Surrendering my Etiqa 2.02% after 3 years

It has been a great 3 years.

Again in 2019, I signed up for Etiqa’s ELASTIQ plan which gives assured 2.02% for the primary 3 years. I began with $5k preliminary deposit first, and prime up one other $10k after for the reason that rate of interest setting then was dangerous.

Curiosity dropped

Now that 3 years is up, Etiqa has despatched me an electronic mail informing of the revised curiosity all the way down to 1.2%

Pricey Valued Buyer,

We hope you’re holding properly and secure.

As COVID-19 continues to disrupt monetary markets and economies, the extended uncertainty has made it difficult to take care of the present crediting price and loyalty bonus of your coverage. We want to inform you that the present crediting price and loyalty bonus in your ELASTIQ coverage will likely be revised as follows:

Coverage Quantity

Revised Crediting Fee* after third 12 months

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 individual comfort.

0% loyalty bonus

As well as, there was presupposed to be a 0.3% loyalty bonus if you don’t make any withdrawal for the previous 36 months. Sadly, this has gone all the way down to 0.

With this drop in rate of interest, I’ll now be cashing out the complete quantity. 

Earlier than: 


Money out course of

Sadly, the withdrawal course of shouldn’t be that easy. I’m not in a position to withdraw totally by way of their web site. As an alternative, I needed to electronic mail them and look ahead to 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 after I pumped it to different riskier performs.