Etiqa’s ELASTIQ and SAVE3?

[demoforce1]

Ya was charged $5 ouch

charged $5 because of closing elastiq?

 

[shengliang1981]

From now til Sep 2023, EIR for Elastiq for the initial premium should be 3.1% with the 1.3% guaranteed loyalty reward.

For those who havent done any withdrawal, there would be additional 0.3% non guaranteed bonus.

Probably worth keeping now?

 

[maumu]

From now til Sep 2023, EIR for Elastiq for the initial premium should be 3.1% with the 1.3% guaranteed loyalty reward.

For those who havent done any withdrawal, there would be additional 0.3% non guaranteed bonus.

Probably worth keeping now?

nope for me. in fact their action made me 'quit' earlier.

initially I had intended to surrender only next June when 3-years is up so I can get the 0.5% bonus for not withdrawing. have 50k @ 1.8% and 30k @ 1.2% (top up rate).

then they throw this promo to tempt me to lock it until 30 Sep... thanks but sorry I'm not going to lock in longer with them. the 12-mth T-bill next month will most likely be as high as 3.5% so it will be better than keeping with them for 3.1%.

their promotion only made up my mind to leave them, only earlier instead of later.

 

[demoforce1]

nope for me. in fact their action made me 'quit' earlier.

initially I had intended to surrender only next June when 3-years is up so I can get the 0.5% bonus for not withdrawing. have 50k @ 1.8% and 30k @ 1.2% (top up rate).

then they throw this promo to tempt me to lock it until 30 Sep... thanks but sorry I'm not going to lock in longer with them. the 12-mth T-bill next month will most likely be as high as 3.5% so it will be better than keeping with them for 3.1%.

their promotion only made up my mind to leave them, only earlier instead of later.

agree, i am waiting my anniversary months

 

[maumu]

agree, i am waiting my anniversary months

same. I'm waiting for them to credit in the next monthly interest but I have already emailed them to express my intent to surrender. so waiting for them to reply to clarify the process (including whether accrued interest will be included).

 

[BBQ99]

How many days does it take between submitting the surrender request and collecting the money?

Around a week . Do withdrawn as much as possible leaving 5k only. They do pay interest during the wait though.

 

[Guojing88]

From now til Sep 2023, EIR for Elastiq for the initial premium should be 3.1% with the 1.3% guaranteed loyalty reward.

For those who havent done any withdrawal, there would be additional 0.3% non guaranteed bonus.

Probably worth keeping now?

Where did you get this info about "From now til Sep 2023, EIR for Elastiq for the initial premium should be 3.1% with the 1.3% guaranteed loyalty reward."?

 

[shengliang1981]

Where did you get this info about "From now til Sep 2023, EIR for Elastiq for the initial premium should be 3.1% with the 1.3% guaranteed loyalty reward."?

Here is the source (existing 1.8% + loyalty reward 1.3%): https://www.etiqa.com.sg/guaranteedloyaltyreward/

 

[luvpraline]

Guys, did you check if their calculation of interest is correct after you did a partial withdrawal for elastiq?

From the account value, they did not give me the correct interest for the amount that was in my account before my partial withdrawal.

WhatsApp them but still no reply. Seems like their standards are sliding or is it a delay tactic?

 

[demoforce1]

Guys, did you check if their calculation of interest is correct after you did a partial withdrawal for elastiq?

From the account value, they did not give me the correct interest for the amount that was in my account before my partial withdrawal.

WhatsApp them but still no reply. Seems like their standards are sliding or is it a delay tactic?

oh, you did not withdraw in the anniversary month?

 

[luvpraline]

Guys, is it true that interest earned is added into the account value daily? This is the explanation from etiqa cso.

But according to elastiq tnc, it says:
Interest is calculated based on the daily Account value and credited into the Account value at the end of each Policy month

 

[maumu]

if you check the app daily, you'll see the account value increasing every day.

but under the transactions record, they only credit in once a month (your month-versary).

I've asked them - when surrendering, they will include any accrued interest earned daily till the date of surrender.

 

[luvpraline]

if you check the app daily, you'll see the account value increasing every day.

but under the transactions record, they only credit in once a month (your month-versary).

I've asked them - when surrendering, they will include any accrued interest earned daily till the date of surrender.

Thanks for the confirmation. Yes the monthly interest only shows once a month in the transaction which looks like it is added in once a month. I screenshot before n after my withdrawal, after interest credited n my account value did not include the "interest" that was in the transaction list.

Did you calculate that the daily increase in the account value is correct for daily interest?

 

[maumu]

Thanks for the confirmation. Yes the monthly interest only shows once a month in the transaction which looks like it is added in once a month. I screenshot before n after my withdrawal, after interest credited n my account value did not include the "interest" that was in the transaction list.

Did you calculate that the daily increase in the account value is correct for daily interest?

woah I no time to login and check everyday... maybe when I retire nothing to do then maybe

another info I can confirm is that partial withdrawals are taken from top-up amount first, before the original (principal) amount.

anyway I've submitted request to surrender the whole thing. now waiting for them to PayNow the balance to me.

 

[luvpraline]

woah I no time to login and check everyday... maybe when I retire nothing to do then maybe

another info I can confirm is that partial withdrawals are taken from top-up amount first, before the original (principal) amount.

anyway I've submitted request to surrender the whole thing. now waiting for them to PayNow the balance to me.

Ya no need to check everyday, but u checked before for 1 day is it correct?

All long i thought that interest is credited monthly since the tnc said so, and the transaction record also looks like it. It didn't help that the cso yesterday also told me interest added in monthly and gave me totally confusing replies.

I'm surrendering too.. vomit blood

 

[Utonian]

closing Elastiq too, earlier adopters have been getting 1.2% current rate only after our first 3 years.. even with the new 1.3% loyalty, it is just a poor attempt. (i.e 2.5% for 1 yr to keep till Sep 2023) much better options out there now.

 

[luvpraline]

closing Elastiq too, earlier adopters have been getting 1.2% current rate only after our first 3 years.. even with the new 1.3% loyalty, it is just a poor attempt. (i.e 2.5% for 1 yr to keep till Sep 2023) much better options out there now.

Agree.. hopefully there will be no delay to our refunds..

 

[maumu]

Ya no need to check everyday, but u checked before for 1 day is it correct?

All long i thought that interest is credited monthly since the tnc said so, and the transaction record also looks like it. It didn't help that the cso yesterday also told me interest added in monthly and gave me totally confusing replies.

I'm surrendering too.. vomit blood

oops. I trying to capture two back-to-back days for yesterday and today...

just login and found that the account value is now $0. yesterday still got...

I guess they have closed the plan and getting ready to PayNow me the balance... which I took note of yesterday. Will report back if it tallies. (but no chance to check the 1.2% rate liao).

the email (sent to me on Sunday) said within 5 working days so I expect to receive by this Friday bah.

 

[bobby6679]

Sorry to chip in to ask one question. Signed the policy in September 2021 with quite long term and low return (compared with the current rate of FD). The surrender value is damn low. So do you guys have any other options other than waiting for it to mature? Many thanks ah!

 

[maumu]

oops. I trying to capture two back-to-back days for yesterday and today...

just login and found that the account value is now $0. yesterday still got...

I guess they have closed the plan and getting ready to PayNow me the balance... which I took note of yesterday. Will report back if it tallies. (but no chance to check the 1.2% rate liao).

the email (sent to me on Sunday) said within 5 working days so I expect to receive by this Friday bah.

just an update that I just received (6 Oct) the full surrender amount (including accrued interest) based on date of closure on 4 Oct. so the turnaround time is 2 working days after the account is emptied.

for those thinking of surrendering @luvpraline @demoforce1