Review: ELASTIQ – Solution to Low Bank Interest? 1.80% pa Guaranteed, Short Lock-in, 0.5% Sign-up Reward
By Sethisfy • June 3, 2020
Much like Singlife Account, the ELASTIQ isn’t technically a savings account. It is a special type of insurance that tries to replicate a savings account.
Given the fact that banks have been cutting interest rates recently, if something swims like a duck and quacks like a duck, I wouldn’t mind if it waddles a little differently from other ducks as long as I get some decent returns.
Details and features
Provider
Etiqa Insurance
Name
ELASTIQ
Min Amount
$5,000
Max Amount
$200,000
Returns
– 1.80% pa
– 0.30% bonus every 3 years
Tenure
3 years guaranteed rate
90 days lock-in
Other Features
Death benefit of 106.8% of account value
Sign up as a new Etiqa customer using my code R161521 for sign-up reward (read on for more details).
At 1.80% pa, ELASTIQ might not be superior to Singlife’s 2.50% pa, but where it falls short on interest rate it more than makes up for in terms of capacity – you can enjoy...