This put up was written in collaboration with Singtel Sprint. Whereas we’re financially compensated by them, we nonetheless try to keep up our editorial integrity and assessment merchandise with the identical goal lens. We’re dedicated to offering one of the best suggestions and recommendation so as so that you can make private monetary selections with confidence. You may view our Editorial Tips right here.
Not too long ago on 5 Jan, one of many core banks in Singapore slashed its rates of interest on its flagship financial savings account, the 4th spherical of revisions since Could 2020. Different main banks had beforehand additionally slashed rates of interest on their financial savings accounts from 1 Jan, once more this was not the primary time since mid-2020.
Let’s simply say that you simply’ll be fortunate to discover a financial savings account that provides reasonable rates of interest of 0.5% p.a. to 1% p.a. — until you may have plenty of financial savings and also you’re an enormous spender and/or super-user of the financial institution’s different providers (bear in mind the nice previous days when reasonable rates of interest have been simply 1.2% p.a. to 1.5% p.a.).
Even mounted deposit charges are in a stoop proper now, with charges as little as 0.2% p.a. and a most of 1.3% p.a. — we’re not even going to say the 3- to 36-month lock-in interval.
All this slashing makes me really feel actually sian, particularly when my financial savings account is affected. Maybe you, like me, really feel hesitant about doing something to your financial savings on this unsure local weather (who is aware of when they’ll slash once more?). I do know I’m, so my extra financial savings are simply sitting stagnant in my checking account, accumulating mud and cobwebs, and principally not rising effectively.
I do know, I do know. This defeatist mindset could be very dangerous to have. However wait…
Enter Singtel Sprint’s newest product, Sprint PET by Etiqa Insurance coverage
Isn’t it well timed {that a} new insurance coverage financial savings plan from Singtel Sprint with no lock-in interval and capital assured (as much as 1.3%* p.a.) has emerged? Those that are with good numbers will know that the distinction between 0.5% p.a. and 1.3% p.a. on $10,000 is $130 minus $50 equals $80 a 12 months!
If you happen to benefitted from Singtel Sprint’s well-liked Sprint EasyEarn product; sure, that is related (however improved!) and Singtel is teaming up once more with Etiqa Insurance coverage to roll out this unique new product, aptly named Sprint PET (Defend, Earn, Transact).
It’s straightforward to get began with Sprint PET, particularly if you have already got the Singtel Sprint app and also you’re at the very least 17 years previous. There’s additionally a low barrier to entry as you solely must put in and preserve at the very least $50 to reap the rewards — prime up any time by way of your Sprint pockets, eNETs or PayNow.
Learn on to search out out extra about what Sprint PET affords.
PROTECT
Sprint PET affords an insurance coverage element of as much as 105% of your coverage worth for dying. This implies, for those who put $10,000 in your PET account, the full payout is $10,000 plus 5% of that, which is an extra $500.
That is fairly commonplace for many insurance coverage financial savings plans, which brings us to the following protecting characteristic — the Covid-19 Monetary Help Profit, supplied free to all Etiqa Insurance coverage life insured. Upon prognosis, this features a hospitalisation profit as much as $1,000, intensive care unit profit as much as $1,000, and a lump sum dying advantage of $50,000.
We additionally heard that there might be extra protection for your self and your life-style coming later this 12 months, the place you’ll be able to add on safety riders and be rewarded with extra returns in your first $10,000 of your Sprint PET account worth.
Keep tuned for extra updates when it launches!
EARN (the most important draw of Sprint PET plan for now)
The earn fee is the crux of any insurance coverage financial savings plan. As we highlighted above, financial savings rates of interest are quite dismal in the mean time. Benefiting from Sprint PET’s as much as 1.3%* p.a. return is a shining beacon of hope for our stagnant financial savings.
- Minimal account worth: $50
- Most account worth: $30,000
- Engaging 1.3%* p.a. returns for the primary $10,000
- 0.3%* p.a. returns for account worth above the primary S$10,000
- Capital assured
- No lock-in interval: Prime-up or withdraw anytime, from simply $1 (min. S$50 for eNETS top-up)
- Prime-up simply achieved by way of Sprint pockets, eNETS, PayNow
- Withdraw funds simply utilizing Sprint pockets (free) or PayNow ($0.70 admin price applies per withdrawal by way of PayNow)
State of affairs 1 — you may have $30,000 spare money
If you happen to prime up $30,000 as a lump sum quantity, that’s one of the best case state of affairs as you’ll be able to maximise your returns.
| Premium | Crediting fee | Complete Earned curiosity after 1 12 months |
| First $10,000 | 1.3%* p.a. | $190 |
| Above $10,000 | 0.3%* p.a. | |
| Complete curiosity earned | ||
State of affairs 2 — you’re a scholar/first-jobber who makes common, small top-ups
Don’t presently have $30,000? You may at all times get began with $50, then make small $100 top-ups to the account worth in the beginning of every month — it’s super-flexible as there are not any charges payable; when you received’t obtain the utmost returns doable, you’ll STILL reap the returns nonetheless.
| Month | Complete top-up quantity | Crediting fee | Earned curiosity |
| 1 | $50 (minimal to begin) | 1.3%* p.a. | $0.05 |
| 2
(assume 28 days) |
$150 | $0.16 | |
| 3 | $250 | $0.27 | |
| 4 | $350 | $0.38 | |
| 5 | $450 | $0.49 | |
| 6 | $550 | $0.60 | |
| … | (Proceed so as to add $100 per thirty days) | … | |
| 12 | $1,150 | $1.25 | |
| Complete curiosity earned | $7.83 | ||
*Curiosity is calculated every day and credited into the account each month. The speed of return additionally applies to earned pursuits.
By following the latter route, you should use Sprint PET as a financial savings account to hive off (and develop) your more money every month. i.e. You may switch the stability cash saved into your Sprint PET account as an alternative of leaving it in your fundamental financial savings account and “by chance” spending it. This might assist you practise higher monetary habits in 2021.
TRANSACT
If you happen to don’t have already got the Singtel Sprint app, get it! Past merchandise like Sprint PET, it’s an on a regular basis, all-in-one cellular app that can be utilized for every day funds (i.e. buying at actually any store that accepts Sprint, Fave and even PayNow, limitless on-line retailers by way of Sprint’s Digital Visa, commuting) and even remittance providers.
There’s additionally a strong Sprint Rewards characteristic inside the Singtel Sprint app, the place you’ll be able to redeem rewards starting from Singtel cellular providers, grocery, eating, retail and life-style vouchers at well-liked manufacturers.
It is sensible that you could seamlessly (and immediately) withdraw the cash you’ve grown in your Singtel Sprint PET account (from $1) into your Sprint pockets and use it instantly to earn much more rewards in your Singtel Sprint app.
There’s additionally the choice to withdraw cash in your linked PayNow account, however there can be a small price of 70 cents since this isn’t inside the Singtel Sprint ecosystem.
Keep in mind, we mentioned there’s no lock-in interval for Sprint PET (simply want to keep up the $50 every day common stability in your account worth for the calendar month) and capital is assured. And don’t fear about lacking out on rising your account worth in Sprint PET — you’ll be able to simply do a fast top-up (from $1) when you’ve gotten your wage and many others by way of the Sprint pockets or PayNow. Prime up in multiples of S$50 applies for eNETS.
get began with Sprint PET
To start your insurance coverage financial savings journey with Singtel Sprint PET, it solely takes 3 steps after you obtain and open the Sprint app in your cell phone.
Click on right here to search out out extra and to get began with Singtel Sprint PET, or head right here to obtain the Singtel Sprint app free of charge.
Disclaimer:
- The knowledge is supposed purely for informational functions and shouldn’t be relied upon as monetary recommendation.
- Sprint PET just isn’t a checking account or a hard and fast deposit. It’s an insurance coverage financial savings plan that earns a crediting rate of interest.
- *For the primary S$10,000 Account Worth: Assured 1.3% p.a. for the primary coverage 12 months. For above first S$10,000 Account Worth: Assured 0.3% p.a. bonus for the primary coverage 12 months
This coverage is underwritten by Etiqa Insurance coverage Pte. Ltd. (Firm Reg. No. 201331905K). This commercial is for common data solely. Full particulars of the coverage phrases and circumstances will be discovered within the coverage contract on sprint.com.sg/dashpet. Protected as much as specified limits by SDIC. As shopping for a life insurance coverage coverage is a long-term dedication, an early termination of the coverage normally entails excessive prices and the give up worth, if any, that’s payable to it’s possible you’ll be zero or lower than the full premiums paid. It’s best to search recommendation from a monetary adviser earlier than deciding to buy the coverage. If you happen to select to not search recommendation, you need to contemplate if the coverage is appropriate for you. This commercial has not been reviewed by the Financial Authority of Singapore. Info is correct as at 1 February 2021.
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