M1’s mySIM plans won’t lock you to a two-year contract
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M1 just pulled a surprise out of its hat with a new range of plans. Dubbed mySIM, the new plans are attractive for two reasons. Firstly, there is no need to commit to a two-year contract to get this plan. Secondly, the monthly subscription starts from S$30 and gives you at least 3GB of data.
However, if you commit to this plan for a year, you get 5GB of data per month. In comparison, M1’s existing plans start from S$41 and gives the same 3GB of data. Do the maths, and you’ll realise that it doesn’t make sense to sign up for the older Lite+ plan which costs more for the same data bundle. That is, if you aren't getting a subsidised phone.
Now, the question is, would you be able to purchase a subsidised handset with the new mySIM plans? M1's spokesperson has confirmed that the mySIM plans won't be bundled with a smartphone purchase. Essentially, this is an option for you to purchase a mobile plan at a lower monthly cost.
That said, considering how you’re saving S$11 a month, that's S$251 you don't have to pay over two years. If you're in urgent need of replacing a smashed up phone, you can buy an affordable Xiaomi Redmi 2, get a mySIM plan and save your two-year contract for a bigger ticket item like an iPhone 7 when it's launched.
Or if you were to get, for example, the OnePlus One (which isn’t officially available from the telcos here) or even the upcoming OnePlus 2, it’s a matter of buying the phone and signing up for a mySIM plan. None of the hassle of signing a two-year contract, selling the subsidised phone that comes with it and using the money to subsidise your personal purchase.
More importantly, you have the freedom to switch to another telco any moment.