Surrendering my Etiqa 2.02% after 3 years
2 min read
It has been 3 years.
Again in 2019, I signed up for Etiqa’s ELASTIQ plan which presents assured 2.02% for the primary 3 years. I began with $5k preliminary deposit first, and prime up one other $10k after because the rate of interest atmosphere then was dangerous.
Curiosity dropped
Now that 3 years is up, Etiqa has despatched me an e mail informing of the revised curiosity right down to 1.2%
Pricey Valued Buyer,
We hope you might be holding nicely and protected.
As COVID-19 continues to disrupt monetary markets and economies, the extended uncertainty has made it difficult to keep up the prevailing crediting price and loyalty bonus of your coverage. We want to inform you that the prevailing crediting price and loyalty bonus to your ELASTIQ coverage shall be revised as follows:
|
Coverage Quantity Revised Crediting Fee* after third yr Revised Loyalty Bonus Efficient date |
: xxxxx : 1.20% every year : 0.00% of the common month-to-month account worth for the previous 36 coverage months : xxxxx |
*relevant to preliminary premium and top-up(s)
At this revised price, your account worth will proceed to develop with 100% capital assured. Additionally, you will benefit from the flexibility to prime up or withdraw out of your funds at your personal comfort.
0% loyalty bonus
As well as, there was purported to be a 0.3% loyalty bonus if you don’t make any withdrawal for the previous 36 months. Sadly, this has gone right down to 0.
With this drop in rate of interest, I’ll now be cashing out the complete quantity.
Money out course of
Sadly, the withdrawal course of isn’t that easy. I’m not in a position to withdraw totally by way of their web site. As an alternative, I needed to e mail them and await the paynow switch in 5 working days.
It has been a comparatively good expertise with Etiqa and I am going to miss this curiosity in comparison with what I am getting from DBS Multiplier. Hopefully, this $15k will develop additional once I pumped it to different riskier performs.
