The inevitable has happened and after severely restricting the sales of Elastiq, Etiqa has decided to close applications altogether. Now, Etiqa is withdrawing the almost identical eSave Advance from 1st October.
I’ve talked about Elastiq/eSave quite a bit, and for good reason: 1.80% pa guaranteed for three years with the flexibility of withdrawals is really compelling when bank interest rates have been free-falling in the past few months.
I’ve since emptied and closed various bank accounts, channeling funds to the various insurance savings accounts there are. There’re no requirements like salary crediting, card spend, or other silly hoops to jump through to get a decent return on my liquid savings, and I’m not going back to the trouble of meeting those conditions unless banks can offer substantially higher interest rates.
For those who are still on the fence whether to do something about the savings languishing in your bank, you don’t have much time