facebook10k in Elastiq or Singlife? I understand interest rates are dropping, so is 1.8% pa guaranteed (2.03% pa for 3 years taking into account rebates from promotion) better than 2.5% non-guaranteed pa? - Seedly

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          10k in Elastiq or Singlife? I understand interest rates are dropping, so is 1.8% pa guaranteed (2.03% pa for 3 years taking into account rebates from promotion) better than 2.5% non-guaranteed pa?

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              Discussion (13)

              What are your thoughts?

              Tan Wei Ming

              Tan Wei Ming

              30 Jun 2020

              Level 10·Founder and Writer at Frugal Youth Invests

              Having known of the two products mentioned, I would go for Singlife. Singlife gives you more flexibility and is also more liquid than Elastiq making it more like a savings account than a fixed deposit kinda product.

              No reason was given by Singlife on why it is non guaranteed but I believe that they have the ability to give 2.5% p.a returns in spite of the low interest rate environment.

              I think I will go for the Dash EasyEarn than Elastiq as at least it has more flexibility in terms of no lock in terms. However, I do not like the fact that there is fees to withdrawal to bank at $0.7 per transaction.

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                  I have been using Singlife from a few months back. The interest returns are decent and I would recommend signing up for Singlife first!

                  However, because the high interest only acts on the first $10k in the account I did not bother putting beyong that amount in Singlife. Just recently, I signed up for Elastiq because I wanted to park some of my savings which I used to put in high-interest bank saving account. Elastiq is especially attractive in this time where bank interests are unlikely to rise to before in the coming months. This is what I have gathered on this product so far and hope this helps:

                  Pros:

                  1. 1.8% p.a. guaranteed crediting rate for the first 3 years

                  2. Flexible withdrawal - withdraw from your account without penalty or interest claw back 90 days after the policy issue date

                  3. Adhoc Top-ups: may perform a one-off top-up of a minimum of S$500

                  4. No penalty or interest clawback during withdrawal

                  5. Non-guaranteed bonus of 0.3% will be given every 3 years if no withdrawal has been made before

                  Cons:

                  1. Lock-in period of 90 days

                  2. Minimum S$500 and in increments of S$500 per withdrawal

                  3. Nominal service fee would apply if your average daily account value for the policy month falls below S$5,000.

                  Bonus benefit: receive Etiqa eWallet credits worth 0.5% of policy’s premium value ($50 for $10k, $100 for $20k etc..!) when you tap on the referral promotion now. Reach out to me if you need a referral code!​​​

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                      Tan Yu Ji

                      Tan Yu Ji

                      13 Aug 2020

                      Level 6·Economics at Nanyang Technological University

                      It depends on the current situation you are in! If you need the money to be liquid, I would suggest ...

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