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.
The whole process took me less than 10 minutes. Take note that payment will be via DBS auto debiting. I've also signed the plan up for my hubby!
If you are interested, key in R104346 under referral code and you'll get Etiqa eWallet credits worth 0.5% of policy’s premium value ($25 credits for a $5,000 plan) as a sign-up gift while I get a $50 voucher. eWallet credits can be used to make online purchase or renew your existing policies eg. travel and PA plans.
Pls DYODD :) Also, this is not a sponsored post, I am merely a consumer :P