Etiqa’s ELASTIQ and SAVE3?

[saintgtril]

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...

Thanks for sharing. How to apply for this?

 

[oceanicmanta]

Thanks for sharing. How to apply for this?

if not wrong, this one need to contact Etiqa to apply .. cannot online

 

[yiron]

Damn, top up crediting rates have been reduced from 1.5% to 1.2%.
A bit tempted to withdraw my Elastiq top ups and pump them into Enrich Advance for 1.7%.

 

[FlyGuardX]

i did subsequent topup last year. will it retain the 1.5% rate or be adjusted to 1.2% too?

 

[luvpraline]

Damn, top up crediting rates have been reduced from 1.5% to 1.2%.
A bit tempted to withdraw my Elastiq top ups and pump them into Enrich Advance for 1.7%.

My concern about doing this is when we withdraw the top up amount, is it considered taken from the initial premium value or top up value?

 

[TsukiSG]

i did subsequent topup last year. will it retain the 1.5% rate or be adjusted to 1.2% too?

Adjust to 1.2%.

 

[yiron]

i did subsequent topup last year. will it retain the 1.5% rate or be adjusted to 1.2% too?

All existing top ups regardless of when done will be adjusted to 1.2%.

 

[yiron]

My concern about doing this is when we withdraw the top up amount, is it considered taken from the initial premium value or top up value?

IIRC, it withdraws from the top up value first, but good to confirm with Etiqa.

 

[yiron]

Adjust to 1.2%.

U mean Enrich Advance got adjusted downwards to 1.2%?

 

[FlyGuardX]

All existing top ups regardless of when done will be adjusted to 1.2%.

wah that sux but still better than most other products

 

[yiron]

wah that sux but still better than most other products

Yup, all things considered 1.2% still beats the alternatives but still sian that tio cut.

 

[saintgtril]

Damn, top up crediting rates have been reduced from 1.5% to 1.2%.
A bit tempted to withdraw my Elastiq top ups and pump them into Enrich Advance for 1.7%.

Hi, still can sign up for Enrich Advance? Thanks!

 

[demoforce1]

Damn, top up crediting rates have been reduced from 1.5% to 1.2%.
A bit tempted to withdraw my Elastiq top ups and pump them into Enrich Advance for 1.7%.

Do you know if we can terminate this enrich-advance? If yes, any penalty?

https://www.etiqa.com.sg/personal/life-insurance/savings-retirement/enrich-advance/

 

[acetylcholine]

If I top up S$200k to this account, will I still earn interest on the accrued interest since the value of the account will go beyond S$200k? Thanks!

 

[Guojing88]

Do you know if we can terminate this enrich-advance? If yes, any penalty?

https://www.etiqa.com.sg/personal/life-insurance/savings-retirement/enrich-advance/

After 1st year, you can withdraw a bit but keep a minimum

After 2nd year, you can terminate.

 

[yiron]

Hi, still can sign up for Enrich Advance? Thanks!

Etiqa told me this morning that Entich Advance is fully subscribed since last month. They may open a new tranche subsequent but the rates will be lower

 

[yiron]

Do you know if we can terminate this enrich-advance? If yes, any penalty?

https://www.etiqa.com.sg/personal/life-insurance/savings-retirement/enrich-advance/

First year, can terminate but cannot partial withdraw.
Second year, can partial wothdraw but will lose the corresponding accrued interest on the withdrawal.
After second year, can partial withdraw without penalty.

 

[yiron]

If I top up S$200k to this account, will I still earn interest on the accrued interest since the value of the account will go beyond S$200k? Thanks!

Yes, will earn interest on the accrued interest, but at the prevailing crediting rate i think.

 

[luvpraline]

IIRC, it withdraws from the top up value first, but good to confirm with Etiqa.

i tried asking etiqa's CSO about this before.. they could not understand the question...

 

[silverbomb]

I called them and they have to arrange an in house agent to call me back to answer my questions.