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

Asked on 17 Aug 2020

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

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PolicyPal
PolicyPal, Official Account at PolicyPal
Top Contributor

Top Contributor (Aug)

Level 7. Grand Master
Answered on 17 Aug 2020

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.

Essentially, ELASTIQ would provide you with more value if you are looking for an alternative to a fixed deposit. The flexible withdrawal makes it a good alternative to saving accounts as well.

Here are some reviews of ELASTIQ you can check out:

1) Stong and Frugal

2) Heartlandboy

3) PolicyPal​​​

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For Elastiq , you can check out this article by Kiam Siap Life before deciding - it gives a good balance of the pros and cons.

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Jaslyn

4w ago

Hi! I bought the Elastiq plan. It is guaranteed for 3 years and functions like FD. The only exception is that this is more flexible as it allows you to withdraw after 90 days lock-in.
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John Doe
John Doe
Level 3. Wonderkid
Answered 3w ago

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

Use my referral code to earn e-wallet credits for yourself when you sign up!

Referral code: R167185

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Thank You!
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