Insurance savings accounts are very popular these days, given the drastic and frequent cuts made to bank deposit interest rates, and Etiqa Insurance is the most enthusiastic provider of such policies. They are the insurer behind the popular Elastiq/eSave Advance as well as Dash EasyEarn, and the newest product they have to offer is Gigantiq.
Details and features
|Returns||2% p.a. up to first $10,000
1% p.a. above $10,000
|Tenure||No lock-in period|
|Requirements||– $0.70 fee for each withdrawal ($0.50 for DBS/POSB accounts)|
|Other Features||– No medical underwriting
– Death benefit of 105% on account value
Decent rate, flexible withdrawals/top-ups
Gigantiq gives a decent 2% p.a. rate on the first $10,000, and a more modest 1% p.a. rate for amounts above $10,000. In this regard, Gigantiq’s closest competitor is Singlife Account. It does, however, guarantee its interest rate for the first year, while Singlife Account has recently revised its rates downwards from 2.5% p.a. to 2% p.a.