ELASTIQ - Another guaranteed 2.02% p.a. for the first 3 years?

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1.5 years ago, I signed up for the FWD 2.02% "savings" plan and parked $15k.
I've always been in search for low risk decent yield alternatives on top of my savings account which I've shared in my tips on how I save >$150k before 28. While browsing the net, I came across Etiqa's latest whole life insurance savings plan which offers guaranteed 2.02% p.a for the first 3 years.
The minimum savings premium is at $5k. So, I thought why not? Since this $5k is something that I do not need atm, it's better for me to park the money here vs keeping it in my CIMB fastsaver earning just 1%.
Furthermore, you are able to withdraw money after 90 days - just take note that a service fee is charged if your average daily balance falls below $5k. 

I've just applied for the plan and parked $5k. I may be withdrawing this 3 years later and am expected to cash out $325 more interest.

The whole process took me less than 10 minutes. Take note that payment will be via DBS auto …

CIMB Fixed Deposit at >1.2% p.a

Just applied for the CIMB FD at 1.2% for 6 months with $20k.


I have been thinking if I should apply for this or park my money into shares. Guess I'm not that stocks-savvy to take the plunge.

Regardless, this FD will earn me an interest of around $120. 

With my BOC Smartsaver max out at $60k, this 1.2% interest is slightly better than me leaving the remaining money in my Fastsaver. Will keep a look out for other deals to park my extra cash. Btw, the FDs promotions this year have been disappointing.

If you wish to apply for the CIMB F.D, do note that promotion ends on 13 February 2017.

Comments

  1. Go for SSB. Can do partial redeem. Save you the time to hunt for better FD rate.

    ReplyDelete

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