facebookIs ELASTIQ another great alternative to High Savings A/C with 3 years locked in interest rate while banks may continue to adjust the interest rate down further? - Seedly

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Ck Chai

Ck Chai

Level 7

17 Aug 2020

βˆ™

Insurance

Is ELASTIQ another great alternative to High Savings A/C with 3 years locked in interest rate while banks may continue to adjust the interest rate down further?

With various banks adjusting their int rates, I see many are setting up Singlife A/C but amt beyond $10K only get 1% int. Do you see ELASTIQ @ 1.8% int rate guaranteed for 1st 3yrs as another great alternative for the savings beyond 1st 10K?

Discussion (5)

What are your thoughts?

PolicyPal

PolicyPal

17 Aug 2020

Level 11Β·Official Account at PolicyPal

Elastiq is definitely a good deal to consider. Considering most banks are lowering their interest rate, it is something you should consider.

Here is some key advantage of Elastiq:

1) Policy Protected by SDIC

This policy is protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC).

2) Guaranteed return

There is a guaranteed return of 1.8% p.a. for the first 3 years. This is quite competitive in this climate of low-interest rates.

3) Flexible Withdrawal

There is only a 90 days lock-in period. You can withdraw anytime after the 90 days lock-in period without penalty.

4) Bonus Return

There is a non-guaranteed bonus of 0.3% if there is no withdrawal in the first 3 years.

Here are some reviews by some Financial Bloggers - feel free to take a look.

Do check out our NDP promotion for Elastiq if you are are interested to find out more.​​​

Lim Qin Da

Lim Qin Da

24 Jun 2020

Level 8Β·Business Administration & Analytics at National University of Singapore

Hey CK!

Elastiq is indeed a great alternative to a high savings account because of their competitive interest rates of 1.8% guaranteed for the first 3 years. Currently, the other options which offer higher interest rates are Singlife (2.5% for the first $10k) and Stashaway Simple (1.9%), but interests are not guaranteed. Furthermore, it allows for flexible withdrawals anytime after 90 days, which make it work just like a normal savings account. Just make sure that your account has a minimum of $5k to prevent the service fees from kicking in!

If you are planning to put more than $10k into your savings account, this could be a great option for you to consider :)​​​

Hey there.

If you are considering high-interest savings accounts, CIMB has recently announced today...

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