Nerfed: GIGANTIQ Reduces Rate to 1.8% p.a For New Sign Ups; How Does It Compare Now?
Etiqa has unfortunately decided to decrease the crediting rate from 2% p.a. to 1.8% p.a. for the first $10,000. This affects new sign ups from 19th November 2020 onwards, and policyholders who have signed up before that are unaffected by the change in rate.
Reductions in rates are always unpleasant, but it’s worth noting that Etiqa has so far reduced rates for new sign-ups, and existing policyholders are not affected. This was also the case in the recent reduction in rates for Dash EasyEarn. 1.8% p.a. remains a competitive rate for products of this class, and it’s probably a good idea to sign up sooner rather than later.
Comparison
| Singlife Account | GIGANTIQ | Dash EasyEarn | Winner | |
| Interest Rate | 2% / 1% p.a. | 1.8% / 1% p.a.¹ | 1.8% p.a.² | Singlife |
| 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 |
| Minimum Amount | $100 | $50 | $2,000 | Singlife³ |
| Withdrawal | Any amount | Any amount ($0.50/$0.70 fee) | Multiples of $100 ($0.70 fee) | Singlife |
| Death Benefit | 105% | 105% | 105% | Draw |
- 1% p.a. guaranteed for first year + 0.8% p.a. bonus (for new sign-ups from 19th November 2020 onwards)
- 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.
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Conclusion
I think it’s a wash between Singlife Account, GIGANTIQ and Dash EasyEarn, and most people should probably have two or three of these plans owing to the relatively low capacities they have for higher earn rates:
| Amount | Account | Reason |
| First $10,000 | Singlife Account | 2% p.a. rate, free withdrawals |
| Next $10,000 | GIGANTIQ | 1.8% p.a. rate, flexible withdrawals |
| 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, higher capacity |
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