Bank deposit interest rates are rapidly going south, and insurers are stepping up to woo your savings. It’s about time we coined a name for such policies, and a few of us seem to think that Insurance Savings Account (ISA) makes sense.

Of course, take note that they aren’t bank savings accounts, but are instead insurance policies that emulate savings accounts. We shall take a look at three popular ISA available and weigh the pros and cons of each of them.

Features showdown

Singlife Account Etiqa Elastiq Dash EasyEarn Winner
Interest Rate 2.50% pa 1.80% pa 2.00% pa Singlife
Guaranteed Tenure None 3 Years 1 Year Elastiq
Maximum Amount $10,000 $50,000 $20,000 Elastiq
Minimum Amount $100 $5,000 $2,000 Singlife
Withdrawal Any amount Multiples of $500
(after 90 days)
Multiples of $100
($0.70 fee)
Singlife
Death Benefit 105% 106.8% 105% Draw

You may wish to read the individual reviews:

Read to the end of this article for the overall winner!

Advertisements