonged uncertainty has made it challenging to sustain investment returns over the medium term.
How Does Dash PET Fare Against Singlife?
If you are a new user, Dash PET is definitely the winner against Singlife as it offers 1.7% per annum versus Singlife base crediting rate of 1.0% per annum.
If you are already in the second year or more with Dash PET, it makes more sense to put your money to Singlife since Dash PET will be revising its crediting rate to 0.7% which is lower than Singlife’s base crediting rate of 1.0% per annum.
How Does Dash PET Fare Against Singapore Savings Bond?
The latest issue of Singapore Savings Bond (SBAPR22 GX22040H) gives you a 1 year return of 0.71%.
If you are in the second year of Dash PET, Singapore Savings Bond is the clear winner here with slightly just 0.1% p.a. more returns than Dash PET.
My thoughts about Dash PET Crediting Rate Revision
I really love the ease of use of the Dash mobile app which makes tracking, topping up and transferring money so much easy.
I probably will not shift my money around to Singlife or Singapore Savings Bonds given that the difference isn’t that much.
If you are new to Dash PET, I will still strongly recommend it given the first year crediting rate of 1.7% p.a. for the first S$10,000.