Nerfed: Singlife and Etiqa Dropping Rates for Singlife Account and Elastiq Top-ups… Alternatives?
It hasn’t been three months since the last revision, but Singlife is reducing the rate of its popular Singlife Account to 1.5% p.a. for the first $10,000 balance, which is a cut of 0.5% p.a. The 1% p.a. rate continues for the next $90,000. This will happen on 29th January.
Etiqa has also cut the crediting rate of 1.8% p.a. for ad-hoc top-ups to Elastiq. This will take effect on 1st February.
Save, Spend, Earn… and skip
Singlife has extended its “Save, Spend, Earn” campaign which gives an additional 0.5% p.a. on the first $10,000 balance. Unfortunately, it remains an unattractive option as you would have to spend $500 a month on the Singlife Visa Debit Card which offers virtually no rewards at all. In return, you get extra 0.5% p.a. on a $10,000 balance which represents little more than $4 for a $500 spend.
That’s less than 1% cashback, and you can surely find much better cards to put your spend on.
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Elastiq policyholders are mostly unaffected
Those prescient enough to sign up for Elastiq (and its clone eSave Advance) before it closed last year would no doubt be glad that they have done so in light of free-falling interest rates. A product I had been recommending quite a lot in 2020, it locks a rate of 1.8% p.a. on the initial premium for three years, and there is no change to this.
Instead, top-ups that are done after the initial amount will be affected, and see their rate dropped to 1.5% p.a.
Alternatives
Gigantiq and Dash EasyEarn are now kings of the hill, it appears, with their 1.8% p.a. rates. In any case, Singlife Account is not available for sign up right now, with little indication on when it’d make a return, so there is little choice for people who have yet to sign up.
I’m currently enjoying 2% p.a. on both my Dash EasyEarn and on Gigantiq because Etiqa seems more reluctant to affect the rates existing policyholders. Better sign up soon if you are interested in such products.
If you are a new customer to Etiqa: Sign up for GIGANTIQ by downloading the app, and use referral code R161521.
If you have existing policies with Etiqa (e.g. Elastiq, Dash EasyEarn etc.), please sign up here instead. Thank you!
Also, I have a few reviews of alternatives in the pipeline, so subscribe to my Telegram if you are keen on exploring options to get better returns for your savings.
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