There have been significant changes since the last time I compared insurance savings accounts, and it’s time to push out an updated comparison between the three popular ones right now in the market.
Each account has changed in the past couple of months.
The popular ELASTIQ (and its close sibling eSave advance) has sadly been withdrawn. In its place is GIGANTIQ which is more similar to Dash EasyEarn than Elastiq.
Dash EasyEarn itself has had its interest rate revised downwards from 2% p.a. to 1.8% p.a. for new applicants. Policyholders under the 2% rate are not affected.
Singlife Account is decreasing its 2.5% p.a. rate to 2% p.a. from 1st November.
|Singlife Account||GIGANTIQ||Dash EasyEarn||Winner|
|Interest Rate||2% / 1% p.a.||2% / 1% p.a.¹||1.8% p.a.²||Singlife/GIGANTIQ|
|Guaranteed Tenure||N/A||1 Year||1 Year||GIGANTIQ/EasyEarn|
|Maximum Amount (higher rate)||$10,000||$10,000||$20,000||EasyEarn|
|Maximum Amount (lower rate)||Next $90,000||Next $190,000||N/A||GIGANTIQ|
|Withdrawal||Any amount||Any amount|
|Multiples of $100|
- 1% p.a. guaranteed for first year + 1% p.a. bonus (update 19/11/2020: return for new sign-ups is now 1.8% p.a.)
- 1.5% p.a. guaranteed for first year + 0.3% p.a. bonus
- GIGANTIQ deactivates the account and removes any value if the daily average amount for a calendar month is below $50.
Given the low minimum accounts required to maintain these accounts and general lack of fall-below fees (except for GIGANTIQ), there is no harm in opening multiple accounts. It’s less of an issue of which account should I get, but more of in what order should I place my funds? Here is my suggestion:
|First $10,000||Singlife Account||2% p.a. rate, free withdrawals|
|Next $10,000||GIGANTIQ||2% p.a. rate|
|Next $20,000||Dash EasyEarn||1.8% p.a. rate|
|Next $90,000||Singlife Account||1% p.a. rate, free withdrawals|
|Excess funds||GIGANTIQ||1% p.a. rate|
Notably, I would also consider signing up for GIGANTIQ and EasyEarn to lock in the guaranteed rates promised, given the declining interest rate environment.
Given the lack of fees and any withdrawal requirements, Singlife Account would be excellent for really short-term funds and you can use it almost like bank account.
Speaking of which, if you’re able to meet the requirements of some bank savings accounts, you may still be able to eke out a rate higher than 1% p.a., and that may well be where you can direct your funds after maximising the higher earn rates of these accounts. Personally, I’m done with conditional bank accounts which are a hassle to manage, and the fuss-free nature of such insurance savings accounts does away with a lot of trouble.
For Singlife Account, you will need to sign up here with your phone, as well as apply and activate the free debit card. You will receive $10 in your account.
For GIGANTIQ, you will need to sign up here with PolicyPal’s app. You will get $10 in PolicyPal credits by using code SIGNUPNOW.
For Dash, you can download the Dash app and use referral code DASH-L72MK. You won’t receive anything, except for the warm fuzzy feeling of supporting this site. You will need to make at least one transaction on your Dash account and I appreciate it if you took the trouble to do so.
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