Anonymous

07 Jun 2019

∙

For Etiqa ELASTIQ, what does the prevailing rates mean? Is it like a SIBOR rate?

In regards to the plan, they mentioned that the interest rates will be 2.02% for the first 3 years, and then based on "prevailing rates" thereafter. Does anyone know what does prevailing rates mean? Is it like a SIBOR rate? And is it possible to view it anywhere?

6

Discussion (6)

What are your thoughts?

Learn how to style your text

Yixiong Chang

07 Jun 2019

It just a loose reference to the interest rate environment at that time. The contract wrote ' the crediting rate will be determined by us based on the prevailing rate, subject to the minimum guaranteed crediting rate of 0% p.a '.

So Technically they can set the rates at any percentage, or even zero if they like to. =D But there will lose them clients' monies. In reality what it means is just they will set the rates they deemed to be competitive (while they still can make money).

Reply

Save

View 5 replies

Write your thoughts

Related Posts

Does Etiqa elastiq work like the singlife account that we can withdraw the whole amount inside after the lock-in period of 3 months?

What is the difference between Etiqa Elastiq, Gigantiq and Dash Easyearn as all have 1.8% interest rate. Will I say Elastic is better as it have higher max amount and longer term 3 years?

Realised Singapore doesn't have enforced credit rating system like Moodys or S&P - probably led to the Hyflux nonsense do you think? Like less than 50% are rated !!?

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

Anybody used Funding Societies P2P lending platform? How are the default rates like, and are the principals + interests likely to be repaid? Is this a good alternative to SSB/SGS?

Related Posts

Does Etiqa elastiq work like the singlife account that we can withdraw the whole amount inside after the lock-in period of 3 months?

What is the difference between Etiqa Elastiq, Gigantiq and Dash Easyearn as all have 1.8% interest rate. Will I say Elastic is better as it have higher max amount and longer term 3 years?

Realised Singapore doesn't have enforced credit rating system like Moodys or S&P - probably led to the Hyflux nonsense do you think? Like less than 50% are rated !!?

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

Anybody used Funding Societies P2P lending platform? How are the default rates like, and are the principals + interests likely to be repaid? Is this a good alternative to SSB/SGS?