Elastiq is a no-brainer account to have. It’s an insurance savings policy that offers the flexibility of withdrawals (you can make partial or full withdrawals 90 days after the start of the policy), and still offers you a decent 1.80% pa rate that is guaranteed for the next three years.
This means that if interest rates continue to fall, you’d be glad to have your funds parked in here for 1.80% pa returns. If interest rates recover or you have other opportunities, you are free to redeploy the savings elsewhere.
Good things don’t tend to last very long, unfortunately, especially given how interest rates have been falling the way they have in recent months. Elastiq has since become very limited in availability: only the first 5 each day may apply for it. I tried a few minutes past midnight and got this:
If you don’t want to play a game of Fastest Fingers First, especially for something you’re going to put tens of thousands of dollars into, you may want to consider eSave Advance, also from Etiqa.
Differences between Elastiq and eSave Advance
eSave Advance is basically Elastiq with another name: it has the same 1.80% pa guaranteed rate for three years, partial or full withdrawals in $500 multiples after 90 days, and 106.8% Death benefit of the Account Value.
It does differ in the minimum and maximum amounts you can place for the starting premium. While Elastiq allows anywhere between $5,000 to $50,000 for the starting amount, eSave Advance requires a minimum of $30,000, and allows you to place as much as $200,000.
Placing a higher amount also means that you can get the guaranteed rate on a much larger sum of money. While Elastiq (and eSave Advance) does let you top up the account, the crediting rate is subject to change at any time, while the 1.80% crediting rate is guaranteed for the initial premium for a period of three years.
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