Etiqa’s ELASTIQ and SAVE3?

[Sambuca78]

If first premium I paid 50k, withdrew $500 and then deposited 20k.

After 1 Feb will be...

1.8% for $49,500
1.5% for $20,000

Did I got this correct?

Thanks.

this is the reason I chose not to do withdrawal and just treat it like a 3-yr fixed deposit.

nobody knows whether the withdrawal will be deducted from the initial deposit, or the subsequent top-up. there's no clear mention in the FAQ. nobody wants to risk losing the interest from the initial deposit (which has a higher interate rate).

Anyone here manage to confirm where the withdrawal will be deducted from?

Thinking should I withdraw the TopUp and deposit to Syfe Cash+ instead

Thanks!

 

[demoforce1]

For withdrawal from elastiq to bank account, any charge? how long it reach our bank account?

 

[Utonian]

no charge, immediate via FAST

 

[TsukiSG]

Anyone know if have done top-up before, withdraw will deduce from initial or top-ups first?

 

[shengliang1981]

Dear friends, just want to update on this. the official respond from Etiqa:

"Regardless of your total account value, we will calculated based on the amount of your single premium and the total adhoc top up you have performed for this Elastiq account."

so if you have done partial withdrawal, you will never get to top up till 200k account value again. If you have a need for funds, might want to consider using your other accounts (if available) which offers lower interest/shorter guaranteed interest period..

Why cannot topup till $200k again after partial withdrawal? Dont quite understand this..

 

[luvpraline]

Anyone know if have done top-up before, withdraw will deduce from initial or top-ups first?

I tried asking their cs.. this question was too complicated for the cs.. u might have better luck than me

 

[Utonian]

Why cannot topup till $200k again after partial withdrawal? Dont quite understand this..

Per their official explanation, the 200k maximum contribution is based on single premium + all adhoc topup.

e.g say single premium 50k then adhoc top up max is 150k giving the maximum 200k maximum contribution
this 150k adhoc topup is cumulative (not net of topup and withdrawal) and tracked. so once you hit this 150k then you cannot topup anymore.

I have already tried so I am stuck with total account value less than 200k.. please make informed decision if you planning to withdraw per my post.

 

[shengliang1981]

Per their official explanation, the 200k maximum contribution is based on single premium + all adhoc topup.

e.g say single premium 50k then adhoc top up max is 150k giving the maximum 200k maximum contribution
this 150k adhoc topup is cumulative (not net of topup and withdrawal) and tracked. so once you hit this 150k then you cannot topup anymore.

I have already tried so I am stuck with total account value less than 200k.. please make informed decision if you planning to withdraw per my post.

I see, thanks for the explanation. Will try not to withdraw then, also to get the 0.3% loyalty bonus.

 

[yiron]

Anyone looked at Enrich Advance? Seems like a worse off version of Elastiq (which is sadly no longer offered), but is nevertheless worth considering in this low rates environment.

For initial single premium (min. $30k): crediting rate of 1.7% p.a. for first 2 years, 1.5% p.a. for 3rd year, prevailing market rates from 4th year onwards.
For ad-hoc top ups, crediting rate based on prevailing market rates which is currently 1.5% p.a.

No partial withdrawal for 1st year.
Can partial withdrawal in 2nd year, but penalty of foregoing the accrued interest earned on the withdrawal amount.
Partial withdrawal without penalty from 3rd year onwards.

Simple way is to see this as a 2 years fixed deposit giving 1.7% p.a., with an option to extend for 1.5% upon 2 years maturity and partial withdrawal without penalty.

Rates are quite attractive vis-a-vis alternatives of comparable risk (Singlife, Dash PET, 3 year endowments etc.), but the 2-year lockup gives me pause...

 

[qhong61]

Anyone looked at Enrich Advance? Seems like a worse off version of Elastiq (which is sadly no longer offered), but is nevertheless worth considering in this low rates environment.

For initial single premium (min. $30k): crediting rate of 1.7% p.a. for first 2 years, 1.5% p.a. for 3rd year, prevailing market rates from 4th year onwards.
For ad-hoc top ups, crediting rate based on prevailing market rates which is currently 1.5% p.a.

No partial withdrawal for 1st year.
Can partial withdrawal in 2nd year, but penalty of foregoing the accrued interest earned on the withdrawal amount.
Partial withdrawal without penalty from 3rd year onwards.

Simple way is to see this as a 2 years fixed deposit giving 1.7% p.a., with an option to extend for 1.5% upon 2 years maturity and partial withdrawal without penalty.

Rates are quite attractive vis-a-vis alternatives of comparable risk (Singlife, Dash PET, 3 year endowments etc.), but the 2-year lockup gives me pause...

How to apply?

 

[oceanicmanta]

Good reminder
Enrich Advance was mentioned earlier on, not much interest as Elastiq was still available
Enrich need to go to Etiqa office to sign up, if not wrong ...

 

[qhong61]

Good reminder
Enrich Advance was mentioned earlier on, not much interest as Elastiq was still available
Enrich need to go to Etiqa office to sign up, if not wrong ...

Is it capital protected and return guaranteed? Is it under sdic?

 

[oceanicmanta]

Is it capital protected and return guaranteed? Is it under sdic?

yes to all

This is actually the same as Elastiq, a Whole Life plan but just with lower crediting rates

AND the crediting rate is only guaranteed for the first 3 years (just like Elastiq)

separately, also note SDIC PPF protection is 100K GUARANTEED SURRENDER VALUE per INSURER per client at POINT OF FAILURE ... not on capital, not projected maturity value, not total premiums paid, not per product etc etc

 

[qhong61]

yes to all

This is actually the same as Elastiq, a Whole Life plan but just with lower crediting rates

AND the crediting rate is only guaranteed for the first 3 years (just like Elastiq)

separately, also note SDIC PPF protection is 100K GUARANTEED SURRENDER VALUE per INSURER per client at POINT OF FAILURE ... not on capital, not projected maturity value, not total premiums paid, not per product etc etc

Thanks

 

[yiron]

yes to all

This is actually the same as Elastiq, a Whole Life plan but just with lower crediting rates

AND the crediting rate is only guaranteed for the first 3 years (just like Elastiq)

separately, also note SDIC PPF protection is 100K GUARANTEED SURRENDER VALUE per INSURER per client at POINT OF FAILURE ... not on capital, not projected maturity value, not total premiums paid, not per product etc etc

Do you see any specific cap on the initial Single Premium? I don't see anything on that except that Single Premium + aggregate top ups cannot exceed $200k.

Hence in theory can park $200k one shot for 1.7% guaranteed for 2 years? (not a recommendation, just stretching the limits of what's possible)

 

[oceanicmanta]

Do you see any specific cap on the initial Single Premium? I don't see anything on that except that Single Premium + aggregate top ups cannot exceed $200k.

Hence in theory can park $200k one shot for 1.7% guaranteed for 2 years? (not a recommendation, just stretching the limits of what's possible)

i have not looked into the details yet ... but if structured same as Elastiq, then assume the same 200k limit applies

so yes, shld b able to 1 shot 200k

i m also considering whether move out from some Etiqa monies, then consolidate into this ...

 

[qhong61]

Do you see any specific cap on the initial Single Premium? I don't see anything on that except that Single Premium + aggregate top ups cannot exceed $200k.

Hence in theory can park $200k one shot for 1.7% guaranteed for 2 years? (not a recommendation, just stretching the limits of what's possible)

Sdic only $70k.

 

[oceanicmanta]

Sdic only $70k.

70k is for SDIC deposit, not applicable to this product
what's applicable here is SDIC PPF which is 100k

 

[qhong61]

70k is for SDIC deposit, not applicable to this product
what's applicable here is SDIC PPF which is 100k

70k is for SDIC deposit, not applicable to this product
what's applicable here is SDIC PPF which is 100k

So tis is better protected?

 

[yiron]

Sdic only $70k.

SDIC for Insurance is $100k. And just because it's above SDIC, doesn't mean you can't park your money there. There are people who park half a million or more in one bank even though SDIC for banks is only $75k.
Boils down to individual risk appetite.