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? - Seedly
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Charlie

Asked 2w ago

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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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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Kelvin
Kelvin
Level 3. Wonderkid
Answered 1w ago

Another option will be the new Dash EasyEarn by Etiqa Insurance with a minimum initial premium of S$2,000, up to a maximum of S$20,000. Up to 2% per annum returns for the first policy year, no lock-in period and unlimited withdrawals with zero penalties.

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JC
JC

1w ago

There's a $0.70 charge for each withdrawal made though. Between this and Elastiq (which is also by Etiqa), the latter seems to be better.
Samuel Mzl
Samuel Mzl

1w ago

Yes but like all savings account, like how people is treating dash, the aim should be to not withdraw any amount from. Dash only charges the 0.70 for withdrawal to the bank. If youā€™d like to use the money in it, you can always pay with dash
P
PillowCase
Level 5. Genius
Answered 2w ago

Hey there.

If you are considering high-interest savings accounts, CIMB has recently announced today that they will be revising their interest rate for FastSaver. You might want to take a look here.

Other alternative choices that do not require spending/minimum sum include:

Singlife Account (2.5% p.a, capaital guaranteed, interest non guaranteed)

FSM Auto-Sweep Account (1.05%p.a, interest rates may be revised)

Stashaway Simple (1.9%, capital non guaranteed, interest non guaranteed)

SCB JumpStart (1%p.a, only for aged 18-26)

Crypto Earn (Depending on currency, as high as 16%p.a (CRO) without any prior staking. However, do take note of the volatility of cryptocurrencies. For higher interest rates, a fixed duration of 90 days is imposed before withdrawal can be made. Intetest is paid out every 7 days)

Crypto Exchange (20%p.a for CRO currency. Similar to Crypto Earn, just that fixed duration is set at 180 days. Interest is paid out daily)

Vivid Account (1.05% p.a for first 10k, 1.30% for 10k-20k)

Tiq 3 Year Endowment Plan (2.10%p.a, guaranteed)

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LT
Luke Tan
Level 2. Rookie
Answered 2w ago

Singlife first; everything else goes second.

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Charlie

2w ago

It does seem SingLife is indeed way more flexible. Will likely go for SingLife for my first 10k. Thanks for your reply.
Gideon Ng
Gideon Ng
Level 5. Genius
Answered 2w ago

I would definitely recommend you to choose SingLife Account first before considering Elastiq.

After maxing out on the $10k in SingLife, I placed a portion of my funds remaining in the JumpStart Account into Elastiq to lock in that guaranteed interest rate.

In terms of liquidity, SingLife is much better since it is almost instant.

Elastiq only allows you to withdraw a minimum of $500 and subsequent multiples of $500. And you can't withdraw any funds for the first 3 months.

I have an in depth review on Elastiq which you can find here.

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Charlie

2w ago

It does seem SingLife is indeed way more flexible. Will likely go for SingLife for my first 10k. Thanks for your reply.
JC
JC
Level 5. Genius
Answered 2w ago

Maybe you could park your money with Singlife first and if the interest rates were to drop, you can just withdraw and park it with Elastiq. Unlike Elastiq, Singlife has no lock-in period so you can withdraw the money anytime and it will reflect almost immediately in your bank acc.

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Charlie

2w ago

I see, thanks for the reply. My concern is that after Jun 2020, there won't be any rebates for Elastiq anymore, which means the rates is back to 1.8%.