Review: GIGANTIQ – 2% p.a. Guaranteed with Withdrawal Flexibility

Insurance savings accounts are very popular these days, given the drastic and frequent cuts made to bank deposit interest rates, and Etiqa Insurance is the most enthusiastic provider of such policies. They are the insurer behind the popular Elastiq/eSave Advance as well as Dash EasyEarn, and the newest product they have to offer is Gigantiq.

Details and features

ProviderEtiqa Insurance
Min Amount$50
Max Amount$200,000
Returns2% p.a. up to first $10,000
1% p.a. above $10,000
TenureNo lock-in period
Requirements– $0.70 fee for each withdrawal ($0.50 for DBS/POSB accounts)
Other Features– No medical underwriting
– Death benefit of 105% on account value

Decent rate, flexible withdrawals/top-ups

Gigantiq gives a decent 2% p.a. rate on the first $10,000, and a more modest 1% p.a. rate for amounts above $10,000. In this regard, Gigantiq’s closest competitor is Singlife Account. It does, however, guarantee its interest rate for the first year, while Singlife Account has recently revised its rates downwards from 2.5% p.a. to 2% p.a.

Compared to its recently departed cousin Elastiq, Gigantiq does not have a lock-in period. Instead, much like its closer sibling, Dash EasyEarn, it has a 70-cent withdrawal fee ($0.50 if withdrawn to a DBS/POSB account). This does factor in quite a bit if you are intending to use an insurance savings account much like a bank account with frequent withdrawals.

The good thing is that there are few other limitations to your withdrawals. It doesn’t need to be in blocks of $100 or $500 (like EasyEarn or Elastiq), and you can do this any time as long as you are willing to pay the withdrawal fee. You also need to maintain an average daily amount of $50 in the account, or the policy will lapse, and the account value will be zeroed. It’s a rather painful fall below fee, but $50 is also a really low amount for a minimum balance.

Minimal insurance coverage with no medical underwriting

Gigantiq is an insurance product even as it shares more features with a bank account. As such it comes with some death coverage – 105% of the account value is payable as the death benefit.

Given the small but still welcomed amount of coverage and the nature of the plan, there is no medical underwriting necessary.

Savings strategy

Given the different options in the market right now, what is a good strategy to maximise one’s savings returns? Personally, I feel that Gigantiq’s first $10,000 is the first to fill up since it guarantees you 2% p.a. for a year; the highest guaranteed rate currently available.

Thereafter, you direct funds towards Singlife Account until the first $10,000 is maxed. If you have excess funds, you can either keep it in Singlife Account for its fee-free withdrawals and use it like a bank account, or direct it towards Dash EasyEarn which is 1.8% p.a. guranteed for the first year (2% p.a. if you signed up before 25th September).

Subscribe to my Telegram channel for a more detailed comparison of insurance savings accounts coming up soon.

Sign up rewards

To sweeten the deal, if you sign up through my link and use referral code SIGNUPNOW, you get $10 of PolicyPal credits. You can trade them for things like FairPrice e-vouchers, or use them towards your next insurance purchase with them.

On top of that, you can now refer your friends and earn $10 cash credits each, plus additional PolicyPal credits depending on the amount they place.

You can do it via their mobile app through this link. Join the MoneyBag game, and you can earn credits even without a purchase!

Please read through the terms and conditions of the product as well as any promotion before applying.


In an environment where bank accounts give you barely 1% p.a. after jumping through their hoops of salary crediting, spending etc, 2% p.a. without trouble requirements is a glass of cold water on a hot and sunny day. The guaranteed nature of it is icing ice in the glass and particularly appealing since most banks have changed their interest rates multiple times this year alone.

The good:

  • Decent 2% p.a. rate guaranteed for first year
  • Roomy $200,000 maximum capacity
  • No lock-in period
  • 105% death benefit

The bad:

  • 2% p.a. is on a relatively low amount of $10,000
  • Fee for withdrawal

The ugly:

  • Account value will be zeroed if average daily amount falls below $50 in a calendar month

★ ★ ★ ★ ★ ★ ★ ★ ☆ ☆
8 Stars of Sethisfaction

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