Elastiq or CIMB fast savers? Is Elastiq guaranteed for 3 years? Can I treat Elastiq like fixed deposit?

Hello, For CIMB FastSaver, the interest rate are as follow (Based on CIMB website with a minimum balance of S$1000):

Base:

0.50% (first $50k)

0.80% (next $25K)

1.50% (next $25K)

For ELASTIQ, you are guaranteed 1.8% p.a. interest rate for the first 3 years. After the 90-day lock-in period, there is also the flexibility to withdraw anytime.

However, do note that for withdrawal,

• Amount for each withdrawal must be at least S$500 and in multiples of S$500 and

• Average daily Account value for the month must be at least S$5,000 to avoid the $5 service fees

• There is a 0.3% bonus credit if you do not make any withdrawals within the 3 years time frame.

Disclaimer It is important to note that endowment plans are different from fixed deposits or savings accounts.​​​

Pros:
1. 1.8% pa fixed for 3 years
2. Flexibility of withdrawal after 3 months, in multiples of $500
3. Friendly user interface platform
4. Deposit anytime after account has been set up
5. Protected by SDIC

Cons:
1. Retaining $5k in the account to avoid fall below fee
2. No withdrawal for first 3 months
3. Withdrawals and deposits have to be made in multiples of $500

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