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.​​​

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