Review: ELASTIQ – Solution to Low Bank Interest? 1.80% pa Guaranteed, Short Lock-in, Attractive Sign-up Reward

Update: ELASTIQ is no longer available. Check out other options instead

Much like Singlife Account, the ELASTIQ isn’t technically a savings account. It is a special type of insurance that tries to replicate a savings account.

Given the fact that banks have been cutting interest rates recently, if something swims like a duck and quacks like a duck, I wouldn’t mind if it waddles a little differently from other ducks as long as I get some decent returns.

Details and features

ProviderEtiqa Insurance
Min Amount$5,000
Max Amount$50,000 (can be topped up to $200,000)
Returns– 1.80% pa
– 0.30% bonus every 3 years
Tenure3 years guaranteed rate
90 days lock-in
Other FeaturesDeath benefit of 106.8% of account value

For those unfamiliar with the brand, Etiqa is Maybank’s insurance business.

At 1.80% pa, ELASTIQ might not be superior to Singlife’s 2.50% pa, but where it falls short on interest rate it more than makes up for in terms of capacity – you can enjoy 1.80% pa on up to $200,000 of your savings.

To optimise your returns, simply place $10,000 in Singlife Account for 2.5% pa, and any excess into this.

Guaranteed rates without long lock-in

Unlike Singlife Account which can change its interest rate any time, the interest rate of 1.80% pa is guaranteed for three years on the first amount you place in Elastiq. Customers disgruntled with DBS, OCBC, UOB, and StanChart for cutting their rates would appreciate such a guarantee.

More impressively, ELASTIQ guarantees the interest rate without locking in your savings for years. The only lock-in period is 90 days after the policy issue date, after which you can make withdrawals in multiples of $500.

Even if you don’t feel like 1.80% pa is an attractive rate now, it’s not too bad an idea to set aside some money in this to lock in the rate for the next three years in the event interest rates continue to plummet.

Essentially, there is very little downside to putting your savings here. If interest rates increase, you can pull out your savings. If not, you have locked in a interest rate you can enjoy for the next three years.

Moreover, you get an additional 0.30% bonus reward every 3 years based on the average balance over the 36 months. That pushes up the 1.80% pa rate ever so slightly.


Check out a rundown of great options giving up to 6.8% p.a. for cash savings!

Subscribe to the Telegram for more great deals and updates. Prefer email or WhatsApp? Tap here.

SDIC insured

The policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). It insures S$100,000 for aggregated guaranteed surrender value per life assured per insurer.​

Sign-up bonus

If you are interested in getting this, leave a comment with your email (will not be publicly shown) for the application details.

Have quite a bit of savings to place?

If you are intending to place an initial amount ranging from more than $50,000 to $200,000 at the start of the policy, please leave a comment with your email (will not be publicly shown). The advantage is that you will get a much higher amount with guaranteed 1.80% pa since the crediting rate is not guaranteed on subsequent top-ups.

Keep up to date on the best cashback/mile cards, financial products, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.

Subscribe to the channel, then join the group chat. You would often benefit from the tips shared exclusively in the group chat!

Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!

Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).


Even if you don’t currently think that 1.80% pa is an attractive yield, ELASTIQ is a safety net against falling interest rates. There is no obligation to keep your funds in this beyond the first 90 days, and given the falling bank rates, this is a no-brainer product to apply for, even if you don’t see an immediate need for it.

The good:

  • Decent interest rate of 1.80% pa with 0.30% loyalty bonus
  • Interest rate is guaranteed for 3 years
  • No lock-in beyond the first 90 days from policy issue date
  • High capacity of $200,000
  • Death benefit of 106.8%

The bad:

  • Withdrawals and top-ups are in multiples of $500 only
  • $5 service fee if average daily account value is under $5,000

The ugly:

  • I simply cannot think of an ugly downside to this policy

★ ★ ★ ★ ★ ★ ★ ★ ★ ☆
9 Stars of Sethisfaction

This advertisement has not been reviewed by the Monetary Authority of Singapore.

129 thoughts on “Review: ELASTIQ – Solution to Low Bank Interest? 1.80% pa Guaranteed, Short Lock-in, Attractive Sign-up Reward

    1. Interest is calculated based on the daily Account value and credited into the Account value at the end of each Policy month.

  1. Have applied. Best saving account that i can find after the banks start dropping their interest.

  2. Would you happen to know how the 0.3% calculation works? If my account balance remains as 10000 for 36 months, at the end of 3 years and assuming no withdrawals, do I receive a bonus of 0.3%*10000*36?

  3. What if I originally put in 10k, then withdraw 5k after the 3 months, and then reinvest 2k? Will the 2k also be guaranteed 1.8% pa returns?

    1. The guaranteed rate is only for the 1st premium. Rates for subsequent top-ups are non-guaranteed.

  4. Hi Seth,

    Thanks for sharing this product with me.

    I would like to deposit about 40 – 100k. Looking forward to your contact. Thanks.

  5. Hi, would like to find out more on the deal for >50k deposits. currently looking to deposit at least 50k. Look forward to your email.

  6. Hi. Interested in the deal for >50k deposit. Looking forward to deposit at least 50k. Look forward to your email.

  7. Hi, I understand that you recommend putting $10k into SingLife first for the 2.5% pa interest, however, in view of recent interest rates cuts, do you think it might be a better idea to place that $10k into Elastiq?

    1. Doing that is better only if Singlife cuts its interest rate soon and/or dramatically, and Elastiq also drops in interest rate in tandem. Personally would stick with Singlife’s higher interest while it lasts.

  8. Hi, I’m also interested in the review above $50k. Could you advise if there is any promo?

  9. Hi, kindly advise on the promo for a deposit of >$50k and whether the sum can be withdrawn after 90 days, if needed. Thanks!

  10. Interested to put in 50-100k – grateful if you could share the promo. just to confirm also that the 1.8% is guaranteed for initial amount above 50k? thanks!

  11. Hi, For $26k, how will the non encashable 0.5% and encashable $100 be awarded?
    Does these credits still valid?

    1. It will be credited into your Etiqa account. The promotion is until 31st July or while stocks last.

  12. The only lock-in period is 90 days after the policy issue date, after which you can make withdrawals in multiples of $500.

    Does it means if i deposit 50,000, my interest is 900sgd, i can only withdraw 50,500? balance of 400 cant be withdrawn??

    1. For Elastiq, Etiqa will credit the promotional credits to your account within 4 weeks after the 14-day free look period.

    1. For $50k and under you can just sign up for Elastiq with promo code R161521 for $100 and 0.5% insurance credits.

    1. For $50,000, please sign up for Elastiq using my referral code and get rewards as specified in the above table. The promo ends today.

    1. Hi Jon, why not? If you leave it there, you get 1.80% pa guaranteed for the next three years on your $20,000 savings. If you need to, you can also make withdrawals after 90 days.

  13. Hi, i intend to place an initial amount ranging from more than $50,000 to $500,000 at the start of the policy. Please email me the details promptly.

  14. Jesus, OCBC even announced a further drop in their 360 interest rates today.
    Got around 100K to deposit, pls let me know more.

    1. What’s the difference between Elastiq and eSave Advance besides the initial amount? If we surrender both policies after 3 months, any penalty? Both have flexibility of withdrawal?

    2. Both are underwritten by Etiqa and share the same features. You can do partial withdrawals or full surrender after 90 days from the policy start date without any penalty.

Leave a Reply