Dash EasyEarn

[TsukiSG]

Is this mentioned anywhere in the FAQ. It means this exceed the max 2% for premium if you take into consideration compounding interest effect!

According to their policy illustration:

'Account value is calculated as: The single premium paid plus a) any ad-hoc Top-up(s); and b) accumulated interest; less a) any partial withdrawal(s); and b) any partial withdrawal(s) charges. Any interest payable will be credited into the Account value at the end of each Policy month. If the average daily Account value for the Policy month falls below S$2,000, no interest will be credited for the Policy month.'

'Interest is calculated based on the daily Account value and credited into the Account value at the end of each Policy month. If the average daily Account value for the Policy month falls below S$2,000, no interest will be credited for the Policy month.'

 

[alex22]

Anyone check the floating interest amount in the app?

Does it seem to tally with
(Principal*rate)*(days from policy/365)?

Mine like dun seem to be 2.00% rate leh, I never do any withdrawal since my first single deposit above the 2k requirements

 

[sansanjikikut]

According to their policy illustration:

'Account value is calculated as: The single premium paid plus a) any ad-hoc Top-up(s); and b) accumulated interest; less a) any partial withdrawal(s); and b) any partial withdrawal(s) charges. Any interest payable will be credited into the Account value at the end of each Policy month. If the average daily Account value for the Policy month falls below S$2,000, no interest will be credited for the Policy month.'

'Interest is calculated based on the daily Account value and credited into the Account value at the end of each Policy month. If the average daily Account value for the Policy month falls below S$2,000, no interest will be credited for the Policy month.'

So if put in max 20k from the start does the 2% still apply on interest gained of say 33$? Leaving balance of 20033.I don’t think so man

 

[Mickey01]

Anyone check the floating interest amount in the app?

Does it seem to tally with
(Principal*rate)*(days from policy/365)?

Mine like dun seem to be 2.00% rate leh, I never do any withdrawal since my first single deposit above the 2k requirements

yes .... i noticed that too. The app was down for maintenance the whole of yesterday and it seems there was no interest credited.

 

[alex22]

yes .... i noticed that too. The app was down for maintenance the whole of yesterday and it seems there was no interest credited.

I just loaDed the app and the amount is updated liao, rate still seems a bit off.

At $20k principal example per day at 2.00pa (365days) should work out as $1.095/day.

The amt i am getting on calc is a bit lesser.

They seem to be doing 2 decimal only

 

[reddevil0728]

I just loaDed the app and the amount is updated liao, rate still seems a bit off.

At $20k principal example per day at 2.00pa (365days) should work out as $1.095/day.

The amt i am getting on calc is a bit lesser.

They seem to be doing 2 decimal only

Did you do compound interest? Or simple interest?

 

[alex22]

Did you do compound interest? Or simple interest?

Simple interest.
Sorry if i am wrong… cos it works similar a FD right?

 

[TsukiSG]

So if put in max 20k from the start does the 2% still apply on interest gained of say 33$? Leaving balance of 20033.I don’t think so man

I just loaDed the app and the amount is updated liao, rate still seems a bit off.

At $20k principal example per day at 2.00pa (365days) should work out as $1.095/day.

The amt i am getting on calc is a bit lesser.

They seem to be doing 2 decimal only

My understanding:

Same interest rate apply on both premium and monthly interest, making EIR equal to 2.0% p.a. for the first year.

That is, if put in 20k from start and no withdraw, after 1 year, total interest is $400.

If treat it like a saving account, the interest rate should be around 1.982% p.a.

A rough calculation: Jul the first month, you get around $20,000 * 0.01982 / 365 = $1.086 interest per day; Aug the second month, $33.67 interest in, and you get $20,033.67 * 0.01982 / 365 = $1.088 interest per day...

 

[Trazora]

According to their policy illustration:

'Account value is calculated as: The single premium paid plus a) any ad-hoc Top-up(s); and b) accumulated interest; less a) any partial withdrawal(s); and b) any partial withdrawal(s) charges. Any interest payable will be credited into the Account value at the end of each Policy month. If the average daily Account value for the Policy month falls below S$2,000, no interest will be credited for the Policy month.'

'Interest is calculated based on the daily Account value and credited into the Account value at the end of each Policy month. If the average daily Account value for the Policy month falls below S$2,000, no interest will be credited for the Policy month.'

Their calculator is not consistent with what is written here, it just show simple interest.

 

[TsukiSG]

Their calculator is not consistent with what is written here, it just show simple interest.

Actually they are consistent.

Calculator tells you how much you can get after 1 year if you do not make withdraw, which is 2.0% of your premium.

Policy illustration tells you interest is calculated based on daily account value on a compounded basis, but without saying the daily interest rate, which is slightly lower than 2.0% p.a.

Another Etiqa's product, ELASTIQ, is also doing the same way according to that thread.

 

[alex22]

My understanding:

Same interest rate apply on both premium and monthly interest, making EIR equal to 2.0% p.a. for the first year.

That is, if put in 20k from start and no withdraw, after 1 year, total interest is $400.

If treat it like a saving account, the interest rate should be around 1.982% p.a.

A rough calculation: Jul the first month, you get around $20,000 * 0.01982 / 365 = $1.086 interest per day; Aug the second month, $33.67 interest in, and you get $20,033.67 * 0.01982 / 365 = $1.088 interest per day...

So all in all if 20k principal untouched after 365 days will yield $400.00 no more no less, meeting their product obligation either way the calculation route

 

[sansanjikikut]

So all in all if 20k principal untouched after 365 days will yield $400.00 no more no less, meeting their product obligation either way the calculation route

Yes my point exactly. The 2% does not apply to earned interest along the way assuming you have 20k in there from the account opening day.

But it should apply for those with less than 20k?

 

[Trazora]

Yes my point exactly. The 2% does not apply to earned interest along the way assuming you have 20k in there from the account opening day.

But it should apply for those with less than 20k?

Even for those with less than 20k, the actual interest rate is about 1.982%, 2% is the resultant compounded interest rate

 

[cannot.remember]

the "Grow Money" on the app still showing that it's under system maintenance. anyone managed to sign up since last week?

 

[nemsis]

interested to sign up, anyone has Dash referral? Thanks!

 

[Panerex]

For this account, what is the interest rate if we deposit beyond $20K?

 

[TsukiSG]

For this account, what is the interest rate if we deposit beyond $20K?

Maximum deposit is 20k, which means maximum top-up value is 20k - premium - previous top-ups + previous withdrawals (include 0.7 fees if any).

If you refer to the amount over 20k caused by interest crediting, same interest rate is applying on whole account value, results in a 2% p.a. compounded interest rate for the first year.

 

[Guojing88]

Maximum deposit is 20k, which means maximum top-up value is 20k - premium - previous top-ups + previous withdrawals (include 0.7 fees if any).

If you refer to the amount over 20k caused by interest crediting, same interest rate is applying on whole account value, results in a 2% p.a. compounded interest rate for the first year.

So what this means for maximum Interest is, start with 20k and don’t withdraw any interest that is credited monthly?

 

[TsukiSG]

So what this means for maximum Interest is, start with 20k and don’t withdraw any interest that is credited monthly?

Correct. Just park 20k in and let it grow. After one year should get $400, then see the new credit rate and decide surrender or not.

 

[MURALISI]

Referal code please ?